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View Full Version : BUYER BEWARE!!!!!!!!! Pay close attention to what you are buying.



1970 silver art
31st December 2010, 05:32 AM
Got some news for you that will prove to be useful to a lot of GSUSers. I have been noticing this for quite a while now but there are some silver art bars that are not 1-oz .999 silver at all. They are either stamped 1.) "1-oz 100 Mills" or 2.) "15 Grains". A vast majority of these silver plated bars are found on ebay but there have been a few of them that have shown up locally in my area and my local dealer became of victim of receiving these from some sort of clearing house that they use to get more silver. I talked to the local dealer and they said that their clearing house does not pay attention at the silver that they get and I thought to myself "WTF". Also these silver-plated bars Look like the size of a real 1-oz .999 silver bar and they weigh 31.1 grams on their scale when they weighed them. My wild guess is that copper is probably the underlying metal for these silver-plated art bars.


I was not a victim of getting one of these silver-plated bars but the local bullion dealer that I usually go to ended up with about 5 or 6 of these types of silver-plated bars when they got in more silver from their clearing house that they use. I did not know that they got screwed until I went to this local dealer and they told me what happened. The news got worse when I looked to see what silver art bars they had in their .999 generic bin and I found two more of these silver plated bars. I felt bad for the my local dealer and they had a bad batch of silver that came in and I do not think that this has happened to them before.

Here is one example of what the these silver-plated bars look like:

http://i741.photobucket.com/albums/xx54/COScollect/AROYALMNT15grain2.jpg

This is a typical reverse side of a silver-plated bar that was minted by the American Royal Mint and the themes to look out for are Horoscope sign themes with the above reverse

Here are some more silver-plated bars that look and weigh like 1-oz .999 silver bars:


http://i741.photobucket.com/albums/xx54/COScollect/FakeMJleafbar.jpg

http://i741.photobucket.com/albums/xx54/COScollect/FakeMapleleafbar.jpg


I got these 3 pictures off the internet since I do not have any of these bars in my silver art bar collection. Most of you probably already known this but the bad news is that some of these fakes are starting to show up locally and just wanted to give the GSUS community a heads up on this situation if you buy silver bars locally. Just be careful and watch what you are getting.

Dogman
31st December 2010, 05:58 AM
Yes !

All of the gold and silver tv adds and 99% of adds in magazine adds are like that
with something like one full ounce with (so many grams of .999 gold or silver) or
they rush in the description and use the word .999 clad.(plating)

And the sheep buy it!

Sorry about your dealer! Got snookered ,should have caught the "grams" tat-ta-tell!

RUSH.IS.A.BAND
31st December 2010, 05:59 AM
Yeah, I bought one of those that was 500mils GOLD PLATED off e-bay for around $10. I knew what I was buying,just wanted a novelty gold bar seeing that the real deal is out of my $ range. (Im into silver) The amazing thing is, EVERYONE I showed it to thought it was the real deal, except for one of my teen boys, he figured it out right away. As soon as he had it in hand he said, "way to light for its size to be gold". What a smart kid! I just wish he could apply that wisdom in his life right now. Lol!!

RJB
31st December 2010, 06:09 AM
I got excited when I saw a replica gold coin advertised on TV for a "good price." I never heard them say gold plated or anything, but they gave the weight of gold in milligrams. :P

Dogman
31st December 2010, 06:14 AM
I got excited when I saw a replica gold coin advertised on TV for a "good price." I never heard them say gold plated or anything, but they gave the weight of gold in milligrams. :P



Plating weight and or thickness. Big clue that it is not the real deal.

hoarder
31st December 2010, 06:25 AM
Gold and silver is traded in TROY OUNCES. Anyone marketing PM's using any other system of weights is a crook.

1970 silver art
31st December 2010, 06:46 AM
The crazy thing about these 100 mills bars is that a few of these ebay buyers are bidding up these silver-plated bars and they are paying a premium over spot silver for a bar that is not .999 pure. They are all over the place on ebay. Some of the legit ebay sellers are honest in that they are mentioning in their ebay description that they are not .999 pure silver and they mention that it is a silver-plated art bar but these ebay buyers do not take the time to read what they are bidding on.

I also want to make it clear that there is nothing wrong with buying them if that is what you want to buy but just make sure that you know what you are buying and do not buy these 100 mills bars thinking that they are .999 pure silver bars. 100 mills is not .999 pure silver.

JohnQPublic
31st December 2010, 07:23 AM
I see them all the time on ebay. Complete scam.

madfranks
31st December 2010, 08:17 AM
Gold and silver is traded in TROY OUNCES. Anyone marketing PM's using any other system of weights is a crook.


Lots of legit companies sell gold bars in 1, 2.5, 5, 10, and 20 gram weights. Troy ounce is one of the standards, but not the only one.

http://www.apmex.com/Modules/catalog/ThumbJpeg.ashx?VFilePath=~/Resources/Catalog%20Images/Products/50292_Obv.jpg&width=100

AndreaGail
31st December 2010, 08:28 AM
I got excited when I saw a replica gold coin advertised on TV for a "good price." I never heard them say gold plated or anything, but they gave the weight of gold in milligrams. :P


haha i just saw that the other day...they are recreating the gold buffalo with 14 whole milligrams of 24kt gold :D

RJB
31st December 2010, 09:28 AM
haha i just saw that the other day...they are recreating the gold buffalo with 14 whole milligrams of 24kt gold :D
LOL Yeah I'm pretty sure that was it. I was expecting them to say a fraction ounce of gold based on price and then they said 14 milligrams. 14 milligrams!!! I wonder how many of these will show up on e-bay as pure gold? 14 milligrams LOL!

AndreaGail
31st December 2010, 02:12 PM
just did a quick calculation and at current spot of 1420, each coin has 70 cents worth of gold

if gold reaches 10,000 / oz there is 5.00 worth of gold in each one

i can see why there is a strict limit of 5 coins per caller ::)