Recommendation for cashing in.

[fredinbelize]

I just thought I'd let you know what a great experience I had with Midwest Refineries of Michigan.
I sent some gold off to them last week. They pay 95% of current rate and had the check back to me in a week. One day turn around.

 

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[dewcon4414]

How did they pay melt..... dwt or grams? I ask that because ARA pays 98 percent, BUT they use dwt not grams. It can be a few buck less in your pockets than you figured if you use gram when you weigh your stuff. Sometimes its worth finding a local who will give you 90 percent by time you pay shipping, insurance and they use dwt (penny weight). You get your money on the spot as well. Might be some negotiations room on some with stones as well.

dew

 

[DJWEHAGE]

I have had similar dealings with Midwest. Great service at a fair price! Never any problems.

 

[bigscoop]

I've used Midwest a lot and never any problems, always a quick turnaround.

 

[fredinbelize]

How did they pay melt..... dwt or grams? I ask that because ARA pays 98 percent, BUT they use dwt not grams. It can be a few buck less in your pockets than you figured if you use gram when you weigh your stuff. Sometimes its worth finding a local who will give you 90 percent by time you pay shipping, insurance and they use dwt (penny weight). You get your money on the spot as well. Might be some negotiations room on some with stones as well.


dew

On the invoice it shows weight as Troy oz. Market price at $1685.
Round here I could only find those 'cash 4 gold' guys, and that's a total rip

 

[lookindown]

How did they pay melt..... dwt or grams? I ask that because ARA pays 98 percent, BUT they use dwt not grams. It can be a few buck less in your pockets than you figured if you use gram when you weigh your stuff. Sometimes its worth finding a local who will give you 90 percent by time you pay shipping, insurance and they use dwt (penny weight). You get your money on the spot as well. Might be some negotiations room on some with stones as well.

dew

How can dwt weigh less than grams? Its just a different unit of measure...not sure what you are saying.

 

[dewcon4414]

Lookin.... if you use one of the on line calculators you will find what i did. I have a 3 gram 14K filling..... in dwt its 1.8. Plug that in and you will see a difference in whats paid. Has nothing to do with weight..... but how its paid.... odd but true. in Troy Oz.... .098.... check it out: Scrap Gold Weight Conversion and Melt Value Calculator

I was having a jeweler fix a bracelet if found for the wife. They also bought gold.... but wouldnt tell me what percentage of spot. Tried to pretend they didnt know what i was saying. They said they just paid piece by piece. I said oooo so i could get more than spot. He said maybe lol. didnt let them fix my bracelet either lol.

 

[snooksion]

ara is alot better. i deal with both

 

[lookindown]

Lookin.... if you use one of the on line calculators you will find what i did. I have a 3 gram 14K filling..... in dwt its 1.8. Plug that in and you will see a difference in whats paid. Has nothing to do with weight..... but how its paid.... odd but true. in Troy Oz.... .098.... check it out: Scrap Gold Weight Conversion and Melt Value Calculator

I was having a jeweler fix a bracelet if found for the wife. They also bought gold.... but wouldnt tell me what percentage of spot. Tried to pretend they didnt know what i was saying. They said they just paid piece by piece. I said oooo so i could get more than spot. He said maybe lol. didnt let them fix my bracelet either lol.

Thanks Dewcon, I use Dendritics, Ill check it out. If they cant tell you what percentage of spot they pay, tell them nevermind.

 

[cdv1]

Actually, it should not matter what unit of measure is used provided the accuracy of the scale and conversions used are the same. Using my scale (which measures to 1/10th of what ever unit of measure you choose) I weighed a clad dime (2.4grams or 1.5 dwt on my scale) BUT if you take the 2.4 grams and use a conversion table, it actually weighs in at 1.5432 dwt's. So using a gold calculator to plug in your values, you will see a difference in what that dime would be worth IF it was 14k gold.... $76.33 @ 1.5432dwt compared to 74.21 if rounded to 1.5 dwt as my scale does.... so is it the scale being used for the initial weight compared to the scale used at ARA? Does it have anything to do with the stone weight? Or is it just a conspiracy....... (Just kidding)

Not trying to start anything, this thread just got me to thinking....

HH all

Cliff

 

[NYwaterhunter]

I'm going to get $ 3,000 in gold rings out of the safety deposit box and dump them soon.
With ARA do you send them Registered mail?
Insurance is probably a good penny and you have to worry that it gets to ARA.
Also, a check is a paper trail vs pawn at about 90% cash.
I also wonder if ARA test every piece since allot of my older rings have more gold in them than the stamp mark on them. Do they pay what the stamp mark is or test all pieces?
Reply's please.
TY

 

[FLauthor]

Never seen any Pawn Shop pay 90%, more like 40% and they sell it to ARA. If you send rings with small diamonds, ARA will return the stones with your check and a photo of items sold. I've dealt with both. Pawn shops are a ripoff.

