Gosh i wish i had the money.....But should i try this technique?

[alpha105]

So, im at the gun show.....minding my own.....i notice some jewelry so i check for Content Markers and there are none.....and some guy walks up to me and pulls out 2 tubes of mini M&M's.......

Needless to say there were no M&M's in them, so i was kinda dissapointed.....but when he told me each had $22 face in silver quarters my ears started ringing (In the tone of silver of course).....

He asked me how much i would pay.....now i only had $75 from a rifle sale on me......so i told him i couldnt buy them straight away from him. Then i proceded to ask, without quoting my price, "How much are you looking to get for em?". We play this game a little bit before he gives me a price for $7.50 per quarter.....i told him that was a bit high from what i knew at the time.....so he gives me his card and tells me to give him a call after i do some research. He then proceeds to tell me he Inherited a total of $5000 face value of silver coins. Of which only about $200 has been searched through (probably too good to be true). He said he kinda just wants to sell them off and isnt intrested in searching through em himself due to time constraints.


So.....theres no way i can buy roughly $62k+ worth of silver....no matter how much i want it. So....do you think i should offer to sell it in lots for this guy on Ebay, and search through the coins for 10% of the final value listing (or a fair amount of coin in trade)?

Also .....i dont really trust anyone...... is there a chance that any of these may be fake, and if so whats the best bet on finding out.....im assuming weight (even tho some are pretty worn).

Thought and suggestions please?

 

[ArkieBassMan]

Melt value on $5000 face value of 90% as of this second would be about $125,255. Should any key dates reside in that collection, the value only goes up. If I could buy it for $62,000 I would do whatever I had to do to come up with the money to buy it all. I'd borrow against everything I owned if I had to. You could immediately sell it all to APMEX and either instantly pay off the loans and add a BUNCH of silver to your stash, or sell it all for a very nice mid 5-figure profit. If you can buy it all for that price, its a no-brainer...assuming its not fake.

 

[alpha105]

Melt value on $5000 face value of 90% as of this second would be about $125,255. Should any key dates reside in that collection, the value only goes up. If I could buy it for $62,000 I would do whatever I had to do to come up with the money to buy it all. I'd borrow against everything I owned if I had to. You could immediately sell it all to APMEX and either instantly pay off the loans and add a BUNCH of silver to your stash, or sell it all for a very nice mid 5-figure profit. If you can buy it all for that price, its a no-brainer...assuming its not fake.

Not sure how but i screwed up on my calculator. I posted 62000 as the actual value, he didnt give me a full out price, but even borrowing i know i wouldnt be able to come up with the amount needed.

What do you think about the other idea however?

 

[ArkieBassMan]

The idea is fine, but why would he pay you to do something he can do for himself? Also, would you trust someone you met at a gun show with $100,000+ worth of your silver? I wouldn't.

 

[alpha105]

The idea is fine, but why would he pay you to do something he can do for himself? Also, would you trust someone you met at a gun show with $100,000+ worth of your silver? I wouldn't.

This is true, but he said he personally didnt have the time to put up listings/sell online, or really meet with people as he runs a business 6 days a week with quite a bit of travel (from what i understand). And the silver wouldnt have to leave his hands technically, aside from during shipping, but me putting up collateral (which unless its a huge sale he's uncomfortable with, but smaller individual sales would work) until the item has been shipped with tracking clears would keep himself safe.

I cant afford to buy much more than maybe $100 worth myself. I cant even afford to search boxes anymore since my recent cutback and likely soon layoff from Frontier Airlines in Milwaukee.

Worse case i see it.....i have nothing to lose by asking if he'd be intrested right? He says no and i dont have to talk to him again unless he changes his mind in which case he has my contact info. I do have a few personal buyers in the area i might be able to unload a bit through as well.

Edit for sidenote* He also said he wasnt worried about keydates as he has no plans or time to search the remaining coins. He could actually do much better with my assistance.

 

[CardsNCoins]

Sounds like a friendly enough guy. Brief gun show relationships are totally legit, so just go to his house. I'm sure he isn't going to perform bathtub surgery on you and sell your organs on the black market then dump your lifeless body in an alley. Good luck.

 

[alpha105]

Sounds like a friendly enough guy. Brief gun show relationships are totally legit, so just go to his house. I'm sure he isn't going to perform bathtub surgery on you and sell your organs on the black market then dump your lifeless body in an alley. Good luck.

I'm not worried, im more than capable of handling myself

 

[cunextuesday]

Sounds like a friendly enough guy. Brief gun show relationships are totally legit, so just go to his house. I'm sure he isn't going to perform bathtub surgery on you and sell your organs on the black market then dump your lifeless body in an alley. Good luck.

Hahaha, I remember back when I used to perform bathtub surgery & sell organs on the black market. Those were the days.

 

[alpha105]

Posting just to post is irritating, honest answers for honest questions deserve

 

[AGBlex]

yes sell for him

 

[brendan1414]

who in there right mind would tell you they have $100000+ worth of silver. i say rob him.

