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  #141  
Old 09-09-2013, 08:52 PM
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Originally Posted by Irons View post
Midwest gets a big thumbs up from me! They are in MI too so I'm sure that helped the turnaround time.

I mailed in a box last Wednesday, they got it on Friday and I got a check today!

Amounts were close enough to what I figured so hat's off and great job Midwest refinery!!


Attachment 236365

Dang that's one nice fat check!

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  #142  
Old 09-17-2013, 10:22 AM
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Any european/uk websites like this that give good percentages?

I live in Ireland
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  #143  
Old 09-25-2013, 07:36 PM
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Originally Posted by Irons View post
Midwest gets a big thumbs up from me! They are in MI too so I'm sure that helped the turnaround time.

I mailed in a box last Wednesday, they got it on Friday and I got a check today!

Amounts were close enough to what I figured so hat's off and great job Midwest refinery!!


Attachment 236365
Irons, I really would try ARA iuf I were you. I KNOW you will get more for your efforts.

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  #144  
Old 11-30-2018, 01:18 PM
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Originally Posted by dave64ms View post
Beginner here with a question. When weighing your gold to get a idea of how much the refiner owes you, do you deduct from your actual weight 10%, 15% for the other alloys in the gold. Also what about stones. I just sent (my first) small order to ARA to see how things work and was wandering if you used some conservative calculation.
Karat is a fraction, so if you have 14k gold, it is 14/24=.583% So for that individual 14k piece, 58.3% of the metal mass is gold.

Now, the reality is, US manufacturers, 14k gold will assay somewhere in the 56% range. Old gold is more likely to assay at a true 14k.

So, if you have a ring that is 5 grams, it's like this.

5 g 14k x .583 = 2.91g Au content. Now you need to know spot value. I sold a few ounces of pure gold yesterday, it was 1220 when I sold it. There are 31.1g / troy ounce which is what spot gold measures in. So, the value of the gold is $39.22 / gram.

Now, your ring has a potential value of 2.91 x 39.22, or $114.13

So, if your buyer is paying 95% of spot, you now take your 114.13 x .95 = 108.42 which is what your check should be.

As for the taxes. Just don't sell more than $600 / year and you won't get a 1099. If you get a 1099, you have to fill out a schedule C on your taxes. Now you get to deduct all the miles driving back and forth to the beach. And the cost of your detecting gear. And other stuff. But you'll have to pay your tax preparation dude to fill out the form.

If it has diamonds in it, they have value too, but don't expect to get paid on them on a single ring. When I buy gold, if it has small melee diamonds, I just credit the diamonds as if they were gold. So, I just don't deduct any weight for the stones. Last time I sold diamonds I think I got $45/karat for the tiny buggers...which is what you end up buying.

I do chemical stone removals, but I charge $150 for the service....so it's rarely worth it on one ring. My average stone removal lot is 3-4 oz of gold. I perform the service for other gold buyers, pawn brokers, jewelry stores, etc. Then I either return the gold with stones, or buy the gold and return the stones.
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  #145  
Old 11-30-2018, 05:03 PM
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Your post makes it difficuilt!

Go here:

https://dendritics.com/metal-calc/


Fill in the blanks and presto!


114.52 is the 100% scrap weight. Fill in the blank -2 and you should get 112.24. That is the value you should get if someone pays you 98%

95% is 108.81

BUT all the gold in Michigan has been found. So you might want to give up before you begin.

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  #146  
Old 12-01-2018, 04:23 PM
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Originally Posted by ScubaDetector View post
Your post makes it difficuilt!

Go here:

https://dendritics.com/metal-calc/


Fill in the blanks and presto!


114.52 is the 100% scrap weight. Fill in the blank -2 and you should get 112.24. That is the value you should get if someone pays you 98%

95% is 108.81

BUT all the gold in Michigan has been found. So you might want to give up before you begin.

It's too cold to look anyway!

Clearly it was too difficult!

If you still need a 95% buyer in Western SE Mich, I'd be happy to meet up with you sometime, but I just buy off hallmarks and testing now. Might want to double check my calculations though!
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  #147  
Old 09-26-2019, 08:23 PM
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Midwest is who I use too. Fast turn-around.

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  #148  
Old 10-04-2019, 06:43 PM
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Folks on here will pay more than the refineries.
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  #149  
Old 08-27-2020, 11:36 AM
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Hi Guys,

When you sell the gold do you have to claim tax on this? I am just curious if it needs reporting?
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  #150  
Old 08-27-2020, 12:09 PM
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Originally Posted by demyansk1942 View post
Hi Guys,

When you sell the gold do you have to claim tax on this? I am just curious if it needs reporting?
If making a profit, yes itís capital gains.
You could technically owe taxes holding a garage sale, if you were to profit over the itemís original sale price.

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  #151  
Old 08-30-2020, 07:25 PM
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I know I should call but itís a Sunday. Do you place the items in a special box and insure?

What postal service does everyone use?
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  #152  
Old 09-09-2020, 02:23 PM
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Guys, How do you send the gold to the company and insurance etc. Do we have a post with all that info on it?

I have a bunch of stuff I have found over the years and would like to unload it.
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  #153  
Old 09-13-2020, 11:02 AM
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The address to send it to is :

CHIP KIRKPATRICK
SOMEWHERE IN NE FLORIDA
USA.

Donít bother including your address or contact info.

How soon can I expect it?

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  #154  
Old 09-13-2020, 03:16 PM
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Originally Posted by demyansk1942 View post
Guys, How do you send the gold to the company and insurance etc. Do we have a post with all that info on it?

I have a bunch of stuff I have found over the years and would like to unload it.
Why not just call the buyer, and get the specifics?

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