Sandman: Midwest Refineries: gold help!!

[Iskuli]

Hi Sandman! I alway read you posts because I learn so much from them. I was wondering if you would mind telling how to sell my gold.

Regarding gold.....I have so much, I am considering cashing it in. Would you do it now, or wait for it to go up? Also, how does it work? Midwest Refineries website says, pays 94% of the amount of pure gold contained in your order. Can I figure that at home? If I weigh it, is there anyway I can get a rough idea of what to expect for them? Thanks so much.

 

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[Foilman]

Here is my 2 zincs, I am sure Sandman will reply.

There are sites to calculate it. If you know the Karat.

All you need is an accurate scale. I have a Durascale and it is quite accurate and does weight conversions with the press of a button. The model I have is the 100 and they have lesser models that are fine. Web search it. I am very happy with it.

To calculate the weights I use the calculator on JackHunt.com.

I find if you use it, and multiply that total by 94% it will be just about perfect to what you get. However you have to use the spot price they use when the calculate it at midwest and you don't know what that is until they tell you. If the price is up when they settle it its in your favor, if it went down, you lose a little.

For unmarked or missmark items you need a test kit or tester, I hope Sandman addresses this part because I look forward to advice on unmarked stuff.

I SOLD. - I would sell at least some.
It was over 1000. briefly and has been down since although recovering the last 2 days. It is still high compared to being under 300 just 2-3 years ago and the trend is down.
I am no market expert but it had a big run based on a weak dollar, and if the dollar keeps strengthening it will continue to drop. If you think the dollar will keep dropping in value don't sell.

My theory is it doubled and tripled in a short period, if you sell some you won't kick yourself if it goes back to 300 and if it goes higher sell some more.

 

[finderzzs]

Allow me to throw my two-cents in and hopefully save you some money. !st I'd wait for gold, etc to go back up. 2nd, I have used Midwest before, but feel this last time a couple of weeks ago I lost hundreds of dollars because of them. They received my precious metals on a certain day, they even marked it down when they received it. Then they sat on it til the metals dropped in price, the platinum by hundreds of dollars, then they paid me on the spot over a week after receiving my metals. I lost several hundred dollars with that practice... So seller beware, they now tell me I can call and lock in the days prices, but I feel they should have paid me on the day they received it prices......

 

[lucky1777]

Allow me to throw my two-cents in and hopefully save you some money. !st I'd wait for gold, etc to go back up. 2nd, I have used Midwest before, but feel this last time a couple of weeks ago I lost hundreds of dollars because of them. They received my precious metals on a certain day, they even marked it down when they received it. Then they sat on it til the metals dropped in price, the platinum by hundreds of dollars, then they paid me on the spot over a week after receiving my metals. I lost several hundred dollars with that practice... So seller beware, they now tell me I can call and lock in the days prices, but I feel they should have paid me on the day they received it prices......

That happend to me a couple weeks ago. They said it was do to their increased business. I will now look around for another outlet.

 

[finderzzs]

If you ask me, that's theft... hold it til it drops and pay on it before the prices rose again??

 

[Foilman]

I think you guys got hit by a dropping market.

When I was sending mine in the receive day was 4 or 5 days before the settle date as well, but I didn't complain because I was fortunate to get the higher price at settlement, so I think they are telling you the truth about being backed up on their processing. The price for me went up 40 dollars between receipt and settlement on one occasion and up 20 on another.

Please note I will be the first to go for a better place but so far I can't complain about Midwest. The price has been volatile to say the least and they are not there to lose money. I think they do the best they can in a volatile market. If somebody finds a better place be sure and let us know. Sorry you hit a down market. I didn't know you could lock a days price ,that is good to know.

I would lock a price if selling now, the price is tanking.

 

[Iskuli]

Thanks everyone so much for the feedback! I really appreciate it. I don't need extra $$ right now; however, I want to be informed on the best way to get the most for the metals! I checked out a few pawn shops...thumbs down. There are some others but they just say they'll give a great price....send your stuff with NO real numbers. What do you all do with the stones from your jewelry?

 

[finderzzs]

You might do better selling your jewelry yourself on Ebay. If you know what it scraps for at 100%, start there and see what happens... I actually have a jeweler friend ddown in Hollywood Floirda so I can send my stuff there to be sold. You might be able to find one to take your jewelry on consignment.

 

[Foilman]

I asked about gemstones on here and did a lot of research and have yet to come up with a good answer. Unfortunately I have not found anything big but nobody even seems interested in the small ones. I tried a few items on ebay and you are a needle in the big haystack, plus you are selling used which doesn't go over big. I couldn't get any bids that equalled scrap value. All I got was a lot of emails with offers way below scrap value. There are places in New York that buy loose diamonds but I have no idea what they would offer. I think consignment or at auction would be the way to go for a really good find. If you have nice pieces with stones I would not take the stones out. I would try to sell them as a finished product unless you get an offer for just the stone, then scrap the gold after. If you have a lot of friends, find out what the item is worth new and invite them over to see what you have and offer them at 50% off. They get a deal and you get more than you will from a jeweler. Just a thought, offer a free resizing, because you know it ain't gonna be the right size on rings.

 

[Sandman]

Selling to Midwest is the best way to go so far as I know. The market goes up and down. When they receive your order it is weighed without regard to Kt. and cataloged for smelting. After it is melted a core sample is made to determine the purity and it is weighed again and calculated at that days spot price, sometimes you win, sometimes you lose. You can lock in your price which you can also lose if it goes up. Stones are not removed and are vaporized so their weight won't count. You can estimate the value of your junk by checking out http://dendritics.com/scales/metal-...its=g&Alloy=14K&PrOzt=&CurrencyN=USD&Markup=0 This will just give you an idea and not what you will get from Midwest.

Unmarked stuff needs to be tested with a gold and silver test kit which are available at jewelry supply places and the INTERNET. Not all rings that are marked are really that karat either. I once had a silver ring that was marked 14 KT. when I was a newbie....

You can decide how you want your money, in a check, or ingots or gold coins. Someday the price of gold may go way up there, but so will inflation eat it up. Your wife will buy more shoes at higher prices so you will have to get a third job, and there goes a nice relaxing hobby.

Pawn shops or selling at gold parties is for losers. I get sick when I see the commercials on TV for selling your jewelry because I know the sellers are getting ripped off big time. Sometimes it is just better to give the gold rings as gifts to relatives or beach managers which will keep the beaches open to just yourself.

 

[Iskuli]

Sandman ~ Thanks for the input. I do give away some rings, etc. to friends & family. If they fit me, I keep them because I like to coordinate my outfits. I am after all, a chick!

At some point I probaby will sell the scrap. I have begun to accumulate broken jewelry & earrings (I only find one). I am not in a big hurry right now. Just like to be informed of the best way to do things. thanks again!

 

[Nick A]

I loaded up a box of junk... a few rings, some junky silver, some gold filled items and sent it off to Midwest. I had no idea what I had and was FLOORED when I got a check back for $740. I'd definitely use them again.