I've never been in a coin shop that wasn't trying to take advantage of me. I am always talked down to, like I know nothing and the owners act like you are a nuisance. Even at coin shows this attitude is easily observed.Lot of bad apples in this hobby.
He's got plenty of metal though. It's only useful to him if he can get another fool to buy it though. The only reason to buy this stuff is because it's shiney and nostalgic I have one coin.
That is an issue here too. Only 2 of the like 10 dealers in town have a sigma tester. There others "don't believe in them" or think they don't need them... to me, that like a mechanic telling me he doesn't believe in using tools to repair a car. LCS are a crazy place!
@@Silverholic Interesting analogy, I will expand on that if you will oblige. Imagine a mechanic/technician unwilling to use a diagnostic computer and preferred to simply gaze upon the ECM/body control module of an automobile..... Not much would happen.
@@Silverholic Avoid the “””dealers””” without it. Simple as that, there are some crazy accurate fakes these days that pass everything old-school tests besides a sigma
Executive summary for those in a hurry. ONE local coin shop didn't want Nadirs. Another shop did. Major online brokers deal in them too. NOTHING wrong with Nadir bars. No need to "rethink purchase".
All of you can play this game untill a real collapse. Then apparently all of you will run to the dealer and try to get I don't know what exactly for your metal. Or your neighbor who does not own any and will be thrilled to take metal for his few cans of soup.
@@deker0954 When a real collapse occurs, no one will accept that linen dollar in your hand, because it will have no value. If you need to barter, something with a long established weight and purity will come in very handy. "But you can't eat an ounce of gold!!!" people have screamed. No, and you're not supposed to. But if you don't have anything the farmer wants, and he has food you NEED, he just might take your metal, because he knows what it is. There's a reason metal became a store of value and a medium of exchange. It's much more convenient than carrying around your ten chickens all day that you're willing to trade for a gallon of gas.
@@timber72RIGHT!!! In a crisis your not going to be able to sell the metals and if they are willing to pay what are they going to pay you with? The collapsed dollar?
I sold 200 oz on Monday, coin dealer didn't really wanna but bought it, although I traded for 1oz Gold Buffalo also. He mentioned trading again, doesn't wanna dish cash for silver right now
Or just whip out the phone with photo copy of receipt of where you got the bars from. I always bring my phone whenever I go to the store to ask or show proof of something. If the manager or staff turns me away, they're either ignorant, busy, or hiding something
I've bought silver from coin shops, pawn shops, coin shows, Creig's list, and even off the tailgate of someone's pickup truck. So, I'm going to tell you now, there is no shortage of people wanting to buy your physical silver, or if they have it, someone ready to sell to you. I appreciate your "disclaimer" at the beginning because you're right. I definitely understand your frustration, my friend. Thanks for sharing. Keep stacking
Thanks silver joker it’s a honor to have you come by . This video blew up and is making its rounds and I’m sure you can only imagine the response . I was frustrated with the guy because I knew him I thought pretty well . So if in a pinch it’s not always a guarantee someone will buy your silver . I have many many avenues to off my silver but that day I had no time to wait and it didn’t work in my favor. So it’s better to know your end game for ant least some of your silver . Take care thanks
Selling is a lot harder than buying when you are interacting with a metals dealer. ALWAYS. Keep that in mind if you are stacking metals...do not put yourself in a spot where you need to sell quickly for cash. It can take time to get close to spot for your metals.
The TH-cam channel Financially Aware covers this topic. This guy tries to sell his American gold and silver in different places around Germany and in New York. It was shocking how often he was turned away and told that they didn't want his products. The average person needs to stay away from this crap and just go buy food and gear. You will never make back what you dump into this stuff and you'll lose your shirt if you sell in a hurry. It's like trying to flip a house.
all these people saying silver is becoming rare and more in-demand have never tried selling it. Your local town probably only a couple people are even willing to buy it from you at all. Then maybe 1-3 shops will offer you way less than whatever you paid for it. Any depression or collapse scenario you're prepping for, these big metal bars won't be worth shit to people.
I started trading my silver for ammunition in 2012. Got tired of the hassle with selling silver. I have never had a problem offloading ammunition. Never had to sell it for spot price either. 😅
We do the same here getting trade for it ,or what you paid for it if you paid anything Atall .But we ain’t running low but I reckon there will be a time .Where here in uk sticks and stones will def be in short supply .peace take care and have a great day .
This is so true. I got completely frustrated a couple weeks back when I went to a shop to sell some generic 1oz rounds and 25 dollars face in halves. This dude told me he would only pay 2 dollars under spot for the rounds and 16 dollars face for the half dollars. I didn’t argue with him. I shook my head and just walked out.
Many LCS owners say spot price isn’t the real price of silver, they’ll laugh and explain premiums all day long…until you show up to sell your silver…then spot price matters.🥱 I’m in Canada and my local guy pays a little over spot, but let’s face it, if you’re not buying silver as an insurance policy or wealth preservation, and trying to “make money” with it, then you better classify it as a “long term hold” .
Yup many many times have I bought $4-5 dollars over and had the lcs tell me its hard to get and demand is really up then come to sell its a dollar underspot and it’s no longer hard to get
@@anglo-israel1630 I didn’t need to sell that’s why I walked out. I had bought most of that bullion back in 2018 and was gonna take some profits. I understand they have to pay the rent but making 8 dollars profit on a walk in customer for each coin is a little ridiculous.
Still boggles my mind that they did this to you. I have sold literally dozens of those Nadir bars over the counter to larger stores in one transaction without any issues whatsoever. They didn't even question them! That LCS owner is so out of touch with reality!
@@savagestacker yeah, just play it by ear! I have a feeling he might have just not liked the fact that they were Nadir bars that are from Turkey. Probably just trying to go all-American with his bullion too. Either that or just completely uneducated, lol.
Also got thinking. I come from a tactical/professional security background. You were mentioning the hate for metals in your car while traveling. You should look into the Vaultek safes for the future. I own one whenever traveling for my valuables and pistols and it has an amazing cable system that you attach to secured bolted down areas in car like under seat. Just food for thought!
This kind of story makes me appreciate my LCS (within walking distance) a hell of a lot more. He's fair, has good prices on both ends, knowledgeable, has a very well-used tester out on the counter, and supportive of his regulars. It's pretty easy to get slightly more premium private mint silver at the generic price, and he's always over spot if you have to part with any.
That tester is just for show. He knows you'll believe a gadget can replace a chemical test. And in the end it does not matter what the assay is because you'll sell and he'll buy if there is a customer for it already. Quick turn around and more money from the trinket buyers as soon as possible. The cash goes right in the bank. You know the system he gets you to believe is going to fall apart.
We test EVERYTHING in our little shop I. Myrtle Beach, both as we buy it and as it goes back out for sale. We love our Sigma, and test customer items for free. And we buy any type of silver, no matter who minted it. Sounds like you need to start being a regular at the second shop!
He was worried about finding them on Google when he should've just been testing them. If they checked out as real then everything else doesn't really matter. That's what is most important.
@@potheadzassociation6338 Yeah I can see your point when I look at from in his shoes. If someone was trying to sell me thousands of $ worth of silver I would be very wary of buying anything that I was not very familiar with.
@@dillionparrish7206 last thing; I do agree with you at the end of the day just be happy you have silver and gold. As long as it’s 100% authentic it will sell because someone will buy it.
Most people don't even use LCS anymore and just buy online. That guy was blessed to have you as a long time customer. He clearly lacks social and business skills. Unfortunately that is like 50% of all coin shops.
I left my LCS finally & am now going to a different shop. My original shop seemed to always have plenty of metals to sell when prices were high but somehow was always out of inventory when prices were low. He kept a small amount of metals visible under his glass counter but always had to go in back to get "inventory." If you suspect your LCS owner is not honest then LEAVE and find another. New shop has lots of metals visible etc
I get the same feeling when I go to LCS so now I just buy from APMEX. I am stacking. Whenever the time arises to sell since Silver is silver I will search for a metal recycling business and their are some out there.
In many states coin dealers are required to offer for sale any metal they have in inventory. They're not allowed to keep from sale in order to wait for spot to go up
@@jodomarj9063 One other thing.. they can put whatever premium they want in order to not lose in the transaction. It's a simple way of going around such a law. You might notice that local coin shops often don't lower their price when the spot price drops
It blows my mind that people can stay in business and be that ignorant to their products I'm sorry you had to go through that now I'm glad you find someone who would listen and take care of you keep the faith keep having fun
Even scrap yards do this worse. I brought in maybe 100lbs of wrecked out high quality Stainless Steel with some copper to this junk yard I had been using for a long time. My work throws out a crazy amount of this stainless wire when its too short or we wreck some out but i save it up. I leave and see on the receipt that the dude paid me aluminum for the stainless. The price difference wasn't much but it was like 5 cents a lb less. I figured it was an innocent mistake and ill let him know next time i go. I go back again a month later with about another 100lbs of stainless and tell the guy what happened last time. Now this wire is like a specialty item in my line of work. Its always a high quality stainless steel because it is out in the weather and is used to secure stuff. He tries to tell me that IM wrong and that it isnt stainless steel and that hes not gonna pay me stainless for it. That was the last time i went there.
