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 Replies: 10 / Views: 1,509 |
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Pillar of the Community
United States
1116 Posts |
A friend of mine asked me to come over to his house and look at his silver. Before I came over I told him that I do not do silverware. He said it was that but to come over anyway. That it was really coins and other things. When I got there he showed me some odds and ends that he was wondering if I would be interested in. Feeling like I was in an ambush I was uneasy, and told him that I really don't buy silver from friends (same as loaning to a family member). Anyway he had some good and mid-quality silver rounds and some JM and other makers 1,2, 3, 5, and 10 ounce bars with various sayings and some that were also beer advertizing. I told him from the onset that I don't have any silver rounds and that they were worth at best market price which yesterday was the bid price of $33/oz. I also told him that the name brand (JM) was worth maybe a dollar or two more than that. The offbrand stuff could be a dollar or two an ounce under that. I went on that maybe the advertising stuff were worth more than that but that since I don't get into that stuff I had no idea as to what the market would do, but to look at ebay for an idea so that if he took it a dealer he wouldn't get fleeced. I told him that some advertising pieces were worth more than others and that since I'm not into that part of silver it would be best if he did his own research, and that I would help him if he got stuck, but that before he went looking for a buyer I would he happy to discuss what he had discovered. He didn't like my answers because he thinks that I'm some sort of expert on all coins and silver related items. He couldn't believe the prices I mentioned because evidently he purchased this stuff back when the market was higher. I kind of felt like the person who broke wind at the church supper. Anyway, I do hope that he will continue to talk to me about his finds and collecting. I don't feel like I led him astray, but I firmly believe in one doing one's own research and asking questions and not going by only one person. |
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Valued Member
United States
148 Posts |
There's this show on PBS here in the States called Antique Road Show and my wife loves it, and I sometimes see pats of it when she watches. It's basically random people who bring old stuff to experts at antique shows. Sometimes what they believe is a "treasure" is worth $50,000 and people freak out and go crazy, and sometimes it's worth $50 and they're all sullen and owly afterwards. It sounds like the latter has happened here. If he's a quality guy he'll realize he put you in an ackward spot and forget it happened.
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Moderator
 United States
14463 Posts |
I like your honesty with your friend.  If they actually do the research, they should see that you were honest with them. |
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Pillar of the Community
United States
3540 Posts |
The "Church of the simple truth" is a hard one.
You did do right.
Tell him that it is seldom that anybody every hits a homerun...very seldom.
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Pillar of the Community
United States
1200 Posts |
The Church Of The Simple Truth has always been by far the most sparsely attended house of worship in the history of western civilization. Its gospel and its members are very unpopular in society at large.
Nonetheless, you did the right thing. Further--if your friend is now your former friend because you answered his questions truthfully, then he wasn't much of a friend in the first place.
Edited by Fat Freddy
12/07/2012 10:40 pm
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Bedrock of the Community
13014 Posts |
Quote:
I don't feel like I led him astray, but I firmly believe in one doing one's own research and asking questions and not going by only one person.  Sometimes people need to see it themselves to believe it, especially with the bad news of finding out something isn't as valuable as you thought |
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Valued Member
United States
110 Posts |
I'm sorry your friend put you in such an uncomfortable spot. It sounds to me as if he wanted to shoot the messenger.
I hope your friend not only follows your advice, but also looks into the fundamentals of the silver market. My suggestion would be to have him do a youtube search for Mike Maloney. Mike is an expert in the economics of precious metals with a long range view both forward and back.
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Pillar of the Community
United States
3670 Posts |
Sounds like the half empty spill verses my half full angle lol.... A 1,2,3,5, and 10 J@M bars alone is 21 oz. worth almost 1k on ebay all day before fees and freight which could be worse and they probably have more then just 21 oz.. Not to mention a 3 oz. J@M old pour is worth 300 alone, if they did indeed have one of that type.... It aint gold, but silver is what it is, 33 per oz. right now but to many J@M is worth 40 per oz..... Is he sittin on the lotto no, but sounds like a good foundation collection to me, and that 33 spot could be turning north anytime, or it may run sideways for five years, you never can tell.... So they got into it in the forties perhaps, surely they had some sense of spot price then and now.... Most smart guys that got rich on paper stock many of which hang out here, didn't do it by selling when things looked bad at less then what they had in it. They road it out usually and reaped the benefits later.... I would tell them to keep stackin if possible.... Edited by Silverhawk74
12/09/2012 01:24 am
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Pillar of the Community
United States
3670 Posts |
"(same as loaning to a family member)"
Not the same as loaning to a dead beat family member who never pays you back is totally different then paying cash for silver. Esp if you are getting the better end of the deal all day IMO, lol....
Edited by Silverhawk74
12/09/2012 01:34 am
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Pillar of the Community
United States
4008 Posts |
Quote:
I like your honesty with your friend. If they actually do the research, they should see that you were honest with them. I agree and would have done the same. Quote:
I'm sorry your friend put you in such an uncomfortable spot. It sounds to me as if he wanted to shoot the messenger. Yes, that was unfortunate. Just remember that when some people ask for an opinion, they don't really want one. What they want is usually approval. |
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Valued Member
United States
112 Posts |
Honesty is always the right policy!
Making a lousy purchase when you are beginning isn't so bad either. This is especially true if you have someone to point out some the issues with the purchase. I am just getting started on my more serious coin purchases and am nervous and excited to share my finds with everyone. I always welcome constructive criticism that will serve to educate me.
We all know you meant the best!
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Replies: 10 / Views: 1,509 |
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Posted 12/07/2012 9:10 pm
