I just sold a ring to Midwest Refineries, got nice check

[ringding]

I have several rings found with my metal detector and one of the members here suggested that you can sell your precious metal finds to Midwest Refineries. Well I had never done it before so I thought I would send one ring in to see what would happen. The ring I sent had part silver and part gold so it was hard for me to calculate the weight/value. I got the check today (7/15/06) for it and I was very pleasantly surprised with the amount! And the turn around time was quick. I sent the ring to them on July 5. When I sent it I did buy insurance from the Post Office in case anything happened to it. Again, I was impressed with the service and price I got at Midwest Refineries.

 

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[diggummup]

Come on now,how much did ya get for it? Do you have a photo of the ring?

 

[EDDE]

really come on thats a tease what they pay you for it and how much did they deduct for refining etc..

 

[dave-enc]

ringding we have used them this year they have been terrific to us too. congrats
hh
dave+bobbie

 

[ringding]

I got $76 for it. To give you some perspective, I took a large mens 14 kt gold ring with diamonds to a pawn shop a couple years back and they only gave me $25 for it.


Here is their link:
http://www.midwestrefineries.com/

 

[Michigan Badger]

I got $76 for it. To give you some perspective, I took a large mens 14 kt gold ring with diamonds to a pawn shop a couple years back and they only gave me $25 for it.


Here is their link:
http://www.midwestrefineries.com/

I wonder how much they give for gold crowns? Hummm...have to check on that.

 

[rvbvetter]

Pawn shops I believe give you 10 cents or 10% on the dollar. Some years ago during tough times, I pawned a 14 k hand made gold ring that weighed nearly an ounce. That I found with a detector and had appraised at a local jeweler at $900.00. That was in 1982 or 3 The pawn shop gave me $85.00 for it. Unfortunatly times didn't improve soon enough to ever retrieve it. Still sick about that. It would probably have made it into the magazine if found today. HH

 

[Sandman]

What a refinery does is weigh all the gold you send and melt everything together, all different Karats. A sample is poured and tested for purity and a amount is set for what the spot price is for at the start of that day. I think Midwest is paying 94% of spot, but they might have changed it. Ask a gold dealer what percent of Spot they are paying. I've had some "gold dealers" act like they didn't know what I was talking about.

 

[diggummup]

That'll work.Thanks and thank you sandman for the info.,that's good to know.

 

[EDDE]

yup...

 

[midas777gold]

Thanks for the info. I have a couple pounds of Gold Filled scrap and was looking for a place to sell it to.

 

[Beachkik]

Thanks ringding...its good to know the "skinny"about a Co.from one of us,I will try them in the future....good hunting..Al..

 

[EDDE]

hey ,how manny KT was the ring that you sent them, i have a few peices of 14 kt that id like to take care of in a similiar mannner .maybe ,still on the fence on this one...

 

[ringding]

The ring was unique in that it was a combination of 14 kt gold and sterling silver. They weren't alloyed though. The inner part was silver and then there was a band of gold around the top of that.
Just an FYI, silver and gold prices have declined a little bit this week.

 

[Trez]

Re: I just sold some gold to Midwest Refineries, got nice check

I tried them 2 weeks ago.....
Here is what I sent....a mixture of 14kt chains, rings, 10kt rings, and some 18kt medallions. I melted it down myself with a blow torch from work...it didn't work that well.
It was a pile of non gold looking blobs when I finished...but it weighed out at 75 grams. I figured it to be at least 12kt, when all said and done.
I boxed it up, and off she went...with a note as to what I had done etc...
I received a letter back from them in about 7 days...inside the letter was a document of the analysis of the their findings - smelt, re-weigh and assay that they performed...
Their results were:
Troy ounces Rec'd - 2.369
Wt. After Melt - 2.297
Assay Yield% - 51.089
Troy oz's contained - 1.174
Troy oz.'s payable - 1.103
Market Price - $618.00
Settlement - $681.72

I was very satisfied...they were fast, and fair...and the check just bought me another Detector.
I have a copy of their report if anyone would like to see one....
Again, very happy overall with them.

Trez

 

[Digginman]

That is very cool. Thanks, Trez, for your input.

DM

 

[Cubfan64]

Re: I just sold some gold to Midwest Refineries, got nice check

I tried them 2 weeks ago.....
Here is what I sent....a mixture of 14kt chains, rings, 10kt rings, and some 18kt medallions. I melted it down myself with a blow torch from work...it didn't work that well.
It was a pile of non gold looking blobs when I finished...but it weighed out at 75 grams. I figured it to be at least 12kt, when all said and done.
I boxed it up, and off she went...with a note as to what I had done etc...
I received a letter back from them in about 7 days...inside the letter was a document of the analysis of the their findings - smelt, re-weigh and assay that they performed...
Their results were:
Troy ounces Rec'd - 2.369
Wt. After Melt - 2.297
Assay Yield% - 51.089
Troy oz's contained - 1.174
Troy oz.'s payable - 1.103
Market Price - $618.00
Settlement - $681.72

I was very satisfied...they were fast, and fair...and the check just bought me another Detector.
I have a copy of their report if anyone would like to see one....
Again, very happy overall with them.

Trez

That's the best "report" on their services I've seen - now I have some hard data to look at so I can estimate what I would get. Thanks very much for your concise and specific information Trez!!!

 

[kid iowa]

Do they factor in the diamonds/stones worth, or do you take it out and just send in the metal?

 

[Trez]

Do they factor in the diamonds/stones worth, or do you take it out and just send in the metal?

Take out the stones...just send the metal.

Trez

 

[Mighty AP]

I got $76 for it. To give you some perspective, I took a large mens 14 kt gold ring with diamonds to a pawn shop a couple years back and they only gave me $25 for it.


Here is their link:
http://www.midwestrefineries.com/

I wonder how much they give for gold crowns? Hummm...have to check on that.

You dig many gold crowns MB? LOL