This is kinda why I have been keeping some of the shipping paperwork that came with the silver that I've bought over the years. Just kind of as proof of where it's from, what the price was, etc. Just so if I have to sell it in the future, I have somewhat of a reference point. I've never walked into an actual coin shop, though. Just bought things online. (Part of this is because I'm an introvert who doesn't like interacting with humans, lol)
Paper promises will not make me buy. Just get good quality sovereign bullion coins like vienna phils, canadian maple leafs, australian roos and yes even chinese pandas. People might say "I would not buy a panda because its from China" but China is more honest than many countries even if you don't like what they are saying. Same with Russia. Also, while there was an initial attempt to discredit pandas when they were first introduced back in the 1980s, I think the chinese government does not like their credibility being debased today when they are moving into superpower status and so I would not want to be counterfeiting pandas. Regardless, if you buy from a reputable dealer your odds of getting screwed are much lower. ALSO, many big metals dealers have a "buy here sell here" policy which means anything you buy from them they keep a record of and so if you sell it back to them later they do not screw you over like the LCS. Their prices for selling and buying back are clearly posted. Yes, you are subject to income tax like this but it is the certain way to stay on the right side of things.
Amazing story, well told, and I can feel your frustration. Some people are impervious to logical debate. I give those folks a wide berth...once I realize their world view. I'm glad you found a good buyer. Start going there first!
I tried one of my LCS and even tho it wasnt the same it was similar . The owner was just odd , some what rude, treats you like a strangers instead of a customer and im pretty sure he just assumed i didnt know much yet i could educate him on every bar he has he labels generic . I remember when i first called it felt like he was trying to get me off the phone . Idk just weird, you cant deal with ppl like that
Some of them are just weird. We learn a lot watching TH-cam, searching the websites, and stay on top of the bullion market . Some of these shops just get stuck in there little worlds and are quite sheltered to the fluctuations of today . If this guy don’t want to learn I’m ok with that I spend a lot of money on bullion I’ll spend my money elsewhere. Thanks J W
I had several jewelry stores in WI really B S me saying they could only pay $6to$8 under spot for generic.999 silver rounds . I was out the door quickly and never returned.
Ha, I've had a similar experience. The first time I went in the shop I asked why his stuff was so much higher than spot. He played stupid like he didn't know what spot price was. Treated me like a crackhead trying to pawn some stolen merchandise. I was very offended and it took awhile before I could swallow my pride and go back.
Every time I've been into my LCS (only a few times) I hear the same guy there mention, at least twice, that "well, this is a navy town". It's very off-putting. I instantly read it as code for 'this is just business'. Not exactly a warm environment. There's another guy there that likes to stand and chat about whatever's on your mind, but I wouldn't like to deal with the navy town guy, and I haven't. It's just not the vibe you wanna have at your local shop.. but what can you do, I guess 🤷
Thanks for sharing. That is a crazy story. I headed to the LCS tomorrow. Haven't set foot in there in 6 years. Last time I was there he acted like I was bothering him by buying silver. And that he had the best prices in town which wasn't true because I went on expensive apmex and found way cheaper silver. I made two purchases and left and never went back. Maybe I'll come away with a good story for a video
Yep! Same story here as well. His premiums were higher than APMEX, my primary. I want so bad to support local biz but he was also out of his mind! McKinney, TX...BTW
I rarely buy from LCS because I can almost always get way better prices from SD Bullion or JM Bullion, the LCS is really only good for quick cash in my experience.
it's funny how when you buy silver the dealers go on and on about how there's a high premium for one reason or another but when you sell all of a sudden that premium disappears and they want to lowball you with a way below spot offer
That is how dealers make money. They wouldn't be in business if they bought at cost and sold at cost. That doesn't make any sense. If you want full value for anything you sell direct yourself, never to a third party (dealer) who is looking to flip it.
@@TEXAS-SMITH sometimes them LCS owners are weird, very weird. Usually they fall into three categories: the introvert weirdo coin store owner who’s shop stinks like dirty underwear and creeps you out the whole time you are there, or the fast talking con man huckster who is nothing more than a slimy scum bag who’s only interest is selling stuff WAY over spot but not buying anything back, or finally the lcs owner who is very knowledgeable and spends a good deal of time talking to customers and does a lot of selling and buying all the time. The first two guys mentioned aren’t really true lcs dealers because they really don’t care to buy back metals just sell. Avoid those dudes like the plague as their premiums are almost always the highest. The easiest way to test this is to bring a single 10 ounce silver bar into a new shop and just tell them you want to sell it. You should get a good idea if it’s a good place or a lousy shop within 10-15 minutes. Selling coins is easy but the real test is how they react to a buy back request. You will sniff out the freaks in just a few minutes.
@@poochewcaboo1860 I’m not saying your wrong but you would be surprised how many LCS owners run hobby stores, meaning they aren’t really running a business more like a boutique store front disguising their tax write off of “acquisitions” which just so happens to be precious metals and to show of a bit of their stash for bragging rights to like minded weirdos they bum around with. You can tell pretty quickly when you go in and everything is for sale but not really for sale unless you are willing to buy way over spot which no-one in their right mind is willing to pay. The other signal is that he may say he buys PMs back, but what he doesn’t tell on the sign is only if you are willing to give it away for next to nothing so that he can enlarge his hoard at little cost to him despite the fact that online dealers like money metals exchange and Jp bullion all pay spot. The other common tactic is tell you over the phone he’s enthusiastic to buy even giving you a fairly firm price only to change his tune when you show up and low ball ya. That’s why I recommend showing up at a new place with a 10 ounce or 5 ounce bar just to test the guy to see if he’s a ferret or not. This LCS owner being talked about in this video was hoping this guy would get aggravated and give it away but never gave a signal he was willing to do so which is why the dude messed with him for an hour before saying he wouldn’t buy. I’d be pissed too if I was in this sellers shoes and I would have given him a piece of my mind as well and probably would have been a heck of a lot less cordial about it and told him straight up that “you knew you weren’t going to buy these bars for what you offered over the phone for at least an hour hoping I would cave and accept way under spot and yet you continued to string me along when i didn’t budge even though I told you I had other places I needed to go and I damned well are going to let everyone know it via social media and by word of mouth.” That’s how you push back on LCS fakers / boutique store scammers. Eventually they get out of it cause they run out of people to mess with / scam and the monthly loss of keeping the front going becomes impossible to ignore unless they are ridiculously wealthy.
You are correct. There is nothing wrong with generic silver bars. They're easy to test and check the pricing on. This dealer, however, must only risk paying for what he believes his clientele will buy. That's his prerogative. Perhaps he might have been willing to buy one or two bars, but not ten. ?? His loss. Not worth worrying about.
yes but how hard is it to just say that. "Sorry buddy, these bars aren't what my regulars are looking for so it might take a while to move them on" saves all the hassle and both are moving on. horrible business if the guy can't even communicate properly.
@@Fanta....great answer. He just wasted his time and it’s mad he didn’t sell his silver as it’s obvious he still has it by displaying here. Why didn’t he sell it to the other guy maybe saw reason. They don’t trust it.
I learned the same lesson about 10 years ago when I first started stacking. I was always told it's all about the weight, so I got 500 (1) ounce bars to start my stack. I should have just got a monster box. A few years later I was unemployed and needed some cash. My local coin shop would only give me about 30% under spot. I haven't purchased anymore bars since. I'm strictly buying Silver Eagle and Gold Buffalo from now on. I now have 400 (1) ounce bars that I'll probably have to take a loss on someday. Those are beautiful bars. I'd probably have doubled my stack by now if I could still get bars. Unfortunately with the Silver Eagle premiums being so high it has cut into what I can afford. My brother is also a stacker and we have decided to go in halfs on a Sigma. None of our local pawn shops or coin shops use them. I don't trust any of the local dealers as far as I can throw them. I have plenty of reasons not to. I wont be buying from them unless I can test the metal first.
SD bullion will at least pay spot dude. I bet other online bullion shops will too. Coin shops are dinosaurs and are going to fade. Except for the coin shops that adapted to online sales.
@@jmo82592 That's good to know. I've never sold on-line because I figured after packaging, shipping cost and insurance it would be a substantial net loss. I got most of my bars from APMEX and they have a buy back program but it doesn't get the best reviews. It's worth further investigation. Thanks for the info.
My stack is probably 85% maple leafs or Canadian mint for this reason. I pay a huge premium, but I know when I need to sale you're probably already in disadvantage so don't make it even harder. Also, if I died and family got my stack I want it as easy as possible to sale.
