Did you know that dentists typically retire later than the average American? As with most major milestones in life, people say retirement is bittersweet. It’s a huge accomplishment that brings opportunities to enjoy life in new ways, but winding down a longstanding practice can also be stressful and emotional in many ways.
Without a doubt, you’ve got a lot to decide if you’re a retiring dentist. Among the many details to iron out along the way, you may have a collection of precious metal scrap to deal with. That’s where Garfield Refining comes in! Whether you’re a retiring dentist or have inherited dental gold, handling your precious metal scrap should be simple, easy and lucrative.
Life After Dentistry
Along with the long-term budgeting, a retiring dentist must decide what to do with their practice. There are plenty of options these days, from private sales to corporate buyouts, mergers, family successions and more. Retiring from a dental practice involves several key aspects, including inventory assessment, monetization options, and financial planning. Navigating the transition to retirement can be challenging, but worth the effort in the long run!
Gold in Dentistry
Although it’s becoming less common, gold is still used in dentistry today – especially in scenarios where the priority is strength and durability of the dental work (for example, a restoration of a molar). Gold and other precious metals like platinum and palladium are used in dental crowns, bridges, PFMs, inlays, onlays and more.
The value of gold-containing dental material can vary widely, but even a small collection of dental gold can hold significant value (especially with gold’s current high prices – $2,326 per ounce as of June 2024). And don’t overlook silver-colored dental crowns or bridges – they could still contain gold! White gold dental alloys are common as well.
The best news for a retiring dentist who has saved dental scrap over the years? — The older the dental alloy, the more likely it is to be high noble content (i.e.: it probably has more gold in it!).
Dental Gold Scrap Collections
While some dentists refine their extracted precious metal scrap on a regular basis, others accumulate the scrap from crowns, bridges, PFMs and more throughout their career, and may end up with a sizable collection that holds significant value.
Dental lab owners may also accumulate large amounts of precious metal scrap from the various dental prosthetics that they create and repair throughout their careers. Selling a collection of gold scrap can provide a hefty source of additional income during one’s retirement transition.
Selling Gold Scrap as a Retiring Dentist
Whether it makes sense to cash in on dental scrap before or after retirement will depend on your unique personal and financial needs. But regardless of when you sell, there are plenty of ways to use precious metal funds to your advantage, whether you’re a retired dentist or a soon-to-be retired dentist.
Many dentists also like to use their precious metal cash to give back by donating to a non-profit or charity. There are plenty of national and global organizations dedicated to providing dental care to people in need, including the AGDF, Global Dental Relief, Dentaid and more. Putting extra cash towards a good cause could make retirement all the more fulfilling.
Inherited Dental Gold
So, what if you’re on the receiving end of a dental practice or lab, and find yourself with a sudden windfall of precious metal scrap? Inherited dental gold is unique because unlike other forms of inherited gold (like bullion coins or bars), the value of dental alloys are not known until the material is refined.
Refining Inherited Gold Scrap
When it comes time to liquidate your inherited dental gold, precious metal refineries like Garfield make it super easy to assess the value and get paid. And if you’d like to stay in gold or other precious metals as an investment, we even offer the option to exchange the partial or total value of your scrap for bullion. Refining dental gold in exchange for bullion is a smart move, because you’ll end up with a pure precious metal asset that has a finite value based on weight and the market price of the metal.
Working with a reputable precious metals refinery like Garfield is a guaranteed way to get the highest possible payout for your material. Make sure to steer clear of pawn shops and Cash For Gold businesses when selling dental scrap, as they don’t have the tools to refine and properly test your material. This means they can’t provide an accurate valuation and/or a fair payout. Instead, non-refinery gold buyers will appraise your material at an extremely conservative price before selling to a refinery like Garfield to make a profit. Cut out the middle man and get the highest value for your scrap!
Whether you’re a retiring dentist or have inherited dental gold, we’re here to help you obtain the most value from your gold scrap. Our award-winning dental refining services have been recognized by leading dentists for over a decade, and we offer the highest payouts in the industry. Download a free shipping label to get started today!