Great Find, Now I need help finding a buyer

[NaturalJWL]

Ok, so Saturday was another late start that finished pretty good I think. Missed most of the yardsales, but sometimes that can be ok too. Most have had over priced jewelry, silver plate and such lately, so wasn't real worried about missing much. Then after a late breakfast, (11am) our routine was changed to try and show a waitress friend of ours, where some good thrift stores were. Long story short, she works hard, her husband didn't, so now she is on her own. Anyway, while the females were searching the clothing, I of course went to the "junk" isles. Timing is everything, being in the right place at the right time. Just as I went into the isle, they were placing out newly arrived "junk". A couple of things caught my eye, ( no not those things ). Silver plated plates, bowls, cups, all sorts of things in one load. While most were looking at the pretty plated pieces, I picked up a bag of old silverware that truely looked like "junk", except for the Hallmark. Three large spoons, three teaspoons, one regular spoon, six large butter knives, all in a bag marked $10. Yep, I caught it, "what are you going to do with that junk?" That "junk" came out to 27.07 troy oz of .925 sterling.
So now, I have to decide what to do with my junk, LOL. I was hoping someone might be able to point me in the right direction for the best profit.

Cyberdan, Thank You in particular for your helpful hints on what to look for !

Thanks to Everyone !

 

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[cyberdan]

I was hoping someone might be able to point me in the right direction for the best profit.

Cyberdan, Thank You in particular for your helpful hints on what to look for

I gusee that is my que to step in and help
If you just want to turn it around quickly send it to ARA in Dallas. They refine and take 10%. It might be possible to make more on feebay if you sold in smaller lots but then you have all the fees and shipping hassles.

 

[NaturalJWL]

Cyberdan, with your knowledge, you could write a book or two, filled with your tips & tricks. Book to be a limited edition to T-net members only, signed of course. LOL. I would like one of the first.
I do appreciate your and everyones helpful knowledge, I just wish there was an easier way to find it all when needed. T-net has some of the best people anywhere.
Thanks

 

[MrBling]

That is a great score
You're right -pulling treasure out of thrifts requires being at the right place at the right time.
Plus educating yourself so you know what to look for and being persistent in hitting the stores regularly.

 

[s.c.shooter]

I've had much better luck in the thrift stores than I have with my detector. And you're right about cyber D. He has a lot of knowledge. I'm glad that he takes the time to share.

 

[creeper71]

If you didn't mail it yet Midwest refiniers is the best place to send... they pay 100% spot price after melt so just a guess 27oz would be around 24. something so you would get 100% of the 24.something ozs if you want the link let me know oh almost forgot to tell you they send a detailed report to show you exactly how they came to the figure they wrote the check for.....

 

[trdhrdr007]

If you didn't mail it yet Midwest refiniers is the best place to send... they pay 100% spot price after melt so just a guess 27oz would be around 24. something so you would get 100% of the 24.something ozs if you want the link let me know oh almost forgot to tell you they send a detailed report to show you exactly how they came to the figure they wrote the check for.....

If you check the Midwest website it clearly states that they pay 90% of melt value.

 

[creeper71]

If you didn't mail it yet Midwest refiniers is the best place to send... they pay 100% spot price after melt so just a guess 27oz would be around 24. something so you would get 100% of the 24.something ozs if you want the link let me know oh almost forgot to tell you they send a detailed report to show you exactly how they came to the figure they wrote the check for.....

If you check the Midwest website it clearly states that they pay 90% of melt value.

I know what it says on the website,but I deal with them so I know what I am talking about... if you want to prove me wrong then call an ask them..... I just called to an ask to make sure things didn't change..so what he told me was they pay 90% sterling content an pay 100% of spot price... you want to check to see if I am being honest call an ask....

 

[cyberdan]

.so what he told me was they pay 90% sterling content an pay 100% of spot price..

I do not understand that quote. They either pay 90% or 100% they can't pay both.

right now silver is at $28.56

if you have 31.1gr of sterling do they pay?

$23.77 (90% payout)
or
$26.41 (100% payout)

 

[creeper71]

.so what he told me was they pay 90% sterling content an pay 100% of spot price..

I do not understand that quote. They either pay 90% or 100% they can't pay both.

right now silver is at $28.56

if you have 31.1gr of sterling do they pay?

$23.77 (90% payout)
or
$26.41 (100% payout)

they pay 28.56 you are using the spot price to figure out what they pay you need to use the weight...

561.36 Grams - 361.00 Dwts - 18.050 Troy Ozs you get paid for 16.245 Troy Oz of Pure Silver @ 28.56 per ozt price paid 463.95

 

[trdhrdr007]

I know what it says on the website,but I deal with them so I know what I am talking about... if you want to prove me wrong then call an ask them..... I just called to an ask to make sure things didn't change..so what he told me was they pay 90% sterling content an pay 100% of spot price... you want to check to see if I am being honest call an ask....

I'm not questioning your honesty & don't need to call & ask them. I sent several batches to them throughout 2009 & my experience with them leads me to believe you are mistaken. Every batch I sent to them had a 3-5% "melt loss" , assayed between 90-91% pure & they paid out 90% of spot.

Since I changed refiners I have not see a "melt loss" on any shipment, & my assays have been between 91.5-92%.

 

[creeper71]

I know what it says on the website,but I deal with them so I know what I am talking about... if you want to prove me wrong then call an ask them..... I just called to an ask to make sure things didn't change..so what he told me was they pay 90% sterling content an pay 100% of spot price... you want to check to see if I am being honest call an ask....