I have no idea what he was typing lol if you literally type Nadir silver or nadir silver bars you not only get a dozen ads for them for sale but an explanation is a silver bar minted in Turkey...ALL the info needed...He must have been spelling it wrong the whole type thats the OJNLY explanation for the madness, hahaha
Similar experience. LCS that had been around for 30 yrs. An acquaintance I knew from a local organization worked there part time and when I decided to start stacking 20 yrs ago, I went there and started buying. Had bought approx $20k of PMs from them over abt 10 yrs when all of a sudden the store was closed and being guarded 24 hrs a day by sheriffs deputies! News story comes out a few days later that he scammed several people out of approx half a million dollars of product he never came up with! Took me a few months to make arrangements with another coin shop 150 miles away to come up and have them test everything I had bought from him. Ended up buying another $3 k of silver from them to establish a relationship and appreciation for testing what I had bought from the first shop.
That’s one of my fears, that when I move to Europe, I’ll have a difficult time finding a coin store that will take my silver. I’m trying to play it smart by buying coins that are well recognized world over.
You might want to convert to gold before you go because silver is taxed in Europe but gold isn't. Just make sure to buy .999 gold not American Eagles to go to Europe with lol.
And I forgot to mention, if he doesn’t test his silver or any metal for that matter, I’d never buy from him. My old LCS could buy large estates and test back at their office - He said quite often he’d find a few lead or silver/lead coins. Good thing he tested them since he’s out, not the customer
My local Coin shop has been in business for 30 or 40 years. He doesn’t own anything to test silver. They either drop it on the countertop and listen to the sound or his wife told me the other day we can do the acid test.
These are the stories that make me question whether I really want to start this. The idea that I’m going to put in 50k into this and never get all my money back. Or pass it onto my kids when I’m gone and now they have to deal with coin shop owners like this.
@@Lucid_Waking Yea, I feel if you can retain 95% of the money you’ve put in, gold/silver will have more or less done it’s job. The scenario is hedging against inflation, not necessarily making 8% back annually like the stock market. It’s a doomsday insurance tool.
My last comment is this however - no matter what, when you sell your silver bars...take THAT money and use it to pay off DEBT. Eliminate DEBT first....always.
Wow. why would it take him an HOUR to decide he didn't want to buy them? If he didn't recognize them on first glance, he should have just said he wasn't interested immediately! WTAF?! I also live in CA. Hope I never have to deal with that shop.
I can imagine owning a coin shop and struggling not to grow jaded. Even good customers are odd cats. Extremely skeptical. Tire kickers. Mishandlers. Unreasonable demanders. The prude negotiator. The scammer. The counterfeiter. The lurker. The informant. The robber. I'm sure all that takes its toll.
They aren't jaded. They just want you to buy at a premium and sell at a discount. Profit on the front end and profit on the back end. Standard business practice.
Why deal with a idiot dealer? He is playing dumb to get out of the deal, he cant be that stupid and stay in business unless its actually his HOBBY Any reputible dealer has a xrf machine to verify content. Perhaps its just greed, just walk away & never come back.
@@deker0954 That's. It standard business. Standard is to profit when you sell. For example, a retailer pays a premium when they buy from a wholesaler or distributor over what it cost to produce and distribute the goods for the wholesaler, so the retailer adds a premium when they sell. In some cases, they don't even add a premium, which is called a loss leader. As such, coin shops should pay the same to everyone as they would their distributor to get their supply for sales, if they're consistent and ethical.
I've been thinking about getting into stacking (for investing purposes, not collecting), but I have trust issues. It's imagined situations like this that's really turning me away. I'm thinking, those who actually use the metal for things such as manufacturing already have what they need because they're loaded with money & what's a common man going to do with silver? Make rings? Idk.... EDIT: He's all sell & no buy. He's not a dealer, he's a hoarder of cash.
Stacking gold/silver is a hedge against a possible US currency/economy collapse. If USD was to fail, imports would stop unless buyers had gold/silver/oil, and gold/silver prices would likely 4x overnight. Your stacked gold/silver will always have a use/need, when and if the USD collapses. Think of it more as a safety net, not an investment.
Kathy you don’t buy metals as an investment, think of them as a security or hedge against inflation. If you are looking for quick grow stick to crypto or the stock market.
The clerk was just trying to shake you down on the price. His stalling tactic provides him an opportunity to “feel you out” on how desperate you are to sell. If you are ever in the Kansas City area, I would be happy to buy them at spot.
I had the same issue where I was looking to sell 200 silver eagles and the LCs I did business for years wouldn't match the cross town offer I was given by another LCS I never did business with!
This is the problem with precious metals. You buy gold or silver at full-price in hopes of protecting your wealth or as an investment. You decide to sell it only to find out that you get only a fraction of what you paid for it almost everywhere you go. Precious metals are only good if you're a professional seller or you keep them in a societal collapse.
@@Gh0stDrag0n1 People who stack KNOW what to do and whom to do it with. Metals are not all that we stack. I assume you will simply starve to death? Come on dude, simple-minded reasoning such as yours dooms you.
My closest LCS is exactly the same… extremely weird dude. He’s been there for over forty years, and doesn’t even own the property. After wasting too much time dealing with him I’m happy to drive 45 minutes to someone with half a brain and some business sense.
Being a prepper, also includes being prepared for the "odd duck". Thank you for sharing that experience. Kenny Rogers comes to mind... Stack on! Being ignorant is one thing, being willfully ignorant is another. Try not o burn bridges in case they need to be used. Tolerance is an artform.
That’s jacked up, brother. Sorry you had to deal with that BS. Appreciate you sharing your experience though. At least you have some LCS options besides that dude.
Local dealers where I'm at wouldn't touch my rounds, only my eagles. I ended up finding someone on Craigslist that was willing to take what I had. He brought his tester the first time we met, but after that we built that trust and he never brought his tester out. I'm sure the second time he bought from me, he took it home and tested it. But once you find someone, even if its not a brick and mortar store....which I would rather have....stick with them. Otherwise I would have been stuck with my silver rounds.
RIGHT! Totally unreal not sure how he lasted 43 years . Hope all is well CC are you doing videos again I haven’t gotten any notifications from you in a bit . Take care bro let me know if you ever want to chat . Don’t want to say much on here . But I’ve lived through some struggles anyway hit me up sometime brother
Spending a couple mins checking online to see a product you're not familiar with is fair enough but sounds like a strange experience. At least you've got another good option moving forwards 👍🏼
Sounds to me like this was a one off experience. Sounds like someone who isn't too bright, is a bit of a shyster, or maybe really does have some mental OCD type issues. Nadir bars are perfectly recognizable. They are a major and well known refinery out of Turkey, and a lot of different places have carried them. The last place I saw them was Miles Franklin precious metals, but I've seen them plenty of other places. I tend to avoid large bars, since I know it's easier to find buyers of lower or small increment stuff. But yeah, always talk to your local coin shop so that you can really get the know them. Mine has a super expensive machine to test their metals, and they will let me bring in anything I buy to have it tested for free because I'm a good customer. Sorry that you had such a bad experience, but it takes time sometimes to find a genuinely good coin shop. You really ought to think about trying to sell to community members, if that's feasible. I know there would be a lot of people who'd be happy to take those nice bars off your hands.
I just met my lcs guy the other day. He was really nice I wasn't trying to sell anything. But I bought a roll of mercs. For 120 He seemed excited that I was into coins and silver. I believe he had good prices,peace dollars at $31 a piece gotta build that relationship before I try to sell anything to him if I had to. He was showing me the stuff he was excited about. After he figured out I knew some things. Overall good experience.
QUESTION ::: I never have bought silver or gold and don't think if the crap hit the fan it will be much help but it's best to be safe where would be a good place to get it that I won't be ripped off and how to make sure I'm not being ripped off ? I'm Needing educated on it.. THANKS
That sounded like a nightmare. I would have blown my top on this, dude 🤯🤯. He doesn't believe in Sigma machine ??? Yeah, that would have made me rethink everything I had ever bought from him. Yankee's coin dealer buys them all the time. I see these bars in EVERY BULLION DEALER'S website I have ever been on. Great video Savage, sad story for you, but it's a great video as always.
Thanks SLAYER STACKER. Yeah it was a bit of a nightmare but worked out for me better at another shop he tested all my stuff NO fake anything. Thanks brother
@@savagestacker it's not only about fake. It's about actual content. The gadget will not do a proper assay. Destructive testing will. Your slabs and rounds could assay out less than advertised. Then it's a shit storm everywhere. These buyers are paranoid enough. Destructive testing is like a scratch on your new car. Nobody wants that. So everybody pretends it ain't necessary to know actual content as advertised.
That's nuts. I'm overseas and got one of these Nadirs recently, chose it over several other brands for it's beauty and competitive premium. I'd sure stay away from that shop.
My coin man IS most honest and full of integrity. A friend has been dealing with him for 30 years and I have for the past 6 years. A very Good fearing man.
