Be Careful How You Pay for Bullion

avatar

It would seem with the large increase in demand for silver there are fakes sneaking their way into inventory even at major online bullion dealers. I came across a post on Reddit where someone had purchased a one ounce silver Johnson Matthey bar from APMEX. Sometimes later they went to their local coin store to sell it. The owner tested it and it turned out to be fake.

(Created with Bing)

There has been more than one report, and so far these incidents appear to be isolated just to the JM bars.

(Source)

This is not a sleight against APMEX, as I'm sure every major bullion dealer has had a very convincing fake slip through and end up sold to someone. APMEX has refunded, or is in the process of refunding, every customer who has reported buying one of these fake bars.

The difference in the timeliness of this depends on how the customer paid. If they paid by check, they likely will not see that refund for another two weeks or more. If they paid by card, however, you're talking maybe a few business days. Sure, the person paying with a card is paying slightly more because of the credit card fee, but most people paying with their card are using a card that gives them points for their purchases.

It's terrible when something like this happens, but it's always good to see a company refunding customers. Just remember that how soon you receive that refund depends on your payment method. With how volatile prices have been lately, that could mean price rises by the time you get that check/ACH refund back and now you can't afford to buy as much silver as you could have two weeks ago.

1000017156.gif

1000033547.jpg
Buy DUO and stake to receive Hive dividends, tip others, have your posts curated, and grow Hive!
https://tribaldex.com/trade/DUO
https://hive-engine.com/trade/DUO




Do you like stacking gold and silver?

Are you new to Hive, or know someone new to Hive, and want help and support?

Have you been on Hive for a while and want to help new Hive members? Join HOC and help us grow Hive and encourage new members!

Posted Using INLEO

hive-136819 inleo silvergoldstackers pimp neoxian cent pob alive waivio
0
0
0.000
8 comments
avatar

You received an upvote of 95% from Precious the Silver Mermaid!

Thank you for contributing more great content to the #SilverGoldStackers tag.
You have created a Precious Gem!

0
0
0.000
Reply
avatar

Considering them handling such huge shear volumes of stock coming and going there's always a possibility of a fake or more would sneak through the system. I bet they wear out a dozen versifyers a month.

I've been following the bullion retail markets and fake bullion is endemic there, if legitimate dealers already have their own financial stability issues from price volatility too.

!PIMP

0
0
0.000
Reply
avatar

Yeah, it's not surprising, but I think with the surge in demand causing volume to increase it's going to happen more often than in the past.

!BBH
!PIZZA
!ALIVE

0
0
0.000
Reply
avatar

It really means that their buying department got an earful for not testing each product like they are supposed to. I bet at least one or more people lost their jobs over that snafu. You are right, moral of the story is to always verify what you receive its actually the real deal.
!PIMP
!PIZZA
!BBH
!DOOK

0
0
0.000
Reply