Coin Shop Owner Shows Me the 1000 Oz Silver Bar - INSANE!
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- Опубліковано 12 вер 2024
- In this video I talk with a coin shop owner about purchasing 1000 ounce silver bars. At this local coin shop or bullion dealer we looked at rare silver bars and worked our way up to the biggest silver bar. The 1000 oz silver bars are extremely heavy. At the end of the video I lift the 1000 ounce silver bar and it was not easy. I have never seen a 1000 oz silver bar before. This particular large silver bar weighed about 990 ounces. Most of the massive silver bars that you can get off of the comex are odd weights. This coin shop owner talks about the pros and cons of purchasing these huge silver bars. When it comes to silver stacking and silver investing buying at the lowest premium possible is important. These 1000 oz silver bars usually have the lowest premium but it comes with a catch! In this video I talk with the coin dealer called local coin company.
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Topics I cover in this video: 1000 oz silver bar, 1000 oz silver bars, 1000 ounce silver bar, 1000 ounce silver bars, silver bar, silver bars, huge silver bars, massive silver bars, big silver bars, biggest silver bars, comex silver bar, comex silver bars, comex 1000 ounce silver bar, comex 1000 oz silver bars, silver stacking, silver investing, coin shop, coin shop owner, local coin shop, coin dealer, local coin shop owner, coin video, coin shop video, 1000 oz of silver, 1000 ounces of silver, 1000 ounce of silver, 1000 silver, 1000 oz comex, comex 1000 oz silver, comex 1000 oz silver
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I'd never buy any gold or silver if I had to fill out government paperwork.
Agreed. I also wouldn't purchase gold or silver if I had to pay state sales tax on the "money." Glad I can easily go to the LCS in my home state and not have to worry about that extra charge.
They already know because you posted a comment on a gold and silver yt channel.
The government wants you dead. Wake up people
@@goodcitizen6326tHeY kNoW just like how Jesus knows how many sins you've committed. 🤣
YES OVERALL JUST KEEP THE SILVER TRANSACTIONS UNDER THE 9500 CASH LEVEL WHICH IF THERE IS STATE TAXES TO KEEP IT LEGAL AND SAFE AMEN. 8+22+2023 TUESDAY
This is the stuff that cracks me up. If someone pays $600 - $800 for 10oz's of silver they are a fool and getting completely hosed in my opinion. Silver is Silver it doesn't matter what you have it's worth whatever Silver is worth at the time not worth more because of the stamp on it.
And he made it really clear if someone doesn't know what they have he'll bilk them out of it.
@1:26, he states he has 'no idea' where they came from. He doesn't know the country where it was produced, the year it was produced, or if someone simply smelted it at home and stamped it. EXCUSE ME, but there IS NO market for rare siver if it comes with ZERO documentation. You'd have to be an imbecile to pay well over TRIPLE spot value for a 10.3 oz silver bar with NO documentation.
I generally agree with you but if a bar truly is vintage and rare I can see the appeal. Now these new bullion coins minted in large quantities that command a premium are just silly
@@tjmmcd1 but there are lots of idiots out there looking to blow their cash... that's the real "problem". If someone WANTS to give you an incredible amount of money for something you don't think is worth that much... well, then you let them, right?
True, but not. Something's value is 100% dependent on what another person is willing to pay for it. Collecting is a thing ya know.
The big silver bars are cool. However, I am shying away from silver stacking because of space and practicality issues. I am now acquiring more 1 oz gold government minted coins now.
I’m right there with you, been significantly cutting back on my silver buying and have ramped up the gold.
You’ll be wishing you found space when silver goes to the moon 😂
Silver all the way with the gold to silver ratio anywhere over 60/1….don’t know why anyone would buy gold right now.
Yes I LIKE THE ONE OZ SILVER DOLLARS I PURCHASED SOME 22 -30 YEARS AGO .MOSTLY OF THEM FROM A certified COIN COMPANY AND A FEW FROM BUSINESS COIN DEALERS AT COIN SHOWS ONLY TO BE SURE THEY ARE REAL .BE SAFE AND ENJOY MR.J 8+22+2023
At least he’s honest about getting over on folks..
