ARA question?

imalookin2 · Aug 26, 2013

Here You Go

Just opened my mail today and received my check. ARA is much better than Midwest. If there is something questionable like a plated ring then ARA returns it. Midwest says they dispose of it. Midwest uses fire to melt the gold destroying any diamonds (or they remove them and keep them). ARA returns your diamonds, no matter how small. I got a bag of specks (diamonds). :lol:

ARA also pays out 98% on gold. Midwest pays out 95%. In the photo you see the market price for pure gold. In my case it went up after I shipped it. Then you see the payout which is the weight in my gold added up by carat. Remember, a 14K ring is not pure gold. A business license is not required. Happy Hunting!

bornhunter · Aug 26, 2013

scout23 said:
Ok so who is better in price. ARA or Midwest, or are they about the same. What % of melt do they pay? Thanks.

DO NOT USE MIDWEST!!!! You need 3 ounces before they will melt your finds and xray them. Otherwise they "estimate" the gold content. They clain that most 14k averages about 12k and the same for other karat gold. And the "dirt and Glue" on the jewelry has weight too. You end up with less than 85%!!!
BH

CanSlaw · Aug 26, 2013

imalookin2 said:
ARA and Midwest require your SSN and a copy of your state drivers license. I have used ARA and Midwest. My check from ARA is in the mail. Maybe I will take a photo of it when I get it so you will believe me. ??? They do NOT require a business license. In place of a business license your SSN number is what they want. At one time they said you had to have a business license. Then they changed that because they did not understand the law. They released a statement about this. I believe Craig posted it. It is a non issue.

That is just the way ARA explained it to me. I used my business licenses as it was less paperwork for me. And as stated earlier...no 1099's were filed, so it's no big deal. I don't like giving out my SSN, so I used my business license.

scout23 · Aug 26, 2013

Ok great, now how do I get started with ARA?

CanSlaw · Aug 26, 2013

scout23 said:
Ok great, now how do I get started with ARA?

http://aragold.com/

imalookin2 · Aug 26, 2013

CanSlaw said:
That is just the way ARA explained it to me. I used my business licenses as it was less paperwork for me. And as stated earlier...no 1099's were filed, so it's no big deal. I don't like giving out my SSN, so I used my business license.

You are right Chuck, they used to make people have a business license because they did not know a SSN was fine and they posted they did not deal directly with the public. After they found out personal shipments with SSN was legal they stopped making you have a business license and now deal with everyone. I remember they told you that a business license was required. After that time they released a statement changing that requirement.

If you melt under a business license you probably have to add that profit to your business books and pay taxes. Sending it on your SSN as found gold you do not pay tax.

dewcon · Aug 26, 2013

Now my understanding is you get paid after the melt...... based on 24K. Then they have the sheet you submitted breaking it down in case there is a dispute.

Dew

imalookin2 · Aug 26, 2013

dewcon said:
Now my understanding is you get paid after the melt...... based on 24K. Then they have the sheet you submitted breaking it down in case there is a dispute.

Dew

I weigh and separate my gold by carat in small bags. I fill out the form with the totals by carat. Keep in mind that a 14K ring might be 13K or 15K so your totals might be a bit off. When they process the gold you get paid on the spot price that day for your package. You can also open an account and ask them to hold the gold until a certain price is reached. They offer other services also like melting your gold into a pure bar. Something I have thought about buy have not done.

Some people wonder how they can afford to pay out 98%. The reason is simple. The process they use captures the filler metals. All the silver and other metals used in making jewelry are precious metals. They keep them. To them it is free money and they get a lot of this metal. The actual melt value of a ring is higher than just the gold content. Man, I am in the wrong business. :laughing:

ARA question?

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