 

[SilverFace]

If he is absolutely hell bent on getting rid of the coins Craigslist is a good way of selling them fast and easy and getting top dollar. There are always several buyers who always advertise on Craigslist where I live and I've dealt with a few of them in the past with no problems although I'm not planning on selling any more of my silver for a long time. And the more you have to sell the closer to spot they are willing to pay. All the buyers may not have $100,000+ cash at all times but even if he/you couldn't sell it all in one transaction it shouldn't take more than a few transactions and a few days to sell it all.

But I would be very cautious and rather suspicious of this whole situation. Good luck.

 

[fistfulladirt]

Meet him at McDonalds lol

 

[quiksilver]

If your willing to pay 7.50 for a quarter come over to where i live and i will sell plenty......STAY AWAY from him

 

[GimmeSomeSilver]

who in there right mind would tell you they have $100000+ worth of silver. i say rob him.

Lmao. +1

 

[jrf30]

Alpha,

Going price on 90%'ers is about 23 times face right now. that's $5.75 per quarter, not $7.50 per quarter. But maybe he'd be interested in selling the whole lot off at a cheaper price if you bought it ALL. So here's my idea.

See if he will sell you the whole lot for 21 times face. If so, let me know. I'll buy them from you, for 22 times face. YOu don't have to put up a dime. Never touch the coins. Just put me in touch with him and we go together to buy them. I pay him 21 times, I pay you 1 time ($5,000 for your effort!!) and I buy them for what is 22 times face. I'll turn around and sell them for a little over 23 times face and make $5,000 myself, or hold some of them for the future. But you can get involved, make $5,000 and never risk a dime.

It's a way for you to play in this game even though you don't have the cash to do so. And I'd back you.

I'd drive in, and then drive home. Don't want to fly with that much coin. It would be a fun trip for me, and I'd make some bucks doing it. :-) I like that.

Let me know if you would be willing to buy them from him for 21 times face and make $5K in the process. And if he will sell for 21 times face for the whole batch. The profit will bankroll you for future buys you can make. :-) PM me with your email or phone if you are interested. I'm serious about it. For $5K for you and $5K for me (After gas and hotel, hopefully still about that) I think it is worth doing.

John

 

[maipenrai]

As they say, if it sounds too good to be true, then........................................

He is a business man, but doesnt have time to make money? Too lazy to search through 20,000 coins? A few nights after work should do it, and if he has this amount of coins, he has probably already searched them, or maybe he is not just lazy, but stupid too.

It will be interesting to see what becomes of this adventure. Im just wondering what the scam is, but I think its there, somewhere.

Good luck!

 

[jrf30]

As they say, if it sounds too good to be true, then........................................

...

It will be interesting to see what becomes of this adventure. Im just wondering what the scam is, but I think its there, somewhere.

Good luck!

I have made my living off of deals that sound too good to be true. After weeding out the scams, the ones that are left DO give returns better than anyone ever expected. But going in without cynicism is needed, and if you do, you may STILL get burned once in a while, but the gains long outshadow the losses. (at one pooint, I had a streak of 4 years in a row of over 100% net returns for the year. that REALLY seems too good to be true, butr made ALL the difference in my life financially. All because I researched deals that seemed too good, and did them anyway)

Just a different perspectrive. :-)

 

[SeaninNH]

Alpha,

Going price on 90%'ers is about 23 times face right now. that's $5.75 per quarter, not $7.50 per quarter. But maybe he'd be interested in selling the whole lot off at a cheaper price if you bought it ALL. So here's my idea.

See if he will sell you the whole lot for 21 times face. If so, let me know. I'll buy them from you, for 22 times face. YOu don't have to put up a dime. Never touch the coins. Just put me in touch with him and we go together to buy them. I pay him 21 times, I pay you 1 time ($5,000 for your effort!!) and I buy them for what is 22 times face. I'll turn around and sell them for a little over 23 times face and make $5,000 myself, or hold some of them for the future. But you can get involved, make $5,000 and never risk a dime.

It's a way for you to play in this game even though you don't have the cash to do so. And I'd back you.

I'd drive in, and then drive home. Don't want to fly with that much coin. It would be a fun trip for me, and I'd make some bucks doing it. :-) I like that.

Let me know if you would be willing to buy them from him for 21 times face and make $5K in the process. And if he will sell for 21 times face for the whole batch. The profit will bankroll you for future buys you can make. :-) PM me with your email or phone if you are interested. I'm serious about it. For $5K for you and $5K for me (After gas and hotel, hopefully still about that) I think it is worth doing.

John

Jump on this.

 

[alpha105]

Calling him today to insure he still has the coins, and place the bid. We will see what happens.

I will be very wary of this seller, and any suggestions on insuring the seller is not a scammer i would be very intrested in hearing. Please PM/Post with any suggestions.