So glad silver dragons ditched this coin shop and stuck with Harry’s coin shop.
I appreciated what this LCS owner said about premiums at 12:55. It is something I have been thinking about lately: if you invest in physical silver, the premiums kind of force you out of the investor category and into the speculator category. While it's true that silver has absolute liquidity, you lose so much money to premiums the minute you buy it that you are depending on it going up a lot just to break even in USD terms. This is true but to a much lesser degree with gold, so if you're focused on wealth preservation this makes gold a much better choice.
Who the hell is buying a silver bar with zero identification for 3-4x spot value? What a scam.
but but... it's ~vintage~
Even after he said he scammed the seller because, according to his words, he "didn't know what he has". This dealer is about as trustable as a three-dollar bill.
Yeah, This guy is a joke.
@1:26, he states that he has no idea where the 3 undated, unnumbered, unverified, 10.3 oz silver bars came from, yet he's 'selling them' for $60 - $80 per ounce? Then @2:15 the dealer states, if the 'seller' doesn't know what he has, you can make a lowball offer (basically ripping-off the seller). He follows by saying, "That's what I did, as he rolls his eyes".
Does this dealer HAVE NO SCRUPLES? Imagine being the seller and watching this video, seeing how he got ripped-off by the coin dealer? I would NEVER conduct business with this man.
I agree he seems trustable as a used car salesman 💯🤷♂️
yup, wouldn't be surprised if the crosses that 'no one knows where they came from' were from a friends home foundry.
I was gonna make my own comment. But, you hit the head on the nail, brother. This dealer is no different than a slimy, greasy, creepy used car salesman. Unfortunately, @Silverdragons is promoting this type of business and immoral practices. I also would NEVER do business with this guy.
Right on guys.
My thoughts also. Know what you have before you sell or if you are passing it down
Is that Ricky from Trailer Park Boys?
This is a comparison I can never un see now. Ian and Local Coin Company are solid dudes but this is one of the funniest comments I’ve seen in a very long time 😂
@@brokechef1606 He is very knowledgeable; he clearly has self-smarted himself.
It’s supply and command lucy
He's not dealing in hash coins anymore
I’m just here for all the trailer park boy jokes. Keep ‘em coming boys! 😂
I'm just glad it wasn't another "rounds or coins", "rounds or bars", "coins or bars", "90% or rounds", "90% or 1oz coins", etc videos; despite that I wouldn't purchase collector bars. It's nice to see some new content. ^__^
These are cool to be sure, but if you’re spending that kind of money I spend it on gold. Premium is lower and in my area never get above spot on silver.
Ricky admitted he takes advantage of people’s lack of knowledge. He is going to get roasted for that although I absolutely agree, sellers need to know what they have to ask the right price for it.
I totally disagree. Any reputable dealer would absolutely tell someone what they have if they didn't know. Guys like this obviously rip people off and enjoy doing it
Sellers and customers are interchangeable. He slipped and it is a 🚩
@GaryGuy-yp2im these are the type of dealers that destroy the coin collecting hobby. People get burned by dealers like this and then never want anything to do with collecting again. Makes them jaded.
That's his entire business. That's why shops like that exist. It's not just him, that's literally a profession. It pays to know.
That said, that's assuming you aren't straight up lying. If someone is willing to pay large overhead without having information, that's on them. As long as they are willing to sell low in spite of being told it's value, that's on them.
LYING to get into that position is very different.
I use a 100 oz bar as a doorstop for my home office. It's in a crochet cover and nobody has a clue what it is.
They do now lol
Haha I always take notice of doorstoppers since one I walked past everyday turned out to be a black dirty gold bar.
Quick, don't give me your address
Nice Guy...if they don't know what they have...stick it in them basically...sucks to be someone naïve with snakes slithering around
localcoincompany on whatnot...beware
I really dig these "out in the wild" videos! Lots to learn, and there's tons of cool people to meet
Id love a few of the big bars but in the case of liquidation and bartering I'd rather stick to smaller bars and rounds.
is it better to stack 1oz, 5oz, or 10oz bars?
