Just my luck. A couple of weeks ago when silver was about to hit 45 bucks an ounce, I got a bunch together and sent it to Midwest Refineries. Dumb me, I was thinking that the price they paid me would be the price of silver on the day they got my coins and gold. Since I had dealt with them before and I live in Ohio, I expected the turnaround to be about 5 days. Well, they got my 14 ounces of silver on April 22 and silver was about 44 dollars that day. In the next couple of days the price went up to 47 ?? and I though I should have waited. I waited a week, then it was two weeks and now the price had dropped to 35 dollars an ounce. I was not concerned as they had my order for two weeks and I was thinking I would get 44 dollars an ounce. I got my check 16 days after they got my order and I was paid spot price for last Wed. I lost about a hundred bucks because they used the price the day of my order was smelted. I guess if this is their policy and they were seeing the price dropping, why not hold on to my order and the many other orders they were getting to pay a lower price. The thing that gets my goat was I sent it priority mail with signature confirmation so they would get it quick and I would get the rate of the day they got it. Not so. Live and learn. Luckily I did not send all of my silver, but one thing for sure, they won't get that order.
Midwest Refineries
- Thread starter RL OH
- Start date
- Jul 27, 2006
- 48,417
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From what I have heard all the refineries use the day it is smelted as the day of the spot price paid....With metals as high as they are/were, I am willing to bet they have a back log of items to be smelted, especially of the silver due to the price was........
I sent a little over 22ozs. to midwest they got it on the 20th. On the 28th I called to check on the order and they were working on stuff that had arrived on the 19th. The man told me they were really behind well they finally processed my order on 5/2. I got a little less than I would have liked but understand the paying on final processing.
Refuse the check .
Don't they promise to hold until You Receive (Cash) the Check ?
They must be getting like Cash for gold
Don't they promise to hold until You Receive (Cash) the Check ?
They must be getting like Cash for gold
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