I'm not questioning your honesty & don't need to call & ask them. I sent several batches to them throughout 2009 & my experience with them leads me to believe you are mistaken. Every batch I sent to them had a 3-5% "melt loss" , assayed between 90-91% pure & they paid out 90% of spot.

Since I changed refiners I have not see a "melt loss" on any shipment, & my assays have been between 91.5-92%.

I just called them this morning!! it is 100% spot!!!!!!!! of silver content after smelt

 

[trdhrdr007]

If you didn't mail it yet Midwest refiniers is the best place to send... they pay 100% spot price after melt so just a guess 27oz would be around 24. something so you would get 100% of the 24.something ozs if you want the link let me know oh almost forgot to tell you they send a detailed report to show you exactly how they came to the figure they wrote the check for.....

I'm not trying to be offensive, but maybe you could post the numbers from the last batch you sent them.

 

[creeper71]

If you didn't mail it yet Midwest refiniers is the best place to send... they pay 100% spot price after melt so just a guess 27oz would be around 24. something so you would get 100% of the 24.something ozs if you want the link let me know oh almost forgot to tell you they send a detailed report to show you exactly how they came to the figure they wrote the check for.....

I'm not trying to be offensive, but maybe you could post the numbers from the last batch you sent them.

not sure if I still have...

 

[cyberdan]

they pay 28.56 you are using the spot price to figure out what they pay you need to use the weight...

That still does not make sense

if FINE silver is at $28.56 there is no way they will pay $28.56 for 92.5% silver

that would mean they are paying 8% over spot
great for you but they will soon go out of business.

 

[goldinmypan]

Hey, If they want my silver bad enough, they should be willing to pay a bonus. Say 10% OVER spot.

 

[creeper71]

they pay 28.56 you are using the spot price to figure out what they pay you need to use the weight...

That still does not make sense

if FINE silver is at $28.56 there is no way they will pay $28.56 for 92.5% silver

that would mean they are paying 8% over spot
great for you but they will soon go out of business.

I am sick of trying to explain CALL THEM an make me into a LAIR if you can, but I know you can't CAUSE I AM THE ONE WHO CALLED ALL YOU PEOPLE ARE DOING IS ASSUMING!!!!!!!!!!!!!!!!! Btw they been in business since the 1930's so I doubt they will be going out of business they know what they are doing

 

[trdhrdr007]

I am sick of trying to explain CALL THEM an make me into a LAIR if you can, but I know you can't CAUSE I AM THE ONE WHO CALLED ALL YOU PEOPLE ARE DOING IS ASSUMING!!!!!!!!!!!!!!!!! Btw they been in business since the 1930's so I doubt they will be going out of business they know what they are doing

I said it before & I'll say it again, I sent several batches of silver to Midwest in 2009. I don't have a scanner or a camera so no pictures, but I went through last years tax records & found my last settlement statement from them dated 12/11/09. Here's what it said:

Troy ozs. rec'd..........................................62.651
Wt. After Melt...........................................60.352
Assay Yield %...........................................90.092
Troy Oz's Contained..................................54.372
% Payable..................................................90
Troy oz's Payable.......................................48.935
Market Price...............................................$16.90
Settlement Amount $.................................$827.00

If you do the math from start to finish & take into account the "melt loss" it's pretty obvious that not only is the settlement amount NOT 100%, it's not even 90%. The actual payout for this statement is 86.7%. Please take note, I am not saying I called them, I'm showing the actual numbers from a deal I did with them. Can you do the same?

 

[creeper71]

I am sick of trying to explain CALL THEM an make me into a LAIR if you can, but I know you can't CAUSE I AM THE ONE WHO CALLED ALL YOU PEOPLE ARE DOING IS ASSUMING!!!!!!!!!!!!!!!!! Btw they been in business since the 1930's so I doubt they will be going out of business they know what they are doing

I said it before & I'll say it again, I sent several batches of silver to Midwest in 2009. I don't have a scanner or a camera so no pictures, but I went through last years tax records & found my last settlement statement from them dated 12/11/09. Here's what it said:

Troy ozs. rec'd..........................................62.651
Wt. After Melt...........................................60.352
Assay Yield %...........................................90.092
Troy Oz's Contained..................................54.372
% Payable..................................................90
Troy oz's Payable.......................................48.935
Market Price...............................................$16.90
Settlement Amount $.................................$827.00

If you do the math from start to finish & take into account the "melt loss" it's pretty obvious that not only is the settlement amount NOT 100%, it's not even 90%. The actual payout for this statement is 86.7%. Please take note, I am not saying I called them, I'm showing the actual numbers from a deal I did with them. Can you do the same?

how do we even know the figure your quoting is from Midwest an not another refinery? I know I got 100% spot on mine.. btw I am not saying they pay 100% on the full weight of sterling I am saying after they melt it an it is PURE silver the weight of that they pay 100% spot ... as I quoted the guy at Midwest said " WE PAY 100% SPOT OF 90% OF THE SILVER CONTENT" I am tired of arguing about this you think what you want to think an I will know what I know....the end

 

[cyberdan]

... as I quoted the guy at Midwest said " WE PAY 100% SPOT OF 90% OF THE SILVER CONTENT"

Now I get it
That is Midwest's twisted marketing words to make you think you are getting 100% payout.

Interpreted into honest english: After we refine your silver (and take out the 7.5% base metals) we will take 10% of the pure silver for us and then pay you 100% spot on everything else that is left.

That is a pet peeve with me. I rarely believe anything a big corporation says in any ad.

So when ARA says they pay 90% on silver they are saying the same thing just in a down to earth honest way. NO TWISTING OF WORDS