I go to Mexico once or twice a year, and I'm going back in 3 weeks. When I went in April, I didn't know about bullion investing but my father bought me a one ounce silver round from 1993. I searched it on ebay today, now that I'm investing in silver, and found it going for ~24 dollars. My dad got it for 20$, and I'm wondering if I offer to buy 10 from the guy, how much should I bargain it to? I know they get the silver right from the mines nearby, so I was thinking 150$ would be good? Or maybe less? what do you guys think?
What do you mean by "barter"? Bartering is when, instead of using money, you trade an item or a service for an item or a service someone else has. If you are asking how much you should "bargain" for I would think $15 is very low with silver closing above $15 yesterday.
It's at 14.83 today, but I know they get it extremely cheap because he gets it directly from the mines. I know a coin guy near me get silver for 12$ an ounce. I think asking maybe 130-140 is reasonable.
Look, no offense, but silver does not come directly out of the mines in the form of rounds. Anytime a person takes raw metals to a silversmith/goldsmith, etc, they charge for their services. However, if you are able to do this on your trip, please follow up and let us know so we can go to the same place! If you believe the sellers in Mexico are willing to sell rounds to you below spot price, then buy as much as you can afford, assuming they're authentic .999 pure silver. But even purchasing at spot price is a terrific deal. IMO obtaining silver at anything below spot + $2 is worthwhile.
Oh I understand that, but silver is still really cheap there. I'll see what rate I can get and give you guys a heads up. I can post a picture of a Mexican Government silver round I got there, once I get my camera out
How would you know if it is pure silver. It could be plated, overlayed (Like the 1965-70 Kennedy Halves) or not real silver at all. There have been some faked coins from China that you can actually see the sand cast on the coins. So being sure of what you are buying is a must for an investment.
I guess I'll have to take a picture of the coin; I know it's real silver, they weigh it in front on you.
You should visit my Uncle, he's got 100% pure silver he'll sell you 50% below spot. He'll even weight it right in front of you. Let me know which part of Mexico you're going to and he'll move his whole mining operation there overnight to fill your silver needs.
Also, for the record, the Mexican government does not produce coinage or currency in any shape or form. That is done by the central bank, Banco de Mexico. It'd be like if the Federal Reserve produced our currency and coins.
All I am interested in is keeping things on a even keel, I will leave the philasophical nature of a forums dynamics to others
Good luck on getting one of those beautiful silver Mexican Libertads, I have a friend who will look into picking me up one of them while he is there this week, I Have one of the old ones from 83 and it is a nice looking coin but the new design is classic IMO
It could be a good deal for you. However, you should take a small sample to an assayer to have it checked for purity & quality of the Silver. If its 97 proof or better thats great 99% super. As for the coins, I love those 47-48 Aztecs. Traci
