How do Refiner's Pay?

[billjustbill]

If you have sent gold or silver to a refiner, how do they base their payments?

Is it base on the price of gold or silver on the day it is signed for and delivered to the refiner, or is the amount paid based the price of the metals the day your metal is processed?


Bill

[cyberdan]

If you have sent gold or silver to a refiner, how do they base their payments?

Is it base on the price of gold or silver on the day it is signed for and delivered to the refiner, or is the amount paid based the price of the metals the day your metal is processed?


Bill

Bill, Since you are in TX I know you will do ARA. They will probably do it any way you want. I you do not call and tell them they will base it on the day they write the check. I have even called them and asked to process and hold. They put it in the safe and sat on it till i asked for a check. Then they paid based on spot that day. (they had alreadt taken out their 2%)

[Marchas45]

Cyberdan, I thought I read somewhere that the refinery takes out 10% but knowing you and your knowledge I'll go with you. I contacted ARA thru their web site a few days ago but they haven't contacted me yet.

[Mackaydon]

For what it's worth, my dealer takes 10% off spot for refining at the time of my transaction.
He then takes his varying percentage off the remainder. Since prices have been rising, he's been slow to sell his inventory to the refiner.
Don.....

[cyberdan]

Cyberdan, I thought I read somewhere that the refinery takes out 10% but knowing you and your knowledge I'll go with you. I contacted ARA thru their web site a few days ago but they haven't contacted me yet.

ARA charges 2% for gold and 10% for silver and rarely uses email.
I always call, you get fast answers.

[billjustbill]

If you have sent gold or silver to a refiner, how do they base their payments?

Is it base on the price of gold or silver on the day it is signed for and delivered to the refiner, or is the amount paid based the price of the metals the day your metal is processed?


Bill

Bill, Since you are in TX I know you will do ARA. They will probably do it any way you want. I you do not call and tell them they will base it on the day they write the check. I have even called them and asked to process and hold. They put it in the safe and sat on it till i asked for a check. Then they paid based on spot that day. (they had already taken out their 2%)

Dan,

During a 9 day vacation in 2003, we hit 8 Florida beaches, and I found one ring. Down near Captiva Island and Sannibel, I found the man's wedding ring about 4" deep in hard dry land. Stamped inside is "18kt" and also .950 Platinum.

When something like that is sent in, how do you know how the refiner will handle it?

Also, I found an adult's anklet and a child's toe ring that is multicolored, but the metal tag attached to the clasp and stamped inside the small open toe ring says ".925". As I understand it, the refiner charges just 2% on gold, because they pay for the gold content, but also they keep the alloy, they say usually is silver, in the gold when it is below 24kt.

How do you know you get credit for mixed metals?

Thanks,
Bill

[cyberdan]

When something like that is sent in, how do you know how the refiner will handle it?

I always send in my things grouped together. I would not throw a plat ring in with the silver, they might not catch it. Send a packing slip with your name and address and what you are sending.

As I understand it, the refiner charges just 2% on gold, because they pay for the gold content, but also they keep the alloy, they say usually is silver, in the gold when it is below 24kt.

Yes.

How do you know you get credit for mixed metals?

You don't. If you send in a 12K ring you get paid for 98% of the pure gold and the refiner keeps the rest. It helps them pay their bills. The only way to keep the silver is to refine the ring your self. I don't like playing with boiling acids so ARA can keep the silver as part payment.

[blai745]

here is my 2 cents of input..Find a gold buyer that will pay you 92%-93% of hallmark for your gold...Cash!!.. Thats what I do and since most gold is undercarat.. A refiner will pay you about 94% hallmark...even though they pay you 98% TRUE MELT..But you gotta pay shipping and then recieve a check.. So For me having a gold buyer who does large volume is the way for me.

[billjustbill]

If you have sent gold or silver to a refiner, how do they base their payments?

Is it base on the price of gold or silver on the day it is signed for and delivered to the refiner, or is the amount paid based the price of the metals the day your metal is processed?

