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Old 01-13-2013, 11:24 PM   #1 (permalink)
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Default 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.
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Old 01-13-2013, 11:29 PM   #2 (permalink)
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I wouldnt Ive heard they have lower prices and a "Broken Scale" if you get my drift...
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Old 01-13-2013, 11:30 PM   #3 (permalink)
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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!
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Old 01-13-2013, 11:34 PM   #4 (permalink)
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Quote:
Originally Posted by Eskimokissers View Post
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.
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Old 01-13-2013, 11:38 PM   #5 (permalink)
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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?
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Old 01-14-2013, 10:30 AM   #6 (permalink)
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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.
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Old 01-14-2013, 11:19 AM   #7 (permalink)
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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...
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Old 01-14-2013, 11:24 AM   #8 (permalink)
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PM sean1125 and see what he will pay if you know the weight
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Old 01-14-2013, 11:36 AM   #9 (permalink)
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Have any idea what it weighs and what it's stamped? I'd be a buyer on it. PM me.
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Old 01-14-2013, 12:41 PM   #10 (permalink)
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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.
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Old 01-14-2013, 12:43 PM   #11 (permalink)
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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
Need advice on selling gold-photo-84.jpg   Need advice on selling gold-photo-85.jpg  

Last edited by Tonic3; 01-14-2013 at 07:01 PM.
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