A. All of the gold and silver that is recovered from scrap must, eventually, be purified in order to produce new products. The purification step is called re-fining. You could also say, making it Fine again. This term, refining, is wrongly used to represent ALL of the process steps. However, it only refers to the final purification. The purity of gold or silver is sometimes expressed in "Fineness". This is defined as the number of parts of gold or silver per 1000 parts of the total weight. For example, 999 Fine gold means that, if the total weight of the object represents 1000 parts, 999 of these parts are gold and, the other part is impurities. In the trade, 999 fine gold is called three nines gold.
The market price of each type of metal only represents certain levels of purity, or Fineness.
If the purity is equal to or above that level, the metal can be sold for close to the market.
If less purity, the buyer will pay much less than market, because, someone will have to further re-fine it, which costs money. For gold, this threshold purity is, today, 999.9 Fine. This is also called 99.99% gold or four nines gold. It used to be 999.5