Comments for Selling Gold http://sellinggold.today.com Everything You Need To Know To Sell Your Gold Wed, 30 Dec 2009 00:18:37 +0000 http://www.today.com/version-2.3.1 Comment on How To Sell Gold Without Getting Ripped Off by Harley Monk http://sellinggold.today.com/2009/05/10/how-to-sell-gold-without-getting-ripped-off/#comment-2 Harley Monk Tue, 16 Jun 2009 08:29:40 +0000 http://sellinggold.today.com/2009/05/10/how-to-sell-gold-without-getting-ripped-off/#comment-2 Midwest Refineries DOES NOT pay out 95% although they claim to. At best, one can expect 85-87%. Why. In the first place, MW claims there will be AT LEAST a 4% melt loss. I don't know how that is since one does not refine gold at its boiling point which is around 5000F (melts around 1900F). Secondly, MW claims that, in violation of federal law, seemingly all gold certified gold is underkarated. So, for example, you sell the 18KT gold which is 0.750 pure, they pay you for 0.710 pure or a 4% loss. The same holds true for 10-14KT. Add it up and, in the least, they will take 13% of what you send them. Additionally, as in the case of any buyer who operates beyond your control, you have to take their word for the final weight of any scrap you send them. So, if you are a jeweler, dentist, or a dental lab and send them 100gms of 18KT scrap, they may claim that, of your 100gms, 30gms was non-gold "contaminants." And how would you be able to prove otherwise? Furthermore, some claim that MW claimed to have received less gold than what was sent to them. Who knows? Finally, the BBB records only 4 complaints against MW in the last 36 months but no details are given. On the other hand, I wonder how many people realize that, using the 18KT gold example above, they are, at best, being paid 87% for their gold instead of 95% as advertised? It seems to me that the seller is behind the 8-ball no matter what. Midwest Refineries DOES NOT pay out 95% although they claim to. At best, one can expect 85-87%. Why.

In the first place, MW claims there will be AT LEAST a 4% melt loss. I don’t know how that is since one does not refine gold at its boiling point which is around 5000F (melts around 1900F).

Secondly, MW claims that, in violation of federal law, seemingly all gold certified gold is underkarated. So, for example, you sell the 18KT gold which is 0.750 pure, they pay you for 0.710 pure or a 4% loss. The same holds true for 10-14KT.

Add it up and, in the least, they will take 13% of what you send them.

Additionally, as in the case of any buyer who operates beyond your control, you have to take their word for the final weight of any scrap you send them. So, if you are a jeweler, dentist, or a dental lab and send them 100gms of 18KT scrap, they may claim that, of your 100gms, 30gms was non-gold “contaminants.” And how would you be able to prove otherwise?

Furthermore, some claim that MW claimed to have received less gold than what was sent to them. Who knows?

Finally, the BBB records only 4 complaints against MW in the last 36 months but no details are given. On the other hand, I wonder how many people realize that, using the 18KT gold example above, they are, at best, being paid 87% for their gold instead of 95% as advertised?

It seems to me that the seller is behind the 8-ball no matter what.

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