Very glad I’m not a collector forget those prices
Keep stacking generic will NEVER GO TO far from spot. These are spot plus Some over for rarity.
@@TheJimmy5454generic silver can be 7-15% off from spot, depending on if you're buying or selling, and who the dealer is (and the amount. The bigger the bar, the closer to spot).
Gold is usually around 1%, but never up to 2%... Much better for quick turnaround.
Scam artist. Ugh so unsettling
Good video., I can only dream of having that 1,000 bar, Nice, really nice. Thank You Sir.
“If the seller doesn’t know what he has, go for it. That’s what I do..” 😬😬😬 Fair game if you’re a private buyer, but he’s a dealer…. Yikes… 🚩🚩🚩🚩🚩🚩🚩🚩
What a crook 😂
Those Spanish bars are Fantastic! And I love the toned Indian bars, too. My last purchase of Silver Eagles included 4 toned Eagles, which are awesome by themselves.
If the seller doesn't know what he has, make an offer??? Hopefully that's not what you do with your customers when they come into the store not knowing what they have. That was one of the shadiest lines I've ever heard a dealer say
of course thats what he does
Exactly guy seems kinda off
I'd never go to sell to that guy after what he said. !!!!!!!
I absolutely agree with you! That’s why when I do pass away I’ve told my wife n son to go to a few different dealers I’ve dealt with in my life that I trust and not go to this type of shady guy so he takes full advantage of someone who’s in a grieving situation, this guy would be the last person I’d buy something from!
I would stay away from this guy. His shirt is an eyesore. You can tell he’s a con-man and a goof.
If the customer doesn’t know what they have, make them an offer….and take advantage of them. That’s the mentality. Way to go!
While people recoil to hear it, it's pretty much how everyone behaves anyway. If I have a baseball card that's worth $5k but I think it's worth $5, are you gonna give me the $5 or offer me $5k? If you claim you'd offer $5k, you're probably a liar.
I assume you're stating this, facetiously....and I agree with you 100%! It's one thing to make a decent profit, but quite another to basically STEAL from those without knowledge; especially when they came to YOU for an HONEST evaluation.
@@tjmmcd1 I think you misunderstood me, I was being quite serious.
There's a difference between someone saying "hey I don't know anything about this, what's it worth?" and saying "hey I'd like to get $5 for this".
If you're going around yard sales or thrift stores and you see something priced for $0.25 do you stop and say "that's clearly worth $25, so I'll give them $20?
I don't mean where you pay a dollar for stuff that would only cost $0.75 or you pay $5 for something that costs $4.50. I mean, if you see a silver fork and it's for sale for $0.25 at a yard sale, do you buy it for a quarter, or do you hand them $5?
If they have a stack of planting pots that you know is worth $40 but they're asking $5.... what do you do?
Because you're making it sound like you're a certain kind of person, and I HIGHLY doubt that you really are.
Taking something in for appraisal and having it ridiculously low-balled is *DIFFERENT*, that's lying/cheating.
Giving someone what they want for something they aren't aware of and aren't asking about isn't cheating, it's business.
If you've got a 20lb rock and I know it's molybdenum but you just think it's pretty and purple and you're happy to take $20 for it... where's the injury? That's just win/win.
Otherwise you're suggesting that everyone else should do the research and spend the time gaining the knowledge others haven't bothered to, and they should do it for free...specifically for YOUR benefit, not theirs.
The world doesn't work like that.
@@syberphish the LCS called the seller a customer and admitted his offer was based on the customer not knowing what they have. Seems to fall in line with what you believe is not right.
@@DC-qy2bu To be quite frank, I have zero interest in defending this specific LCS or any other. Don't know the guy.
But, I think his comment was very honest, and he CAME RIGHT OUT AND SAID IT.
There's white and black, and there's shades of gray. Ever haggled? Each side is trying to get the best deal based on the condition and the other person's knowledge of the subject.
There's this thing called "due diligence".
And there's various situations.
Say someone find a bar in the attic of their now passed gma's house, and they heard silver is up and they want to sell it off... if they bring it in and say "I wanna sell this bar, it was in the attic, what's it worth in dollars, what can I get for it?
