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Midwest Refineries?

Discussion in 'PM Dealer Feedback' started by keepitlow, Aug 19, 2010.



  1. keepitlow

    keepitlow Seeker Seeker

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    Anyone have feedback on Midwest Refineries?

    How did it turn out?

    Thanks
     
  2. glockngold

    glockngold Gold Member Gold Chaser

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    keepitlow and Pyramid like this.
  3. Silvertooth

    Silvertooth New Member

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    I was thinking of sending a small amount of scrap gold to them to see how well they pay. Do they require some type of identification? Like a drivers license or something?
     
  4. GoldWampum

    GoldWampum Midas Member Midas Member

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    Just a name and return address is all I gave them.
     
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  5. keepitlow

    keepitlow Seeker Seeker

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    I just sent about $300 in scrap sterling as a first transaction. Have 6 pounds of scrap silver and 8 oz+ of scrap jewlery
    for upcoming shipments. Will see what happens.
     
  6. OverOver

    OverOver Seeker Seeker

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    Yes I've sent both gold and silver to them and did pretty good. I did screw up and sent them some foreign silver coins. They don't
    take them for melt. I'm talking numismatic coins and not bullion coins.
     
  7. GoldWampum

    GoldWampum Midas Member Midas Member

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    I did the same thing with some Martial Island coins. It looks like all they paid out was their standard sterling rate.
     
  8. keepitlow

    keepitlow Seeker Seeker

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    Here are results of first transaction...

    Mailed Midwest 628 grams of scrap sterling in the form of sheet metal, bar, wire and a fork on 8/23/10

    They received silver on 8/26/10

    They mailed check on 8/27/10 using a market price for silver of $18.95 and 90% payout.

    I received check today 8/31/10 for $297.56

    Very happy with their service.
     
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  9. GoldWampum

    GoldWampum Midas Member Midas Member

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    Only problem I've found with them, and it hasn't had a "huge" impact:

    I keep track of when they receive. If the price is up, I've seen them quote me the price a couple of days later on a down day, and if it's down quote me the day they receive it. No big deal, but still...

    They do offer some advantages for the small guy though. So I guess it all comes out in the "warsh" as a friend used to say. They've always seemed honest with the weight though, other than pure silver coin, which they seemed to price the same as sterling...
     
  10. glockngold

    glockngold Gold Member Gold Chaser

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    keepitlow or someone else, could you please help me with the math that your scrap sale produced.
    Rounding up as I go:
    628 grams of scrap divided by 31.1 (grams in troy oz) = 20.2 troy of scrap.
    20.2 ozt scrap times .925 (pure per sterling) = 18.69 ozt pure silver.
    18.69 ozt times $18.95 spot = $354.
    $354. times 90% payout = $318.

    What am I doing wrong? Or did they dispute the fineness or something like that?
    Thanks.
     
  11. keepitlow

    keepitlow Seeker Seeker

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    Here is the breakdown the settlement statement they sent.

    Troy oz Rec'd 20.107
    Wt. After Melt 19.383
    Assay Yield 90.012
    Troy oz Contained 17.447
    % Payable 90.00
    Troy Oz Payable 15.702
    Market Price $18.95
    Settlement Amount $297.56
     
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  12. glockngold

    glockngold Gold Member Gold Chaser

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    Ok that helps me understand better how it works.
    Looks like about 1/2 ozt is lost in the melting.
    And their assay determined your sterling was .900 instead of .925
    Sounds like you were treated fairly.
     
  13. RocknRoll

    RocknRoll New Member

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    I have dealt with Midwest in the past, the settlement statement you show is typical. They show a melt loss of 3-5% on every batch. They also say the price is based on spot the day the items are processed...every shipment I sent was processed on the day with the lowest spot price.

    My calculations showed that I averaged 85-86% of melt on every shipment.
     
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  14. glockngold

    glockngold Gold Member Gold Chaser

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    R&R, can you tell us of another refiner where you have been treated better?
     
  15. RocknRoll

    RocknRoll New Member

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    Since I stopped sending to Midwest I have only had 1 batch processed. I sent almost 80 troy ounces to ARA in June. They also claim to pay 90%. I had a lot going on & didn't pay as much attention as I should have....they had it in their possession for a 4-5 day period & I didn't keep track of price changes so I don't know if they paid based on the lowest price day or not. I do know that there was NO melt loss, & that it came out very close to 92.5% pure. Every batch I sent to Midwest assayed at 90-91%.

    I was about 95% satisfied with Midwest. They always sent a good check & had a reasonably quick turn around time. I dealt with them several times over a year period without a major problem. However, I wasn't so satisfied that I wouldn't try somewhere else.

    With only 1 batch sent to ARA I'm not comfortable endorsing them. Do your own due diligence. I did send them a 90 ounce batch on Monday & will try to remember to post the results when I get paid.
     
