Where can I send my sterling silver? I am beginning to lose faith in Midwest Refineries.

dontippet

I've been using Midwest Refineries, but their numbers seem to be low. Their received weight is sometimes on the low side, never on the high side. Their weight after melt seems to be on the low side sometimes, and their assay yield seems to be low. Case in point, the latest shipment to them, I sent 106.1 oz. They recorded the weight at 98.71 oz (five items (fork, bracelet, etc...) were silver plated). The weight after melt was only 86.47 oz, and the assay yield was 87.04%. So while I thought that I sent 106.1 oz at .925, or 98.14 oz of silver, their pure silver total was only 75.263 oz. While there were some stones in the mix, their number is 30.4% lower than mine. Their number is usually lower, but only by 10% (stones, less than .925, etc....).

Anybody else have similar experiences? Is Midwest Refineries cheating me, or does this seem correct? Can I market my sterling to my local B&M?

piecesofme

Hi Don,
Everyone seems to think that APMEX gives the best price and is the most fair. You might want to check them out. I'd stay away from B&M's with sterling. The top buyer around here will buy it but it's ridiculously low. I guess it's his way of saying i'll take it off your hands if you just want some cash. Something about sterling turns some people off even being .925.

goingbroke

I have delt with APMEX many times they quote their buying price in advance on the phone send it to you in writing and pay FAST!. ( sterling EWWWWW!)

jdimmick

I have a B & M and hate sterling. Much lower offers than I make on .999 or 90%. If I am going to buy it I am going to make it worth while!

CaptHenway

One reason why B&M's pay low on sterling scrap is that they usually have to accumulate it for quite a while to make doing a burn worthwhile. Depending on the volume this could take an average sized shops months. They have to take into account the time value of money, and the chance that the spot price could go down considerably by the time they get it refined. The Ghost of 1980 still haunts many coin shops.

Marked sterling ingots and medals are a different story. Those we can sell to a smelter unrefined, by weight, as they know what they are getting and can simply refine it at their convenience during a lull.

TD

dontippet

I will give APMEX a try. One thing I don't like about Midwest Refineries is that there is no communication, especially up-front communication. You send in your gold / silver, they destroy it, then tell you what they are going to pay. While their prices are higher than the local B&M, it is always a gamble.

PerryHall

<< <i>One reason why B&M's pay low on sterling scrap is that they usually have to accumulate it for quite a while to make doing a burn worthwhile. Depending on the volume this could take an average sized shops months. They have to take into account the time value of money, and the chance that the spot price could go down considerably by the time they get it refined. The Ghost of 1980 still haunts many coin shops.

Marked sterling ingots and medals are a different story. Those we can sell to a smelter unrefined, by weight, as they know what they are getting and can simply refine it at their convenience during a lull.

TD >>



Tom---thanks for a very interesting post. I'm curious---how do dealer buy prices for sterling tea sets, spoons, etc compare to their buy prices for sterling medals and ingots?

OPA

I'm not sure if APMEX deals with Sterling Silver

CaptHenway

<< <i>

<< <i>One reason why B&M's pay low on sterling scrap is that they usually have to accumulate it for quite a while to make doing a burn worthwhile. Depending on the volume this could take an average sized shops months. They have to take into account the time value of money, and the chance that the spot price could go down considerably by the time they get it refined. The Ghost of 1980 still haunts many coin shops.

Marked sterling ingots and medals are a different story. Those we can sell to a smelter unrefined, by weight, as they know what they are getting and can simply refine it at their convenience during a lull.

TD >>



Tom---thanks for a very interesting post. I'm curious---how do dealer buy prices for sterling tea sets, spoons, etc compare to their buy prices for sterling medals and ingots? >>



Back when I was in the business (yesterday--I am now officially retired) we paid 80% on good medals and ingots and 60% on spoons and plates and stuff. Had to smash the candlesticks and anything else with weighted bases to get the ballast out, then store them in the vault in bins.

PreTurb

While I like Midwest's prompt service, I agree with Don. The two times I have sent marked karat gold to them, the assay yield & weight was surprisingly low. I understand there is a "range" for manufacturing karat gold, and jewelry makers may lean toward the "lean" side of the range, but.... THAT low?

PerryHall

<< <i>Back when I was in the business (yesterday--I am now officially retired).......... >>



Tom---Congratulations!!! Now you have more time to spend on the boards. Are you going to do any part time writing or dealing?