Technically... (if real) it's worth it's weightxspot. And if it's rare, more.
So his goal is to buy it at the lowest price, and everyone HAS to know that walking in.
Technically, depending what was actually said, I could very well see a conversation where someone doesn't know what they have and doesn't much care and just wants some cash.
Alternatively, if they took it to a place and wanted it professionally inspected, with a price quoted.... it's their due-diligence to check with other shops. If he's offering $5 and another shop is offering $500, well that's not hard to figure out.
The seller shoots HIMSELF in the foot by ONLY going to a single location to sell his goods. His personal issues and being pressed for time aren't the buyer's problem.
If he brings it in to be appraised, with some paper saying what they'll pay for it...the shop is putting their name on that and it's what they're willing to pay.
Someone being willing to pay more doesn't make paying less wrong or a crime.
Again, how much of the other person's work are you expected to do for them?
You guys are worried someone will swindle you if you only accept one person's word... but that's just a poor way to go about doing business, I think. You've created yourself a market of one and you're conflating yourselves to have the same or similar value systems.... though the dealer will make money off you every time.
I just bought my very first one ounce silver bar today. I’m definitely gonna start stacking these like crazy. 1000 ounces OMG
Enjoyed seeing these bars and their history..
holy cow 1800s India bars!!?!?!?! super cool
Hey I was wondering how do I unsubscribe from the 1.99 to participate in the bidding thank you.
Sorry. I think the premiums on some of these are absolutely ridiculous. It's a chunk of silver. I would never buy from this guy.
I wouldn’t trust this guy at all! After he said, if the customer doesn’t know what he’s got, to take advantage of them! Come on,if that’s the way he does business,don’t do business with him!
I’d love to pick up that CI 100oz bar, but 3,800 is a bit much for me. I could go 3,200 tops!!🤠
@SilverDragons47_9 How about NO.
love the 100 Oz. bars
Incredulous that there are people out there trying to deal in silver, and they don't understand basic stuff like buy low sell high.
what’s hard to understand?
silver is undervalued, so it’s time to buy!
Most generic silver was melted down. Today, they are worth their weight in Gold.
Idiot shop owner just put himself out of business, I doubt anyone would deal with him now.
What?
@@nonjaninja4904 this guy lost hundreds of thousands of dollars in business from silver dragons viewers because of his dishonesty, I’m guessing that’s why SD went with Harry’s coin shop instead.
Never seen or heard of a 1000oz bar. This is huge!!!!
It is what is traded wholesale, at least in London, Zurich and a few more locations. This is the largest silver bar, but a larger quantity is also often traded: A pallet with 32 of these bars, or almost a metric ton of silver. Whole pallets trade around spot with premiums of a cent or two per troy ounce.
that's insane!!!
Imagine someone trying to convince you that a bar of silver worth 5x or more than spot price cause it's from a "rare" manufacturer. The only silver bars I'd say is worth more than spot are ancient bars with stamps or Spanish Shrip wreak bars..
I somewhat get it as a modern coin collector with some West Point quarters valued over 5 bucks. If I spend it at the store (sell to a trader in this example), it's only worth 25 cents... But if I sell to an individual who is also into coins, it's worth about 5 bucks because that same individual would have to go through HUNDREDS of millions of quarters before they'd find a WP and it's more worth it to pay the premium than to spend the time.
[Edit: as of Sept 2021 there were 11b quarters in circulation and 30m WP at the time, making them .3% of the circulation. So they'd need to sift through about 30m quarters to find one WP]
Note, you won't be able to sell it to everyone for 5 bucks because not everyone is a coin collector. If you walk up to someone on the street, they probably won't even take it from you for free. Same with silver as seen by the whats-his-face from the popular TikTak videos where he gives gold/silver away in NYC. Most people walk right past him and deny a 10oz bar of silver offered for free 🤷
I had a chance to buy a thousand ounce silver bar at spot but I declined. I don't want to take the risk of back injury.
I was thinking about one for a long time but now I can buy one I dont want it because who would buy a one thousand ounce bar but me?