Wow 😯 the definition of insanity is doing the same thing over & over and expecting a different result. Sorry to hear this happened to you brother. Thanks for sharing miss you Hope everything else is going well ❤with you Hugs 🤗 Best wishes
Insanity: Doing the same thing over and over again expecting different results ! Hey sherieward good to see you sister been a minute or two . I hope life is treating you kind you are a good soul my friend I love seeing you apologize for late reply this video kind of went viral for me so many comments to get to . Big ol hugs And best wishes Take care
That is really pitiful of the guy, I would definitely test everything you bought from that guy if he doesn’t have the machine to test his silver. Sorry it happened to you.
I feel very fortunate to have a great LCS in Des Moines. He keeps it business. But I like that, he test, checks ID’s.. but he totally respects the customer. A great experience always.
How did he survive for 40yrs that's crazy mate but the good thing is you can buy the exact same silver from everywhere so really he is selling a service even though it sounds like he is doing a terrible job of it. Another good vid thanks for everything you post I watch every minute.
Somehow those dealers manage to survive. We have one place here in Montreal that is always more expensive than everyone else: Online and local. I went there a few times and when I would show him lower prices on online sites, his answer was : "well, you can get it right now here. If you order online you have to wait for 2 weeks and pay shipping", The thing is, shipping is less expensive than the gas I use to drive to his place and back. And, with most dealers it takes about a week to get your order at most... still, there is no emergency, when you buy silver or gold, you are gonna keep it for years, a few days more or less make zero difference. So most of the times I went there I did not buy anything but kept going as part of my round of dealers in the hopes he would see the light and price match at the very least... he never did so I no longer go. Crazy he would pass on a sale because he cannot make ridiculous profit on what he sells.
I have similar here they are pretty arrogant about it aswell. I simply keep quiet say thanks walk out and order it off my phone. The amount of silver I have purchased from my phone whilst sitting in the Cafe across from the lcs is nuts, nowdays I'm just looking for unique stuff when I go in.
I would have walked out and never did business with the guy again, then I would go to a different LCS and sell my perfect 10 oz. silver bars to them. And btw, my local coin shop is paying $2 over spot for silver.
So I’ve been looking for a good place to buy silver and gold online if you could point me in a good direction and was thinking silver coins first but would take recommendations on what to buy first
I've only been 'stacking' silver eagles for around a year, and your experience does not surprise me one bit, in light of my own experiences with two shops when I tried to sell some of my silver collectible coins. One of the two gave me weird/awkward vibes.
At the end of the day silver is silver. No matter of the type of bar or coin. If it tests out ok should be good to go. Sounds like your LCS is a crack pipe. I wouldn't deal with them anymore. Your LCS will probably lose his business eventually. Maybe something wrong with him mentally. People's minds do change as we age just like our bodies change with age.
You need to find another LCS. I just picked up a 100oz with some 1.25oz Rounds, and while I was there, they told me that they just got in this particular 100oz Engelhard, because one of their customers had sold it to them. They mentioned that they were going to call me, but they hadn't, ... because I had purchased a few of them from them in the past, ... and I said, ahhh, what the heck. But with my conversations with them, it seems like they're always in the market to buy your silver, especially if they know they've sold silver to you in the past. They know the market well, and what customers they have, that will buy what they have.
This goes on all the time in every physical asset type of dealers/vendor, etc. Art, Comic Books, Sports Card and Memorabilia. It is their way to negotiate to get you to dump your asset at a cheaper price. However, with Silver and Gold, there should be very little ambiguity. The big problem I hear in this situation is that he was not upfront with you beforehand and then came up with a nonsense excuse an hour later.
A good reason to buy nationally recognized coins like Eagles, Maple Leafs etc. They are universally recognized and easily marketable. If the dealer didn't think that he would have the customer base to buy the bars, he made the right decision - for him.
That is the craziest thing I've ever heard. I'd been very frustrated. Especially hearing he don't test what he sells. That'd been my last trip for sure.
I've never been in a coin shop that wasn't trying to take advantage of me. I am always talked down to, like I know nothing and the owners act like you are a nuisance. Even at coin shows this attitude is easily observed.Lot of bad apples in this hobby.
I second this. They will try to burn you every time. If your selling gold DO NOT accept anything less than spot.
They’re like pawn shops❤
Ever see pawn stars?? They ever fair??? Guns guitars motorcycles etc.. all attracts the scummiest of scum.
That's why I got total out of the hobby, and just collect Indian arrowheads that you always get the value back and more!
Quit honestly there aren’t many hobbies that people aren’t trying screw other people .
well said! the only exception is the coin shop in Branson MO. He is great, he has good and fair prices and knows his stuff.
Sounds like he didn't have the money to buy them and didn't want to admit it.
He's got plenty of metal though. It's only useful to him if he can get another fool to buy it though. The only reason to buy this stuff is because it's shiney and nostalgic I have one coin.
It's none of customers business how much money he has set aside to add to his inventory.
Ps. It's literally not the customer's business.
@@deker0954 I had one from the US Mint, I sent it back in 2 days, bought more MRE's.
@@SoulDelSol It is when they had a deal set up LOL.
Biggest concern is that he does not test his metals and you have trusted him.
That is an issue here too. Only 2 of the like 10 dealers in town have a sigma tester. There others "don't believe in them" or think they don't need them... to me, that like a mechanic telling me he doesn't believe in using tools to repair a car. LCS are a crazy place!
@@Silverholic Interesting analogy, I will expand on that if you will oblige. Imagine a mechanic/technician unwilling to use a diagnostic computer and preferred to simply gaze upon the ECM/body control module of an automobile..... Not much would happen.
@@Silverholic that is code for. "I don't want to pay for one" lol
@@Silverholic Avoid the “””dealers””” without it. Simple as that, there are some crazy accurate fakes these days that pass everything old-school tests besides a sigma
JM Bullion lists Assayer Nadir as one of the most respected in The World 🌎 😮
Executive summary for those in a hurry. ONE local coin shop didn't want Nadirs. Another shop did. Major online brokers deal in them too. NOTHING wrong with Nadir bars. No need to "rethink purchase".
The dealers just want desperate sellers with little knowledge they can exploit
Exploit? Yeah and don't forget the buyers.
All of you can play this game untill a real collapse. Then apparently all of you will run to the dealer and try to get I don't know what exactly for your metal. Or your neighbor who does not own any and will be thrilled to take metal for his few cans of soup.
Absolutely
@@deker0954 When a real collapse occurs, no one will accept that linen dollar in your hand, because it will have no value.
If you need to barter, something with a long established weight and purity will come in very handy.
"But you can't eat an ounce of gold!!!" people have screamed. No, and you're not supposed to. But if you don't have anything the farmer wants, and he has food you NEED, he just might take your metal, because he knows what it is.
There's a reason metal became a store of value and a medium of exchange. It's much more convenient than carrying around your ten chickens all day that you're willing to trade for a gallon of gas.
@@timber72RIGHT!!! In a crisis your not going to be able to sell the metals and if they are willing to pay what are they going to pay you with? The collapsed dollar?
OMG you bought 50K of products from him and he would not buy these pristine items. Unbelievable.
FOR REAL!!
Unreal
Maybe, he’s high on cocaine, maybe it’s dementia, he’s wacky.
Don't buy fake silver!!! Lol
@WhitePOWERranger1 nah i don't believe in those thest, (likesaid here's you think shit wait i got to test all i bought from the fella)
I wonder if he’s just short on money and embarrassed to say so.
I wonder that too.
I bet didn’t want pay spot for 10 oz
I sold 200 oz on Monday, coin dealer didn't really wanna but bought it, although I traded for 1oz Gold Buffalo also. He mentioned trading again, doesn't wanna dish cash for silver right now
Or just whip out the phone with photo copy of receipt of where you got the bars from. I always bring my phone whenever I go to the store to ask or show proof of something. If the manager or staff turns me away, they're either ignorant, busy, or hiding something
Youd just say I'm not looking to buy thanks for the offer
I've bought silver from coin shops, pawn shops, coin shows, Creig's list, and even off the tailgate of someone's pickup truck. So, I'm going to tell you now, there is no shortage of people wanting to buy your physical silver, or if they have it, someone ready to sell to you. I appreciate your "disclaimer" at the beginning because you're right. I definitely understand your frustration, my friend. Thanks for sharing. Keep stacking
Thanks silver joker it’s a honor to have you come by . This video blew up and is making its rounds and I’m sure you can only imagine the response .
I was frustrated with the guy because I knew him I thought pretty well . So if in a pinch it’s not always a guarantee someone will buy your silver . I have many many avenues to off my silver but that day I had no time to wait and it didn’t work in my favor. So it’s better to know your end game for ant least some of your silver . Take care thanks
Problem I've run into lately is all the fakes showing up. Even coins now.
Selling is a lot harder than buying when you are interacting with a metals dealer. ALWAYS. Keep that in mind if you are stacking metals...do not put yourself in a spot where you need to sell quickly for cash. It can take time to get close to spot for your metals.