Coulport

You might contact Cascade. I did better by them than Midwest.

http://www.cascaderefining.com/

CaptHenway

<< <i>

<< <i>Back when I was in the business (yesterday--I am now officially retired).......... >>



Tom---Congratulations!!! Now you have more time to spend on the boards. Are you going to do any part time writing or dealing? >>




I am going to be writing more. Won't be coin dealing.....it causes drink!
TD

cladking

<< <i>

<< <i>

<< <i>Back when I was in the business (yesterday--I am now officially retired).......... >>



Tom---Congratulations!!! Now you have more time to spend on the boards. Are you going to do any part time writing or dealing? >>




I am going to be writing more. Won't be coin dealing.....it causes drink!
>>




Mebbe we can team up on writing the list of things that drive meassage board posters to drink.

I might make a lot of peoples' list though.

dontippet

Cascade's website says they pay 60% of sterling jewelry price. Midwest pays 90%. Even with Midwest shaving down the numbers, their price is still better. The question was asked earlier, but no answer yet, does APMEX buy sterling jewelry?

Wingsrule

From the APMEX website:

**********

Trade With Confidence At APMEX
Our customers have consistently given APMEX a 98% Satisfaction Rating for our service and dependability. APMEX is the one name you can trust to deliver the best possible price and a fast, hassle-free transaction every time.

When you are ready to sell your coins or bullion items, we are ready to purchase those items from you. We are constantly purchasing a wide variety of gold, silver, platinum and palladium.

Sell Your Bullion To APMEX Today! Call 800.375.9006!

**********

Doesn't look like it, but you could always give them a call.

1201reset

Market Harmony is a member of the Bullion Stacker

Here's a link to our refining and production services page:

Linky

Current rates are:
95% on .999 pure bullion AU and AG
95% on 90% US coin
90% on AU
85% on 90+% AG
80% minus .04 per gram on less than 90% AG

There is a $25 assay fee if we buy, but this is waived if the client is getting fine silver as settlement.

_Reset

57loaded

lions and tigers and knives Oh My!

BTW i haven't checked ebay to see what is happening there for sterling silverware, maybe that is worth a shot?

SUMORADA

I have been in the Jewelry Business for 35 years and have tried several companies over the years, about 2-3 years ago I called my brother to find out who he was using (he is also in the Jewelry Business)

He recommended Pease & Curren Link I have used them ever since, the service is top shelf, the yield from "unknown" things like polishing dust,bench sweeps etc is by far the highest I have ever received.

I'm a happy camper....

pcgs69

I will never deal with Midwest again.

One thing the don't tell you is that lose 5% or so in the melting process on top of weights that they already had lower than your weight. . And the thing that I didn't appreciate was they can melt it on any day they want... which for me was somehow on a day that gold was DOWN. There was a computer printed date on the invoice written over by hand with a date where gold dipped (gold was up on the computer printed date).

I do not trust that place. As said before, they destroy everything then send you a check so there's no proof of anything.

RGJohn

In dealing with silver, I have repeatedly done business with a member of this forum. I have done 4 or 5 transactions with him and they went perfectly or better. I've given him the thumbs up to other members and they have thanked me for it. His scales work. By that I mean that this hokey-pokey about 'your' weight and 'their' weight doesn't exist. Weight is a fact, not an opinion.
In one transaction involving sterling silver which I had been unable to 'unload' despite having bought it when silver spot was vastly lower, this fellow swapped me, at previously agreed upon terms, for one ounce .999 rounds. I calculated that I got 83% of the value of the silver in this transaction BUT I also received the benefit of obtaining a recognized 'unit'. One ounce. Triple nine. AND my estimation of the weight times the purity times the exchange rate agreed upon EXACTLY PRECISELY and what was agreed upon by both parties in advance.
I understood the terms before I made the deal. He was just exactly as good as his word. I think that works out better than what the OP got. Is MR stealing? I dunno but I DO know that Jay isn't. He's also got about the fastest checkbook in Alabama and he knows where the post office is. Shop local pard, this IS your community.

Just my experience, just my opinion.
( And actually it wasn't as exact and precise as I told it as being, there was such a small discrepancy that neither of us made any mention of it, but when I received my stuff, he had included a Roosie, which was probaly 5 times the amount of the difference. We both spent more on postage. Good fella. Does it right.)

RGJohn

I've had several PMs asking the identity of the silver buyer with whom I've had so many good dealings here. It is scrapman1077, his name is Jay and I have found him fast, professional, and no-nonsense. Just the way we like'm.
Whatever deal you make with him, you will find that he scrupulously adheres to it.
Send him a PM and see for yourself.
John K.

Amigo

Check out my thread on the BST coin board. I don't play any hokey pokey games. I pay up front before you send the package to me. I weigh it on the most accurate scale possible and send you pictures of your items on the scale. You don't have to worry about smelting loss of 5% or anything else. I pay you up front prior to smelting losses.

Edited to put in Linky
Linky