Counterfeit Silver Bullion ...

Discussion in 'Financial Cents' started by enough, Mar 21, 2012.

  1. enough

    enough Monkey++

    Talking to a coin shop guy the other day, he was all up in arms over counterfeit silver. Said that he will no longer buy generic bullion unless he is allowed to core sample it.

    I have some one ounce silver bullion rounds, from a small company, that I bought a while back and kind of forgot about. This got me thinking that perhaps I should be swapping this out for eagles. If the value is going to stick around the low 30's for a little bit, it might be a good time to do this. Especially if I'm expecting a kick back up in the next 6 mo of so.

    I'm curious what the monkeys think.

    I've used the nucleo exchange on BullionDirect before and I liked it. How would the monkeys recommend the swap out?
  2. DKR

    DKR Raconteur of the first stripe

    Expect to pay

    If you bought the rounds back at 6 USD/oz, it might make some sense now, but expect to pay a premium. But what ever you pay i the Delta-$ will cut into your yield, again, unless you bought at under 10 USD/oz.

    I deal only with local dealers, who have proven to be both honest and resonable in their markups.

    Dollars, either the older 'silver' dollar or the nwer Eagles carry a large premium. Than might explain the allure of so-called junk silver.

    Good luck.
  3. enough

    enough Monkey++

    Excellent point and I've put some consideration into the topic. Using the nucleo exchange, I can see a premium of about 1.60 on generic rounds and 2.75 on eagles. If I bought straight from their catalog, its 2.00 for generic rounds and 3.00 for eagles. IMO, its one of the best places to sell if your primary objective is to sell at as close to market price as possible. The downfalls are that you need to ship them to BullionDirect and there is a turnover time before you can flip the purchase proceeds right back into eagle. Another downfall is that the total buying network isn't very big.

    FWIW, most were bought between 8.25 and 10.25. :)

    I could ship them all down to BD ahead of the sales, that way ensuring I could flip the proceeds quickly into eagles, but then I need to ship them all back up here .... While I have never had a problem with that, I'm a little uncomfortable with it all. My previous shipment have been very small in volume and weight.

    Also, all of notable transactions of the past have been before there were any requirements to report large PM transactions. I'm not sure of the current requirements, but I'd guess this would fall into that category. :(
  4. Idahoser

    Idahoser Monkey+++ Founding Member

    is there a Fisch for 1oz silver rounds?
  5. enough

    enough Monkey++

    What's a Fisch?
  6. Idahoser

    Idahoser Monkey+++ Founding Member

    The Fisch
    you fit the coin into the circle and through the slot to verify it's not too big, then balance it on a table to see if it's heavy enough. They're very expensive but looks simple and accurate. You can accomplish the same thing with a caliper and scale but it takes more trouble and time.
    Quigley_Sharps likes this.
  7. TnAndy

    TnAndy Senior Member Founding Member

    I kinda think they only make them for gold coins ( or did make recall is Fisch is out of business ).

    On fake coins.....I've seen reports of quite a few fake Morgan silver dollars out there.....Chinese having a field day with watch buying those.
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