Sending in the gold, RESULTS ARE IN, see post #30
- Thread starter The Traveler
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beachclad
Full Member
I can't believe people are cashing in their gold now, after the Fed just issued a statement on Tuesday that they're going to "make a major commitment to ramping up inflation."
amc rulz
Forum Supporter
Sometimes a guy’s gotta eat!
Steve
Forum Supporter
some how that story missed every single website, news story, etc etc that I read or visit. Funny how that works
georgeinsc
Elite Member
Everything i can find is Pure speculation as to what the Fed MAY do. I do not find anything that comes from the FED.
The Traveler
Senior Member
The package arrived at Midwest yesterday at noon. Would have been great to get yesterday's price, but I am sure it will be today's. I could be angry, but it is still higher than when I shipped it, so I choose to be happy.
I understand this, and partly why I did not sell all of mine. But, I really don't think any of us have a clue about what is going to happen with anything right now. There is so much misinformation on everything, politics, stock market, commodities, pandemic, etc., that I feel like we are all just pawns to the 1%. Everything we do seems to backfire from what we thought would happen. Thus, I wanted to unload some for an all-time high price. Seemed to make sense to me. But again, what do I know?
I understand this, and partly why I did not sell all of mine. But, I really don't think any of us have a clue about what is going to happen with anything right now. There is so much misinformation on everything, politics, stock market, commodities, pandemic, etc., that I feel like we are all just pawns to the 1%. Everything we do seems to backfire from what we thought would happen. Thus, I wanted to unload some for an all-time high price. Seemed to make sense to me. But again, what do I know?
amc rulz
Forum Supporter
Good luck to you Traveler.
metaladdict
Elite Member
Gold at $2034. Right now.
The Traveler
Senior Member
Just got off the phone with Midwest. The suspense was killing me!
They confirmed it was received last Thursday, processed and check is in the mail on the same day. Which happened to be the high point for gold price, $2,058.30!!!!
Now I just wait to see if the check is what I expect. At that price for gold, after taking a half karat off of everything and getting 95% for gold, that should be $4,271.18.
fingerscrossed
They confirmed it was received last Thursday, processed and check is in the mail on the same day. Which happened to be the high point for gold price, $2,058.30!!!!
Now I just wait to see if the check is what I expect. At that price for gold, after taking a half karat off of everything and getting 95% for gold, that should be $4,271.18.
fingerscrossed
The Traveler
Senior Member
The results are in!!!! I am not happy, but not pissed either. I probably won't call and ask Midwest what happened, but also probably won't use them again either.
Final Check - $3,883.98. I thought it should be $4,271.
About $90 of the difference came from a plate I thought was silver and they said was just plate (It was from my mother-in-law's first marriage in the 60's, she swore it was pure, but it did not have any markings, so I was skeptical).
Another ~$200 was from the purity of the gold. My testing and classification arrived at a calculation of 56.43%, they found 54.11%. It is within reason that a couple of items I thought were 14k could have been 10k. (Remember I already rounded down a half karat on everything).
Final Check - $3,883.98. I thought it should be $4,271.
About $90 of the difference came from a plate I thought was silver and they said was just plate (It was from my mother-in-law's first marriage in the 60's, she swore it was pure, but it did not have any markings, so I was skeptical).
Another ~$200 was from the purity of the gold. My testing and classification arrived at a calculation of 56.43%, they found 54.11%. It is within reason that a couple of items I thought were 14k could have been 10k. (Remember I already rounded down a half karat on everything).
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Ramble
Full Member
Nice! You give a newbie hope! Congrats on the great condo payment!
dewcon
Quality Control Expert
So was it pretty close to what i said.......80 -85% pay out? I was saying if you can find a local person that pays 80% in some ways you are better off. You get weight and marked/acid tested value plus you dont pay shipping or insurance. Its the finding that person/company thats hard. ARA wasnt much better.....its that unknown melt/purity that seems to be the main factor although they also use troy ounces which most dont figure and requires more grams. On the bright side...... you got top dollar melt wise.
cellrdwellr
Elite Member
I wouldn't be upset at all either, essentially "free" money. Thanks for the update! I'm holding my gold probably, but might dump some silver and get me a new stealth congrats!
congrats!
The Traveler
Senior Member
Let's just look at the gold (because the silver value is likely off mostly because of the plate). If I didn't round down a half karat, and I classified all the unmarked gold into the right karat classification, it would be worth $4,369.32. I got $3,665.41, which is just under 84%. I think that is the number you are looking for? If you round down a half karat on everything, I got 87%.
I would have had to classify several 10k items as 14k for this discrepancy. I don't think I did, I was pretty conservative on my testing. I was trying to set myself up to not be disappointed.
Keep in mind the only stones in the batch were 5-6 diamond chips. Stone weight was not a significant effect.
I wouldn't be upset at all either, essentially "free" money. Thanks for the update! I'm holding my gold probably, but might dump some silver and get me a new stealth
Free if you don't count equipment, plane tickets, condo, food, etc. Yes, I would probably spend money on plane tickets, condo, food anyway as part of the vacation, but we couldn't justify going as often as we do without the "free" money. And it certainly makes justifying new equipment with my wife easier!
KOB
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I think you did pretty good all considered. Curious as to what your shipping and insurance was. I have been selling of late. Last Thursday was great. Right now gold is down $100 from that high. I have been typically getting around 85% melt locally. But I recently found a cash4gold guy who is giving me 90% on the spot , cash. Everything is done right in front of me. Had 2 pieces that were stamped 10k that turned out being closer to 14k. Also had 1 14k that tested out lower. The bigger problem I'm having is that the price for stones has dramatically decreased over the last 6 months as gold has rallied. I really shop around and try to build a relationship. Some places flat out , tried to rip me off. Everybody has got to have a little piece of the pie and I understand that. Sending it off would be a little troubling to me because it's hard to refute anything over the phone. But what you got was fair.
The Traveler
Senior Member
Great points, shipping and insurance ($4,000) were $65. And yes, a lot of high anxiety waiting to see how they calculate it knowing the sender has no recourse.
I would much prefer a local relationship like you have. I doubt we have any buyers in my town that aren't bordering on criminally low payouts.
KOB
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You may need to go outside your neighborhood. As Dew said , this is the hard part. I think because he is doing so much volume , I (being somewhat knowledgeable) got a higher price. He may make it up on others , idk. Lots of people selling because of the higher spot prices. When prices were much lower , I would get maybe that 70-80% range. All depends.
Lol story on criminally low payouts : a few years back I was in a shop where you had to pass through an additional security gate once inside the store. On top of the guy being extremely arrogant , he offers me 35% of spot. Completely insulted , I lost it. I let into him. We are going back and forth. As I tried to exit , he wouldn't buzz me out. I was hostage to his verbal assault. Seemed like about a minute as I'm yanking on the handle to get out of the store. He wanted to get his last yelling in at me. If I had a gun , I probably would have shot the knob off. He then opened it and I left. It's all funny now how it went down....nuts...
GregoryBrow
Banned
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guys, what were your most interesting finds?
