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Thread: Pawn Shop Owner Claims Silver Bar from Provident Metals is a Fake

  1. #11
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    Quote Originally Posted by JM_Silver_Addict View Post
    ASE's and AGE's all start their life from Sunshine Mint......
    many AGE planchets are out of MASSACHUSETTS....CNT out of Bridgewater Ma, and were of
    US sourced gold...
    "Congress requires the Mint to procure the gold for its Eagle bullion coins from newly mined U.S. deposits, the Mint then ships that gold to Australia to be made into blanks. Then, the fabricated blanks are later shipped back to the United States for the production of coins."

    (*note: the law states that Gold must be sourced domestically but not silver)

    Some time after both Oliaris had started working in the business full-time, Coins ’N Things entered the wholesale metals market. While Louis Oliari preferred the retail coin business, Mark Oliari enjoyed trading gold with investors, jewelers, and businesses that needed gold as a raw material.[2] As the wholesale business grew, it began to attain the reputation and financial stature needed to be a leader in that industry. In 2002, the United States Mint approved Coins 'N Things to become one of 11 businesses worldwide authorized to buy American Eagle silver bullion coins for distribution; at that time, qualifications for that authorization included a substantial retail customer base and net worth of at least $5 million.[3]

    After his father's death in 2008, Mark Oliari closed the retail shop to focus exclusively on metals trading. A line of credit from Wells Fargo provided the financial resources needed to pursue U.S. government business on a large scale. In 2010 the business obtained approval to sell gold to the U.S. federal government.[2]

    In fiscal year 2011, the company became the U.S. federal government's largest supplier of precious metals, with government gold sales that accounted for about half of the $3.8 billion in contracts to supply silver and gold to the United States Mint during the year.[2][4] Coins 'N Things ranked number 39 on the list of the top 100 contractors of the U.S. federal government for that same fiscal year, with $1.89 billion in obligations from the government, all from the Treasury Department. It was the single largest contractor to the Treasury Department[5] and the largest gold vendor in the U.S.[4]....wiki

    inct
    Last edited by captainsilverton; 01-08-2016 at 07:19 PM.

  2. #12

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    Quote Originally Posted by captainsilverton View Post
    many AGE planchets are out of MASSACHUSETTS....CNT out of Bridgewater Ma, and were of
    US sourced gold...
    "Congress requires the Mint to procure the gold for its Eagle bullion coins from newly mined U.S. deposits, the Mint then ships that gold to Australia to be made into blanks. Then, the fabricated blanks are later shipped back to the United States for the production of coins."

    (*note: the law states that Gold must be sourced domestically but not silver)

    Some time after both Oliaris had started working in the business full-time, Coins ’N Things entered the wholesale metals market. While Louis Oliari preferred the retail coin business, Mark Oliari enjoyed trading gold with investors, jewelers, and businesses that needed gold as a raw material.[2] As the wholesale business grew, it began to attain the reputation and financial stature needed to be a leader in that industry. In 2002, the United States Mint approved Coins 'N Things to become one of 11 businesses worldwide authorized to buy American Eagle silver bullion coins for distribution; at that time, qualifications for that authorization included a substantial retail customer base and net worth of at least $5 million.[3]

    After his father's death in 2008, Mark Oliari closed the retail shop to focus exclusively on metals trading. A line of credit from Wells Fargo provided the financial resources needed to pursue U.S. government business on a large scale. In 2010 the business obtained approval to sell gold to the U.S. federal government.[2]

    In fiscal year 2011, the company became the U.S. federal government's largest supplier of precious metals, with government gold sales that accounted for about half of the $3.8 billion in contracts to supply silver and gold to the United States Mint during the year.[2][4] Coins 'N Things ranked number 39 on the list of the top 100 contractors of the U.S. federal government for that same fiscal year, with $1.89 billion in obligations from the government, all from the Treasury Department. It was the single largest contractor to the Treasury Department[5] and the largest gold vendor in the U.S.[4]....wiki

    inct
    Hmmm I recently saw a History channel documentary on the mint and could of sworn I heard them say sunshine mint provides the blanks.
    In any case I was responding to Joe saying all private mint products are junk and all are fake when the US Mint uses a private mint to make our beloved ASE's.

