Menu
What's new
Find's Treasure Forums

Welcome to Find's Treasure Forums, Guests!

You are viewing this forums as a guest which limits you to read only status.

Only registered members may post stories, questions, classifieds, reply to other posts, contact other members using built in messaging and use many other features found on these forums.

Why not register and join us today? It's free! (We don't share your email addresses with anyone.) We keep email addresses of our users to protect them and others from bad people posting things they shouldn't.

Click here to register!

Need Support Help?

Cannot log in?, click here to have new password emailed to you

First time using Midwest Refinery....dissapointed...:rant:

B

bearkat4160

New member
I sent 41.9 grams of gold to midwest refinery and the settlement date was feb 27th. The settlement gold price was $850 oz...!! What! geez I just got ripped off. I sent the gold to them and gold was $907. It never dipped below $900 the whole time they had it. And I just looked at a graph of feb 27th settlement date and gold NEVER dipped below $956.

So I called them and after a few minutes they agreed there had been a mistake and offered to settle at $920. I said ok because I didnt have the internet in front of me at the time to see actually what the price was. So they said they would mail me another check. Still ripping me off. The settlement price was actually a $100 off. Not sure if I will use them again. Maybe they thought they could get away with this from first timer? dont know. Have any of you guys and gals experienced this with them? This forum is where I heard about them so I thought finally found a honest refiner. Anyway I think I will get another small check for $25-30 later this week from them.

Just a little frustrated is all!
Alan (Ga)
 
the really broken up stuff find a coin guy thats fair and trade the busted up stuff for bars!! you will always get much much more this way!!!! Sorry again to hear...:sadwalk:
 
OK.. I`m going to be an "A" hole but if you need to keep track of gold to the hour of sale I woudlnt want to deal with yoiu.
Gold is what it is and you find it literally for free.
But not that you should get shorted either,
I think it should be what gold is worth at the time of the postage.
Not by the time it gets to them.
I have never dealt with any gold merchants...But I should have.
 
Maybe you like to be ripped off, not my style. HH Alan (Ga)
 
I found a coin dealer that buys me gold at the price is on while we are both there. I takes 5% off, but that is still fine by me. At least i know what to expect and can backtrack on the deal if i dont feel confident. The guy wont buy if i only have a few bucks worth of precious metal thauhg. He needs enauph to make his trip to Kitco worth it.

There is also ebay, but it's a bit enerving since you never the final price untill the very last second (if you have 10 or more watchers, you can be sure there will be a few snipers having action at the end). You must pay ebay's fee plus paypal's... so you'll be off 8 or 9%. But! If you have rings with stones, those will be going with the rings. If the stones are worth money, you can remove them, but if they are plain ones or damaged, they are still adding some weight !

Just my two cents !
 
Call Gary again, and tell him you want the rate from the day they did it. thats what they say is their policy.
I recommend them to people, but I also now recommend that you go over your figures carefully. Call him back and tell him to look up the right rate and send you the difference. He'll do it.
 
You can't do it that way. Their policy is plainly stated that they pay the rate that is valid the day they PROCESS your claim.
 
reap what you sow boston butt
 
n/t
 
I used David H. Fell & Co. Inc. (City of Commerce near 605 and 5 freeways) last Friday for some scrap gold and mix lot silver. I dropped it off in person. They take two days to process and use the second London daily fix. Settlement was 03/05/08. Got fine gold total @ $988.50/TOZ and Silver @ $20.235/TOZ. They charge a one time $35.00 assay fee and 3.750% recovery fee for the gold. For the silver it was a 11% recovery fee because I included some poorer quality items. I got their check in the mail earlier today (Thurs) and was quited pleased with their service. I'll use them again soon.

RIck
 
Martin I do the same thing take my scrap to a local guy who takes care of me :)
 
I agree with that. Its the same as if you were selling stocks. You put in the sale when stocks are high, but it takes 24 hrs to go thru. By the time it goes thru, the stocks are down. Its depressing,but that's how it works. You simply have to trust who you are dealing with.

But, as with the gold, it makes me wander if they sit & wait 'til the price goes down before they make the sale.Is there some way they can prove exactly when they posted, like punching a time clock or something. And, like I mentioned earlier, are they just waiting for the gold to hit a low spot for the day & then make the deal?

I've never sold any gold yet & I'm researching it now. I'm learning a lot on this forum. Thanks for all the input.
 
I have used them everal time in the past few months and had the same question.....

I started testing every pcs.

14Kt is not what it is marked it is only an est. (11Kt-15Kt) and marked as 14K.

10Kt same way, (8kt-10kt) is marked as 10kt

When you put it all together, the lower Kt will draw down the over all percentage.

It is best if you send different shipments......high kt, Low Kt. Never together!!!!

I have learned this after the numbers I had differed from the settlement.
 
You must log in or register to reply here.
Top