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 Replies: 19 / Views: 2,383 |
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Pillar of the Community
United States
781 Posts |
Just ran into a bunch of lots listed by my state of Massachusetts... roughly 40 bags of 803oz of silver! https://www.ebay.com/itm/156949429740I wonder if they are seized property? I don't know anything about bagged silver... Thoughts? |
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Pillar of the Community
 United States
781 Posts |
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Bedrock of the Community
 United States
24884 Posts |
WOW!  Inordinately fascinated by bits of metal with strange markings and figures
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Pillar of the Community
United States
2213 Posts |
At bottom of listing is description. It's unclaimed property from safety deposit box. Many states have laws about unclaimed boxes, after so long if no relative claims contents the state can auction it off. Where I live the state must list unclaimed property on a web site and each year they advertise to encourage people to look at the web site. The state also keeps unclaimed money like rent refunds, last paychecks, tax returns, bank interest that for some reason the owners never got, for instance they moved. Last year the state returned millions of dollars to owners and descendants.
My mom passed in 2012. A few years later I noticed here name on the list. It was some stock she never told me or my stepdad she had and we never saw any paperwork of it going through her estate. They were not in a safety deposit box. The company was unable to contact my mom so they turned the stock over to the state. It wasn't a lot of money but we filed a claim and my stepdad got the stock. It's important to have stuff written down or a Will. But sometimes people die without any close relatives to inform.
I think federal and state governments can auction off seized property.
Silver and gold granuals are used by jewelers, artists to make things, some collectors buy them too.
Edited by livingwater
05/03/2025 8:07 pm
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Pillar of the Community
Canada
5238 Posts |
I see that the gold lot shows a container with the RCM logo on it. I wonder if the RCM might distribute their refined gold as granules? Odd that it would end up in Massachusetts. I would have guessed that US customers would get their gold from the US. |
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Bedrock of the Community
United States
10472 Posts |
Call them up and ask - (617) 367-6900
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Pillar of the Community
United States
781 Posts |
livingwater - when my boyfriend's mom passed away, because he couldn't find the key to her box, they wouldn't open it for him. He doesn't know what's in there, and he's the executor of the estate. I think they were ripping him off, to be honest...
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Moderator
United States
54280 Posts |
@Nells
A copy of the death certificate, documentation showing he is the executor, and proof of identity should be enough for the bank. You may have to pay to get the lock drilled and buy the bank a new lock. Don't let it slide.
Show your financial support of the Coin Community Family (click here)See my topic on Mexican Numismatic Medals (click here) |
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Moderator
United States
54280 Posts |
They have 42 25 kilo bags, that's 1,050 kilos of silver. They want just over 32 per troy ounce. That's over $1,000,000. ebay fee will be $1,422 per bag if the bag sells for the minimum bid. Show your financial support of the Coin Community Family (click here)See my topic on Mexican Numismatic Medals (click here) |
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Pillar of the Community
 United States
1502 Posts |
I'm willing to bet ebay and the State have some sort of reduced fee agreement in place. 42 * 1422 is just shy of 60k - why wouldn't the State contact a Bullion dealer to dump it at spot. |
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Bedrock of the Community
Australia
21786 Posts |
It would be my inclination to shy away from buying gold and silver, in both bullion and coin form just now.
If you are a long term stacker,
sudden price rises above medium term trend lines are usually followed by a fall, and that is the time to consider re entering the buying side of the market.
Sellers are currently taking their profits.
Edited by sel_69l
05/04/2025 8:29 pm
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Pillar of the Community
United States
2213 Posts |
@nells250
nss-52 has good advice, the bank will likely want to see copy of death certificate, proof of executor, ID of the son. Your boyfriend should check with state government department of banking/finance for the specific laws and process to get the box where his mom passed. If your boyfriend does not have all the necessary documents he may need to hire an attorney.
Edited by livingwater
05/04/2025 9:33 pm
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Pillar of the Community
United States
745 Posts |
Spot on that silver is $26,016 for $25,720 so your looking at a few hundred dollars of loss which would just be eaten away even further if you found a dealer with that kind of cash between his profit and melt down costs. For the gold you bought at at $592,259 the price for spot scrap gold is $552,949 in that weight so you'd be taking a beating right off and could only hope for gold to go higher. Either way the numbers dont add up. If it were me and I had the cash I'd probably go with the gold despite the instant loss of $40 K because I have little doubt gold will go higher. Recently it was at $3,500 oz which makes the numbers much friendlier at $583,000 and I have little doubt it will soon be at $4,000 oz which puts the value of the bag at $666.264 or thereabouts, making it worthwhile tho I dont know what you'd get for it. With both your probably best off just putting it in a safe deposit box and forgetting about it for a decade or two until the price for both or either has broken orbit for Mars insertion. The numbers for this silver bar are even worse. I dont know who Johnson Matthey was but I doubt he was important enough for me to buy spot $1,045.22 of poured silver for $2,500.00. You could put the names of Jesus Christ on it and I wouldn't be that big a sucker to buy it. Here, I just beat it by far at a few bucks over spot. https://www.herobullion.com/1-kilo-...y-condition/Edited by Silverskunk
05/05/2025 08:58 am
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Moderator
United States
187541 Posts |
Quote:
I wonder if they are seized property? I don't know anything about bagged silver...  |
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Pillar of the Community
United States
781 Posts |
RE: boyfriend's mom's box - he did provide all of that. They said it has to go to probate or something... whatever it is, it would cost too much... they told him to wait until the contents are deemed abandoned... sounds like the usual hack garbage we get here in Massachusetts...
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Pillar of the Community
United States
781 Posts |
INCIDENTLY, it seems I always give the wrong impression when I post things... I am curious about the BAGS OF SILVER THEMSELVES, not the ebay auction. Are those little beads a common way to trade silver? |
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Replies: 19 / Views: 2,383 |
Posted 05/03/2025 7:36 pm
