Our friend Chris Duane of Dont-Tread-On.me has released Part 35 of the Silver Bullet/ Silver Shield video series:  Silver for the Pawn Star Masses

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  1. Englehard bars, junk silver. The old man said “silver is gold”. The dude bought it at $5.00 an ounce. At today’s spot 3,272 oz. is x $28.50 = $93,252.00 x .90 = $83,926.80. + more for the .999 bars. The pawn paid $111,000.00. The man made a hell of a profit and the pawn scooped up a mint too. The old man is happy. I think the spot was around $32.50 at the time of the sale. The old man was pissed ’cause the boys sold some of the silver LOL. He’s definitely the smartest of the bunch

  2. That’s killer I watch this show all the time and so do a lot of people. What a dumb ass though selling his stack. I would have waited for a much higher jump in spot. And then only trade it for gold.

  3. Avatar of
    IndenturedServant says:

    They are selling them on their eBay page. I saw them there sometime back. Paying more than double the spot price ($64.99 currently) is well beyond stupid and The Old Man would tell you so if the profit was not going into his pocket!
    I_S

  4. I Noticed A Few Things About This Video Not Mentioned Yet To My Knowledge:

    1. Rick says he scanned all the junk silver for any non-silver coins and then says, “pre-1964 ,– no copper” For someone in this biz to get it wrong like that just doesn’t make any sense. Also, it’s pre-’65. Sorry, This Kinda Thing Irks Me.

    2. If you have ever owned 1000 oz. bars, you’d know that ALL of them are of odd weights—He tried to convince the seller that “big bars aren’t weighted this way”

    3. The fact that he wouldn’t buy the 1000-oz. bar until he satisfied himself after drilling it, should be a lesson to anyone contemplating owning large silver bars—DON’T!—Avoid this with owning 10-oz. and smaller.

    4. I see Indentured Servant beat me to my next comment–Who, IN THEIR RIGHT MIND, would pay anymore than the going “price+lowest premium” for silver rounds of any type?   Much less $60-$64?—Insane.

    5. The seller received $111,000/3272=$33.92 per oz. averaged (because the junk is 90% and probably had a different buy price). Using the current price of $32.39, He received $1.53/oz. over spot!—that’s great for overly-worn junk and large, more difficult to turn bars!—He did well. In fact, I almost don’t believe that the numbers given are accurate—but that is not verifiable. Taken at their word, that’s a great deal.

    Generally, my guess would have been that pawn shops would offer less than coin shops for buy-backs, but this proves this notion wrong.

    6. They we’re admitting they re-sold some of the silver. The old man says, “we’re not supposed to sell silver”. Maybe that’s due to dealer licensing? Maybe they need to have some kind of license to sell silver and gold bullion at a premium in Nevada due to sales tax laws?…That one, I can’t answer.

  5. SB It’s not bad it cost a lot to have 500 rounds made. in fact he should have had that whole 75lb bar done up because once the dy is made that your main cost. He most likely pay with the remainder of the bar.

    Now I do collect cool old silver, but I would not wast money on goofy date silver, you know Marry Christmass 1980 save those for the sleepeople. 
  6. Correction:

    1. My numbers are wrong because I used the numbers given by 2oz. (3272, should be 3372). This yields only $32.91/oz = 52 cents over spot.

    2. He refers to pre-64 junk as having “no copper”. He was referring to the edge, rather than its content.

  7. dead on Jake. Remember though, these guys can spend more on their pawn “buyings”. They have a network behind them and a lot of advertising. People will but from them just because they have a little fame. And they’ll buy at a higher price. They did O.K. and so did the fella selling. The old man is the only one with any real sense. LOL. Thanks for the number corrections.

  8. Ya Doc Im with SB, But to save a gang of money. I say do some hand pour 1oz bars, get a hand stamp cut. In fact you could just use store bought letter stamps, just some little bars like these I like them better than coins

  9. lol 427 “What SB you didn’t get your S.D. 10oz bullion bar from the Doc?”

    I think Doc should try to do both… for the life of me I cannot remember the figures Doc quoted the other day. One thing is for sure: All of us at SD must come onboard for it to be feasible. I am in. :-) 

  10. I was in their shop last summer and bought my first silver eagle from the guy who fixed the ATV that broke down on Hoss & Chum in the desert. He laughed at me when I said I was only interested in bullion with low premium. The cheapest plain Jane eagle cost $61.62 after tax which was about 50% over spot. I was way up from blackjack the night before so I bought it as a souvenir and kept the receipt for future proof. The 96′s were over $100. Trust me! They’re no fools when it comes to making money!

  11. Pawn Stars is the best History Channel around and is a lot better than what our schools are teaching our kids. The schools could learn from this show.

    That kid was fiat crazy. If he was my kid I would have kicked his ass. Why didn’t he just sell part of it  and keep the rest if he needed fiat. He’ll probably go to the casinos and blow it all. What a fool.

     

  12. Re: the big odd bar:

    I would think exact volume and mass determination would be the first thing to look at before damaging (someone else’s) property, no?

    Mass: good calibrated scale which they probably have.

    Volume: either measure the dimensions (not very easy, it’s likely not uniformly shaped) or use the old water in bucket method. If it has a good scale it will be quite precise.

    I wouldn’t let them drill it!

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