I cant understand the high premiums on rare bars. The name of the game is to get the most ounces, not a bunch of niche market stuff that you would need a specific buyer at a specific time.
thanks for the video but as a long time buyer/seller of pm's i would never buy from this crook. the prices he charges are way out of line and he thinks his crap is so overrated. from some of his comments it sounds like he takes advantage of sellers that are unaware of what they have. a snake to me. jmho
That was Awsome ! 💯
Big azz barr !!!! 💯 S.D's
I want to make a coffee table of silver
Wood with a recessed table top, silver bars and coins under table top glass
💯
I wouldn't trust this guy as far as I could throw him.
Hard Pass not paying over a $1000 premium for the 100oz bars.
But they’re “rare bars”
I hate this places that charge you and arm and a leg for some rare piece, but if you tried selling to them "We don't know where you got that, I am taking a loss/chance here, my overhead for holding it, so much under spot for you because I got to make money, blah, blah, blah!
Why dont you tell us the name of the shop and how we can get a hold of him or visit the shop.
Awesome bars! Crazy premiums!
Nobody knows anything about it, or where it came from......but it's rare?
How do you know? With that information, I'd call B.S.
---- yep: if I were to melt down ten Eagles and pour a bar it'd be so rare that only ONE existed in the entire universe - maybe this guy would pay me a 100K for it
Crazy prices… for something there’s not much history for it! If I pay that much should be a recognize brand like Englehard or JM‼️‼️ These prices are getting crazy! Guess who’s getting ripped off⁉️ New stackers and new collectors. Please look up information before buying, rather lose an item than l losing money 🙏🏽Blessings brothers/ sisters
Everyone needs about 4 of those 1000oz bars in their safe to weigh it down so that it can't be carried off by the regular neighborhood thieves. lol.
Once I get all of my prep in place, I can start branching out into collectibles/numismatics. It's going to be an exciting journey.
hi awesome videos dragons 🐉 keep it up 👍🏼🔥
now this was a cool, informative video. thanks!
Nice bars. Thank you gentlemen for the video.
I keep bringing silver home for way under spot. Yesterday 32gm .925 for $15
I love them India bars
I found a fake silver eagle in my collection today using the methods you showed in a previous video. What should I do about it? I only buy from 1 coin store, so I'm 100% certain he sold me the fake coin. I'm definitely going to test everything from now on.
I am honored that you take the time to engage with my content. Thanks for your encouragement.
RE: The 1000 ounce bar. We used to call them INGOTS. Weighs about 70#, has to be shipped by truck freight, pay for refining and assaying. The only way to break even is by turning it into jewelry (value added manufacture). Noted: historical context circa 1975/
Where is the shop in Oregon? Oh my gosh that big one
DRAGON HOW ABOUT TELLING US WHAT IS THE NAME OF THE SHOP AND WHERE HE IS.
I prefer to pick up the 1000 oz Gold bar, they are less heavy...
I love old old vintage and super rare. I want all that old silver. 🔥🔥
Well, he's got them for sale.
for large bars, would It be worth it to buy a large bar and have someone melt it down and make 10 oz bars ?
It’s simple you go in and buy half the bar today for 5000 cash then you go in tomorrow and you finish paying for it with another 5000 two separate days
Beautiful bars. My prettiest bars are ten ounce Beskar bars, I lust for a kilo Beskar bar, and it would be wildly expensive.
I recently got in a couple of Academy bars, both just shy of 100 oz. Do you know a market?
68 pounds of silver in that 990 oz
The “silver dragons 964 or whatever the username is that’s commenting on everyone saying to message them is a scam. Just a heads up
Love the old school bars , but no way would I ever pay a premium on a bar
Oh no, now the market will collapse!
I enjoyed this video. Its exciting to see other peoples stacks and old bars. Both of yall are chill dudes.
Ive got some super cool bars from Bolivia and the Netherlands, China also. VERY Vintage! Love em! One From Paraguay that is 1000 grains!!!! I never heard of them before! Thats 2,2333 oz.=1000 Grains of Silver, I am NOT a collector. Im a PREPPER STACKER in Large part, BUT I Stack for other reasons also,........................JB/Canada
480 grains per troy ounce, 1000 grains = 2.083 troy ounces.
