A Rise in Silver Price and Scammers
It was a nice surprise to see silver climb to over $85/ounce after Mother's Day. Stackers are excited, but there's one other person getting excited as well: scammers. With the price of silver grabbing news headlines, stacking silver and gold is becoming more popular. The downside to this is these new stackers are ignorant of many fakes and more susceptible to falling for them. Scammers are seizing the opportunity to prey on people.
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Even if you were to do some basic research, performing an ice cube test, ping test and water displacement test will only get you so far. Many rounds and bars don't sound the same compared to well-known coins. Data for less common bars and rounds may not be easily available. To confuse things even more some silver coins, like the 1893 "O" Morgan, or gold coins like Sovereigns, are made of real silver or gold but are not genuine.
So what do you do to not get scammed? You have two options. You either get a Sigma Metalytics tester, which can cost $1000+ or you buy from reputable sources. You may get lucky and find a decent deal on a Sigma. If you try to buy new, you're likely to end up on a wait list.
Sure, buying from reputable sources may not be glamorous or get you amazing deals. It'll also keep you from wasting your hard-earned money on fakes with little to no recourse. Slow and steady wins the race. Cutting corners can cost you big time.
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I'll stick with the reputable sources. I can't justify a Sigma for my small stack! Sad that these bad actors are doing what they always do.
Yeah, that's always the safest bet. I got lucky and when silver was much cheaper I traded in a chunk of 90% silver for one.
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Well i wont carry a sigma everywhere i go … i prefer going with the second option!
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Yeah, I don't think most people would carry a Sigma with them either.
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I am only comfortable buying silver and gold from reputable dealers and sellers, @bulliontools! They guarantee what they sell with buy-backs and return policies.
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Buying from reputable dealers is always a good bet!
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Here’s some news from the Polish numismatic community. A lab has been set up here that verifies the authenticity of coins for free—probably thanks to donors. Of course, we’re talking about antique coins here.
I tend to stick with reputable dealers right now, I don't have the cash to get a sigma. There are just way too many scammers out there, but when anything goes up in price there will be scammers all just waiting to swoop in and rip people off... Sad how the world works, but it always has been this way and always will be...
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You can't go wrong with reputable dealers. 🙂
Yeah, it's sad how the price increase has really brought out the scammers.
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I started my Stacking journey with a local Foreign Exchange business that has been in business well before I was born VCBE and I still do business with them. Four branches in the region. An exclusively brick and mortars business with no online sales, so when there was a spot price dip I can usually get my hands on some bullion before actually stocking out. Well priced, limited variety but dependable.
!PIMP
Very cool! It's nice when the business has been around a long time. There's usually less hassle and much better priced.
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My Community Home nursing routes took me around the Granville street zone where the Granville branch is located. At that time I bought a few silver Maple Leafs every month right next to a Coffee shop where I did my paperwork before and after patient visits.
Very cool! I wish my LCS was a little closer to work. It's not terrible, but 20 minutes and then another 5-10 to get in and get out pretty much eats up an entire lunch hour.
!BBH
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I can see that they have an XRF tester on standby, "If in doubt check it out."
They don't have a large variety but kept their product line simple and no frills.
!PIZZA