A.R.A versus U.S goldbuyers

teabone · Aug 20, 2008

Last month I sent out two lots which were identical in weight and purity. One lot went to A.R.A and the other lot went to U.S goldbuyers.
Both of these companies claimed to pay out 98 percent. These lots weighed 150 grams each and were cornflaked from the same pour.
The settlement check from U.S goldbuyers was 800 dollars LESS then the check I recieved from A.R.A.
Needless to say, all my future dealings will be with A.R.A.
I was also very impressed with the friendly and professional attitude of all the people at A.R.A.

Rag and Bone · Aug 20, 2008

Good to know. Thanks for sharing your results. It would be great if there were similar examples for e-scrap refiners.

Harold_V · Aug 21, 2008

teabone said:
Last month I sent out two lots which were identical in weight and purity. One lot went to A.R.A and the other lot went to U.S goldbuyers.
Both of these companies claimed to pay out 98 percent. These lots weighed 150 grams each and were cornflaked from the same pour.
The settlement check from U.S goldbuyers was 800 dollars LESS then the check I recieved from A.R.A.
Needless to say, all my future dealings will be with A.R.A.
I was also very impressed with the friendly and professional attitude of all the people at A.R.A.

Provide me with the address for US goldbuyers. I'd enjoy sending them a copy of this post, so they can know that they're dishonesty is well publicized.

Harold

Lou · Aug 21, 2008

That is downright theft. I can understand a gram, but a full ounce short? In my opinion, that reeks of foul play and lack of professionalism and is downright shameful--surely they can't be doing so bad that they would have to steal.

U.S. Goldbuyers will never have my business, nor my endorsement to any clients or friends.

On the flip side.
I've been nothing but happy dealing with ARA. I haven't looked back at anyone else. As I said before, I don't see enough gold to make refining it worth my time...I'll leave it to the gentlemen at ARA to handle it. The PGMs are a different story.

teabone · Aug 21, 2008

Harold
Here is there address: U.S.G.B
62 West 47 Street
New York, New York 10036
I would warn everybody against them , and good idea Harold !!!

agpodt77339 · Aug 22, 2008

I sent in some karat gold to ARA, and I called today and got the yields. They are a little bit lower than I was expecting, but maybe it is good compared to other refineries. I thought I would share the results, and see if other people think it was fair.

I sent in about 115g of 14k and 42g of 10k. Most of the pieces were marked, and I tested everything with a magnet, and acid with a testing stone. I did not file notches in any of the items to test them further, but I did do substantial streaks on the stone to try and separate heavy plating from solid gold.

ARA said they got 157g of material. This was accurate. They said that there was 78.49g of pure gold after refining. I am not sure if this includes the 98% refining fee.

115x14/24=67g pure gold
42x10/24=17.5g pure gold
67+17.5=84.5g pure gold
This is 6 grams off of the amount they they reported.

If everything was under-karated by .5k then the totals would be:
115x13.5/24=64.7
42x9.5/24=16.625
64.7+16.625=81.325
This is 2.8 grams off what would be expected if everything was .5k less than what it was marked.

Do these results seem accurate and fair?

Chris

scrapman1077 · Aug 22, 2008

Chris, Don't forget about the solder they use in making jewelry, it will always drop your final result.

Harold_V · Aug 23, 2008

teabone said:
Harold
Here is there address: U.S.G.B
62 West 47 Street
New York, New York 10036
I would warn everybody against them , and good idea Harold !!!

I forwarded a copy of your post, sans name, and told them they should reconsider their settlement. I reminded them that they were getting a lot of bad press as a result of their actions.

They have my email address if they desire to pursue the matter.

Harold

Harold_V · Aug 23, 2008

agpodt77339 said:
64.7+16.625=81.325
This is 2.8 grams off what would be expected if everything was .5k less than what it was marked.

Do these results seem accurate and fair?

Chris

Prior marking regulations dictated that a half K variation was permissible for alloy, and a half K for soldered objects. Total deviation from marking could be as much as a full K and still be legal. Considering manufacturers replace the missing gold with base metals, the 4% quickly increases profits by nearly 10% due to the increase in volume of the lower specific gravity of the base metals. Said another way, heavy gold is replaced by much lighter metals, making the object weigh less by a substantial margin----with the savings being gold.

It's entirely possible your yield was correct, although you'll never know.

If it helps any-----I have refined class rings by the pound. The yield was just barely over 9K.

Under-karating is and has been a problem in the jewelry industry for years. Dishonest refiners don't help the matter.

Shame we don't enforce the old British laws where gold is concerned. Penalty for under-karating was death.

Harold

Anonymous · Mar 18, 2009

I have used usgoldbuyer and they scammed me as well. I would not use them ever again.

Fournines · Mar 19, 2009

US Goldbuyers are not refiners. Call them up, ask them where their refinery is because you'd like to visit and watch your material get processed.

According to their payout schedule:
http://www.usgoldbuyers.com/dealer.asp
For 150 grams they are only going to pay 94.5% with a $75 assay charge.

There is only one company represented in the NYC metro area that is a true refiner, and it's not them.

thteh · Mar 28, 2009

I'm running a gold buying company over here in Malaysia both retail and wholesale. I bought karat gold "as is" at 3% discount at >95% spot for >5 ounce, and >90% spot if <5 ounce. They just send it to me and I'll do the rest face to face. Simple testing procedure including density check using densimeter, visual stamp check, acid test and cut them if necessary. That's all and I pay cash instantly. His/her cash flow cycle is certainly easier. Well, 10 ounce can be done within an hour at non-peak hour. This is so much easy and simple to our customers.
This way it saves you trouble and time sending your scrap to a refiner and all the fuss about being under-karated/shortchanged.

buffa1o1 · Apr 2, 2009

Lou said:
U.S. Goldbuyers will never have my business, nor my endorsement to any clients or friends.

[img:600:450]http://www.shillingstad.com/gold-forum/100_1141-forum-600.jpg[/img]
Here is a pic of a 7.665 oz. gold button which I recovered & refined from various computer parts & pins using methods on this forum plus a few of my own.

Sold button to Dillon Gage Refinery in Dallas, TX for spot at 99% purity. I delivered it by hand and was paid for the button without an assay. They also have a secure mailing option available.

The gold buyer said she could see that it was pure and did not need an assay. The entire transaction took about 10 minutes and I walked out with a check for $6,858.79, cashed it and the next day and bought the 5 acres of land bordering my place for this palm full of gold. 8)

Here is a link to a copy of Dillon Gage Settlement

The folks at the Dillon Gage Refinery were great and you can even arrange to watch them refine your metals in-person or from home via web cam!

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