APMEX Generic Silver....Round 2
Proofmorgan
Posts: 758 ✭✭✭✭✭
I bought another 15oz of generic silver with hopes of getting a nice poured bar like last time. I even requested one in the comments and put a corny message saying all I wanted for Xmas was a unique/poured silver bar. What showed up......15 generic buffalo rounds. At least half had some marks/toning. I'm disappointed, but I assumed this would happen at some point. At $2 over spot, I'll probably hold off for awhile.
Collector of Original Early Gold with beginnings in Proof Morgan collecting.
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Too many positive BST transactions with too many members to list.
<< <i>Santa don't work at Apmex, sorry.
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
Wrong!
Thanks
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
<< <i>Did you do +$2 with this one? Or is that the current??? >>
His opening post indicates he paid $2 over spot. Seems high to me.
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
If you want a poured bar why not just order one??
<< <i>I don't understand.
If you want a poured bar why not just order one?? >>
He was gambling that he could get one cheap by buying generic silver and adding a note to his order requesting a poured bar.
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
The first time around I ordered 15 oz and actually received 15.4 oz. I got a nice old 9.23 oz bar , 5 buffalo rounds, and a few fractionals in grains. That time I just requested 5 oz or 10 Oz bars if possible.
I'm sure they have a ton of buffalo rounds as fillers for each order. Those rounds are garbage as far as I'm concerned. Not well struck and full of die cracks. Pretty sad for modern bullion.
I'm sure it would be a better value and more exciting if I went for 500oz, but that's quite a gamble and investment.
I did it more for the fun and excitement than anything. Nothing like opening a box that you don't know what's inside. First time I won, this time I lost.
<< <i>The way it works is you specify how many ounces you want and they fill your order according to what they have. It's about $2 over an oz if you do under 50oz, up to only 75 cents over if you do 500 oz. it's a mystery box, if you will. The reviews range from people getting old Engelhard bars to people getting stiffed like I just did.
The first time around I ordered 15 oz and actually received 15.4 oz. I got a nice old 9.23 oz bar , 5 buffalo rounds, and a few fractionals in grains. That time I just requested 5 oz or 10 Oz bars if possible.
I'm sure they have a ton of buffalo rounds as fillers for each order. Those rounds are garbage as far as I'm concerned. Not well struck and full of die cracks. Pretty sad for modern bullion.
I'm sure it would be a better value and more exciting if I went for 500oz, but that's quite a gamble and investment.
I did it more for the fun and excitement than anything. Nothing like opening a box that you don't know what's inside. First time I won, this time I lost. >>
Please explain how you "got stiffed".
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
yo yo yo
To Proofmorgan, thanks for sharing your experience, I had been curious as to what's in the Apmex mixed bag junk silver bullion, you've given two examples of this pig-in-a-poke style of collecting/investing
I tend to agree with others that if you want a thing, then just go buy it instead of gambling, but if you enjoy the fun of the surprise as you've described, and do not mind the cost, then what harm?
Liberty: Parent of Science & Industry
I'm glad I could be of help to anyone who was curious about these silver "mystery boxes" by Apmex. If you are looking to make a profit, stay away. If you want to take the chance and maybe get something unique, give it a try. Worst case scenario you sell it back for spot and lose a couple bucks.
In saying I got "stiffed"; when you order a "grab bag" you assume you will get a variety and not all of your ounces in cheap identical rounds. Based on customer reviews and my first experience (mix of an old bar, rounds, and fractionals), I assumed I would get a variety this time around. I was fully expecting a mix like the first time, considering they had over 800oz listed as available at the time.
I gotcha. Thanks for the explanation. So it's just a grab bag. I'll check to see how the quantity you can order varies. It's interesting and I can see how it can be fun. Basically, at worst you're getting the quantity that you asked for. I didn't realize there's so much more value in a bar versus a round or coin. Don't see why apex would even put bars in there. Just load it with the most "worthless" silver. I'm guessing they can always sell bars etc for more of a premium.
I see it as how we use to buy rolls of quarters looking for pre-65's. Nothing to lose. And fun. Interesting.
Do they do this for gold? I wouldn't think so but it'd be nice. I bet they'd sell a lot.
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