Need advice on selling gold

Tonic3 · 01-13-2013, 11:24 PM

Not sure if this is the proper section for this question. If it isn't, I apologize.

Has anyone on here ever used the company Midwest Refineries LLC to sell their gold to. They are located in Michigan which is where I'm from and they seem to be a reputable company. I've just never sent gold out to sell it and my local coin shop's prices seem too low.

The reason I'm asking is that I received a gold chain from my grandmother for Christmas and I'm looking to sell it.

Any advice would be greatly appreciated. Thanks for your time everyone.

Srt42004n · 01-13-2013, 11:29 PM

I wouldnt Ive heard they have lower prices and a "Broken Scale" if you get my drift...

Eskimokissers · 01-13-2013, 11:30 PM

I haven't. What do they pay? I know a couple guys that pay ~90% of spot. ... A LOT more than the people advertising they buy gold.
On the flip side. Any chance you could talk to you grandmother about it? If she bought it at a store for you, she probably paid an arm and a leg. You'd be better off to return it and take the cash!

ILikeThatCard · 01-13-2013, 11:34 PM

Quote:

Originally Posted by Eskimokissers

On the flip side. Any chance you could talk to you grandmother about it? If she bought it at a store for you, she probably paid an arm and a leg. You'd be better off to return it and take the cash!

You will probably get about 30-40% of what your grandmother paid. Take it to the store.

Tonic3 · 01-13-2013, 11:38 PM

It says they pay 95% on their website. Of course who knows if that's true. My grandmother bought the chain at a charity event so I can't return it to a store.

Srt42004n - Do you know of a more reputable website or dealer that purchases gold?

twoten01 · 01-14-2013, 10:30 AM

I know the most reputable refiner, I send gold to Mike(the owner) all the time. He pays 93% of the gold, he melts it down, and then XRF's it(x-ray's) and sends you a printout letting you know the actual karat value(just because something is marked 14k does not mean it is a true 14k(58.3% gold)piece. Last time I used him, I got the check in 4 days. Awesome guy.

Please pm me, and I will send you his info.

SKCardCo · 01-14-2013, 11:19 AM

If I was you, Id save up enough gold, and then Trade them in for Silver! You'll get the most out of your gold by doing so.
Play the Gold to Silver Ratio ( GSR ) and forget about the Greenback...

blake03svtf · 01-14-2013, 11:24 AM

PM sean1125 and see what he will pay if you know the weight

capamerica · 01-14-2013, 11:36 AM

Have any idea what it weighs and what it's stamped? I'd be a buyer on it. PM me.

babyfaceposey · 01-14-2013, 12:41 PM

Depending on the kt and weight you should be able to calculate the bid price even taking it to a pawn shop. I would ask 90% of the price and take nothing less.

Tonic3 · 01-14-2013, 12:43 PM

The chain is stamped 18k and weighs just over 97 grams. Based on current spot price that comes out to around $3900. Most people offer to pay 70% of spot (including local places), but I'm just not willing to leave $1000 on the table.

I appreciate the advice from everyone, it's very helpful.

Edit: I'm adding a couple pictures because a few people have been wanting to see it. Thanks again.

01-13-2013, 11:24 PM	#1 (permalink)
Tonic3 Member Join Date: Mar 2008 Posts: 291	Need advice on selling gold Not sure if this is the proper section for this question. If it isn't, I apologize. Has anyone on here ever used the company Midwest Refineries LLC to sell their gold to. They are located in Michigan which is where I'm from and they seem to be a reputable company. I've just never sent gold out to sell it and my local coin shop's prices seem too low. The reason I'm asking is that I received a gold chain from my grandmother for Christmas and I'm looking to sell it. Any advice would be greatly appreciated. Thanks for your time everyone.

01-13-2013, 11:29 PM	#2 (permalink)
Srt42004n Member Join Date: Mar 2012 Location: Pennsylvania Posts: 10,712 I_Hate_Ebay	I wouldnt Ive heard they have lower prices and a "Broken Scale" if you get my drift... __________________ $ Saved for 2013 Bowman: $.00

01-13-2013, 11:30 PM	#3 (permalink)
Eskimokissers Member Join Date: Nov 2012 Location: Hawaii Posts: 58 Eskiomkissers	I haven't. What do they pay? I know a couple guys that pay ~90% of spot. ... A LOT more than the people advertising they buy gold. On the flip side. Any chance you could talk to you grandmother about it? If she bought it at a store for you, she probably paid an arm and a leg. You'd be better off to return it and take the cash! __________________ I'm also on SCF as Eskimokissers.

01-14-2013, 11:24 AM	#8 (permalink)
blake03svtf Member Join Date: Dec 2010 Location: Katy, TX Posts: 2,273 blake03svtf	PM sean1125 and see what he will pay if you know the weight __________________ BUYING CASE KEENUM RC AUTOS http://www.blowoutcards.com/forums/football/464605-time-show-off-my-case-keenum-pc.html

01-14-2013, 11:36 AM	#9 (permalink)
capamerica Member Join Date: Oct 2012 Posts: 491 moviesknivescardsmore	Have any idea what it weighs and what it's stamped? I'd be a buyer on it. PM me. __________________ Looking for Will Clark, Thurman Munson, Philadelphia Eagles jersey or auto cards, Hank Aaron, Ernie Banks and HOF baseball autos. If you offer me half or less for an item I'm selling I will not respond.

01-13-2013, 11:38 PM	#5 (permalink)
Tonic3 Member Join Date: Mar 2008 Posts: 291	It says they pay 95% on their website. Of course who knows if that's true. My grandmother bought the chain at a charity event so I can't return it to a store. Srt42004n - Do you know of a more reputable website or dealer that purchases gold?

01-14-2013, 10:30 AM	#6 (permalink)
twoten01 Member Join Date: Feb 2011 Posts: 326 twoten01	I know the most reputable refiner, I send gold to Mike(the owner) all the time. He pays 93% of the gold, he melts it down, and then XRF's it(x-ray's) and sends you a printout letting you know the actual karat value(just because something is marked 14k does not mean it is a true 14k(58.3% gold)piece. Last time I used him, I got the check in 4 days. Awesome guy. Please pm me, and I will send you his info.

01-14-2013, 11:19 AM	#7 (permalink)
SKCardCo Banned Join Date: Dec 2012 Posts: 225	If I was you, Id save up enough gold, and then Trade them in for Silver! You'll get the most out of your gold by doing so. Play the Gold to Silver Ratio ( GSR ) and forget about the Greenback...

01-14-2013, 12:41 PM	#10 (permalink)
babyfaceposey Member Join Date: Feb 2012 Location: Fresh out the womb Posts: 2,093 beautifulmystery31	Depending on the kt and weight you should be able to calculate the bid price even taking it to a pawn shop. I would ask 90% of the price and take nothing less.

01-14-2013, 12:43 PM	#11 (permalink)
Tonic3 Member Join Date: Mar 2008 Posts: 291	The chain is stamped 18k and weighs just over 97 grams. Based on current spot price that comes out to around $3900. Most people offer to pay 70% of spot (including local places), but I'm just not willing to leave $1000 on the table. I appreciate the advice from everyone, it's very helpful. Edit: I'm adding a couple pictures because a few people have been wanting to see it. Thanks again. Attached Thumbnails Last edited by Tonic3; 01-14-2013 at 07:01 PM.

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