Question about Midwestrefineries

[Clyp]

I am thinking of sending in some of my Gold to midwest. Someone once posted that there is a minimum amount that they will smelt otherwise they do an approximation of smelt value. I have about 60 grams of gold from 10 to 18K most of it being in the 10 K range that I want to send them. Does anyone know if this will meet the minimum "for Smelting" or should I horde my gold a little longer.

This will be my first experience sending my gold in and I want to do it right.

Thanks

 

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[Sandman]

Check out their site http://www.midwestrefineries.com/

I don't think there is a min amount. What they do is melt all the junk you send them without seperating the kts. They then take a sample of the ingot and test it for purity. You are cut a check for 94% of the spot price that day based on the purity of the gold. They are honest an unlike the places that are buying gold now, they give you what it's worth. I called a jewelers that advertises in our paper about him buying gold to ask him what percent of spot he is paying. They acted like they didn't know what spot was as they only pay so much a gram.


http://www.midwestrefineries.com/

 

[Clyp]

Thanks Guys !!!

 

[JOe L]

Ok, I'll bite, I don't know what spot is. Anyhelp?

 

[Ant]

Midwest Refineries charges 6% at. Jeweler Dave, a member of this site might give you a better deal, depending on what you have. He suggested that the next time I deal with MWR to send them my scrap all melted/alloyed together, and then cut it in two and send one them and one to another refiner. I would at least melt it and make it look like it was cut before I send it in.

The only way they can cheat you is by saying that when they assayed the scarp it came out as 50% gold and not the 58% you thought you had. I’m not saying they do that. I’m saying that the seller has no way for a check and balance in that part of the deal. If you do what Jewelry Dave suggest, anyone assaying the gold will make sure no mistake is made.


Spot price refers to the 24 hour fluctuating spot gold price that is bid on at the New York Stock Exchange, just like pork bellies. The spot gold price on the NYSE is expressed in troy ounces. 1 troy ounce is the equal to 20 dwt/pennyweight (dead weight tonnage), that’s close to 31.5 grams. A standard ounce is 28 grams.

 

[Ant]

I posted this after I sold some scrap gold to MWR:
http://forum.treasurenet.com/index.php/topic,139915.0.html