Gold bug bar / silver bug bar

letter 28795

Gold bug bar / silver bug bar

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I am being asked to audit an insurance claim for some losses at a precious metals plating facility. One of the items being claimed is a 55.6 troy ounce "Gold Bug Bar". Another is a 293+ troy ounce "Silver Bug Bar".

The paperwork says "Metal content to be determined and agreed upon by [the plating shop] and [the metal supplier]. Bar to be held by [the plating shop]".

The gold bug bar is associated in the claim with a 55-gallon plating tank.

Now I can understand that a gold content of 1 oz/gal is reasonable for some gold plating solutions, but I admit to having no idea what they are talking about. If anyone is familiar with this kind of terminology, the way the business might be conducted, and what they might possibly be talking about, please clue me in! Thanks.

Ted Mooney
finishing.com - Brick, New Jersey

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Hi Ted,

The Gold Bug Bar, Silver Bug Bar more than likely refers to the gold & silver recovered from the plating solutions with a "Gold Bug" electrolytic unit. The metal may have been melted and poured into a bar hence the term Gold Bug Bar. See # 4215 as reference to the Gold Bug electrolytic unit.

Best regards,

Jim Sivertsen
Refining & Alloys - Alden, N.Y., U S A

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