Good point. I think that everyone who is stacking should try selling some just to see how that goes. Usually disappointing.
The TH-cam channel Financially Aware covers this topic. This guy tries to sell his American gold and silver in different places around Germany and in New York. It was shocking how often he was turned away and told that they didn't want his products. The average person needs to stay away from this crap and just go buy food and gear. You will never make back what you dump into this stuff and you'll lose your shirt if you sell in a hurry. It's like trying to flip a house.
all these people saying silver is becoming rare and more in-demand have never tried selling it. Your local town probably only a couple people are even willing to buy it from you at all. Then maybe 1-3 shops will offer you way less than whatever you paid for it. Any depression or collapse scenario you're prepping for, these big metal bars won't be worth shit to people.
I started trading my silver for ammunition in 2012. Got tired of the hassle with selling silver. I have never had a problem offloading ammunition. Never had to sell it for spot price either. 😅
If SHTF, the person with the guns and ammo can have as much silver and gold as he wants 😝
Pew Pew Pew
Outstanding.
We do the same here getting trade for it ,or what you paid for it if you paid anything Atall .But we ain’t running low but I reckon there will be a time .Where here in uk sticks and stones will def be in short supply .peace take care and have a great day .
@@DustinNulfwhat's he going to do with it? Sell to a bombed out coin shop or the dead collector in his home town?
This is so true. I got completely frustrated a couple weeks back when I went to a shop to sell some generic 1oz rounds and 25 dollars face in halves. This dude told me he would only pay 2 dollars under spot for the rounds and 16 dollars face for the half dollars. I didn’t argue with him. I shook my head and just walked out.
Many LCS owners say spot price isn’t the real price of silver, they’ll laugh and explain premiums all day long…until you show up to sell your silver…then spot price matters.🥱 I’m in Canada and my local guy pays a little over spot, but let’s face it, if you’re not buying silver as an insurance policy or wealth preservation, and trying to “make money” with it, then you better classify it as a “long term hold” .
Yup many many times have I bought $4-5 dollars over and had the lcs tell me its hard to get and demand is really up then come to sell its a dollar underspot and it’s no longer hard to get
@@anglo-israel1630 I didn’t need to sell that’s why I walked out. I had bought most of that bullion back in 2018 and was gonna take some profits.
I understand they have to pay the rent but making 8 dollars profit on a walk in customer for each coin is a little ridiculous.
I laughed at a guy who told me “I can’t pay spot”. I said their not for sale at spot. Deal was not made lol
So how does the shop make money?
Still boggles my mind that they did this to you. I have sold literally dozens of those Nadir bars over the counter to larger stores in one transaction without any issues whatsoever. They didn't even question them! That LCS owner is so out of touch with reality!
He’s just a weird individual I guess that’s ok I got another way tomorrow but I my wait because price dropped today
@@savagestacker yeah, just play it by ear! I have a feeling he might have just not liked the fact that they were Nadir bars that are from Turkey. Probably just trying to go all-American with his bullion too. Either that or just completely uneducated, lol.
@@savagestacker no post it today lol now! Now! Now! 🤣🤣🤣🤣
I like the looks of those nadir bars. I was thinking of buying
Also got thinking. I come from a tactical/professional security background. You were mentioning the hate for metals in your car while traveling. You should look into the Vaultek safes for the future. I own one whenever traveling for my valuables and pistols and it has an amazing cable system that you attach to secured bolted down areas in car like under seat. Just food for thought!
This kind of story makes me appreciate my LCS (within walking distance) a hell of a lot more. He's fair, has good prices on both ends, knowledgeable, has a very well-used tester out on the counter, and supportive of his regulars.
It's pretty easy to get slightly more premium private mint silver at the generic price, and he's always over spot if you have to part with any.
That tester is just for show. He knows you'll believe a gadget can replace a chemical test. And in the end it does not matter what the assay is because you'll sell and he'll buy if there is a customer for it already. Quick turn around and more money from the trinket buyers as soon as possible. The cash goes right in the bank. You know the system he gets you to believe is going to fall apart.
We We
We test EVERYTHING in our little shop I. Myrtle Beach, both as we buy it and as it goes back out for sale. We love our Sigma, and test customer items for free. And we buy any type of silver, no matter who minted it. Sounds like you need to start being a regular at the second shop!
He was worried about finding them on Google when he should've just been testing them. If they checked out as real then everything else doesn't really matter. That's what is most important.
Even if it tests positive for silver it can always be filled with something else.
The company does matter. He should have went to JD Bullion
@@potheadzassociation6338 Yeah I can see your point when I look at from in his shoes. If someone was trying to sell me thousands of $ worth of silver I would be very wary of buying anything that I was not very familiar with.
@@dillionparrish7206 last thing; I do agree with you at the end of the day just be happy you have silver and gold. As long as it’s 100% authentic it will sell because someone will buy it.
Most people don't even use LCS anymore and just buy online. That guy was blessed to have you as a long time customer. He clearly lacks social and business skills. Unfortunately that is like 50% of all coin shops.
I left my LCS finally & am now going to a different shop. My original shop seemed to always have plenty of metals to sell when prices were high but somehow was always out of inventory when prices were low. He kept a small amount of metals visible under his glass counter but always had to go in back to get "inventory." If you suspect your LCS owner is not honest then LEAVE and find another. New shop has lots of metals visible etc
I get the same feeling when I go to LCS so now I just buy from APMEX. I am stacking. Whenever the time arises to sell since Silver is silver I will search for a metal recycling business and their are some out there.
In many states coin dealers are required to offer for sale any metal they have in inventory. They're not allowed to keep from sale in order to wait for spot to go up
@@mikeb5372 ha ha
@@mikeb5372 What, how can that be a law? So they force the business to potential loose money? I have to question this as it makes no sense.
@@jodomarj9063 One other thing.. they can put whatever premium they want in order to not lose in the transaction. It's a simple way of going around such a law. You might notice that local coin shops often don't lower their price when the spot price drops
It blows my mind that people can stay in business and be that ignorant to their products I'm sorry you had to go through that now I'm glad you find someone who would listen and take care of you keep the faith keep having fun
Even scrap yards do this worse. I brought in maybe 100lbs of wrecked out high quality Stainless Steel with some copper to this junk yard I had been using for a long time. My work throws out a crazy amount of this stainless wire when its too short or we wreck some out but i save it up. I leave and see on the receipt that the dude paid me aluminum for the stainless. The price difference wasn't much but it was like 5 cents a lb less. I figured it was an innocent mistake and ill let him know next time i go. I go back again a month later with about another 100lbs of stainless and tell the guy what happened last time. Now this wire is like a specialty item in my line of work. Its always a high quality stainless steel because it is out in the weather and is used to secure stuff. He tries to tell me that IM wrong and that it isnt stainless steel and that hes not gonna pay me stainless for it. That was the last time i went there.
@@jhtsurvival I'm surprised that you didn't clear that up with a magnet.
@Budget Coin Hunter aluminum and stainless are non ferrous
This is kinda why I have been keeping some of the shipping paperwork that came with the silver that I've bought over the years. Just kind of as proof of where it's from, what the price was, etc. Just so if I have to sell it in the future, I have somewhat of a reference point. I've never walked into an actual coin shop, though. Just bought things online. (Part of this is because I'm an introvert who doesn't like interacting with humans, lol)
Paper promises will not make me buy. Just get good quality sovereign bullion coins like vienna phils, canadian maple leafs, australian roos and yes even chinese pandas. People might say "I would not buy a panda because its from China" but China is more honest than many countries even if you don't like what they are saying. Same with Russia. Also, while there was an initial attempt to discredit pandas when they were first introduced back in the 1980s, I think the chinese government does not like their credibility being debased today when they are moving into superpower status and so I would not want to be counterfeiting pandas. Regardless, if you buy from a reputable dealer your odds of getting screwed are much lower. ALSO, many big metals dealers have a "buy here sell here" policy which means anything you buy from them they keep a record of and so if you sell it back to them later they do not screw you over like the LCS. Their prices for selling and buying back are clearly posted. Yes, you are subject to income tax like this but it is the certain way to stay on the right side of things.
I KEEP ALL PAPERWORK, DATE, TIME, PRODUCT, PRICE. ITS PLACED IN BAG.
The fact that he doesn’t know what the LBMA is tells me everything I need to know.
Yep
Amazing story, well told, and I can feel your frustration. Some people are impervious to logical debate. I give those folks a wide berth...once I realize their world view. I'm glad you found a good buyer. Start going there first!
I tried one of my LCS and even tho it wasnt the same it was similar . The owner was just odd , some what rude, treats you like a strangers instead of a customer and im pretty sure he just assumed i didnt know much yet i could educate him on every bar he has he labels generic . I remember when i first called it felt like he was trying to get me off the phone . Idk just weird, you cant deal with ppl like that
Some of them are just weird. We learn a lot watching TH-cam, searching the websites, and stay on top of the bullion market . Some of these shops just get stuck in there little worlds and are quite sheltered to the fluctuations of today .
