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Midwest refineries question

roob47roob47 Posts: 142 ✭✭✭
in Precious Metals
I sent out some gold and silver unfortunately this Monday and was received yesterday my question is when they receive it is that the spot price they use? Because if it is I'm gonna get hammered on the price image anyway if anyone has any info on this subject that would be great. I'm gonna call them but wanted to see if anyone here had any experience with them, for what it's worth I sent off a test sample of metal detected found 10kt gold and 925 silver.

Comments

  • BAJJERFANBAJJERFAN Posts: 31,082 ✭✭✭✭✭
    You shud probably call or email them. They can't pay you until they know how much metal they end up with so I would assume that it would be at prevailing prices at the time the check is cut.
    theknowitalltroll;
  • rickoricko Posts: 98,724 ✭✭✭✭✭
    Yep.. prices at the time they receive the goods.... not when you sent it. You could always call and ask them to return the product... might be a slight handling fee though - as there should be. Cheers, RickO
  • WeissWeiss Posts: 9,941 ✭✭✭✭✭
    Them's the breaks. Remember the drop was about 5%. I wouldn't really think of that as being hammered.
    We are like children who look at print and see a serpent in the last letter but one, and a sword in the last.
    --Severian the Lame
  • roob47roob47 Posts: 142 ✭✭✭
    The way it fell just felt like I was being hammered lol thanks guys for the replies.
  • OPAOPA Posts: 17,119 ✭✭✭✭✭


    << <i>for what it's worth I sent off a test sample of metal detected found 10kt gold and 925 silver. >>



    What are we talking here? ounces....pounds?
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • roob47roob47 Posts: 142 ✭✭✭


    << <i>

    << <i>for what it's worth I sent off a test sample of metal detected found 10kt gold and 925 silver. >>



    What are we talking here? ounces....pounds? >>

    grams about 20 total I know not much but like I said it was some scrap metal detecting finds so not bad......
  • OPAOPA Posts: 17,119 ✭✭✭✭✭


    << <i>

    << <i>

    << <i>for what it's worth I sent off a test sample of metal detected found 10kt gold and 925 silver. >>



    What are we talking here? ounces....pounds? >>

    grams about 20 total I know not much but like I said it was some scrap metal detecting finds so not bad...... >>



    It's a non issue, not enough bullion in your lot to make that much difference.
    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • jdimmickjdimmick Posts: 9,674 ✭✭✭✭✭
    20 grams, 5 % drop wont make a difference.

    This is the exact reason that i dont sell direct to the refinery. I sell to a large firm that buys direct from several dealers and they deduct 3%. If they(NTR or another refinery) were close enough to drive, i would drive over to them, but its an all day trip. I would literally have to close a day , which actually would cost me more in lost business than a 3% difference.
    with the company I use, I can lock it in 24hrs a day , 6 days a week, before I even ship it.

    This week when gold dropped 80+ and silver 2.50 , I had over 300 dwt of 14kt and 600 face of 90% in transit . They recived it today, check is on the way as agreed.

    Same scenario last year, when silver dropped 12 bucks from 49 down to 37 pratically in 3 days, i had 90K in silver in transit , same , they took a bath, but I came out like a rose.

    Now on there behalf, there are times when the price rises while in transit, and they come out better, but basically I look at it this way, as soon as I buy it, i have a profit margin build in already, so i always come out.

    JIm
  • roob47roob47 Posts: 142 ✭✭✭


    << <i>20 grams, 5 % drop wont make a difference.

    This is the exact reason that i dont sell direct to the refinery. I sell to a large firm that buys direct from several dealers and they deduct 3%. If they(NTR or another refinery) were close enough to drive, i would drive over to them, but its an all day trip. I would literally have to close a day , which actually would cost me more in lost business than a 3% difference.
    with the company I use, I can lock it in 24hrs a day , 6 days a week, before I even ship it.

    This week when gold dropped 80+ and silver 2.50 , I had over 300 dwt of 14kt and 600 face of 90% in transit . They recived it today, check is on the way as agreed.

    Same scenario last year, when silver dropped 12 bucks from 49 down to 37 pratically in 3 days, i had 90K in silver in transit , same , they took a bath, but I came out like a rose.

    Now on there behalf, there are times when the price rises while in transit, and they come out better, but basically I look at it this way, as soon as I buy it, i have a profit margin build in already, so i always come out.
    Thanks jdimmick this was a trial run for me , (small time guy here) but your info was very informative , so thanks .

    JIm >>

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