republic metals corp can they be trusted

[mikewallace]

I took my sterling silver to them, about 3500 grams, but they say silver is not like gold and you can't view the process, can they be trusted, i read good things about them here but many bad google reviews have me worried.

 

[Jdz123]

I took my sterling silver to them, about 3500 grams, but they say silver is not like gold and you can't view the process, can they be trusted, i read good things about them here but many bad google reviews have me worried.

I'm pretty sure the reason why is because they aren't just tossing your Au into a crucible. Republic is using a silver cell to process your material.

 

[mikewallace]

first experiences with RMC has been very good.

 

[Alentia]

I have heard they learned to evaporate pure 999+ gold...

 

[Lou]

I wouldn't want my gold evaporated.

 

[butcher]

:lol:
Neither would I, not unless it condensed back into my pocket as metal.

 

[pattt]

I took my sterling silver to them, about 3500 grams, but they say silver is not like gold and you can't view the process, can they be trusted, i read good things about them here but many bad google reviews have me worried.

I'm pretty sure the reason why is because they aren't just tossing your Au into a crucible. Republic is using a silver cell to process your material.

I think you meant Ag, no?

Pat

 

[Alentia]

Looks like they have de-learned...

 

[Laney360]

Looks like they have de-learned...

I heard about a refinery in Dallas Texas called Hi Tech PMR.....supposedly these guys are really accurate with Ag melys and pay no less than 95% up to 97% .....that's very strong with others I have dealt with. Large Silver melts are usually done with larger equipment that cannot be seen with Up front operations.

Just something to think about if researching refineries.....these guys (hitechpmr.com) can be like a silent partner for any pawnbroker with all their Services and shipping benefits.

 

[jrginc]

There is only one reason a refiner will not allow you to witness the processing of your materials & that is to separate you from your assets so there is no recourse in the event of dissatisfaction over the results.
For 3500 grams of .925 Ag, they should weigh & melt it in front of you & weigh it again after melting & provide you with a sample so you can run an independent assay to verify their return.
The whole process should take no more than 30 - 45 minutes.
We always encourage clients to witness when we process any of their materials.
www.jrginc.com

 

[Palladium]

Even though you have been here awhile sir, welcome to the forum!

 

[johnleivers15]

Noob question incoming, Is this a common thing for refiners of the larger kind to not give spot price? I wouldn't know because I think I get 100% spot and only ever dealt with one refinery.

 

[4metals]

John,

Different refiners make their money in different ways, or how they express their charges.

Some will discount the spot price and pay for all of the metal contained.

Some will pay the spot price and pay a percentage of the gold contained.

For example at $1200 gold 1% is 12 bucks. A refiner can pay for 100% of your gold at 99% accountability and he is really charging you 1%. Or he can say it differently. 100% of your gold at $1188 spot.

Then there are incoming fees, lot charges, assay charges. All ways for them to make something for their service.

Be smart about it, compare rates and go witness your melt. There are many ways for a creative salesman to make it sound cheaper. What sounds cheaper isn't necessarily the best deal. Plus you can get a phenomenal deal on paper and get screwed. Just remember everybody has to make a profit or they won't remain in business. Those that tell you up front they are charging reasonable rates are more than likely a better deal than those that tell you whatever you need to hear to get you in their door. Always question "How is this guy making money at these rates?" If it makes sense, then deal with them, if not shop around.

 

[blk03001]

John,

You should always try to get a formal pricing breakdown in writing before even sending in your material. This should list exactly how the refinery classifies your material, charges applied (treatment charge, settlement charge, melt & assay charge, etc), and payout. The person you are dealing with should be able to work this all out for you on paper and give you an example lot and show final fees and payouts and how they are calculated.

My personal opinion is the more fees it looks like you are being charged the better your payout will be because it's hard to hide things when they are laid out in black and white. Also you want your final invoice to be laid out similarly to your pricing so that you can compare.

A good refinery will offer you multiple options for settlement. Your metal should be able to be sold on the fix or spot of your choosing. Some refineries will even hold the metal for you so that it can be sold at a later time, used towards product, or tranferred to somewhere of your choosing.

Your best bet is to ask lots of questions and get as many answers as you can in writing up front. And definitely whenever you can witness the melt the more at ease you will feel. Any questions about settlement, the refinery should have a procedure in place to deal with that as well.