If this guy don’t want to learn I’m ok with that I spend a lot of money on bullion I’ll spend my money elsewhere. Thanks J W
Same here we have a bad one in my area they are just jerks
I had several jewelry stores in WI really B S me saying they could only pay $6to$8 under spot for generic.999 silver rounds . I was out the door quickly and never returned.
Ha, I've had a similar experience. The first time I went in the shop I asked why his stuff was so much higher than spot. He played stupid like he didn't know what spot price was. Treated me like a crackhead trying to pawn some stolen merchandise. I was very offended and it took awhile before I could swallow my pride and go back.
Every time I've been into my LCS (only a few times) I hear the same guy there mention, at least twice, that "well, this is a navy town". It's very off-putting. I instantly read it as code for 'this is just business'. Not exactly a warm environment. There's another guy there that likes to stand and chat about whatever's on your mind, but I wouldn't like to deal with the navy town guy, and I haven't. It's just not the vibe you wanna have at your local shop.. but what can you do, I guess 🤷
Thanks for sharing. That is a crazy story. I headed to the LCS tomorrow. Haven't set foot in there in 6 years. Last time I was there he acted like I was bothering him by buying silver. And that he had the best prices in town which wasn't true because I went on expensive apmex and found way cheaper silver. I made two purchases and left and never went back. Maybe I'll come away with a good story for a video
We must be going to the same LCS. If I'm not there to buy his over priced numismatic junk then he has better things to do.
Yep! Same story here as well. His premiums were higher than APMEX, my primary. I want so bad to support local biz but he was also out of his mind! McKinney, TX...BTW
some businesses out there think their sh1t don't stink. they only want to rip off as many people they can get away with.
I rarely buy from LCS because I can almost always get way better prices from SD Bullion or JM Bullion, the LCS is really only good for quick cash in my experience.
SD Bullion is always lower priced than Apmex so is JM Bullion.
it's funny how when you buy silver the dealers go on and on about how there's a high premium for one reason or another but when you sell all of a sudden that premium disappears and they want to lowball you with a way below spot offer
That is how dealers make money. They wouldn't be in business if they bought at cost and sold at cost. That doesn't make any sense. If you want full value for anything you sell direct yourself, never to a third party (dealer) who is looking to flip it.
It's a business, and they have to make money or they wouldn't last very long.
But they made money on the premiums they initially charged you
Yeah thats crazy, doesn't he have a verifier??? even if they said Big Dicks Silver Co. as long as its pure silver weight what's the problem?
The coin shop owner is insane.
He aint right.( the dealer).
Or it's not caffeine he's on.
@@TEXAS-SMITH sometimes them LCS owners are weird, very weird.
Usually they fall into three categories: the introvert weirdo coin store owner who’s shop stinks like dirty underwear and creeps you out the whole time you are there, or the fast talking con man huckster who is nothing more than a slimy scum bag who’s only interest is selling stuff WAY over spot but not buying anything back, or finally the lcs owner who is very knowledgeable and spends a good deal of time talking to customers and does a lot of selling and buying all the time.
The first two guys mentioned aren’t really true lcs dealers because they really don’t care to buy back metals just sell. Avoid those dudes like the plague as their premiums are almost always the highest. The easiest way to test this is to bring a single 10 ounce silver bar into a new shop and just tell them you want to sell it. You should get a good idea if it’s a good place or a lousy shop within 10-15 minutes. Selling coins is easy but the real test is how they react to a buy back request. You will sniff out the freaks in just a few minutes.
Really? Dude does it every single day. Do you think he might be more aware of the market than you? Just saying
@@poochewcaboo1860 I’m not saying your wrong but you would be surprised how many LCS owners run hobby stores, meaning they aren’t really running a business more like a boutique store front disguising their tax write off of “acquisitions” which just so happens to be precious metals and to show of a bit of their stash for bragging rights to like minded weirdos they bum around with.
You can tell pretty quickly when you go in and everything is for sale but not really for sale unless you are willing to buy way over spot which no-one in their right mind is willing to pay. The other signal is that he may say he buys PMs back, but what he doesn’t tell on the sign is only if you are willing to give it away for next to nothing so that he can enlarge his hoard at little cost to him despite the fact that online dealers like money metals exchange and Jp bullion all pay spot. The other common tactic is tell you over the phone he’s enthusiastic to buy even giving you a fairly firm price only to change his tune when you show up and low ball ya. That’s why I recommend showing up at a new place with a 10 ounce or 5 ounce bar just to test the guy to see if he’s a ferret or not.
This LCS owner being talked about in this video was hoping this guy would get aggravated and give it away but never gave a signal he was willing to do so which is why the dude messed with him for an hour before saying he wouldn’t buy.
I’d be pissed too if I was in this sellers shoes and I would have given him a piece of my mind as well and probably would have been a heck of a lot less cordial about it and told him straight up that “you knew you weren’t going to buy these bars for what you offered over the phone for at least an hour hoping I would cave and accept way under spot and yet you continued to string me along when i didn’t budge even though I told you I had other places I needed to go and I damned well are going to let everyone know it via social media and by word of mouth.”
That’s how you push back on LCS fakers / boutique store scammers. Eventually they get out of it cause they run out of people to mess with / scam and the monthly loss of keeping the front going becomes impossible to ignore unless they are ridiculously wealthy.
You are correct. There is nothing wrong with generic silver bars. They're easy to test and check the pricing on. This dealer, however, must only risk paying for what he believes his clientele will buy. That's his prerogative. Perhaps he might have been willing to buy one or two bars, but not ten. ?? His loss. Not worth worrying about.
yes but how hard is it to just say that. "Sorry buddy, these bars aren't what my regulars are looking for so it might take a while to move them on" saves all the hassle and both are moving on. horrible business if the guy can't even communicate properly.
@@Fanta....great answer. He just wasted his time and it’s mad he didn’t sell his silver as it’s obvious he still has it by displaying here. Why didn’t he sell it to the other guy maybe saw reason. They don’t trust it.
Those bars are generic; I would buy them either. I like Scottsdale silver, and Valcambi bars
I learned the same lesson about 10 years ago when I first started stacking. I was always told it's all about the weight, so I got 500 (1) ounce bars to start my stack. I should have just got a monster box. A few years later I was unemployed and needed some cash. My local coin shop would only give me about 30% under spot. I haven't purchased anymore bars since. I'm strictly buying Silver Eagle and Gold Buffalo from now on. I now have 400 (1) ounce bars that I'll probably have to take a loss on someday.
Those are beautiful bars. I'd probably have doubled my stack by now if I could still get bars. Unfortunately with the Silver Eagle premiums being so high it has cut into what I can afford. My brother is also a stacker and we have decided to go in halfs on a Sigma. None of our local pawn shops or coin shops use them. I don't trust any of the local dealers as far as I can throw them. I have plenty of reasons not to. I wont be buying from them unless I can test the metal first.
Get on groups n sell them,, a much better way to sell, saves being ripped off by some a hole in a store.
SD bullion will at least pay spot dude. I bet other online bullion shops will too. Coin shops are dinosaurs and are going to fade. Except for the coin shops that adapted to online sales.
@@jmo82592 That's good to know. I've never sold on-line because I figured after packaging, shipping cost and insurance it would be a substantial net loss. I got most of my bars from APMEX and they have a buy back program but it doesn't get the best reviews. It's worth further investigation. Thanks for the info.
What about gold eagles ? You said you buy gold buffaloes why not eagles ?
My stack is probably 85% maple leafs or Canadian mint for this reason.
I pay a huge premium, but I know when I need to sale you're probably already in disadvantage so don't make it even harder. Also, if I died and family got my stack I want it as easy as possible to sale.
I have no idea what he was typing lol if you literally type Nadir silver or nadir silver bars you not only get a dozen ads for them for sale but an explanation is a silver bar minted in Turkey...ALL the info needed...He must have been spelling it wrong the whole type thats the OJNLY explanation for the madness, hahaha
Similar experience. LCS that had been around for 30 yrs. An acquaintance I knew from a local organization worked there part time and when I decided to start stacking 20 yrs ago, I went there and started buying. Had bought approx $20k of PMs from them over abt 10 yrs when all of a sudden the store was closed and being guarded 24 hrs a day by sheriffs deputies! News story comes out a few days later that he scammed several people out of approx half a million dollars of product he never came up with! Took me a few months to make arrangements with another coin shop 150 miles away to come up and have them test everything I had bought from him. Ended up buying another $3 k of silver from them to establish a relationship and appreciation for testing what I had bought from the first shop.
That’s one of my fears, that when I move to Europe, I’ll have a difficult time finding a coin store that will take my silver. I’m trying to play it smart by buying coins that are well recognized world over.
Why would you sell your silver coins?
