Was at a jewelers Shop last week. Happened to purchase an 1899 gold eagle from him while I was having my wife’s necklace repaired and I mentioned that any other pre-33 gold he acquired, please call me. He also had a 100 ounce bar of silver on his counter which was the spark that got me talking PM’s with the fellow. Today he called me and asked if I wanted that 100 ounce bar at spot. Personally, I prefer US mint issued rounds. They are numismatically interesting to me. But the thing that is most uncomfortable to me is that I would have no way of knowing how to authenticate a 100 ounce bar of silver. I believe I am going to politely turn his offer down. But if I have a weak moment and change my mind, how would a person authenticate something like that?
...and this is something that echoes through my mind every time I hear someone talking about how their silver will buy them civilized comforts after the apocalypse. You may have a 100% legit .999 100-ounce bar -- but how will you prove to the next person that it's real?
lol, if its a bar from a mint and/or with a serial number, you can probably be pretty sure its good, like this- but a poured bar with no or few markings, i think you would have to drill..
It did not look quite that nice. I remember it was somewhat raw with a makers mark, assayer, foundry or whatever. The ends were filed I most imagine to bring it into tolerance. It was certainly not an aesthetic bar to look at.
@Randy Abercrombie A few years ago, I watched an episode of Pawn Stars, and Rick was buying about 1,000 ounces of silver from a customer. Part of the pile was a huge bar of silver, and the only way he could confirm that it was real was to drill holes in varying places. Chris
Same as all my other PM’s. To give my kids and grandkids something to play with once I leave this party...... If I put my spare cash in the bank, it ends up hanging in my wife’s closet in the form of more clothes she won’t wear. So I try to tie as much of it as I can up into PM’s in my safe!
Haha fair enough with the fashionista problem. I'd recommend some stocks but that said if you really want metals bars, and more specially huge bars are in my opinion the worst way to do it. There's a reason why so many people are so happy to unload them at spot or with some minuscule premium and as time goes on bars will probably be less and less trusted as we have seen
Agreed. Rather glad I started this thread so I could talk myself out of it. I’ll continue to stick with the rounds.
two things, if you buy from a reputable source or some kind of assay you Are usually pretty safe but you would have to question getting anything At spot, as the peresone selling it has to make something.
think of the hassle the kids will have with it trying to sell it. Unless they know a lot about silver, etc they'll probably get under spot for it.
Just because someone is selling silver at spot does not mean there is no profit to be made. We have no way of knowing how much was originally paid for the bar. Silver used to be significantly cheaper than it is now.
Since you have no way of knowing or proving this bar for its contents I'd go with your first post. Politely turn down the offer and remind him that you are interested in pre 1933 gold coins and silver coins.