Advice on buying hoard / silver bars
Yorkshireman
Posts: 4,557 ✭✭✭✭✭
I have agreed in principle to buy a large hoard from an estate. Most of it is 19th century gold coins and modern ASE’s. Those I understand.
However there are 10 & 100 oz silver bars.
What is the wholesale / retail market on these?
I want to be fair but also want to make a profit….
Yorkshireman,Obsessed collector of round, metallic pieces of history.Hunting for Latin American colonial portraits plus cool US & British coins.
1
Comments
10 and 100oz bars - I would try to get for spot or a bit under and I’d sell for +2 to +3 per oz unless something special
This
It depends on maker and age. Some bars have collection value above melt.
I am looking forward to see your stash ☺️ Good luck!
What are the better ones?
A lot of old hand poured for one.
Engelhardt.
But if you don't know how to unlock that value, it is kind of irrelevant.
It seems like some of the older, poured stuff can have a premium. It needs to be a decent name though, Englehard, Johnson Mathey, like that. Newer, extruded stuff isn't as collectible. But there seems to be a decent premium on physical these days, so you can probably do all right with whatever.
Stuff like "Bob's Basement Bars" or something I would want at a decent discount though......Good luck.
Ten ounce bars have been going for well over spot on eBay.
I am pretty sure they are Englehard. So, that’s good?
You will probably get better responses on the precious metal forum here. From my buying experience, you should be able to sell the 10 ounce bars for melt +$2 per ounce. Better brands like Engelhard should bring a little more above melt and a few even become collectible.
For the 100 ounce bars, these usually sell for less over spot. Probably melt plus $1.5 per ounce. These are more difficult to move.
My two cents.
Yes, they'll be easy to sell.
I will add to the recommendation that you post the information on the Precious Metals forum. There are a lot of silver bar collectors over there. Good luck, Cheers, RickO
Forget about "fair". Who knows what "fair" is? Your objective is to get them as cheaply as possible. Think like a dealer and buy like a dealer. If you try to be "fair" you will most likely overpay.
A potentially useful reference ...
It provides a 'sanity check' on your offer price (i.e., this is what someone else is willing to pay).
Additionally, while not comprehensive, it does discriminate based on bar manufacturer (e.g., Engelhard and JM).
You can both be fair and get a good price. Any dealer who is trying to get them cheaply without regard to fairness is not worth doing business with... ever.
Silver plate is $2 per pound. Sterling silver is $18 per ounce. Are you suggesting you should always tell the customer that it is plate? Always buy UNC coins at AU prices.
I'm more dealer than collector and I ALWAYS strive for fairness.
Yes, Engelhard is good, and some are very good. Check out the AllEngelhard.com website for all the details on types and rarity of such.
mbogoman
https://pcgs.com/setregistry/collectors-showcase/classic-issues-colonials-through-1964/zambezi-collection-trade-dollars/7345Asesabi Lutho
I just purchased a one kilo bar of silver for $748. Waiting for delivery any day now. Largest silver bar I bought prior to this was 10 oz bars and paid a lot more per ounce than I did on this kilo bar. I bought it when silver was down this weekend, so I'm happy.
USN & USAF retired 1971-1993
Successful Transactions with more than 100 Members
Be careful buying the 100 oz extruded Engelhard bars. Some had the ends drilled with several large holes to steal some of the silver. The holes were backfilled with a cheap alloy that brought the weight back up to 100 oz and then the ends were smoothed to hide the deception.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
They basically sold it for spot and no premium. A hard deal to come by these days.
You better check your math. That's more than a $1 premium per ounce. Upstate sells kilo bars at +1.60. You can buy a many as you want at $749 right now.
Gold coins and silver bars....sounds like an expensive purchase. Where do you sell afterwards?
I posted the Bars on the precious metals forum. Haven’t posted ASEs or gold yet.
Want some? What are you looking for?
My math is fine. I did use the word "basically" in my comment. Spot can easily fluctuate a $1 or more in a week.
And so, it is NOT a "hard deal to come by these days". It is the normal sale price for kilo bars. You will pay more for smaller bars and rounds.
I'll go check that forum out. Looking at the silver bars...checking out sizes and prices! 100 oz must be a really big bar??
Not normal if you look at SD Billion, Ampex, JM Bullion, Bullion Exchange, Provident Metals, BGASC and dozens of listings on Ebay. Of course you can NAME half a dozen retail dealers that can sell kilo bars for $749 right now. Drops some names on me.
I already told you. Upstate sell price is +$1.60. You can buy hundreds of kilo bars at that price if you desire.
That's the best you can do? Upstate sell price is +$1.60. Give me some names of businesses that are sell 1 kilo bars for $749. If it is "the normal sale price" you should have no problem running off half a dozen names of businesses selling the bars at that price.
Upstate is a major regional bullion seller. Why do I have to find everyone else who is at the same price? If I find someone seeking for $100 more than that, by all means pay more than you have to.
They post nothing on their website as far as what they sell, pricing, etc. And if you are claiming it's "normal" pricing certainly you can provide the names of other companies selling at the same "normal" +$1.60 price. You can't because that price is NOT normal and you know it's not.
@jmlanzaf
@pmh1nic
Can you 2 please put your dueling discussion into a PM battle with each other. You 2 have sent me 10 notifications and I know how much I paid and do not need your bantering that sends me these silly notification. I kindly thank you 2 gentlemen in advance.
USN & USAF retired 1971-1993
Successful Transactions with more than 100 Members
The PCGS message board is sending you those notifications, not the posters on this thread. You can modify your notification preferences if you don't want to receive them.
This isn't A personal battle. The tread is a discussion of buying silver bars. We are discussing what is normal pricing for these bars and what one should expect to pay. I haven't sent you any notifications. The price you referenced was part of the discussion.
this last one makes 11 between the 2 of you.
USN & USAF retired 1971-1993
Successful Transactions with more than 100 Members
Yes, I do not appreciate you guys hijacking my thread asking for advice on how best to buy and sell silver bars…
You can turn off notification
Very sorry.
(> @pmh1nic said:
Yes, it is. You have to register to see their price list.
Everyone in my entire region uses their buy/sell daily price list. Certainly resellers, especially those who buy from Upstate mark them up. So, yes, you can pay more than that...a lot more from some sources.
Register to items for sale and pricing? Is that normal? I’ve been collecting (not acting as a wholesaler or retailer) for 20 years in the Northeast and I’ve never heard of them, they have never come up in an internet search and I’m 99% sure I’ve never seen a post from someone mentioning them in a post when discussing buying or selling. Of course you are the buying and selling guru that knows where all the deals are to be had BUT the $1.60 over spot is not “normal”.