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 Replies: 62 / Views: 6,649 |
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Pillar of the Community
708 Posts |
I was thinking of buying three 100 ounce silver bars, but am afraid that, if someone sees me buying them, or walking out of the coin shop with them, I might get robbed. So, whats the best and safest way to buy these bars?
Also, when I sold a 100 ounce bar I once had years ago, the place I sold it to did the "ding test" where they hold it a certain way so that they could hit another piece of metal against it, to make sure it was solid silver, and not a lead filled bar. So, is there an easy way, besides the ding test, to tell that these bars are real? And should I make the seller do the ding test in front of me?
I'm on a quest to buy a 1,000 ounce silver bar by putting away a 100 ounce bar every time I save up enough money to buy one, until I get nine 100 ounce bars, and enough cash to buy another one, which would instead be applied to buy the 1,000 ounce bar.
Any tips to offer on this?
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Pillar of the Community
United States
3184 Posts |
why would you want that big? Harder to sell and the fake bars filled with lead are found on the larger bars
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Pillar of the Community
United States
1304 Posts |
Quote:
why would you want that big? Harder to sell and the fake bars filled with lead are found on the larger bars  Unless you just want to say I have a 100 ounce bar of silver, smaller bars are the way to go. I personally have nothing over 10 ounce bars. Just think how cool 100-10 ounce bars would look all stacked together!  Edited by Wornslick
02/12/2013 07:43 am
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Pillar of the Community
Australia
4411 Posts |
also. I would go with 10oz bars. |
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Pillar of the Community
United States
1511 Posts |
also... I don't like any over 10oz's. I'd rather have 1000 1oz bars than 1 1000oz bar.. But hey, it's all personal choice so do what best suits you. I may be wrong but I thought the only way to tell lead filled on bigger bars was to drill them? I definitely could be wrong, definitely could, and probably am, lol. But I didn't think the "ring" test worked for bars that big... Personally I wouldn't trust a 1000 oz bar unless it was drilled through and tested.. To much $ to gamble with, for me at least....  |
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New Member
United States
37 Posts |
I'm on the same boat. Don't consider my purchase to be "large" but I am still concerned about security/safety. Besides, the guy that sees you walk out of the coin shop doesn't know if you spent 10 bucks or 10,000 bucks.
Because of that I'll probably buy online. But then that brings up another question do I prefer to have local bad guys know what I'm into or Internet bad guys (though hacking goldmart/apmex and finding shipping addresses)?
Which do you think is the lesser of two evils?
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Pillar of the Community
United States
1200 Posts |
All the advice above about staying with smaller bars and not buying a 1,000oz bar is sound and I totally agree with all of it. Another undesirable aspect of
the 1,000oz bar not yet mentioned is that the sale of one will by definition be reported directly to the IRS because of the value of the transaction. There's
nothing good or desirable about having that happen.
Sticking with nothing bigger than 100oz bars has a lot to be said for it and sticking with bars in the 10 oz to 1 kilo range has even more to be said for it
because of the liquidity of the smaller bars.
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Pillar of the Community
1283 Posts |
Yeah unless you are buying literally 10's of thousands of ounces there is absolutely no sense in buying 1,000 oz chunks. Even 100s are a pain in the butt to sell for a good price. And lets be realistic people buy large amount of PM's everyday w/o being robbed. I mean think about it, you have just as good a chance of being robbed once you walk out of a bank as you do leaving a coin shop if not more. I'm not saying don't be careful just maybe don't announce you have $10k in silver on your person.
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Valued Member
United States
80 Posts |
I agree that smaller would be the way to go. But as for safety, if you're making a purchase that large I know that the LCS around here will set up a private meeting, so at least no one else is in the store while you make your purchase.
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Pillar of the Community
United States
5849 Posts |
I love 100-ounce silver bars and get them occasionally from reputable online dealers like goldmart.com. The premiums are generally low (I've bought them for as little as $0.39/ounce over spot and they currently have some for $0.69/ounce over spot), and you can have them shipped directly to your home if you wish. I happen to have a P.O. Box, so I have them shipped there just so the local mailman doesn't start wondering what's in all those small and very heavy packages.  |
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Valued Member
United States
455 Posts |
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but am afraid that, if someone sees me buying them, or walking out of the coin shop with them, I might get robbed. I feel the same way when I'm walking out of the bank with a box of half dollars. It's got $500 in big letters on the side of it. Nothing discrete there!  |
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Pillar of the Community
United States
1200 Posts |
@barryg---I love your pix, but you really should consider changing your username to "The Doorstop King"!
@kurrykid---You raise a good point. CRHers dragging 30, 50 or 100 lbs of coin out of a bank are a lot more conspicuous than somebody carrying a single
100oz silver bar out of the LCS--even though the bar is worth a lot more
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Pillar of the Community
United States
1721 Posts |
Just a thought.  |
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Valued Member
United States
239 Posts |
@ barry - I'm not usually a fan of 100oz bars, but that JM is gorgeous!!
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New Member
United States
37 Posts |
@ mds308
Now that's what I call precious metal! Steel trumps gold every time.
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Valued Member
United States
380 Posts |
That's a great thought mds308.
I get most of my bullion from Kitco. They're easy to deal with, have good prices, and ship fast.
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Replies: 62 / Views: 6,649 |
Posted 02/12/2013 06:48 am
