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Buying precious metals bars

logger7logger7 Posts: 8,518 ✭✭✭✭✭
in Precious Metals

I got a call from someone wanting to get my offers for a Pine Tree shilling and he also wondered whether I would buy a 50 gram bar. I scheduled a meeting on the weekend, though I told him over the phone I would refer him to a good buyer for the bar. He cancelled. Maybe I was fortunate as a long time dealer told me he doesn't not like to buy bars with all the fakes out there. Is there a way to buy them without an expensive device to assess whether it is real or not?

Comments

  • JBKJBK Posts: 15,570 ✭✭✭✭✭

    This is not my area of expertise, but isn't 50 grams under 2 ounces?

    A pine tree shilling is an extremely desirable coin, isn't it?

    I don't know why the silver bar was even a consideration for either of you. I'd pay several tines the value of a 2 ounce bar if I could get a PTS in the deal.

  • logger7logger7 Posts: 8,518 ✭✭✭✭✭
    edited April 24, 2022 12:50PM

    I would have been glad to check out the Pine tree shilling if the guy hadn't cancelled, maybe he was trying for a quick rip? If you are buying you have to be a lot sharper these days. The gold bar he mentioned would be well over $3K if it were real. Plus it is not worth taking a chance on buying hot items.

  • JBKJBK Posts: 15,570 ✭✭✭✭✭

    @logger7 said:
    The gold bar he mentioned would be well over $3K if it were real. Plus it is not worth taking a chance on buying hot items.

    That changes things. "Gold" wasn't mentioned in the title or the post. Not sure why, but I assumed it was silver.

    In the case of gold, I agree with your handling of it.

  • rickoricko Posts: 98,724 ✭✭✭✭✭

    Yes, a gold bar offered 'over the phone' would definitely require an XRF to verify. Just not safe anymore to buy casually. Cheers, RickO

  • jimqjimq Posts: 274 ✭✭✭

    I don't know if it's foolproof er even trustworthy, but the last couple gold bars I bought were Pamp bars with Veriscan. You download an app to your phone, scan the front of the bar, and it tells you if it's good. It was free but a limited number of scans. Don't take my advice but you might be able to use that. Luckily my local metal place had an XRF and they checked all of my bars for me :)

  • derrybderryb Posts: 36,816 ✭✭✭✭✭

    Sigma Precious Metal Verifier

    "Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey

  • logger7logger7 Posts: 8,518 ✭✭✭✭✭

    @derryb said:
    Sigma Precious Metal Verifier

    They start at $1399, out of stock.

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