 

[johnleivers15]

Feel that I am hijacking the original posters post here :lol: I cannot find any fault in the company I use so its unlikely that id ever change. I have been using them for around 2-3 years 2-3 times per a year. I haven't been for a tour around the factory but I have been to the factory and watched them XRF my stuff normally comes out at 98%+/- 1%.

last lot of gold I sent to them was 154g I sent via recorded and insured delivery because I didn't have time to visit. They refine it and send me the self billing receipt and bank transfer my money in a week or so (they buy the gold from me). The gold went down to 147.2g fine and they pay me the gold fix price I have checked and its 100% of the fix so I im happy they are happy, jobs a gud'un :lol: .

Company I use is Capella ltd, Buxton Derbyshire. http://capellaltd.co.uk/

 

[4metals]

John,

A substantial part of a relationship you have with your refiner is based on trust. From what you said, and from their website, it is difficult to figure out what the charges really are. I assume you are sending them refined gold which you have melted and cast into a bar.

Do you have any idea what the actual assay of the bar is? Not the XRF result, actual fire assay.

From your numbers the weight difference is all you paid? That comes to about $262 dollars (sorry mate I don't do pounds!) That sounds like a fair price to refine the lot.

If I were you, I would acquire a few grams of gold you know to be .9995 or better and roll it flat so you can keep it in your wallet and have them read it on their XRF before they read your refined gold. Their result should come up close to 99.95 pure if their XRF is up to snuff. Not saying it isn't but a percent here and a percent there adds up is all I'm saying.

If you were bringing in larger lots, I would expect a better accounting from the refiner but truth be told I don't know why all accounts are not accounted the same way.

Exercises like this are very helpful to all of our members who sell their refined gold, it would benefit all if you could follow through with more detail.

 

[johnleivers15]

You are very right it what you say sometimes too much trust or naivety can get you screwed over. In total honesty I do not know what the fire assay would say or would be as I take their word or what I see on XRF as a final . And as for refining the gold myself, the gold is from a plating solution and is built up on the cathode I simply chip it off ether when the build up is far too much or the jig that the cathode contains is damaged to a degree it cannot be repaired.

The gold is sent to them as is (chipped off gold) http://goldrefiningforum.com/phpBB3/viewtopic.php?f=60&t=21847 <<<<< link to the gold. They have never motioned a refining Fee or I wasn't listening properly but having said that I have never asked. $262 is about £170 I don't pay them a penny. If they are charging me I am not not fully aware (my naivety and trustfulness). I have sent batches to them around the same weight and only lost half a gram might have been less.

So all in all what you mentioned at the bottom of your post is quite right and people including me should be more questionable towards accountability with all refineries. Its never a good thing I suppose to just take the word of someone when cash is involved especially when they will benefit from the outcome. There always be some chance of being ripped off.

Thanks again

 

[blk03001]

Hi John,

I would definitely recommend at the least getting some sort of pricing in writing. You figure they aren't processing your material for free so as 4metals mentioned, they have to be making their money somewhere.

By having this in writing, you will at least eliminate any sort of surprises. And they should always provide you with the markets your metal was sold at.

Good luck!

 

[4metals]

They refine it and send me the self billing receipt and bank transfer my money in a week or so (they buy the gold from me).

It would be interesting to see if they paid you the lowest price in the period they had your metal. Try and look up the London fix for every day from the day they received your metal to the day they sent the wire. I would bet they settled on the lowest price day.

It's a safe bet for the refiner, they have the gold and probably have it processed and sold before they have to pay if they have a week.

 

[johnleivers15]

Here goes :lol: I received my invoice & monies on the 13th of February on the invoice it says that it was calculated on the 2.2.2015 with a gold fix of 823.25. I checked the gold price for that day am 847.91 / pm 844.22 it didn't match to my invoice the only day that the gold fix was 823.25 was pm on the 5.2.15.

On the day I got paid 13.2.2015 gold fix was am 795.83 / pm 799.90. During the time they had my gold approx. 2 weeks 823.25 was around the 4th lowest point throughout the 14ish days. Highest was 847.91 on 2.2.15 the day they say they calculated it on :lol: ............ so yeah they are just picking low fix days for calculating what they owe me. If it was on the 2.2.15 like they said I would have had more money.