Midwest refineries may not be the best place...

[Jim C (Mich)]

I have sent gold in to them 2 times now. The first time I was pleased and surprised at how much I recieved. But! after calculating and e-mailing them with questions it seems like they may not be the best place to send stuff to. They claim to pay 94% but in actuality it is less than that. They take into account the weight lost during melting. Which we are not told about. Then 94% of what. The last time I sent in Gold items. Gold never closed under $900.00 an ounce. But they calculated my 94% at $896 per ounce. When I asked them why, they replied that that was what the price was at the time they finished the order. I personally believe they just pick the lowest gold fell to during trading during the time they have the gold and pay that out. I think I got screwed some on both orders. I am gonna use a different refiner and see how close they are to paying what they should and let you guys know.
I have got this all figured out to the price per gram of gold, depending on the price of gold. Have a scale and the hole nine yards. Kinda fun. I'll keep ya posted. Jim

 

[Vernon in Virginia~Formerly Alaska]

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[charlie (ky)]

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[dfxmatt]

I was told that 10k and 14k u get half of the market price............and 18k and higher they pay the market price. (more purity of gold)
When i sent mine in it worked out that way on payout. Wish i waited til it reached 900 on mine lol........i think mine was at like 700 when i sent mine in......Oh hi by the way

Matt

 

[Brian(upstateNY)]

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[Vernon in Virginia~Formerly Alaska]

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[Craig in Alabama]

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[Craig in Alabama]

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[Vernon in Virginia~Formerly Alaska]

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[charlie (ky)]

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[charlie (ky)]

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[General Ray]

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[Brian(upstateNY)]

I sent in about 38 grams 14k I think it was, so at 920.00 about 620.00 for me at their 94% payout.
Today gold is $940.00 but fluctuates all the time.
Gary the owner emailed and said my wt was right on to theirs so now I will watch when they process the order and math up with Kitco
Here is the reply from them on how they do the payment....
I asked if they go by the price that day the oder completes or the low for the week or ????
Here is the reply

Brian, we broker metals throughout the day. The price is determined at the time and day your order is completed and the metal(s) sold.
Sincerely, Gary Frenkel

 

[deathwind1]

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[deathwind1]

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[Craig in Alabama]

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[charlie (ky)]

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[charlie (ky)]

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[Elson(La)]

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[Fred (S. Indiana)]

Oriental man recieves money from home, must go to bank to transfer cash, amount distributed from week to week changes, rarely in yellow mans favor, when ask why, teller respond because of foreign market, fluctuations, so yellow man quickly respond, "OH YEAH, FLUC-U-AMERICANS" and storms out of bank....