 

[bigscoop]

One thing to keep in mind when sending in your gold. Never send large orders at once, always break them up into near $300.00 allotments. Why do I do this? It's an insurance thing. If that package gets lost...and here's what's REALLY important....you may be required to provide proof of ownership of the lost items, and most certainly will be required to do that for losses over, I think it is $300.00. Point is, put it all in one package and you risk everything if you cannot provide proof of what was in the package and ownership of that lost merchandise.

 

[biggmike]

Never seen any Pawn Shop pay 90%, more like 40% and they sell it to ARA. If you send rings with small diamonds, ARA will return the stones with your check and a photo of items sold. I've dealt with both. Pawn shops are a ripoff.

You are right about that FLauthor. I have used both ARA and Midwest and have found that you actually get about 92% and 94% of spot when all is said and done. I have a guy I sell all my gold and silver for 85% of spot. I usually get about $700 worth before I sell it so I would get about $600 from him and about $650 from the mail in guys but after postage, insurance and a week of waiting (not including the chance of losing everything). Insurance only insures that a package will get from here to there. If they say your package got there but it was empty the post office pays you nothing. I just prefer cash in hand now. There's only maybe $20 difference at the end of the day.

 

[NYwaterhunter]

Made up my mind. Pawn shop is the way to go. I will not risk loosing any. I took a 14 K band that weighed 1.9 DWT to a pawn shop today .
The actual gold value was $ 93.
I let them make me an offer. He ran his little calculator in front of me and it showed $ 47. He said "$50" (About 50% actual value)
I then showed him my number that I had wrote down on a piece of paper in my pocket. I wanted 90%. ($ 84) He then offered me $80. I accepted it.
He gave me 86% when I wanted 90%.
Pretty close with no risk of loss.

 

[lookindown]

I'm going to get $ 3,000 in gold rings out of the safety deposit box and dump them soon.
With ARA do you send them Registered mail?
Insurance is probably a good penny and you have to worry that it gets to ARA.
Also, a check is a paper trail vs pawn at about 90% cash.
I also wonder if ARA test every piece since allot of my older rings have more gold in them than the stamp mark on them. Do they pay what the stamp mark is or test all pieces?
Reply's please.
TY

They dont test anything, they melt what you send and you get paid for the amount of gold that comes out of that process. If you sent in fake jewelery no gold would come out...if you sent in marked jewelery that was higher carat than marked, you would get more gold out of it then expected. You get paid for the pure gold that comes from the refining process.

 

[testing123]

tried midwest once and wasn't 100% impressed. First they changed the date on the invoice to a day later... which by pure coincidence I'm sure, gold was down on the hand written day. After insurance, and their payout, which BTW, really wasn't 95% because they told me they lose a couple percent of gold while refining, I ended up getting about 85%. They can tell you your gold isn't exactly 14k either, maybe 13.7k. How are you supposed to know? As someone mentioned above, find someone who pays a solid rate and pays you right there. Or maybe even ebay if you're going to walk away with 85%.

 

[donkarlos]

Also, it seems like you could get more for a formed ring in decent condition on ebay than just selling for melt value.

 

[ctbob]

As cdv1 said, I think it depends on how accurate a scale they use. All my conversion charts list 3 grams equaling 1.929 dwt., not 1.8 as dewcon4414 stated. Both are actually correct depending on the scale in use. A scale measuring a dwt at .6 gives you the 1.8 conversion. A more accurate scale tells you a dwt is .64 per gram, and comes close to the 1.929 conversion that the charts indicate.
I have a local gold buyer that advertises on the internet 8% below spot on gold, and updates the price they will pay on a daily basis. Sounds pretty good to me, and they also buys silver and diamonds. I have never used them, but will find out after the holidays if they are legit. Yesterdays prices paid: 77.92 per dwt, or 50.11 per gram based on .999 pure 24 carat gold. The dwt price listed is about the same as the price per gram. They listed gold at 1696.20 per ounce.

 

[bigscoop]

Also, it seems like you could get more for a formed ring in decent condition on ebay than just selling for melt value.

I use to sell some of my better finds this way through my own websites. Sometimes I could get "a lot" more then spot. (Thinking of doing it again?) But, after the price of gold shot over $1000 these items became harder and harder to sell, had to hold them much longer. (People become suspicious if the price seems too low and if you price items on the current value of gold you risk listing too high for quick sales.) One thing that helped me was the fact that I let every potential customer know that I was open to offers and this allowed me to move items faster if I was happy with the gain. It also brought me a lot of return customers. Are there risk in doing it? Not really, but you will build a paper trail and it can be time consuming. On the other hand, you can make some pretty good returns while you're sleeping. This is absolutely the best way to sell your better silver items as you will get more then spot and they generally go pretty quickly once you have a customer base if you don't get too greedy.