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branshew | 01-17-2010 10:49 PM
Thinking about sending some weight to Midwest... I've managed to accumulate approx 1000 grams of 925 sterling over the last year or so from yard sales, flea markets... I was going to send it to Midwest Refineries for refining (unless someone recommends a better alternative). They pay 90% of pure content. What type of return can I actually expect to get back?

goldminer | 01-18-2010 06:15 AM
Re: Thinking about sending some weight to Midwest... "...have about 1000 grams...they pay 90%...what kind of return can I expect. Sounds like you answered your own question but for more precise & reliable information the best thing to do is call Midwest and ask them. Many sterling and gold items sold for scrap are never melted because there is a market for them and they have a higher value in their current form. If you have any of these items you'd most likely do better on Craigslist.

occamsrazor | 01-18-2010 06:29 AM
Re: Thinking about sending some weight to Midwest... Don`t take any sterling to a refinery unless it`s all dented and worthless.Try to spend time cleaning decent pieces and sell as a piece,you`ll get a bit over spot that way.

GoldWampum | 01-18-2010 06:32 AM
Re: Thinking about sending some weight to Midwest... You can expect the sterling to melt at about 90% silver per weight and then expect about 90% of that. In the end, if it is truly sterling and not weighted you can expect about 80% or the going rate for 800 of your 1000 grams. Then deduct shipping and ins. if any. It's quick and easy and unless you regularly sell stuff at swap meets and such, to me it's not worth the time to scrub and hawk the pieces. Maybe a special set or something but beyond that, much less effort to send off. Your time is valuable too. EDIT: Oh, keep records of what you sent. Midwest does make mistakes sometimes. Document and follow up with a call. I send priority with tracking so I know when it arrives. Treat it like business, because it is.

occamsrazor | 01-18-2010 06:45 AM
Re: Thinking about sending some weight to Midwest... I have a few kilos of sterling lying all over my appt. I ain`t in a hurry to sell it. I`ll dump it at 47th st in NYC when silver reaches the prices where my greedy,sweaty,shaky hands relax a bit. People have basements full of sorted pennies here so my strategy is ok.

branshew | 01-18-2010 07:57 AM
Re: Thinking about sending some weight to Midwest... Quote:
Originally Posted by GoldWampum (Post 2132676) You can expect the sterling to melt at about 90% silver per weight and then expect about 90% of that. In the end, if it is truly sterling and not weighted you can expect about 80% or the going rate for 800 of your 1000 grams. Then deduct shipping and ins. if any. It's quick and easy and unless you regularly sell stuff at swap meets and such, to me it's not worth the time to scrub and hawk the pieces. Maybe a special set or something but beyond that, much less effort to send off. Your time is valuable too. EDIT: Oh, keep records of what you sent. Midwest does make mistakes sometimes. Document and follow up with a call. I send priority with tracking so I know when it arrives. Treat it like business, because it is.
That's what I was looking for. I was wondering if there was any "refining loss." It's not worth it to me to try to piece out some of the individual items. A good chunk of what I have came from an estate and is monogrammed which would limit my potential re-sale market significantly. I plan to turn around and buy 999 bullion with the proceeds. I was going to trade it in with Midwest, but they wanted a $2/oz premium to trade for bullion. I can pay less than that at APMEX (and choose what I get).

branshew | 01-19-2010 08:08 AM
Re: Thinking about sending some weight to Midwest... Package sent. I'll let you know how it turns out.

branshew | 01-25-2010 10:59 PM
Re: Thinking about sending some weight to Midwest... Quote:
Originally Posted by branshew (Post 2134617) Package sent. I'll let you know how it turns out.
Didn't turn out quite as well as I expected. The end weight and "refining loss" was almost exactly as I expected so no problems there. I was a little suprised by the settlement price. I interpreted "Market Price" to mean Spot price and it certainly wasn't. Good thing I thought twice and didn't send the whole lot.

harper | 01-26-2010 01:05 AM
Re: Thinking about sending some weight to Midwest... local jewelers use sterling for production.... anyone try dealing with them?

ME CO | 01-26-2010 08:48 AM
Re: Thinking about sending some weight to Midwest... Quote:
Originally Posted by branshew (Post 2146601) Didn't turn out quite as well as I expected. The end weight and "refining loss" was almost exactly as I expected so no problems there. I was a little suprised by the settlement price. I interpreted "Market Price" to mean Spot price and it certainly wasn't. Good thing I thought twice and didn't send the whole lot.
So what is "market price" if not the bid or the ask? HH Mark

Saul Mine | 01-26-2010 10:30 AM
Re: Thinking about sending some weight to Midwest... Scrap silver can be remarkably dirty even if it looks clean. I have melted enough to see for myself. It's not unusual to lose almost 10% of the weight in the first melt due to tarnish and dirt.

GoldWampum | 01-27-2010 05:16 PM
Re: Thinking about sending some weight to Midwest... Quote:
Originally Posted by branshew (Post 2146601) Didn't turn out quite as well as I expected. The end weight and "refining loss" was almost exactly as I expected so no problems there. I was a little suprised by the settlement price. I interpreted "Market Price" to mean Spot price and it certainly wasn't. Good thing I thought twice and didn't send the whole lot.
What was the spot price when they processed your package and what did they pay? Market should have been bid. Have you called and asked?

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