Bill

Last Wednesday, Nov. 10, I talked with ARA. Like they post on their website, they deduct 10% of the refined amount of Troy ounces for their Silver refining charges.

I learned that for silver, they do not treat it as they do gold. By that, I mean that they do not refine and store it for future sale when you are ready to sell.

Also, I learned that they "Pay" the market's price the at the end of the day, on the day the silver arrives at their business.

Anything I've posted any different from what you've been told when you sold to them?

FYI,
Bill

[trdhrdr007]

I've sent several batches to them this year & that pretty much sums it up. I'm not 100% sure they pay based on the day the shipment arrives at their facility because I haven't kept good enough records. I've always assumed they paid based on the day of processing. I can say that some batches I got paid at the lowest spot price during the time it was at their facility & others at the highest spot price.

[batcap]

If you have sent gold or silver to a refiner, how do they base their payments?

Is it base on the price of gold or silver on the day it is signed for and delivered to the refiner, or is the amount paid based the price of the metals the day your metal is processed?


Bill

Hey Bill,
If you sell gold to ARA, they'll send you some details. Silver, not so much. The one time I actually requested my silver back it took an extra week (prices fell a bit), I got no info regarding my "purchase" of Silver Eagles and Maples. I just had to take the $300 cash value and divy it up between the 7 eagles and 5 maples. Each oz averaged $25 at a time when the high was $22. To top it off my RCM sealed maple leafs were covered in scotch tape - I had to get some "Goo Gone" to clean them off to be saleable.
If you want to buy silver, you'll do better on eBay. God forbid they should see this -- I still sell to ARA.

[billjustbill]

If you have sent gold or silver to a refiner, how do they base their payments?

Is it base on the price of gold or silver on the day it is signed for and delivered to the refiner, or is the amount paid based the price of the metals the day your metal is processed?


Bill

Hey Bill,
If you sell gold to ARA, they'll send you some details. Silver, not so much. The one time I actually requested my silver back it took an extra week (prices fell a bit), I got no info regarding my "purchase" of Silver Eagles and Maples. I just had to take the $300 cash value and divy it up between the 7 eagles and 5 maples. Each oz averaged $25 at a time when the high was $22. To top it off my RCM sealed maple leafs were covered in scotch tape - I had to get some "Goo Gone" to clean them off to be saleable.
If you want to buy silver, you'll do better on eBay. God forbid they should see this -- I still sell to ARA.

I sent a large amount of .925 to ARA; they signed for it last Friday morning. Insured, the Priority Mail box weighed 7.lbs, 8oz......

How long did it take for you to get a check?

[markmopar]

I mailed some silver to ARA on 11/1, it arrived 11/3(they gave a courtesy call to let me know). They Printed the check 11/9 at a spot price of $26.14 - 10% or $23.53. The envelope was postmarked on the 12th. Not sure when it actually arrived as I was out of town.

[trdhrdr007]

I'm in Alabama & it seems to take 2-3 weeks between the time I send the package(priority mail) & the time I get my check.

[blai745]

Hi, Does anyone ever got paid of what they calculated...For example if I had 10oz sterling scrap and Spot was at $27 an oz.. so thats $27 times .925 then times .90 ( ARA fee) = $22.47 oz times 10 oz= $224.77 check.

So have any of you for example gotten anything lower than that or same? because I know most precious metal jewelry is under karated.

[cyberdan]

Hi, Does anyone ever got paid of what they calculated...For example if I had 10oz sterling scrap and Spot was at $27 an oz.. so thats $27 times .925 then times .90 ( ARA fee) = $22.47 oz times 10 oz= $224.77 check.

I always calculate based on what I check it to be not how it is marked. My checkes are always very close to my calculations except once. It was a couple hundred off in my favor.

somewhere I did my math wrong or added a piece I forgot to do the math on. The math on the payout check stub was correct. So I know the refiner didn't make a mistake.