Question on buying silver

[onfire]

Found a private seller of silver What do you think is a good price to pay he's got approx. 65 90% about 200 40's and 10 silver danberry mint 5000 gram bars any suggestions? I know it's retail but ain't making crap on interest in the bank.

 

[cbrtriple8]

Found a private seller of silver What do you think is a good price to pay he's got approx. 65 90% about 200 40's and 10 silver danberry mint 5000 gram bars any suggestions? I know it's retail but ain't making crap on interest in the bank.

When spot price is at $33.60 , the most I'll pay for 90% is $ 10.50 each and 40% for $3.50 each. That's just me. Good luck on the purchase.

 

[Marchas45]

This is just my opinion so take it with a grain of salt. I stay away from 40% and only buy 90% as 40% is hard to get rid off and you can get it below spot. Just my opinion.

 

[DigginThePast]

In regards to The Danbury Mint bar. I think those bars are Grains, not Grams and also Sterling. Anyone know for sure? I'd not bother with it if my info is correct, but that is me.

Difference in value from Grains to Grams? Approx. $325 to $5,100 (per bar).

 

[mts]

In regards to The Danbury Mint bar. I think those bars are Grains, not Grams and also Sterling. Anyone know for sure? I'd not bother with it if my info is correct, but that is me.

Difference in value from Grains to Grams? Approx. $325 to $5,100 (per bar).

Good point on the Danbury mint bars potentially not being .999 and being marked in grains instead of grams.

5000gr = 5000grains = 324g = 324 grams (note gr vs. g). As Diggin' said, be sure to know the difference. I personally would not buy any item that is marked in grains or marked as sterling silver. I'm not saying that these Danbury bars are definitely grains instead of grams. I'm just saying that it is important to check and make sure you know what you are getting. Don't assume anything. And take a scale with you if possible.

Also, beware of any items marked as 100 mills or any number of mills as these are only plated silver. A lot of people have gotten scammed buying plated silver products. I personally would not buy such large silver bars from a complete stranger. There is no way to check to see if they are real and such large pieces could easily be faked or hollowed out.

In the end, getting a "deal" by saving a few percentage points is not going to make a big difference in the long run. But losing a large amount of money by buying fake silver products is. Don't bend over dollars to pick up pennies. Try to buy from a reputable source if possible. If not, be highly skeptical and be sure to do your homework. Take a scale with you if possible.

As for prices, check the prices at Provident Metals (both sell and buy prices) to get an idea of what silver is going for. Silver is selling at a premium above spot just about everywhere. So getting it under spot from a private individual could be difficult. Especially if that seller has "ebay price syndrome". If necessary, be sure to have a list of fees that they would have to pay if selling on ebay.

Good luck!