Scrap Gold check from Midwest

[FriscoT06]

Got my check from Midwest Refineries from scrap 10K and 14K gold I've found plus a 14K necklace I don't wear anymore. These guys are great, and really do pay 95% spot! (of the lowest market price in the week they hold your stuff, but can't blame 'em, that's business). Into the wedding fund!

 

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[hombre_de_plata_flaco]

I just got a check back from them as well, and by my calculations they were about $50 off. I read somewhere they charge a $25 fee for processing orders under 3 troy ounces so that may account for some of it, but they never mentioned any of that to me. Of course gold dipped on the day they processed my order as well. Took a little over two weeks for the whole process to be complete. I would use them again but I am going to speak with a rep and iron out all the details before doing so.

 

[testing123]

I found that they do manipulate the day that they opt to take your metals. Their scale somehow doesn't match yours either.

 

[hombre_de_plata_flaco]

I found that they do manipulate the day that they opt to take your metals. Their scale somehow doesn't match yours either.

I'm sure skimming a little here and there can really add up over time...

 

[testing123]

Another little tidbit they don't tell you is an additional 5% or so of metal is lost during the melting process. So your 95% actually ends up being more like 80 or 85%. This ends up being not a far cry from your takehome for an ebay auction.

 

[mikeinOC1]

Next time you should switch to ARA in Texas. You may never go back to Midwest once you do. I found Midwest ok but about $50 off what I expected too the first time I sent them some gold. I wish I had heard of ARA before I sent my first group of gold jewelry to Midwest. Family outfit that is much fairer than any others I have encountered. Check out their website.

http://www.aragold.com/

 

[FriscoT06]

Wow, thanks for the advice guys!!!

 

[DIGDIG]

There are so many gold buying places around NJ. last week I was in Shop-rite(grocery store) there was a booth set up for buying gold. My question is where is it all going? Stores sell very little yellow gold, it's been made out of style- is it all going to the government?

 

[dwebb210]

Yeah, they say it "evaporates", which is a crock. Gold doesn't evaporate at the temperatures they use.
If it did, everyone would know about it. Midwest is the only company making this claim.
As mentioned, their scales don't match yours.
I sent them material when I worked at a certified lab, with certified analytical balances, and the weights didn't equal each other.

I sent them a melt that contained roughly 50:50 platinum and rhodium.
They paid me the platinum only.
I called an argued. They said they only paid on the primary metal.
Which contradicts what their website says.
I filed a complaint with the BBB.
Midwest finally said they "missed" 25% was gold, and cut me a check for that.
So not only did they claim they "missed" some PMs, they lied about what it was, and the quantity.

They used to be honest. They aren't any more.

There are too many other reputable companies for me to risk sending anything else there again.

Another little tidbit they don't tell you is an additional 5% or so of metal is lost during the melting process. So your 95% actually ends up being more like 80 or 85%. This ends up being not a far cry from your takehome for an ebay auction.

 

[allen]

that will pay for your Tux rental !!

 

[baylorhall]

ARA pays better and returns any jewelry that wasn't real, as well as returning all stones. I have used them several times and recommend them all the time.

 

[lucky d]

14k is not always 14k....Unless your items are marked with a p, 14kp, there is a chance that items marked a certain k could and in lots o cases contain less then the mark states... I beleieve these refineries melt all your gold down first then weight the refined product...from here you can see where some discrepencies may occur .... I am not defending any refinery nor would i ever send any of my meager finds to them, but i would find a local dealer willing to give 85% of spot and sell to them....just my 2 ihc's...hh