Rough day for the local dealer
Proofmorgan
Posts: 921 ✭✭✭✭✭
I travel to work and visit my parents once a month and along the way is a coin/card/bullion dealer that I’ve done business with for going on two decades now. I buy gold eagles from him because his price is $100 over, no matter what size or price of gold. He’s in his 80s.
Last time through I brought my sigma and encouraged him to get one. Being in business that long, he didn’t feel the need.
This month, he had just been taken for $63k from buying a group of NGC holdered eagles, pandas, kangaroos. He sent them to a refiner or wholesaler in NY and they came back fake. He was able to contact the seller while I was there since they were local and it sounded like he may get his money back.
He had saved me a raw 1882 CC $20 from the same deal that looked MS65. Color was off and too nice. Sigma said no gold.
I did try to buy some eagles this time as the spot was 4550 at the time, but he was too shaken up and simply said he couldn’t sell at this price and lose money. Though, I know his inventory doesn’t move so he isn’t into it for $5k/oz. I don’t agree with that business model, but he definitely had greater issues at the time.
Thankfully he sent them in vs trying to retail them. He might never have gotten his money back. He typically only retails raw eagles as the slabbed and foreign gold isn’t very liquid for him.
His son was there taking pictures of the Sigma and I got the sense he would just buy him one. Too much on the line these days.
Comments
It happens everyday and as for the Sigma it is just another tool. Keep in mind it is rather easily fooled. RGDS!
P.S. You can't believe the amount of metal I have moved in the past 3-4 months. These guys dont even open the tubes let alone look over for authenticity. They just hand you a wad of cash / check etc. and send you on your way. THKS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
its awful disheartening at times
:'(
used the sigma for many years, not easily fooled unless being operated by a fool. a "bad" reading should always be followed with more readings, including use of probes.
When gold and silver move together, it signals the coming end of fiat money.
In Erie PA where I am there's a metals dealer who seems to me to be pretty knowledgeable, and I've never seen him buy ANYTHING without looking at his XRF tester first. I don't know a lot so I have to trust people who know more than I do, but it seems like there's a better chance of buying a fake if you're getting it from a dealer who doesn't bother looking at it first.
the dealer here even took the time to open every tube and check every coin of a open monster box. I do trust buying from him even if the price is a little higher.
Can the sigma metal analyzer detect a fake through the plastic of a slab?
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
Yeah thats definitely the type of dealer you should be purchasing from. And the XRF gun is 10x more reliable than the sigma (unfortunately 10x+ more expensive as well). RGDS!
The whole worlds off its rocker, buy Gold™.
BOOMIN!™
Wooooha! Did someone just say it's officially "TACO™" Tuesday????
Retiring at 55, what day is today?
Yes. Most of the time.
But in reality it only verifies good range. . If it shows out of range, could still be good.
Less likely it shows good and actually bad.
It’s not perfect, but more accurate than not using anything. Im small time , but I use it on everything I buy now. I’ve only had one questionable coin that my eye told me was good and the sigma showed out of range. Had a friend check it on XRF and was good.
My Ebay Store
As I understand it stand it sigma is best for coins and bars and xr gun is better for jewerly.
Heavy layering can fake out a xr gun because it only reads about 20 microns thick so you get a reading of only the surface.
A sigma pro can go 45mm (45,000 microns) and a regular sigma you should test both sides measures and it measures a depth of 0.4mm (400 microns).
I believe the figures i just gave are correct.
I like my sigma so much I just upgraded to the pro so i can test 100 ounce bars.
My local place bought 50 ounces of silver from someone.
One piece was a Franklin mint art bar Marked .999 but tested at .925 multiple times during checking the other bars and rounds.
I was impressed with what I saw.
Were they Eagles or DEs ?
What's scary is that the fake coins got into fake NGC holders (I assume they weren't legit holders that got fake coins in them).
Sigma is an absolute must in this business. XRF to, if you can afford one. I've seen fake PAMP 1oz gold bars that read good on the sigma!. They looked really good. Always test with both methods if you can (and if you can't take the item out of the plastic to weigh it).
“Land of the free because of the brave”
“Saved by grace alone, through faith alone, in Christ alone”
In Deo solo confidimus
Desertcoin: I am very interested how did you determine the pamp 1 oz gold bars that passed a sigma were fake?