100 Ounce Bar At Spot

Discussion in 'Bullion Investing' started by Randy Abercrombie, Jan 23, 2019.

  1. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    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?
     
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  3. ken454

    ken454 Well-Known Member

    drill a hole thru it...
     
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  4. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    I was afraid that would be the answer.
     
  5. -jeffB

    -jeffB Greshams LEO Supporter

    ...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?
     
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  6. ken454

    ken454 Well-Known Member

    lol, if its a bar from a mint and/or with a serial number, you can probably be pretty sure its good, like this-
    d02a4603-dd5a-46be-ac2b-1a60402a3c79_1.3f66b5e41e877dd72dd61fe50942bd7f.jpeg
    but a poured bar with no or few markings, i think you would have to drill..
     
  7. baseball21

    baseball21 Well-Known Member

    Trust your gut and put your money into things you'll actually enjoy
     
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  8. baseball21

    baseball21 Well-Known Member

    Bars are by far the easiest thing to fake. A couple markings on a huge bar mean very little
     
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  9. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    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.
     
  10. cpm9ball

    cpm9ball Cannot Re-Member

    @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
     
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  11. ken454

    ken454 Well-Known Member

    i saw that episode and caught myself drooling...
     
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  12. baseball21

    baseball21 Well-Known Member

    The bigger question is why would you buy it? For what purpose?
     
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  13. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    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!
     
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  14. baseball21

    baseball21 Well-Known Member

    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
     
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  15. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    Agreed. Rather glad I started this thread so I could talk myself out of it. I’ll continue to stick with the rounds.
     
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  16. Dave Waterstraat

    Dave Waterstraat dave700x -1883 O nut

    It sounds like we need a poured silver bar authentication service. PSBAS....:rolleyes:
     
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  17. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    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.
     
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  18. Clawcoins

    Clawcoins Well-Known Member

    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.
     
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  19. Jersey magic man

    Jersey magic man Well-Known Member

    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.
     
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  20. Collecting Nut

    Collecting Nut Borderline Hoarder

    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.
     
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  21. Heavymetal

    Heavymetal Well-Known Member

    Dealer/pawn shop pays way under spot. Good profit selling at spot
     
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