Myers Depot Metal Detectors

Midwest Refineries experience?

Cherry Picker

Cherry Picker

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I'm thinking about sending in some of my gold to Midwest Refineries and was wanting to know what experiences you have had?

These places have always spooked me with some of the stories I've read, but without a local option, Midwest Refineries looks to be my best choice.

I'm sending in 25.6 grams 14k, 22.6 grams of 10k and 5.5 grams of unmarked. Using one of the Internet calculators it's says roughly $1,100.00 in value. I know there is processing fees and such, but what would should I expect in value for Midwest?

Do they return stones on request?

Any insight to what I can expect or should do to make the process smooth as possible?

What would you have done differently if anything. In other words, and Do's or dont's I should be warned about?

Thanks
 
I've used Midwest twice and found them very nice and honest dealers. I remove the stones before sending my finds in, so I can't answer that part of your question.
 
I have used them twice with great relults as far as I was concerned. A friend used them twice, happy with the first time and not happy with the second time. He is gonna use ARA next time...d2
 
They pay 94% of spot (or so their claim is). I was basically happy, tho by my math (after factoring for the 94%), I got only a base of 52% for a 14K ring I sent in (the base should be about 58% (14/24)). I called the guy, and he said something about the way it "assayed out" or the like. I don't know about any of that, but it wasn't enough in terms of dollars for me to worry about it. I certainly got about twice as much as a couple of those "sell gold here" places offered.

The second time I sent a ring in, I was happier about it.

I don't believe they return stones.

I intended to try ARA next time, but my last two gold rings were claimed by friends and family.
 
Maybe send one piece to each and decide based on that. The turnaround with Midwest was pretty quick.

If you do this, please report back :)
 
Detector said:
I'm thinking about sending in some of my gold to Midwest Refineries and was wanting to know what experiences you have had?

These places have always spooked me with some of the stories I've read, but without a local option, Midwest Refineries looks to be my best choice.

I'm sending in 25.6 grams 14k, 22.6 grams of 10k and 5.5 grams of unmarked. Using one of the Internet calculators it's says roughly $1,100.00 in value. I know there is processing fees and such, but what would should I expect in value for Midwest?

Do they return stones on request?

Any insight to what I can expect or should do to make the process smooth as possible?

What would you have done differently if anything. In other words, and Do's or dont's I should be warned about?

Thanks
Click to expand...

Check Out [B][SIZE="5"]WWW.ARAGOLD.COM[/SIZE][/B], I have recently went through them and they pay out at 98% for gold and 90% for silver. Took about a week or so then got my check. They were good. They also take your stones out for free and send them back!
 
I felt I was shorted about 50.00 from Midwest. I calculated my 14K gold many times and was expecting 700.00. A check for 650.00 came :?: I let it go. I should have called him, but didn't. I thought maybe I made the mistake. Maybe it was 90% spot instead of 95%. I am going to try aragold and see. I have 7.1 grams of 14K scrap worth about 158.00. I expect no less than 150.00 to come back. I will send it this week.
 
Now this is a very cool option of Aragold.com A new way to invest in Gold :yes:

"You also have the option of pooling your metal and watching the market for settlement at your discretion. "
 
Well I sent 27.6 grams 14k, 25.5 grams of 10k and 4.5 grams of unmarked gold in to ARA. We'll see what happens.

I'll keep you posted.
 
Last edited:
I sent some into Midwest and felt they did OK. But I have found a local jeweler that buys and sells gold. He is allowing me to bring my gold to him and he is getting 92% of sopt for it. I trust this guy and feel that I amy getting a better offer for my gold.
 
Update

Got $968.74 deposited in my account yesterday. I should receive the assay papers within the next couple of days and will know the results.
 
Update:

OK here is the breakdown on the gold payout.

arapic1.jpg


arapics2.jpg
 
Looks like your weight was pretty much spot on (adding the DWT for the stones it comes close to your weights).

Too bad they don't break the gold down by 18K, 14K, etc.
 
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