Selling Gold Jewelery

[curbdiggercarl57]

Curious if anyone has ever sent gold jewelery to Midwest Refineries, and if so, what is your opinion of the. Or any other smelting sites. Thanks in advance,
Carl

[seas1to2]

I say always go to someone local,if you don't like the offer take your gold an leave,I would never mail someone gold an wait on payment...Local news just did a story a few weeks ago,a lady mail her gold necklace an a few other gold items, she says she weight it an was over 1 oz an she recive 60.00 for it, now she wants her gold back,I can't remember where she mail it to but I dought she will ever see it again.

[Sandman]

Midwest Refineries is close to me but they won't buy your gold in person anymore for security. You have to send it in even if you lived next door. Still they are very honest and quick paying. Natch you should have your gold weighed and a rough estimate of it's purity. When they receive it it is smelted all together, then tested and weighed. You are then cut a check for 94% of what spot is selling for that day. The price of gold can go up from the time you sent it in or it could drop. It is the only place I sell my gold. http://www.midwestrefineries.com/

[eastbaybounty]

I'm going to have to disagree about Midwest Refineries. I have had some trouble with them recently.. First order was just right, then I sent two orders back to back, the first came back about 400 short and the next about 100 short. They were saying the assay was WAY lower then it should have been..(first order was all 20 and 22k jewelry and they said it assayed at 50%) they agreed to mail a check for 200 (still not as much as it should have been) for the first order, and said the second order was just right. I will not do business with them anymore. If possible you should deal with someone local (wish I knew of someone local that paid close to spot, I live in the East Bay Area CA, PM me if you know of anyone!)Good Luck!

[d2]

I have used midwest 2 times and was very pleased. I just sent some more stuff I found in the swimming holes back during the summer and am waiting on a check now. The 2nd time I sent stuff I sent it for my mother, old jewlery she didnt wear any more, and they sent some of it back saying it was plated and wasnt worth refining. I thought that was decent of them and have not had any problems with them at all. So far so good but then I havent been sending them 1,000's of dollars worth either, just a few gold rings. I have sent them enough that the money has more than paid for my gas last year when it was so high during the summer...d2

[eastbaybounty]

got my final check from midwest refinries (had sent a shipment off before I got the other checks back) once again it was short. it was a 20g 14k gold chain. They said on there they bought it outright for $258 (based on $815 spot)..... thats about $30 short of what it should of been. Going by this online gold calculator
http://www.dendritics.com/scales/met...N=USD&Markup=0
20g of 14k at $815 an oz is worth 305.72.... and 307.72 x .94(they pay 94% spot) = $289.25
I dont think the numbers lie. This company is blatantly ripping people off. Its immoral and illegal. I'd imagine they are making quite a bit by shaving just a little off top of every order, hoping that the person isn't knowledgeable about what they are selling, or simply just doesn't notice.

BEWARE OF MIDWEST REFINERIES!

[alwayslookin]

This is a direct response from Gary at Midwest refineries.
12-29-08
"We read the post you gave us the link to and it seems the person posting the negative remarks thinks his 14K is supposed to come out to .585 pure. That is not the case. It usually will assay out to between 55% and 56.5% pure and will have a 2% to 4% after melt weight loss when melted. I do not know how to post a rebuttal on this site. Even when small orders are purchased outright, we still factor in an after melt weight loss, because eventually it will be combined with other small orders and melted together. This person obviously did not factor in an after melt weight loss and probably figured his 14K at .585 and will be disappointed in whoever he sends his scrap to. Also, orders are paid at 94% of it's pure gold content and you receive whatever the spot price is at the time the order is completed and ready for settlement. This person states he got 94% of the spot market, which is all wrong to begin with. He claims we under paid him by $30.00, which indicates he does not know how to figure out his orders' value. Thanks for the link though we can't post a rebuttal explaining it to him. Maybe you can.

Regards, Gary Frenkel
Midwest Refineries"


hopefully this will help clear some things up. AS stated in previous posts and different thread they have been around for quite some time and as refiners are subject to pretty stringint consumer trade laws with weights and measures.

Dave-Alwayslookin

[pygmy]

This FAQ from Kitco helped me better understand the above post.

https://online.kitco.com/refining/faq.html

The " after melt loss " is an interesting subject in that their is no loss in gold weight but loss in total item weight of the jewelry. So in my mind the value of pure gold should not diminish.

However, I agree that the Karat figure is not always accurate where we are at the whim of the jeweller