Local Craigslist seller claims to be trying to sell 3 100oz bars at well below spot. I'm thinking that counterfeit/underweight/base-metal bars are one of the smaller risks in this transaction (next to receiving stolen property or being mugged for cash), but it's an odd enough offer to catch my attention. Assuming any of you would even consider taking a chance on something like this, what would you do to avoid being ripped off? Besides "meet at your bank", of course...
Regardless of the back and forth of how this thread ended up going, here's some reference material for you: Verifying 100 oz silver bars As you know, be cautious with such in-person transactions with unknown parties.
Also familiarize yourself with Englehard bars if you are unaccustomed to seeing their bars in person. Look for serial numbers, purity stamps, logo/hallmarks, etc. Here some info from Tulving on Englehard 100 oz. bars
The newer JM bars do not have serial numbers on them, so don't be suprised if it's a JM bar with no serial number http://about.ag/JohnsonMattheySilverBars.htm That website will describe all of the different JM bars you might see. Not sure about all the other companies
Thanks for the info, folks. Still not sure whether to pounce, but if I do, it'll be in my bank, where I can get the cash, hand it to him, and put the bars into the safe deposit box.
The seller could be selling at a low ask, not because it's fake or hot, but out of desperation/need for green! Good luck to you and let us know if all works out fairly if you go through with it. Also let someone you know know where you are going before you go. Thing safe and be safe.
Yeah, there is a lot of that going around, and a surprising number of people don't know where to get the latest silver spot pricing. I just missed a couple of auctions from a guy who was posting circulated silver with buy it now prices taken directly from a recent Red Book. He thought he was making out like a bandit, getting full Red Book prices for his quarters and halves -- something like 10x face.
In addition to meeting at a public location (a Starbucks next to a police station would work too), I'd bring a scale and a conductivity test pen.
Hold the bar between your index finger and thumb....hit the one of the ends with a small hammer.....it should ring like a tuning fork. If it just lets out a thud, don't buy it. If she sings like a canary its silver......
Well, I've never gotten a reply from the guy who posted the ad. Given the number of "will buy your old coins and silver" ads that pollute our local CraigsList, I'm pretty sure someone else got to him first. You win some, you lose some.
Here in lies the classic problem of buying bullion bars. That is that for large bars you either take a risk or you get an assay done. You have this issue when buying from a private party and then again when you get ready to sell. It's one of the reasons that many people prefer coins. I think if someone is willing to part with the bars well below market price, that ought to set off some alarms. There really is no reason for a legitimate seller to do this.
