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New-B Trying to Learn

sugar12sugar12 Posts: 5 ✭
in Buy, Sell, & Trade - U.S. Coins

I was hoping for guidance as to the best way to sell silver bars. I have 100 tr oz, Engelhard 999 fine bars that were gifted to me by my grandfather. I've looked at online and local coin dealers and I'm unsure as to the best route. Feedback welcome. Thanks in advance

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    ONUUUONUUU Posts: 48 ✭

    Hi and welcom
    Engelhard bars seem to get a premium, they are a tier one silver processing compny' The precious metal site here is great, but with this ever changing silver market becareful with your prcies..check coin flation to see what they are worth, and always by low sell high, not always the case

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    topstuftopstuf Posts: 14,803 ✭✭✭✭✭

    Do you need the money?
    Was gramps's intent that you sell them to live on or keep as insurance against catastrophe?
    Legally, that wouldn't matter, but it does warrant some thought.

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    learningcoinslearningcoins Posts: 73 ✭✭

    @topstuf said:
    Do you need the money?
    Was gramps's intent that you sell them to live on or keep as insurance against catastrophe?
    Legally, that wouldn't matter, but it does warrant some thought.

    Good question as silver could very well be much higher in coming years, of course the opposite is always possible. If you do not need the money though, I would rather have silver than cash. For the price difference, I would want to sell 100 ounce bars in person at a dealer that can pay you with $100 bills. As long as you don't sell more than 10K no paperwork should be involved. You might get a little more online, but when you factor in fees, risk, and paper trail, it would not be for me. I would think you would get offers anywhere from spot price to $1 under spot per ounce, which would be $1586-$1686 per bar at the moment. If you want to sell, maybe state your approximate location and members here might be able to steer you toward a good local dealer.

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    Walkerguy21DWalkerguy21D Posts: 11,150 ✭✭✭✭✭

    There is also a Precious Metals forum, if you look under Categories, you can post to - there are many experts over there that can help you.
    Good luck.

    Successful BST transactions with 170 members. Recent: Tonedeaf, Shane6596, Piano1, Ikenefic, RG, PCGSPhoto, stman, Don'tTelltheWife, Boosibri, Ron1968, snowequities, VTchaser, jrt103, SurfinxHI, 78saen, bp777, FHC, RYK, JTHawaii, Opportunity, Kliao, bigtime36, skanderbeg, split37, thebigeng, acloco, Toninginthblood, OKCC, braddick, Coinflip, robcool, fastfreddie, tightbudget, DBSTrader2, nickelsciolist, relaxn, Eagle eye, soldi, silverman68, ElKevvo, sawyerjosh, Schmitz7, talkingwalnut2, konsole, sharkman987, sniocsu, comma, jesbroken, David1234, biosolar, Sullykerry, Moldnut, erwindoc, MichaelDixon, GotTheBug
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    sugar12sugar12 Posts: 5 ✭

    Great feedback and greatly appreciated. Answers:

    I don't need the money. I want it for a home improvement project. (Finish the basement)
    Gramp's intent was unknown - but my assumption was there weren't restrictions...I am 36, own a business, have a family etc - so it wasn't a situation where he would worry about me squandering the assets.
    I do have other funds for a catastrophe - this was simply a nice place to pull from as it's money I don't really think about.

    I am in PA. I live in Central PA but I am from Philadelphia area. I have contacted coin dealers here - but the retail fee is steep. The best offer I have had other than online was $.25 under spot, plus I pay for shipping...Only issue I have is that it's about a 3 hour drive to get there - Philly...And as we know - price changes intra-day.

    Ideally I would like to see the price get to $20/oz, then liquidate them. If anyone wants to discuss privately and has interest, I would be more than willing.

    Thanks again.

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    sugar12sugar12 Posts: 5 ✭

    Would anyone be willing to recommend the best/most reputable online dealer to sell to? Thanks in advance.

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    1630Boston1630Boston Posts: 13,772 ✭✭✭✭✭

    Welcome aboard :smile:

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    Bad transactions with : nobody to date

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    sugar12sugar12 Posts: 5 ✭

    What I have looks like this: http://www.apmex.com/product/61773/100-oz-silver-bar-engelhard-struck-w-original-plastic

    Appears there is a premium for that type? Just looking for some guidance. I don't want to get ripped off, and it's hard to find good information.

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    OuthaulOuthaul Posts: 7,440 ✭✭✭✭✭

    @sugar12 said:
    What I have looks like this: http://www.apmex.com/product/61773/100-oz-silver-bar-engelhard-struck-w-original-plastic

    Appears there is a premium for that type? Just looking for some guidance. I don't want to get ripped off, and it's hard to find good information.

    Welcome aboard.

    With regard to your 100 ozt bars, I see them regularly at local shows in the $1695 - $1795 range depending upon the price of silver.

    Cheers

    Bob

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    ChrisH821ChrisH821 Posts: 6,338 ✭✭✭✭✭

    I think the first order of business is ensuring that they are real. It is my understanding that there are some decent fakes out there, I think something like lead coated with silver. Here is a youtube video that came to mind

    Collector, occasional seller

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    sugar12sugar12 Posts: 5 ✭

    Great info, thanks.

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