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Friend calls to ask..

tneigtneig Posts: 1,505 ✭✭✭
He has but a handful of silver pieces and slowly.. looking around and learning. Calls me to ask if an MS70 silver dollar is a good deal at $80. ... Instantly NO appears in my head.

Asked the typical questions. Silver Dollar or ASE? His Answer, Yes
From where? A friend that says its worth $90. My Answer, you may be the last person that pays that much for it.
My followup questions: Is it in a slab, what is the name of the grader, year, yada yada yada, etc....-Ans: I don't know. So I'm still biased by NO.

My last suggestion: Stick to base silver for a bit. Compare this deal to Apmex (my standard recommendations).

I hate to be a stick in the mud and always say NO to these things, esp if its a small amount and the person may enjoy what they get anyway...

Its very tempting to try to sell a person something at this point. I try to resist, luckily spot is too low to bother at this point.
COA

Comments

  • jmski52jmski52 Posts: 22,300 ✭✭✭✭✭
    I think you're right to suggest that he shop the item at Apmex or somewhere that is reliable. The last thing you (and he) need is to have a bogus coin turn him off to precious metals as a scam.
    Q: Are You Printing Money? Bernanke: Not Literally

    I knew it would happen.
  • rickoricko Posts: 98,724 ✭✭✭✭✭
    Yep.... tell him to deal with the mint....Cheers, RickO
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