100 Ounce Bar At Spot

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

  1. Clawcoins

    Clawcoins Well-Known Member

    you never know when the original owner of the bar bought it. . could have been at $30/oz

    But unless you to review the markings and research it, it may have been when ppl were selling everything so it could be sterling silver right? or some other silver alloy. Ppl were selling jewelry, watches, silverware, plateware, etc when silver was high. I had ppl I knew selling anything and everything silver that they had. Crazy.

    So a generic silver bar would have me double guessing what it actually is without confirming each and every identity mark on it. Then I'd still pass and get gov't issue silver.
     
    Randy Abercrombie likes this.
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  3. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    I did use my better judgment and walked away from the deal. I'll stick to what I know. I really wouldn't know what to do with a 100 Oz. bar other than an expensive paperweight.
     
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  4. bsting

    bsting Never enough coins.lol

    Melt it down and turn it into one oz rounds.
     
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  5. Hookman

    Hookman Well-Known Member

    If ya'll remember that episode of Pawn Stars, Rick Harrison paid under spot.
    He told the kid "You've got to leave some Meat on the Bone for me."
    That kid brought in a flat bed cart full of silver of various sizes. One was the huge bar. Harrison did drill at least 1 hole in it...and he saved the drill tailings.The kid's dad had advised him to start buying silver as a youngster, and he did, so the kid actually paid under the current spot(at that time of the show) when he bought it.
    Rick paid out over $100,000.00 to the kid.
    The kid left happy.

    Sounds like a good value. I'd buy it if I could afford that much at one time.

    But what to do with it?? Therein lies the question !!

    Have a few molds made, then melt and pour into smaller sizes.

    How about an RA bar or round?

    Who'd buy one to help out a friend?

    At a slight? premium over spot.

    lol
     
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  6. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    The question is why would you accept that, you could go any ware and
    Get spot, that,s kind of the point..
     
  7. Clawcoins

    Clawcoins Well-Known Member

    Is this it ?
     
    Hookman likes this.
  8. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    Wow..... Englehard is the name on the bar that fellow was wanting to sell me.
     
  9. Clawcoins

    Clawcoins Well-Known Member

  10. Michael K

    Michael K Well-Known Member

    Have to be careful buying gold coins at a jewelers. (Unless it is just bullion.)
    Because if a jeweler has it the chance is it was jewelry at one point and has been harshly cleaned.
     
    Randy Abercrombie likes this.
  11. Zeppo Shanski

    Zeppo Shanski Member

    I'm not really understanding this all so much. Unless I'm wrong with the #'s here ... 100 oz. silver @ spot should be around $1,550. Now 1 oz. gold coins are going for that more and less. The way it sounds to me, the way you all are talking makes this some really big deal; like buying a house. Am I missing the game-plan here?

    TIA for the education.
     
  12. -jeffB

    -jeffB Greshams LEO Supporter

    I'm not so sure you could. As others have said, the dealer has to make something, and they can't sell them for much above spot. Sell on eBay, and you get a 13% haircut from PayPal and FVF, even before shipping and insurance.

    I think most pawnshops around here offer half of spot, maybe 2/3, and I'm not sure jewelers would offer much more. Yes, they could profit selling at spot.
     
  13. Hookman

    Hookman Well-Known Member

    That's the one !!
     
  14. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    No, it's not the cash outlay at all for me. My first love is old coins. PM's just sort of fell in behind my love of old coins somewhere along the way. However the PM's are not for me. They are for my kids/grandkids down the road. But while I own them, I would like to be able to enjoy them. Hence my preference for numismatic rounds.
     
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  15. Randy Abercrombie

    Randy Abercrombie Supporter! Supporter

    This was the eagle. It passed muster for me. And at $640.00 I was actually quite happy.
    IMG_3569.JPG
     
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  16. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    Well if you look at this way, when you by PM,S you pay a premium, well
    Over spot, so when you sell you get hit again, seems like everybody else is
    making money but you..LOL
     
    Hookman likes this.
  17. -jeffB

    -jeffB Greshams LEO Supporter

    As a hopefully-not-former member would have said, "Ding! Ding! Ding!"
     
  18. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    So where,s my love ? i think it needs to be win,win,win here :)
     
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  19. Hookman

    Hookman Well-Known Member

    I don't know where you buy and sell silver at, but I have never sold silver and got spot, and I have never bought silver for spot, except when I shop very carefully on eBay and manage to get a "deal".

    Whether it's buying or selling, the buyer/seller always says " I gotta make a profit. "

    I've sold silver at Gold and Silver buyers, coin shops, and pawn shops.
    No one I'm aware of ever pays spot, and every seller wants a profit over spot.

    That's just my experience, 'course I don't have any special contacts either.
     
    Dynoking likes this.
  20. Kentucky

    Kentucky Supporter! Supporter

    So, here's what to do, buy it, drill a hole at the top to establish it is authentic and then wear it as a necklace...:)
     
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  21. Hookman

    Hookman Well-Known Member

    and learn to Rap !
     
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