Selling Your Gold ARA

[DrJoePrime]

Just called ARA (American Recycling Associates) and was told their payout is still 98%. They are updating their website.

I will be using them for the 4th time in 3 years for just under $2000 worth of gold. In the past they have always come spot on to my calculations. I highly recommend them. They return all gems or will give you a quote for your diamonds. Just remember small to tiny diamonds have very little value.

Oh..he also mentioned for amounts over 500 DWT the payout is 99% .

 

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[lookindown]

Thanks for the info.

 

[lorraine]

Thank you for the information, Dr. Joe Prime...much appreciated.

I have been using ARA for several years now....they are great to deal with .

Lorraine

 

[testing123]

I thought you had to be a business to still use them?

 

[search and recovery]

You do not have to be a business. Just send it to them. They take care of the rest. IRS would like for you to have a taxpayer number to make it easier for them to track, but not required. I have been very happy with them as well. Good company to deal with.

 

[drewan29]

You do not have to be a business. Just send it to them. They take care of the rest. IRS would like for you to have a taxpayer number to make it easier for them to track, but not required. I have been very happy with them as well. Good company to deal with.

I was wondering about the tax ID number thanks for that. Hopefully I'll be able to send them some this year.

 

[surfnturf]

Thanks for the great info Dr. J,

I just sent ARA about $1500 in gold and silver This past Monday! I insured it for $1000 and I also had a signature confirmation receipt! I was told if you have done business with them in the past that the business tax ID number isn't necessary! Also they told me if you for instance sent them 14 karat gold they calculated at 13 karat gold! Sold some of my gold about two months ago when I needed money fast I was unhappy with the result I probably got about 70% of the value from a local dealer! So now I'll save about $400 sending it to ARA! It's worth the time It took me to calculate and do the postage packaging to send it ARA! Now I can get some new tires and a tuneup for my truck and a new Wot coil! I had a few iffy pieces of silver so it will be interesting to see what I get back from ARA!

Hope all is well at seal beach take care happy hunting!

SnT

 

[Sandman]

I used to use Midwest Refineries since they are only couple miles from me, but they pay less and don't return items that they say aren't gold though you thought they were. They don't return stones either. So I have used ARA the last five times and have been very happy with my payments. Just remember that when you find a sweet ring to not do the Happy Dance and attract attention to your self.

Happy Dance

 

[firemac]

thanks for the up date dr joe

 

[Tony in FL]

Insurance?

Anyone know how insurance works when sending scrap gold and silver through the mail? According to the USPS website "You’ll also need to show the item’s value or estimated repair costs, with sales receipts or invoices." So without a receipt, which none of us would have for found gold and silver, I wonder if they would even pay anything out on a loss. So in other words is paying for insurance really providing coverage in our case?

 

[dewcon4414]

Im going to be a nay sayier here. I spoke to them yesterday and they told me a new TX law that took affect requires you to have a Tax ID number. IM in there computer she looked me up but i still got told this and ive sent several batches in before. I explained i read that law and it discuses cash for gold or business dealing in gold not individuals. I also called the IRS .... ya crazy huh, they told me i wasnt a business per sa but were willing to give me an ID number.... for about $200. I was told from someone on another site to just send mine in and they will do it. They have to tell you you need one if you ask. So im at a loose of what to do myself. I couldnt get a reply from Nikki. You really hate to send in say $4000 worth of gold not knowing if they will...... having it bounce around out there in the PO is scary.

Dew

 

[bigscoop]

Bottom line. You do not have to have a tax I.D., however, you are still required to report income and businesses are still required to keep records of transactions. Businesses are going to cover their butts, up to you to either risk it or to cover your own. It just ain't like it use to be fellas.