You might want to convert to gold before you go because silver is taxed in Europe but gold isn't. Just make sure to buy .999 gold not American Eagles to go to Europe with lol.
That’s not the problem here it’s that they probably won’t even pay you spot for your silver.
@@davidhimmelfahrt3732 I plan to use it as retirement income.
@@travismartinson1813 in France, gold coins are taxed 10% when you sell them.
Thank you for sharing your experience. Something new I’ve learn today .. It’s ok, not too late to ditch this guy.
And I forgot to mention, if he doesn’t test his silver or any metal for that matter, I’d never buy from him. My old LCS could buy large estates and test back at their office - He said quite often he’d find a few lead or silver/lead coins. Good thing he tested them since he’s out, not the customer
My local Coin shop has been in business for 30 or 40 years. He doesn’t own anything to test silver. They either drop it on the countertop and listen to the sound or his wife told me the other day we can do the acid test.
I invested in cans of Tuna @ 48 cents a can. That same Tuna today is $1.15 a can you can't eat gold & silver.
Did you check all the stuff you bought from him yet?
For some reason coin shops seem to attract business owners with a real attitude. Probably the distrust of counterfeits and potential money loss.
People always complaining about eagles pricing,but when I went to the coin shop they wanted the eagles not the generic rounds....
Silver is silver it shouldn’t really matter but coin dealers can be overly finicky.
These are the stories that make me question whether I really want to start this. The idea that I’m going to put in 50k into this and never get all my money back. Or pass it onto my kids when I’m gone and now they have to deal with coin shop owners like this.
You’ll never have problems selling eagles, maple leafs, philharmonic or krugerands (sp).
I totally feel that. I bought to use in trading when the dollar crashes. I have no plans to try and make a profit. I'm hedging my dollar.
@@Lucid_Waking Yea, I feel if you can retain 95% of the money you’ve put in, gold/silver will have more or less done it’s job. The scenario is hedging against inflation, not necessarily making 8% back annually like the stock market. It’s a doomsday insurance tool.
You’ll never have an issue selling Eagles, or Maples. Pay the premium for them and coin shops will snap them up when you need some cash.
@@nickschaps4022if you need cash then keep the cash.
My last comment is this however - no matter what, when you sell your silver bars...take THAT money and use it to pay off DEBT. Eliminate DEBT first....always.
Wow. why would it take him an HOUR to decide he didn't want to buy them? If he didn't recognize them on first glance, he should have just said he wasn't interested immediately! WTAF?! I also live in CA. Hope I never have to deal with that shop.
Time maybe wasn’t passing for him like it was for this guy…. (Perhaps the buyer was not on coffee and was on “other stuff”)
I can imagine owning a coin shop and struggling not to grow jaded. Even good customers are odd cats. Extremely skeptical. Tire kickers. Mishandlers. Unreasonable demanders. The prude negotiator. The scammer. The counterfeiter. The lurker. The informant. The robber. I'm sure all that takes its toll.
They aren't jaded. They just want you to buy at a premium and sell at a discount. Profit on the front end and profit on the back end. Standard business practice.
yes, my bet is he got burnt really bad on some stuff. however it should have made him learn how to verify real silver.
Why deal with a idiot dealer? He is playing dumb to get out of the deal, he cant be that stupid and stay in business unless its actually his HOBBY Any reputible dealer has a xrf machine to verify content. Perhaps its just greed, just walk away & never come back.
@@deker0954 That's. It standard business. Standard is to profit when you sell. For example, a retailer pays a premium when they buy from a wholesaler or distributor over what it cost to produce and distribute the goods for the wholesaler, so the retailer adds a premium when they sell. In some cases, they don't even add a premium, which is called a loss leader.
As such, coin shops should pay the same to everyone as they would their distributor to get their supply for sales, if they're consistent and ethical.
I do all the above and more. The owner has no choice but to become my best friend. It’s the only way out
I've been thinking about getting into stacking (for investing purposes, not collecting), but I have trust issues. It's imagined situations like this that's really turning me away. I'm thinking, those who actually use the metal for things such as manufacturing already have what they need because they're loaded with money & what's a common man going to do with silver? Make rings? Idk.... EDIT: He's all sell & no buy. He's not a dealer, he's a hoarder of cash.
Stacking gold/silver is a hedge against a possible US currency/economy collapse. If USD was to fail, imports would stop unless buyers had gold/silver/oil, and gold/silver prices would likely 4x overnight. Your stacked gold/silver will always have a use/need, when and if the USD collapses. Think of it more as a safety net, not an investment.
@@itsophishle7044 Gotcha, thanks.
Kathy you don’t buy metals as an investment, think of them as a security or hedge against inflation. If you are looking for quick grow stick to crypto or the stock market.
@@chrisloesch1870 not looking for quick grow
@@saxonwarrior388 I went apmex.
Mr LCS won’t buy non-American coins. I asked him why “I have a hard time selling them. People don’t want them”
The clerk was just trying to shake you down on the price. His stalling tactic provides him an opportunity to “feel you out” on how desperate you are to sell. If you are ever in the Kansas City area, I would be happy to buy them at spot.
When I first started stacking I bought a roll of eagles every couple of months. I still think that’s ideal.
The premium is too high on them
@@davidhimmelfahrt3732 yep agree stacking high premium stuff is foolish for me , do rounds I say buy them new .
@@davidhimmelfahrt3732 I would have paused when premiums too off. As a matter of fact that’s what I did.
I had the same issue where I was looking to sell 200 silver eagles and the LCs I did business for years wouldn't match the cross town offer I was given by another LCS I never did business with!
This is the problem with precious metals. You buy gold or silver at full-price in hopes of protecting your wealth or as an investment. You decide to sell it only to find out that you get only a fraction of what you paid for it almost everywhere you go. Precious metals are only good if you're a professional seller or you keep them in a societal collapse.
Uh...no. I get spot plus X. I guess if you live in a rural area, you may be at there mercy. Less than spot is a joke these days.
Or if you’re Mediterranean, African or Asian … You use it as dowry, inheritance or a hedge against hyperinflation
During a "collapse" if you try to barter your gold or silver you will probably get laughed at or killed.
@@Gh0stDrag0n1 People who stack KNOW what to do and whom to do it with. Metals are not all that we stack. I assume you will simply starve to death? Come on dude, simple-minded reasoning such as yours dooms you.
@@Gh0stDrag0n1 …. Not collapse, but hyperinflation. I’d still rather have gold & silver than $
Sounds like he stopped learning and he refuses to want to learn from someone else. That’s dangerous and he is only going to fail. It’s a shame.
Don't go to him ever again. THIS IS STILL AMERICA.
My closest LCS is exactly the same… extremely weird dude. He’s been there for over forty years, and doesn’t even own the property. After wasting too much time dealing with him I’m happy to drive 45 minutes to someone with half a brain and some business sense.
Because they had their run of fleecing the buyers for the last 3 years. Also, there is plenty of silver! No shortage!
@@BillyBob-fh5he yup
I've been stacking for 20 years never had anything like that happen to me
6:45 , whats Constitutional Silver / Soverign Silver?
I'd rethink dealing with that Coin dealer. Nadir is a very common bar, and better quailty as well. Not every LCS has a clue.
I think it was Einstein that quoted " Insanity is doing the same thing over and over expecting a different result !!
Being a prepper, also includes being prepared for the "odd duck".
Thank you for sharing that experience.
Kenny Rogers comes to mind...
Stack on!
Being ignorant is one thing, being willfully ignorant is another.
Try not o burn bridges in case they need to be used.
Tolerance is an artform.
That’s jacked up, brother. Sorry you had to deal with that BS. Appreciate you sharing your experience though. At least you have some LCS options besides that dude.
Yeah there’s 4 others around here so F him I’m out never to return thanks MELLOW Stacks
Wow Thanks for sharing woke me up I’m sticking with prime coins…
Was told many years ago to be a good coin dealer ,,,first you have to be a good Thief ,,,and it's absolutely true 👍
If you need to sell, you are buying way too much silver. Stop for a while, slow down.
Thank you for filing us in on this story!!!
I've had some situations. But for the most part things have been good. Wishing you the best my friend. Take care.
Local dealers where I'm at wouldn't touch my rounds, only my eagles. I ended up finding someone on Craigslist that was willing to take what I had. He brought his tester the first time we met, but after that we built that trust and he never brought his tester out. I'm sure the second time he bought from me, he took it home and tested it. But once you find someone, even if its not a brick and mortar store....which I would rather have....stick with them. Otherwise I would have been stuck with my silver rounds.
Rounds ain't pretty. And that tester will not do a proper assay. A proper assay will leave a mark and that ain't pretty either.
Don't sell to him, but if it's in your favor, keep buying from him.
I can’t believe dude wouldn’t have some type of machine to test silver. That’s just crazy to me!
