Can They Do That?

Recently, I decided to sell some old gold jewelry that I no longer wear. I contacted a reputable company that buys gold; and they sent me an information packet including a prepaid shipping envelope. I read the information; and inserted my gold items into the envelope. All I had to do next was drop it off at the major shipper's location per their instructions. I'm not going to name the shipping company; but if I did you all would know the name. I waited a few days. I heard nothing from the gold company; so I checked their website. No indication they had received my package. I checked the shipping company's website with my tracking number. Their site indicated my package had arrived at one of their locations; but not the final destination. I thought perhaps I was being impatient; so I waited a couple more days. When I tracked the package this time, the information was the same; so I emailed them. After a few emails between them and myself and a couple of phone calls, they told me my package was officially lost. They advised me to file a claim and emailed me the appropriate forms. I submitted the claim immediately via fax; and waited for a response. Their claim information said that most claims are settled in 5-7 business days. That's pretty fast; so I looked forward to having things resolved quickly. A few days went by; then I received a call from the gold company. They asked for a description of the package contents. I was totally thrown off guard; and terribly confused as to why they were involved. They didn't lose my package! I asked what was going on; and their representative explained that they were asked by the shipping company to get a description. This really baffled me since I knew I had included a complete description, even a picture, with the claim I had filed. I described the contents to their rep anyway, she thanked me; and the call ended. A little while later she called back; and said they were prepared to make an offer. Now, I'm not the smartest person in the world; but something smelled fishy to me. First off, the offer she made was way below the estimated value I had indicated on my claim form. Second, why would the gold company offer a settlement? They didn't lose my package. I started to ask questions. Eventually, she explained that they have a contract with the shipping company; and that they receive a small settlement from them. Then, they have to settle the claim by making up the difference in value of the lost items. I told her I felt this wasn't a fair practice; and that the offer they made was too low. She then made a higher offer which I felt I could live with; so I accepted it. Still something didn't feel right. I stewed for a couple of days thinking I would hear from the shipping company. Nothing. So I called them. They advised me the claim had been settled; and that they paid $100.00 to the gold company per their contract. Okay, I get that they have a contract with the gold company; but they don't have a contract with me. They lost my gold; and they should have to pay me. I got the feeling when I spoke with them that they were not going to contact me. Is that proper business practice? Don't you think I should at least receive an email response to my claim? Am I out in left field here? Should I take things farther? Can they do that? Have you had a similar situation? Please, let me know about it. Your comments would be greatly appreciated!