Skippy SH13
Forum Supporter
I submitted a batch of gold... Since I've been monitoring ARA refinery for a while, and saw a drop in refined gold (lost gold during the refining process), I decided to send in to the Midwest refinery.
My results were interesting.
I figured in a loss of about 8% loss in refining, and then they give 95% of spot. I used that for my figured, and they came in right on the money.
Based on my calculations of gold purity being allowed for 1/2 carat below marked value and what the marked value is, I calculated a minimum payout with an 8% refining loss and a 5% lower than spot value of the gold I sent in:
Total Min Payout $598.44
Total Max Payout $629.94
I got a check for $599. It's right on the money for minimum. No complaints, btw. This is NORMAL to have gold ring up 1/2 carat in assay less than the marking (it's legal, unless marked KP (Karat Plumb)). NOTE: You should never calculate your value based on the marking, but rather 1/2 carat less, unless it's plumb. 14K is actually 13.5K, 10K is 9.5K, etc...
At ARA, I was getting a 10% loss in refining, but they give 98% of spot.
So, basically a wash...
Bottom line is that neither place is good or bad... they're about the same right now.
If you can get 90% of your gold in spot locally, you're better off taking it there, than sending it in... Shipping costs, refining loss, and less than spot payout all add up. Especially, if they're paying 90% of karat marking (which is typically 1/2 karat lower, as I noted).
If anyone knows a place that'll take gold for 90% of spot based on marking, please let me know. It's worth going there.
Cheers,
Skippy
My results were interesting.
I figured in a loss of about 8% loss in refining, and then they give 95% of spot. I used that for my figured, and they came in right on the money.
Based on my calculations of gold purity being allowed for 1/2 carat below marked value and what the marked value is, I calculated a minimum payout with an 8% refining loss and a 5% lower than spot value of the gold I sent in:
Total Min Payout $598.44
Total Max Payout $629.94
I got a check for $599. It's right on the money for minimum. No complaints, btw. This is NORMAL to have gold ring up 1/2 carat in assay less than the marking (it's legal, unless marked KP (Karat Plumb)). NOTE: You should never calculate your value based on the marking, but rather 1/2 carat less, unless it's plumb. 14K is actually 13.5K, 10K is 9.5K, etc...
At ARA, I was getting a 10% loss in refining, but they give 98% of spot.
So, basically a wash...
Bottom line is that neither place is good or bad... they're about the same right now.
If you can get 90% of your gold in spot locally, you're better off taking it there, than sending it in... Shipping costs, refining loss, and less than spot payout all add up. Especially, if they're paying 90% of karat marking (which is typically 1/2 karat lower, as I noted).
If anyone knows a place that'll take gold for 90% of spot based on marking, please let me know. It's worth going there.
Cheers,
Skippy
