Verifying 100 oz silver bars

I have (I think) a very nice opportunity to purchase a 100 oz Johnson Matthey silver bar for spot. (19.88 oz).

I'm meeting the guy tomorrow at a public place to take a look at it. He has sent pictures and it looks legit. He bought it at a dealer in my town about 25 years ago. That dealer has been out of business for years. It is stamped, has a serial number, etc.

Was wondering if there is any obvious signs to tell if the bar has been hollowed out, or tampered with in any way? I've searched the internet and there are some articles regarding tampered with bars, but the chances appear to be remote.

He doesn't have an assay card.

Thanks!

 

Log in or Sign up to hide this ad.

Do the ring test... hold it between your thumb and pointer finger so it balances... then hit it with something... it should have a nice ring to it. If no ring then be suspicious.

 

A SUPER LONG SHOT... You could write to JM and inquire if they keep a bar registry for a provenance on how old that bar is and if the number is in their records. Sale may/may not have a dated point of entry into the market. Just a thought in place of a searchable verification resource like slabbed coins have.

 

Don't go alone. Stay in a public place. The setup has danger written all over it. I would never buy silver under those circumstances.

 

Thanks for the advice and concern. I'm meeting him at the bank where he keeps the bar in a safe deposit box. He's 76 years old. I know his name. I googled him and he's a retired anchorman for a local television news station. I'm not too worried about my safety. I am, however, worried about getting ripped off. This guy may be 100% certain that he's selling me the real deal, but he may have been ripped off 25 years ago when he bought it. You just never know.

Plus, I'll have my .45 Colt with me.

 

Are you allowed to carry a gun into a bank?

 

We'll be in the parking lot.

 

Ah! I see.

 

This whole thing keeps getting worse and worse.

 

Maybe you're right, Cloud. If it looks dicey, or weird I won't even leave my truck. We'll be in broad daylight in front of a bank.

 

I hope I never need to purchase a silver bar that bad.

 

Out in the open amongst strangers in other parked cars... you just don't know who is around you. Could be the seller brings his son in a second car... could be an 'ambush' style robbery to make it look you are both being ripped off... It is indeed looking worse knowing such scams and worse have happened over even trivial things.

 

So where do you guys buy your silver/gold? Online? Maybe someone is casing your house right now....maybe the Fed Ex guy who notices all the heavy packages you've received lately. Maybe he knows a guy who would pay for that information.

Do you buy from a brick/mortar dealer? Aren't you concerned about someone sitting in that dealer's parking lot waiting to follow you home and rob you?

To me, this is just as safe, if not safer than buying other ways.

 

True, there are hidden dangers all around. P.O. Boxes are amongst the safest ways to receive such parcels if buying by mail. Most online bullion dealers require signature confirmation for delivery and package in very discreet looking parcels. Coin shows and B/Ms are not without problems, but safety to most is at best an illusion they trick themselves into believing they have. One must be vigilant in personal security and their surroundings.

 

The best deals are through local dealers/sellers. I cannot believe the premium some people pay when they buy from Goldline, Rosalind, or even from advertisers in coin magazines. In April I was buying rolls of ASE's at the local coin show for under $400. Brick and mortar guys wanted $450 a roll. Magazines advertised for the same amount if you included shipping. If you buy gold from one of the companies advertising on television it will have to hit 2k an ounce for you to break even. Give me the weekend coin dealer/private collector with no overhead any day. I'll also take the risk of paying cash locally over having some big company, or the government having my name and address in a database. The fewer people who know about what I own the better.

Again, I'm not worried about my safety in this situation. I'm worried about getting what I'm paying for.

 

Just made the purchase. Very nice guy. We hit the donut shop afterwards. Since he sold me the bar at spot, the coffee was on me!

 

did she ring like a bell?

 

Yes, sir.

 

your over spot price was a cup of coffee

will you be posting a pic of your new bar? have you weighed it too?

 

you guys are all way to paranoid!!!!!!!! I highly doubt the guy is going to ambush him in the parking lot, he is not going to have a setup with his son in another car. Holy cow give me a break. Dude meet the guy at the bank check out the bar and call it a day. I am telling you you guys are way to paranoid. We are coin collectors not Bill Gates with $50,000 in his pocket, we don't need secret service around us when we guy to buy silver. I mean really