Has anyone used ARA Gold refinery?

I'm going to sell the gold jewelry I have right now.

I know many use Midwest refinery.

Just wondering if anybody has any experience with ARA gold refinery. They remove all the stones and make you an offer on the diamonds other good stones.

I did last year. You get a little double talk in how they figure ....Troy...to penny ect. But not far off. I believe they pay about 5 or 10% more on gold. They got bought out a few years back some don’t care for the owners attitude. However I know several who use Midwest to... I believe Joe (ole beach nut) does.



Edited 1 time(s). Last edit at 01/11/2020 10:08PM by dewcon4414.

Rick, just before the last increase in gold, I sent in a batch of gold and platinum (earmarked for the AQ purchase) to ARA. Got from them almost exactly what I had calculated I would receive. Fast almost same day service, my check was at my home within 10 days of shipping the misc. jewelry. Call or email ahead of time if you are uncertain and have never used them before. JC@aragold.com

Cliff

I've used them before. I can't compare them to anyone else though because that was the only time I've had any gold to scrap. The price was close to my calculations if I remember correctly, and everything was fast and simple.

I have a question for any of you guys who find and sell gold for dollars:

Just read that you get a check. Do they (ARA, Midwest, etc.) require your SS number? If so that means it gets reported to the SS administration. Do you guys pay taxes on the $$ after a certain amount?

I scrap copper and aluminum with the little amount I acquire from the remodeling biz. They use to give us cash...not any more....we have to provide our SS #. I believe over $600 you have to give a % to Uncle Sam.

Or does it work a different way with gold?

Dont ask dont tell about Uncle Sam getting his share. Most sell in small quantities.... couple of grand at best. You dont have to get a check..... they will send it to your account if you wish. Because of Home Land Security rules that change a few years back.... yes you will need to give them a business number or SSN#. This was to stem the buying of gold by cash for gold guys is what i was told. Refineries will tell you they normally dont buy from individuals. But most do with the SSN if its a reasonable amount of gold. All seem do want to confuse you with .... troy ounces (which requires more grams).... the penny weight pay out. Some do it by bulk melt ... giving you pay based on tested final weight/K. Others melt by K. BUT...... refineries pay the most for your gold..... unless you can find a local jewerly store which will pay you 80% or you sell individual pieces.



Edited 1 time(s). Last edit at 01/12/2020 10:48AM by dewcon4414.

Thanks Dew, ....I know it's a Taboo question but curiosity won out.

Sometime in the last year or so the new ARA owner went on a rant on one of the other boards cussing detectorists in general and telling folks to take their tiny amounts elsewhere. I think it was on Friendly's if anyone cares to look for it. I've never used a refinery, preferring to sell mine locally, but I would never deal with someone who treats his customers like crap.

Midwest Refinery reports if it is over 5k in a 3 month period.

ozzie Wrote:
-------------------------------------------------------
> I have a question for any of you guys who find and
> sell gold for dollars:
>
> Just read that you get a check. Do they (ARA, Midw
> est, etc.) require your SS number? If so that mean
> s it gets reported to the SS administration. Do y
> ou guys pay taxes on the $$ after a certain amount
> ?
>
> I scrap copper and aluminum with the little amount
> I acquire from the remodeling biz. They use to giv
> e us cash...not any more....we have to provide our
> SS #. I believe over $600 you have to give a % to
> Uncle Sam.
>
> Or does it work a different way with gold?

That was actually when I switched from using ARA to Midwest. The new ARA owners took forever to cut my check, then I saw that rant. Midwest treats small sellers just fine, and at 95 percent of spot I can't complain.

Champ Ferguson Wrote:
-------------------------------------------------------
> Sometime in the last year or so the new ARA owner
> went on a rant on one of the other boards cussing
> detectorists in general and telling folks to take
> their tiny amounts elsewhere. I think it was on Fr
> iendly's if anyone cares to look for it. I've neve
> r used a refinery, preferring to sell mine locally
> , but I would never deal with someone who treats h
> is customers like crap.

Does Midwest send the stones back or buy them, Chris? HH jim tn

Chris I’m sure u r right .... but I think they pay 85% ARA pays 95%.

dewcon4414 Wrote:
-------------------------------------------------------
> Chris I’m sure u r right .... but I think they pay
> 85% ARA pays 95%.

Midwest increased their payouts, here is a cut and paste on current prices:

Increases in payables on gold, silver and platinum!
Midwest Refineries Now Pays:

95% of the amount of pure
gold contained in your order
90% of the amount of pure
silver contained in your order for sterling silver and 90% coin silver
80% of the amount of pure
silver contained in your order for 800 silver
92% of the amount of pure
silver contained in your order for hallmarked .999 silver bullion coins and bars
90% of the amount of pure platinum contained in your order
80% of the amount of pure rhodium contained in your order
80% of the amount of pure palladium contained in your order
NO OTHER CHARGES OR FEES!

jim tn Wrote:
-------------------------------------------------------
> Does Midwest send the stones back or buy them, Chr
> is? HH jim tn

You know, I'm not sure, as I pull them before I send them in. I sell the gems myself elsewhere, usually buyers in New York.

Thank you. Was just wondering as several of my gold items have stones of sorts. HH jim tn

I was told lastyear by ARA owner that they did not want my piddly business or any other from detectorist and were implementing a minimum amount to weed out all us losers

I'm going to Midwest refinery.

I used Midwest several years ago and was satisfied at that time. I also used ARA a few years later as they would return the stones and paid a bit more then Midwest. Pretty close now $ wise, so will try Midwest again. It takes me a few years in between gold sales to accumulate enough to make selling worth while. Fortunately I have a local guy that pays well for silver and I dig a lot more of that then gold. HH jim tn