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Should you open sealed PMs to verify them?

tneigtneig Posts: 1,505 ✭✭✭
in Precious Metals

I recently saw a video that says you should open your packages to verify your gold or silver. I have some Pamp sealed gold for instance. Is the perceived validity worth more with a sealed package or should it be opened to verify?

I know this discussion runs from where it was obtained to who would like to purchase it in which state, to even slabs..
not to mention what the testing method is...

COA

Comments

  • OPAOPA Posts: 17,124 ✭✭✭✭✭

    Keep your PAMP bar sealed along with any other gold bar that has a "fail safe" security feature. I for one, have only purchased gold bars from major Nationwide bullion dealers that also have a "buy back" policy. Since I do not own a Sigma PM verifyer, I would not consider buying a bar that's been "removed" from it's sealed packaging.

    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • ShadyDaveShadyDave Posts: 2,203 ✭✭✭✭✭

    I only buy 90%, ASE's and vintage silver bars that I can verify for that reason.

    I use to stack PAMP 1,2.5, 5 and 10 gram gold bars but I have seen how good Chinese fakes are. I sold all of my blister packs and moved on from that and have never looked back. Without reading the article, tell me which PAMP bar in the first pic is real....

    http://www.coinworld.com/news/precious-metals/2016/03/counterfeiters-target-1-ounce-gold-pamp-bars.all.html#

    At the end of the day, buy what you enjoy and can verify...

  • OPAOPA Posts: 17,124 ✭✭✭✭✭

    As I previously indicated...only buy bars with a security feature that is very difficult to duplicate. I also have sold all of my gold bars.

    "To combat the counterfeiting issue, PAMP has introduced completely new packaging containing products protected with patented VeriScan technology exclusive to PAMP that allows for authentication of PAMP products without needing to remove them from their packaging."

    "Bongo drive 1984 Lincoln that looks like old coin dug from ground."
  • derrybderryb Posts: 36,958 ✭✭✭✭✭
    edited September 5, 2017 6:30AM

    Sigma PMV can be used to verify without removing most bars from their holders. It works good with TPG coin slabs as well.

    This thread points out that there are counterfeit bars in counterfeit holders.

    The government is incapable of ever managing the economy. That is why communism collapsed. It is now socialism’s turn - Martin Armstrong

  • NVUNVU Posts: 284 ✭✭✭

    @derryb said:
    Sigma PMV can be used to verify without removing most bars from their holders. It works good with slabs as well.

    +1
    I use it to verify all my holding including bars/rounds in their original packaging and also works well with poured bars

  • tneigtneig Posts: 1,505 ✭✭✭

    I'm afraid to check it but I will and will let you know.

    COA
  • rickoricko Posts: 98,724 ✭✭✭✭✭

    Counterfeiting is rampant at this time... glad to see the security features added to the bars....I do not collect/stack the bars myself... I like to stick mainly to AGE's for stacking. Liquidity is prime when it comes to stacks.... ;) .... Cheers, RickO

  • ShadyDaveShadyDave Posts: 2,203 ✭✭✭✭✭

    @OPA said:
    As I previously indicated...only buy bars with a security feature that is very difficult to duplicate. I also have sold all of my gold bars.

    "To combat the counterfeiting issue, PAMP has introduced completely new packaging containing products protected with patented VeriScan technology exclusive to PAMP that allows for authentication of PAMP products without needing to remove them from their packaging."

    Thanks for pointing that system out. I knew they had something but I'm not sure how widely used it is. I looked it up on their website and found this: http://www.pamp.com/veriscan

    While this is a good step in the right direction, it looks like the app is only free for the 1st month of use. Then you have to pay to scan each bar thereafter or for on a monthly subscription. Seems ridiculous that PAMP would charge for this service, since it could help with liquidity and peace of mind when buying/selling in the age of AliBaba. TPG's don't charge to verify a slab certification for that exact reason...so I'll still stay away.

  • dpooledpoole Posts: 5,940 ✭✭✭✭✭

    It's part of the reason I've been buying PM stuff issued by mints (US, UK) directly from mints, or from a handful of trusted sources (APMEX, etc.) And yes, I always open up the stuff and look. I consider the add-on cost part of the insurance premium. And anyhow, I'm in it for the long-haul.


    Here's a warning parable for coin collectors...



  • bronco2078bronco2078 Posts: 10,244 ✭✭✭✭✭

    yes smash everything open. but seriously I never buy anything sealed strictly 90% silver or circulated world gold and wedding bands . I don't want anything some fool is going to complain about scratches on when I go to sell it.

  • GRANDAMGRANDAM Posts: 8,529 ✭✭✭✭✭
    edited September 5, 2017 6:25PM

    You talking about the shipping box or the wrapper ea piece comes in?

    GrandAm :)
  • jdimmickjdimmick Posts: 9,692 ✭✭✭✭✭

    Lot of those sigma machines out in the market now, many dealers have em. I advertise locally anybody wants to have there PM's checked, Ill do it for free as a courtesy.

  • TwoSides2aCoinTwoSides2aCoin Posts: 44,369 ✭✭✭✭✭

    If it's real it will melt at the same temperature and the package burns right up so separate the wheat from the chaff to save space.

  • tneigtneig Posts: 1,505 ✭✭✭

    @GRANDAM said:
    You talking about the shipping box or the wrapper ea piece comes in?

    The individual wrapper or sealed container.

    COA
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