I will NEVER EVER pay 1¢ over $3.50 per Troy oz premium, when i sell they will NEVER give me anywhere near these premiums, this is an investment, I don’t want to search the entire United States to get my money, and I don’t want to put eBay auctions to get my money, I want to be able to go to any coin shop in the United States and get my money right then and there in $$$ at any time, with these type of premiums, I guarantee you it will not be as simple as going to any coin shop in the United States and getting a return on these premiums, you will have to go to a specific type of coin shop to even try to get a return on these premiums.
Just casually picks up 70lbs like it's a paperweight...
How did they get a press with that kind of detail in the 1800's?
My thought too.
600-800 for 10oz bar that couldve came out of some jackasses garage? I hope nobody buys those for that price.
Good lord, that is one chunk of silver
Does “vintage silver” have to be old?
I didn't really see the shop keeper do anything wrong. He's just saying how it honestly is doing this.
Thats why someone takes the L and fills out the paperwork then flips it to someone who doesn't want to fill out paperwork for a premium. 1000 oz bar goes for 26k sell it for 32 in a private sale.
Manufacturer unknown: you will be lucky to sell at spot.
This guy has silly prices for random no name bars
I give your spot for the small ones and 4 under spot for the big ones
Im not a collector however I find it nuts to buy silver for more than it's value. I hope and pray that we don't have to go to gold/silver bartering however if it's premium silver it's going to go for the same as non premium. So to pay $1,000 more is nuts to me.
@@stevel6660 I don't know anything about that because I don't buy stuff like that... I don't do nails and expensive hair and expensive makeup or wear jewelry either.
Silver Dragons is saying I wish I had that 1000 oz bar. Oh my goodness SD Bullion does not have it.
Here I am collecting kilo and 10oz scottsdale stackers to perfectly fit an ammo can with 1koz. I can just get that bar
Big daddy gov all up in your business!
Sad that PM's are being valued in paper when the PM's should be the standard.
Amazing video. All good stuff. 70 lbs lmao
Yeap I buy every time silver drops after going up lil bit even if it's only couple bucks
A premium if you’re buying that much silver, you should get a discount not a premium
I did not know there were collectible bars ... I'm however not interested in collectibles ... just silver
Is this the guy who was bragging about being able to buy stuff cheap from people who didn't know what they had ?
Saw some on whatnot
Poured silver bars can be made to look old. I would be concerned buying something like that. Stick to
Sovereign coins or large online reputable dealers SD, Jm, etc.
How do you know for sure it's rare if no one knows where it's made from?
Great video brother nice sliver bars have a great week 👍
Very cool 😎 💪
Is age a factor? I know someone who has a JM 100 oz bar that was bought in 1989 with the receipt. He also has a Continental Coin 100 oz bar from around the same period that's stamped as containing silver from the US Assay Office in SF or NY. Are these anything special?
Silver's only value is what people are willing to pay for it, which is guided/recorded by the spot price.
These "collector" pieces are considered to be valued more because of artisanship and history... However, if you want to buy to invest, stay away from collector pieces because they're valued with high margins compared to spot price.
1oz of silver is worth 1oz of silver. It doesn't matter how old the silver is because, if you think about it, all the silver is relatively the same age coming from the dust of a second generation star that formed our solar system... So all the silver on Earth is at least billions and billions of years old. There's nothing that separates the physical metal from my modern JM Bullion bar from an 1800s California gold rush bar other than the human-defined history....
The thing is... if/when that metal gets put to use it will be evaluated by its value as a metal, and they will be the same. There is no difference.
a 1000 oz silver bar? that sounds really illiquid, I would prefer having two monster boxes any day
It's not supposed to be liquid. It's supposed to be a bulk buy for a 20+ year investment when the g/s ratio is up. Not a few-month's turnaround
@@zaclaplant3001 no it is supposed to be used as money when the dollar crashes.
We can't use a 1000oz silver bar to go out shopping, but a really good dinner for 1oz of silver, that is more fair
This guy is a crook in my opinion - it must be a Pawn Shop.
Hell yeah!!!