Here are the associated costs to buy silver bars at Canada's Scotiabank. Minimum order for silver is 500 ounces. On 10oz bars they charge a commision of $2.25 per ounce or $22.50 per bar.On a minimum order of 500 oz's thats a $1,125.00 profit. To simplify,if silver were $22.50 per ounce thats a 10% profit.If silver fell back to $11.25 per ounce,profit on the same 10 oz bar is 20%.From these simple calculations,lower silver prices are more profitable than high silver prices for the banks. Redemption Policy: Bars can be redeemed at the Main Branch at anytime for spot.The bars must have the banks icon on them and be undamaged,still in plastic holders. Questions: Are these prices in step with American Banks? Can silver be purchased directly from the producer and if not why?
First of all...banks here in the US have no silver. Second...that premium is rediculous for 500 oz. There are several places online to buy bullion for much less. It just takes a little research but you could save several hundreds of dollars on a 500 oz purchase. Just make sure they are legit and can ship to you at a good price. Josh SilverSaver by Mass Metal
I think that online dealers such as APMEX can probably beat that premium but I might be wrong on that since I do not know what APMEX's shipping costs are.
Seems to me that's a ridiculous premium for a minimum order of 500 oz. Today we were charging a smaller premium than that for a ONE OUNCE purchase. Being in the US USDollars of course. The guarantee of full spot when selling is nice but the little catch that it has to be THEIRS isn't. With a 500 ounce minimum you could probably do better from a reputable bullion dealer even AFTER shipping and exchange rates. JMHO. For Josh, I really only glanced at the site but ANY seller that offers to "store" your silver makes me nervous. How do you know they have anything more than your money? Physical product is what you want.
Fair point...that's why we encourage and give the option of delivery with as little as 20 ounces (any lower and costs would be too high to ship one or two 1-oz rounds all over the country)...other accumulation plans make delivery of only thousands of ounces possible. I agree with you 100%...people need to have physical product. Josh SilverSaver by Mass Metal LLC
Hello Josh, I looked at your firms site. I buy 100 oz ingots. Who is making your product in regards to certifying the fineness, Im guessing 999 fine. But how is this guaranteed. Thanks, Steve
Texas John, Can you provide a web address or a link to APEX. I would like to scope them out. Thanks in advance, Steve
Steve, 100 oz bars right now are all Johnson Matthey stamped and we have various 10 oz products from well respected refiners and mints such as Academy, NTR and Sunshine. Some other forms of bullion (such as 1000-oz bars) are obtained straight from the refiners who attest to their .999 purity. While yet others are legal tender deliverable forms like ASE or Canadian Maple Leaf. I hope that answers your question. Josh SilverSaver by Mass Metal LLC
