Made my first invest today at +$1 over spot on maple leafs. Is it too good to be true?

Discussion in 'Bullion Investing' started by chungt, May 25, 2020.

  1. chungt

    chungt Member

    Hello. I made my first investment in bullion today and decided to start with silver. I went to a local dealer and bought stacks of maple leafs, philharmonic, and krueagger for +$1 over spot. I know these dont carry the premium like the ase but it still seems quite cheap. Maybe too cheap in current climate? Should i be worried? And what is the correct etiquette in making sure these are real when it is time to pick it up? Thanks.
     
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  3. CommemHalfScrub

    CommemHalfScrub Active Member

    That is a great deal. At my shop, we ordered some generic bullion in the other day at $20/ozt and are selling it for 21.50/ozt. $1 over is a great deal for any 1ozt bullion. As long as the dealer seems reputable, I wouldn't worry. Ask how they test them when they get them in and ask if they can show you. We use an XRF analyzer and also weigh them, along with using a magnet.
     
  4. Kentucky

    Kentucky Supporter! Supporter

    Welcome to CT. As a collector as opposed to being a dealer, the first thing I would do is to see if they are magnetic. Easy to do and helps a bit. Only other thing is to see that they are the correct size (diameter and thickness) and weight. Finally photograph them and post it here...if you get more people who think they are valid vs those who think they are fake, you're probably good :) BTW, are we talking about tens or hundreds of coins here?
     
  5. FryDaddyJr

    FryDaddyJr Junior Member

    maples are awesome, but these are going for 23 dollars online. almost too good to be true
     
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  6. chungt

    chungt Member

    Thats what i am afraid of. He is a reputable dealer doing business in the area for 20 plus years minimum. He said there are only two categories of silver coins. Ase and generics. He said anything outside ase, he considers them generics and sells them +$1 over spot.
     
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  7. chungt

    chungt Member

    I would want to do the checks at the spot of delivery. Asking him and maybe doing a couple of verifications on my own would not looked down upon, right?

    i bought in the hundreds.
     
    Last edited: May 25, 2020
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  8. Kentucky

    Kentucky Supporter! Supporter

    Just carry a magnet along and pass it over them.
     
    spirityoda likes this.
  9. FryDaddyJr

    FryDaddyJr Junior Member


    does that shop have a web site?
     
  10. Collecting Nut

    Collecting Nut Borderline Hoarder

    That's a great deal, especially for Maple Leafs. You should check them for being authentic or fake.

    Welcome to CT.
     
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  11. fretboard

    fretboard Defender of Old Coinage!

    Any brand silver is good to hold as your future may depend on it! :D
     
    Jeffjay likes this.
  12. FryDaddyJr

    FryDaddyJr Junior Member


    oh brother.
     
  13. fretboard

    fretboard Defender of Old Coinage!

    Funny stuff! :D As most people know, I don't collect silver, I mean I have a couple of handfuls of ASE's but it's not really my deal! How about you FD, are you a King Kong in the silver world or only in the gold world?
     
  14. FryDaddyJr

    FryDaddyJr Junior Member

  15. goldcollector

    goldcollector Member

    The Silver Quackery never ends. Your future depends on holding silver about like it depends on you having cans of play doh.
     
    CamaroDMD likes this.
  16. goldcollector

    goldcollector Member

    I don't understand why you didn't receive these today. They don't have stacks of these coming in from 3 different mints that they are willing to sell at $1 over. These must be coins that he is expecting to be buying from a walk in. He shouldn't sell those until he has them. The walk in may never come. Something seems weird here. I have never gone to an LCS and bought coins he didn't yet have in hand. Now he will order them for customers but that's gonna be more than $1 over. Anyways, it's not really that hard to find silver at $2-$3 over right now. There are a lot of idiots overpaying yes but with a little effort you can still find it at $20 an ounce so I wouldn't assume $1 over is a red flag.
     
  17. JCKTJK

    JCKTJK Well-Known Member

    Apmex is selling ASE's for $28.50 each, $26.75 if you buy 1000, yes two monster boxes to get the so called discount, $14,545.00 for one monster box of 2020's, depending on year some are going for $15,000+.

    I bought a monster box of 2019's presale in Dec 2018 for $7,500, I don't think I will have them much longer:cigar: I never told my wife, I guess it's now safe to come clean on that purchase, maybe not;)

    $33,500.00 for the 2020 P ASE Monster box, the Mint and the tpg's teaming up on the public again :vomit:, if my math is right that is $67 a coin (APMEX) but hey it's a Emergency coin right LOL!!

    To anyone just getting in on the Silver stacking be careful, $10 to $12 premiums is not the way to start out, you might be holding for a very long time, it been a crazy 2020 so far and there is still 6 months to go:stop::stop:.

    to everyone here stay safe and stay smart!!!
     
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  18. chungt

    chungt Member

    Now, you are getting me worried. This local dealer have been in business in this area for over 40 years and he is definitely a respected seller in this area. I have already paid the guy in cash. He told me the delivery would be in tubes and the coins will be in new condition. Considering his reputation and his general business history, i took his word for it. Yes, i could see the flip side in what could be some red flags but should i genuinely be worried here?
     
  19. NumisNinja

    NumisNinja Active Member

    Anyone getting precious metals at $1 over spot right now is going to have a great collection of plated base metals going for themselves.
     
  20. chungt

    chungt Member

    Sorry to say but thats just a dumb comment on so many levels...
     
  21. NumisNinja

    NumisNinja Active Member

    I paid 19.75 when spot was 15, and 21 when spot was 17.50, just in the last few weeks. Note that I paid less when spot was lower despite paying a lot higher premium. So the premium doesn't always mean as much if you get in at the right time. If silver skyrockets and premiums shrink a lot, you'll still be in the money even if you paid $10 extra for eagles.
     
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