selling gold ? ARA rocks

[mham2]

I was in Dallas visiting my son who lives about 7 mile from ARA refinery and decided to take some gold to sell.I had my gold weighed out and priced and locked in a price with them at $12027 per ounce.they were spot on and paid 98% .very nice people to deal with and had cold hard cash in hand in three days.they also returned all my stones,I will use them again that's for sure !!

 

[thinkin2]

I called ARA before shipping my small amount and it was a very pleasant conversation. They were right on the money with what I was expecting. I'll do business with them again. I will not do business with Midwest again, ever.

 

[Joe of South Jersey]

I sent 52.9 dwt out on monday, Locked my price on thursday at 1248.10.....Will be done on monday.

This is the 4th or 5th shipment to ARA.

 

[BigDan]

I will switch to ARA also.....the text below is what I recently wrote about Midwest Refineries

Based upon recommendations from this forum I have sold my gold to Midwest for a year now because they pay at 95%.
WELL MAYBE. I recently questioned why my calculated value differed from what I actually received from them. The following is their response to my inquiry

"Dan, orders under 3 troy ounces are purchased outright, as it is not cost effective to do an assay on small amounts. The items are tested and purchased on averages of similar karat as follows: 10K = 39%, 14K = 55% and 18K = 71% (no karat gold comes out to be plumb). There is also a 2% to 4% after melt weight loss factored in, because eventually small orders are combined and melted at a later date, after we settle with our customers. The settlement report is not filled in, in all the boxes, when we purchase small lots outright. Lots over 3 troy ounces are melted and assayed to get exact numbers. Either way, you receive 95% of the amount of pure gold contained and whatever the spot price is, at the time of settlement.
Regards, Gary Frenkel
Midwest Refineries
"
I guess if we use .583 for 14k estimates we are mistaken because K markings are not accurate.

The response explains a lot and gives the reason why I have always been disappointed when I receive a check for my gold sales. First deduct 3% for the melt loss....then deduct another 6% for the k difference .... only then multiply the result by the 95%

95% IS NOT 95%

I think this probably is fair but all should know up front that:

18k is not .75 it is .71,
14k is not .58 it is .55
and 10 k is not .416 it is .39