RIGHT! Totally unreal not sure how he lasted 43 years . Hope all is well CC are you doing videos again I haven’t gotten any notifications from you in a bit . Take care bro let me know if you ever want to chat . Don’t want to say much on here . But I’ve lived through some struggles anyway hit me up sometime brother
That’s what I’m afraid of. When you really get a chance to make some money down the road, the dealers won’t want to pay the price for it.
You should hold onto it until you see the price sky rocket ... Good dealers will always give you a fair price. I've been there!
Alot of people also don't understand Google is WAY different in 2023 than 2008 :) thanks for sharing your story
Pure silver or silver-plated lead? How do you know without melting it down?
Spending a couple mins checking online to see a product you're not familiar with is fair enough but sounds like a strange experience. At least you've got another good option moving forwards 👍🏼
Seems like the least he could do was check APMEX
That LCS is a moron. I was able to find Nadir bars both on Monument Metals in 2 seconds and with a straight Google search.
Sounds to me like this was a one off experience. Sounds like someone who isn't too bright, is a bit of a shyster, or maybe really does have some mental OCD type issues. Nadir bars are perfectly recognizable. They are a major and well known refinery out of Turkey, and a lot of different places have carried them. The last place I saw them was Miles Franklin precious metals, but I've seen them plenty of other places. I tend to avoid large bars, since I know it's easier to find buyers of lower or small increment stuff. But yeah, always talk to your local coin shop so that you can really get the know them. Mine has a super expensive machine to test their metals, and they will let me bring in anything I buy to have it tested for free because I'm a good customer. Sorry that you had such a bad experience, but it takes time sometimes to find a genuinely good coin shop. You really ought to think about trying to sell to community members, if that's feasible. I know there would be a lot of people who'd be happy to take those nice bars off your hands.
He could have had the decency to tell you he wasn't interested from the beginning
I just met my lcs guy the other day. He was really nice I wasn't trying to sell anything. But I bought a roll of mercs. For 120 He seemed excited that I was into coins and silver. I believe he had good prices,peace dollars at $31 a piece gotta build that relationship before I try to sell anything to him if I had to. He was showing me the stuff he was excited about. After he figured out I knew some things. Overall good experience.
QUESTION :::
I never have bought silver or gold and don't think if the crap hit the fan it will be much help but it's best to be safe where would be a good place to get it that I won't be ripped off and how to make sure I'm not being ripped off ?
I'm Needing educated on it..
THANKS
Your story was well presented and very, very helpful.
Half way through your video I'm thinking he is low on cash! or regretting the spot price quote.
A coin shop makes money by buying low and selling high. I never unload precious metals at a retail shop.
Just recently started stacking, and I have learned so much from your channel, thanks for the open honest discussion. It has helped me so much! 👍
Very interesting experience there! Thanks for sharing!
That sounded like a nightmare. I would have blown my top on this, dude 🤯🤯. He doesn't believe in Sigma machine ??? Yeah, that would have made me rethink everything I had ever bought from him. Yankee's coin dealer buys them all the time. I see these bars in EVERY BULLION DEALER'S website I have ever been on. Great video Savage, sad story for you, but it's a great video as always.
You can get a sigma for less than a one oz gold eagle lol
Yep, they are between $1100 & $1400 depending on the features you want.
Thanks SLAYER STACKER. Yeah it was a bit of a nightmare but worked out for me better at another shop he tested all my stuff NO fake anything. Thanks brother
@@savagestacker it's not only about fake. It's about actual content. The gadget will not do a proper assay. Destructive testing will. Your slabs and rounds could assay out less than advertised. Then it's a shit storm everywhere. These buyers are paranoid enough. Destructive testing is like a scratch on your new car. Nobody wants that. So everybody pretends it ain't necessary to know actual content as advertised.
That's nuts. I'm overseas and got one of these Nadirs recently, chose it over several other brands for it's beauty and competitive premium. I'd sure stay away from that shop.
My coin man IS most honest and full of integrity. A friend has been dealing with him for 30 years and I have for the past 6 years. A very Good fearing man.
You mentioned foreign coins? Do you think it would be easy enough to sell high quality Korean silver ounce coins and bars?
Wow 😯 the definition of insanity is doing the same thing over & over and expecting a different result. Sorry to hear this happened to you brother. Thanks for sharing miss you
Hope everything else is going well ❤with you
Hugs 🤗
Best wishes
Insanity: "a severely disordered state of mind usually occurring as a specific disorder"
Insanity: Doing the same thing over and over again expecting different results !
Hey sherieward good to see you sister been a minute or two . I hope life is treating you kind you are a good soul my friend I love seeing you apologize for late reply this video kind of went viral for me so many comments to get to .
Big ol hugs
And best wishes
Take care
He's stuck in his ways. Find another store. Probably a older individual.
That is really pitiful of the guy, I would definitely test everything you bought from that guy if he doesn’t have the machine to test his silver. Sorry it happened to you.
Thanks Darrell yeah I’ve since tested everything NO fake metals great to see you brother
Wow Nadir is a well know Istanbul refinery really common here in the Uk , stay safe & stay Awesome .
Thanks my friend.
I feel very fortunate to have a great LCS in Des Moines. He keeps it business. But I like that, he test, checks ID’s.. but he totally respects the customer. A great experience always.
How did he survive for 40yrs that's crazy mate but the good thing is you can buy the exact same silver from everywhere so really he is selling a service even though it sounds like he is doing a terrible job of it.
Another good vid thanks for everything you post I watch every minute.
Yea, no kidding
Somehow those dealers manage to survive. We have one place here in Montreal that is always more expensive than everyone else: Online and local. I went there a few times and when I would show him lower prices on online sites, his answer was : "well, you can get it right now here. If you order online you have to wait for 2 weeks and pay shipping", The thing is, shipping is less expensive than the gas I use to drive to his place and back. And, with most dealers it takes about a week to get your order at most... still, there is no emergency, when you buy silver or gold, you are gonna keep it for years, a few days more or less make zero difference. So most of the times I went there I did not buy anything but kept going as part of my round of dealers in the hopes he would see the light and price match at the very least... he never did so I no longer go. Crazy he would pass on a sale because he cannot make ridiculous profit on what he sells.
I have similar here they are pretty arrogant about it aswell. I simply keep quiet say thanks walk out and order it off my phone. The amount of silver I have purchased from my phone whilst sitting in the Cafe across from the lcs is nuts, nowdays I'm just looking for unique stuff when I go in.
By selling coins to collectors and not bullion.
Maybe time for him to retire
I would have walked out and never did business with the guy again, then I would go to a different LCS and sell my perfect 10 oz. silver bars to them. And btw, my local coin shop is paying $2 over spot for silver.
Holy shit that's a crazy story bro . Thanks for sharing Big Dog.
So I’ve been looking for a good place to buy silver and gold online if you could point me in a good direction and was thinking silver coins first but would take recommendations on what to buy first
I've only been 'stacking' silver eagles for around a year, and your experience does not surprise me one bit, in light of my own experiences with two shops when I tried to sell some of my silver collectible coins. One of the two gave me weird/awkward vibes.
I think they want to sell, but they don’t want to bite back.
wow! I was all expecting him offering you like a dollar or two above spot after you pulled out those bars.
At the end of the day silver is silver. No matter of the type of bar or coin. If it tests out ok should be good to go. Sounds like your LCS is a crack pipe. I wouldn't deal with them anymore. Your LCS will probably lose his business eventually. Maybe something wrong with him mentally. People's minds do change as we age just like our bodies change with age.
My local coin shops are like pawn shops.
Sleazy, shyster men like used car salesmen.😎
Yeah it's probably a front for meth and oxycodone money laundring..
You need to find another LCS. I just picked up a 100oz with some 1.25oz Rounds, and while I was there, they told me that they just got in this particular 100oz Engelhard, because one of their customers had sold it to them. They mentioned that they were going to call me, but they hadn't, ... because I had purchased a few of them from them in the past, ... and I said, ahhh, what the heck. But with my conversations with them, it seems like they're always in the market to buy your silver, especially if they know they've sold silver to you in the past. They know the market well, and what customers they have, that will buy what they have.
This goes on all the time in every physical asset type of dealers/vendor, etc. Art, Comic Books, Sports Card and Memorabilia. It is their way to negotiate to get you to dump your asset at a cheaper price. However, with Silver and Gold, there should be very little ambiguity.
The big problem I hear in this situation is that he was not upfront with you beforehand and then came up with a nonsense excuse an hour later.
A good reason to buy nationally recognized coins like Eagles, Maple Leafs etc. They are universally recognized and easily marketable. If the dealer didn't think that he would have the customer base to buy the bars, he made the right decision - for him.
There is not a thing wrong with generics. His loss. He has no customer base because he won't stock anything.
Nah, this dealer is a Pinecone.
Its always like this with some people out there where everything you have is sh!t and everything they have is perfect and desirable.
That is the craziest thing I've ever heard. I'd been very frustrated. Especially hearing he don't test what he sells. That'd been my last trip for sure.
Could you please tell me what is premium and spot ? Would you explain for me ?
Thanks