I first got into precious metals around 2003. After I got slammed in the stock market I thought it best that I invest in real tangible physical metals. Each year I bought more and more bullion. In 2010 I decided to purchase a JM 1,000 oz Silver Bar. I saw that I could save about $200 by buying the BIG bar over 10 100 oz bars. So, when my package came it was taped up in a Green Monster Box (silver eagle container). It took me awhile to lift the thing (weighed about 74 pounds). I kept it for about 1 year and then decided to sell when the prices of the metals went way up. I think I bought it around $18 an oz and sold around $31 per oz. I ended up having to drive it to the bullion dealer (Apmex). Right then I decided never to purchase a 1,000 bar again. The savings on the purchase really didn't help, because when you sell a bar that big then you get less for it as well.
I myself like the 100 oz'ers. They are pretty portable and easy to sell to anyone around. Also, they are hard to loose. I know many of you will say coins are better, and they do have their benefits.
So, when I did bring the 1,000 oz bar to the Apmex location in Oklahoma City, I was met by a guard and an Apmex attendant. Pretty fun day. However, as I said before, I will never buy a 1,000 oz bar again. What was I thinking. So if any of you get the urge to purchase one of those huge bricks, you better think twice. Have a great day all.
I have long thought of investing in gold or silver. But it is hard since I don't have a place to store it and traveling with heavy metals is not something I want to do. I could carry gold but the risk of theft would mean I'd have to have it on my person at all time and I don't like that idea either. I think I'll stick to crypto currency for now since it's a lot easier to carry!
Without meaning to hijack the post, have you considered:
http://www.bullionvaultaffiliate.com/Grizgal/en
They are a reputable company with vaults in major countries. You can buy and sell very close to spot and even have bars shipped to you. Ive used them for years and fin then excellent. Very good customer service as well.
I'll check them out. Maybe that could work.
I have used them for many years and found them to be excellent. If you need a hand, let me know.
Maybe one day you will come up with a place to store your metals. Crypto is also quite good right now.
For bigger purchases I've always used Apmex, bullion.exchanges, or bay precious metals.
Loved this story! You're a fucking Madman to have bought a 1000 ozer lol -- so totally awesome though!
I've had some 100 JM's before -- and if i had the safe-room and the money these are prime. But these days a kilo is about as large as i get. I'm mostly a fan of the smaller stuff, but thanks for the fun tale with a moral attached.
Stack on Madman!
Full Power Upvote for you ;)
Cheers! from @thedamus
Thanks thedamus. If I ever get the chance I may end up buying one again. Those suckers are to sell which makes me hold onto the metal. Ha. Cheers.
Yer makin' the pirate in me cackle... Thems be the lucky ones who grabs thems an ingot of glory -- Y'Arrrr!
Glory!! ha
Y'Arrr!
A 1000 Oz is just way too heavy to carry it around and usually you can only sell it back to wholesaler. Other small time dealers might not even want to buy it back because of the size and trouble of storing it. 😅
Yeah, I couldn't quite fit it in my pocket. Ha. It was a bit to big to haul around for sure. I didn't have to worry about it getting stolen.
will you become the silver surfer?
Haha. It would be fun.
omg!
Following your blog. Cheers.
Doesn't first the "paper" manipulation has too go on the COMEX?
As long as the paper manipulation keeps growing the actual metals prices keep going down. Once the manipulation is over (comex goes bust), then its game on.
Wow a 1000 oz bar. I've never known anyone to buy one of those before. Where did you keep it? Under the bed?
Safe.
It doesn't comfortable to keep it in a house :D It's a huge block of material. Blockchain is lighter haha
Very true. If someone breaks in I'll just bash them over the head with a brick of silver. lol
This is a great story! I have always wanted a 1000 oz just for the hell of it, but they really are not practical. Like you said, when reselling they do not command the same premium that a 1 oz, 10 oz or even 100 oz bar/coin might get.
I bet it was a cool feeling going to the location and meeting with the guard!
It was definitely fun having it around. Moving it was a chore for sure. When I received it from Fed Ex (That guy was like what is this?) I actually had to use a dolly to move the thing.
I bet they are so much heavier than anyone can even imagine!
1000 oz, and 74lbs that's amazing and crazy at the same time. I'm reluctant to buy 100 oz cuz I'm told it can be pretty hard to sell. The weight must have been nuts since the volume wouldn't have been much would have been so deceiving. I'm always surprised by how much 10oz is. Your the man!