  16. keepitlow

    keepitlow Seeker Seeker

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  17. RocknRoll

    RocknRoll New Member

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    That's the one. I want to make it very clear that I have not sent them any gold & only 2 batches of silver. I was satisfied with the first batch, but only sent the 2nd this week so I don't know how it will turn out.

    Maybe someone that has used them more than once could tell about their experiences.
     
  18. keepitlow

    keepitlow Seeker Seeker

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    Received check for 2 shipment of sterling. Took 8 day turnaround from mailing to payment. Result abouts the same as first shipment - 90.014 assay yield for sterling flatware. Have to wonder what the cutlery companies are adding to sterling so it is not .925 silver? No hollow handles were in shipment. Very satisfied with results. Sent some gold off today to Midwest.
     
  19. Gcubed

    Gcubed Banned

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    At first glance, it sounds to me as if settlement was based on a non corrected fire assay. Silver suffers a loss (about 2%) during cupellation. The loss is corrected for using a proof center. You may want to make a query regarding Midwest's assay procedures.

    'cubed
     
  20. teamnick

    teamnick Seeker Seeker

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    Midwest has ****ed me twice. I don't use them anymore. On two different occasions, the gross (pre-melt) weight of what I sent in was significantly different on the settlement paper than what I measured when I sent it in. The last time, I tried in vain to contact them and was unable to get a response.

    I recommend Northern Refineries, they seem a whole lot more honest. I always get what I expect with them, whereas with midwest refineries, my settlement was always at least 20% less than I calculated it would be. Also, I asked for settlement from midwest once in the form of one ozt of silver bullion and the rest cash. They tacked on a bunch of fees and the American Eagle they sent me ended up costing me about $40.

    fwiw
     
  21. Silvertooth

    Silvertooth New Member

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    Northwest Refineries have an A+ rating with the BBB. I might have to check them out.

    Oh, by the way, whats the deal with this AML Compliance? Is it required for all customers or just customers that send large value scrap?
     
  22. RocknRoll

    RocknRoll New Member

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    Well, I finally got my settlement back from ARA on the approximately 90 troy oz of sterling I sent them. The USPS website showed they signed for it on September 1, according to the settlement statement they processed it on the 8th.

    I expected this batch to take a little longer than the first batch I sent .....seems like every time spot rises refiners take longer to process. I did find it a little strange that the check & settlement paperwork are dated the 8th, but the envelope is postmarked in Dallas on the 14th. That means there was a 5 day lag between processing & sending out the paperwork, although 2 of those days were weekend days.

    Anyway, I was reasonably satisfied with the settlement. I sent approximately 90 ounces, they paid me for 81.99 ounces of pure at 90% of spot. My calculations showed there should have been slightly over 83 oz of pure if the sterling actually was .925....they paid as if it was .911.
     
  23. WearyTraveler

    WearyTraveler New Member

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    I've got a small bag of gold jewelry that I inherited years ago. I read in this or another forum that Midwest Refineries were good to go to for this.

    I've sent 3 emails to them asking how to send them the jewelry.

    They have yet to respond.

    I'm no longer interested in their services.

    Does anyone have a suggestion as to where I can send my jewelry?
     
  24. WearyTraveler

    WearyTraveler New Member

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    Does anyone have a link to Northwest Refineries' website?

    A Google search brings me oil refineries...
     
  25. keepitlow

    keepitlow Seeker Seeker

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    Just call em. They are xlnt. Used them a lot.
     
  26. teamnick

    teamnick Seeker Seeker

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    I recommend American Recycling Associates. Midwest has screwed me twice pretty bad, so I no longer do business with them. Northern had my gross incoming weight off by 25%, and told me "Oops, we made a paperwork error but the settlement you received was correct.", despite being a good 20% off from what I calculated it should be.

    I got a 91% melt on sterling with American Recycling Associates last load I sent in, something that has neither happened with the other two refineries. The quality of the scrap I'm sending in hasn't changed. I found out about them here : http://goldrefiningforum.com/ , a number of people on the board recommended them.

    Please, don't use Midwestern or Northern. I really dislike getting cheated, so I've made it a personal mission to make the couple of hundred dollars they screwed me out of cost them tenfold.

    EDIT : Here's the link to their site. http://www.aragold.com/
     
  27. JayDubya

    JayDubya Gold Member Gold Chaser

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    Just curious, does anyone have feedback regarding experience using Dillon Gage?
     
  28. WearyTraveler

    WearyTraveler New Member

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    If they aren't unprofessional enough to respond to multiple queries (that could result in their making a profit), I'm not going to even consider using them...

    I'll find someone else to do business with.
     
  29. keepitlow

    keepitlow Seeker Seeker

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    OK. As you wish.

    They are top of my list for refiners. (Excluding email)
     

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