.999 Silver = Best long term investment

Great info. One fake gold coin could ruin your days profits

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That Lcs seemed fair with his but prices

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More than fair imo.
You barely get spot for anything but AE’s & specialty in my neck.

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I’d be happy to get spot

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Imo those machines are a superb investment, expensive but worth it for a tight knit group of investors.
If shtf, sorry, WHEN shtf, it might pay for itself for the resourceful.

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I’m pretty naive when it comes to reading people. Some old lady would smile at me as she cleans me out with her high quality fakes. I think you need multiple testing methods. If you have a shop you probably got to spend 30k on testing equipment.

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Lol.
I’m that guy that cleans out the old lady.
Ruthless, with no heart I am.

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Go to coin shops in Scottsdale Arizona…

Many give more than spot for generic rounds and higher for American Silver Eagles…

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Last time I song silver ounces, it went like this…

Pawn shops offering 30-50% of spot for any silver

Local coin shops offering a little less than spot

Scottsdale Arizona (expensive area) offering spot or more than spot for all silver rounds

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I have a feeling opening up my own shop ends up badly for me. There are a lot of crooks, scammers, syndicate people, and police that want nail your ass.

People file police reports that they had jewelry or coins stolen and that the Lcs has their property! They look through piles and say there it is! That’s mine! They take their gold and you get no compensation.

This other lady said her maid stole a bunch of coins from her and she could identify them. She can identify her generic coins and rounds. Police were really leaning on my friend to give up the coins when he honestly wouldn’t buy stuff he felt was stolen

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They know the stuff is stolen and the meth people just want a quick buck

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My friend has a Lcs and sells silver cheap. Less than the online guys. He is always out

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I bought a 50 gram Degussa Gold bar (years ago—when I had a bit of money)— no one would buy it because it was loose and others said they would buy it if I drilled it…

That’s when I learned there were counterfeits out there of everything…

A rule of thumb many have when buying silver and gold…

Test everything

Only deal with 10 ounce bars of silver or less unless drilled

Test gold everywhere, as some have 24k gold on the outside and tungsten (or a Chinese fake metal) in the inside

Better to buy from reliable sources with 100% positive feedback

If it sounds too good to be true, it is

No one can find silver or gold at spot or less on websites like eBay… if you can, it’s fake (with the exception of a once in a blue moon desperate seller who knows nothing about the precious metals game)

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Yeah when metals pop the fakes will flood in. I personally think the ping test works well in catching most fakes. It is hard to fake the pinging sound.

Another trick I saw is to use a rare earth magnet on silver. If it sticks it’s obviously fake but if you old the coin at a 45 degree angle it will slide slowly if it’s real, it will just slid down fast if it’s fake.

These test will weed out the obvious fakes

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The ping test also weeds out heavy plated metals that might not be caught with acid or a source tester

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If you buy bars bigger than 10 ounces you need a sonic tester to see inside. They probably aren’t cheap.

Chinese found many tungsten bars this way

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I like the ping…i dont have a tester for silver other than looks and ping. I only have older eagles i boight long ago, a little bit of brits and several haerus 10oz bars. Also a little 90%.

Gold, I have the Fisch tester for eagles and krugs…I also ping them. BEAUTIFUL SOUND! So I’ll only buy GAEs and krugs.

Ping…once you know the sound seems like an excellent quickee test after doing dimensional&weight test with Fisch and scale. Tungstun might be able to fake weight and dims, but cannot pass ping. But you stuck with only the being able to test whatever Fisch sets you have.

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In my experience, no business is to be taken lightly. You either do it like your life depends on it, or you don’t do it at all. Everything I’ve “dabbled” in has burned me.

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Great advice. I respect your opinions. Here is the difference though.

I expect the rule of law to get worse, not better

I expect more scammers

People will become more desperate especially if they know I have cash

You have been very successful in your endeavors but have you had to deal with potiential armed robberies or people robbing your businesses when you were gone?

I’m just trying to figure out if it’s worth it. If I had a shop I’d probably have one of my buddies sleep there in exchange for free rent

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I have an app too. It is good for gold because gold doesn’t ring like silver. You have to be careful not to damage the soft gold.

Some people use that fancy scale that has a magnet on it. You weigh it and the magnet actually pull down on the silver slightly and the scale can pick it up.

If I end up trading I’d just turn down questionable bars. I probably wouldn’t mess with a 100 ounce bar if the prices were high.

If I become good at testing I think I could make money assaying metal. No one I know on my island offers this service. My friend has scales, acid and calipers but he doesn’t have the high tech equipment.

If I had the high end equipment I think people would come to me to verify their metals.

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