  3. #13
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    Quote Originally Posted by JM_Silver_Addict View Post
    Hmmm I recently saw a History channel documentary on the mint and could of sworn I heard them say sunshine mint provides the blanks.
    In any case I was responding to Joe saying all private mint products are junk and all are fake when the US Mint uses a private mint to make our beloved ASE's.
    silver planchets yes.. many from sunshine, and i think now the majority are from sunshine.. not sure of the %..

    all generics are not junk, though may scare some folks during liquidation.....just possible frauds on some, more so than ASE or coins.. yup...

    inct

  4. #14
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    Quote Originally Posted by JM_Silver_Addict View Post
    Hmmm I recently saw a History channel documentary on the mint and could of sworn I heard them say sunshine mint provides the blanks.
    In any case I was responding to Joe saying all private mint products are junk and all are fake when the US Mint uses a private mint to make our beloved ASE's.
    Yes Sunshine is one of several that supply the planchets to the U.S. Mint.
    My point being Official Mints have a responsibility on top of the utmost of means to supply get this ........ Quality .... Quality in the form of the highest Standards of Quality Control possible.
    Your beloved Private Mints, although Generics have their place sure, don't count on impeccable QC .. And that in both a craftsmanship perspective and like I said "wouldn't be surprised if we one day found out" many of the Joe's Garage Private Mints Issuances don't even assay properly ..... Not saying they don't, just pointing out yup, "You get what you pay for" & You get out what you put in, anything Life

  5. #15

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    Ask the Pawn Shop Owner for credentials. He might be fake.
    Legal Disclaimer: I am not a doctor, nor do I play one on TV.

    "It's tough to make predictions, especially about the future." -- Yogi Berra
    A variant of this has also been attributed to physicist Niels Bohr, and others.

    "Tis against some menís principle to pay interest, and seems against othersí interest to pay the principal." -- Benjamin Franklin

    The School of Hard Knocks is where you get the lesson after you fail the test.

    Book title: "The Best Way to Rob a Bank Is to Own One"

  6. #16
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    Quote Originally Posted by WhatsUpDoc1958 View Post
    Ask the Pawn Shop Owner for credentials. He might be fake.
    yes most are far from knowing much about anything of truth in silver gold bullion form, but they work large margins, same as when one sells them a power tool....i happen to like dumbed down pawn owners or managers, their eclectic nature make them far from silver or gold professionals..indeed... but if so, they are easy to work over on some precious metal objects, if i am buying from them... haaa
    inct

  7. #17
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    Let's all be thankful it's not 6.5 pounds or more. A $20.00
    mistake is not going to crush anyone's ego. It's not a BF story about a CL seller..

    hmi

  8. #18

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    If you actually know for sure that that particular coin came from sunshine, sell it back to them. The amount of difference between what they would pay and a pawn shop should be minimal, and if the coin is fake, they will know it.
    Now there's no more oak oppression
    They passed a noble law
    Now the trees are all kept equal
    By hatchet, axe and saw.

    I will not comply.

    The Tea Party... quietly plotting to take over the world,
    and leave you the hell alone!

  9. #19
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    Nothing like using Physical PMs to play those "spot" swings though.......
    Maybe I should trade in the Charger for a Two Ton pick up, set 5 Cent increment spot alerts and start "trading" myself ......

  10. #20
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    Quote Originally Posted by captainsilverton View Post
    yes most are far from knowing much about anything of truth in silver gold bullion form, but they work large margins, same as when one sells them a power tool....i happen to like dumbed down pawn owners or managers, their eclectic nature make them far from silver or gold professionals..indeed... but if so, they are easy to work over on some precious metal objects, if i am buying from them... haaa
    inct
    The best luck I have had with them is semi numismatic coins. Sometimes I find 90% and offer them the price plus 1. I tell them that is what I get a real coin shop and offer it to them. Sometimes they check ebay. If they do I try to make sure they are checking the prices of the same quantity. I also suggest they check bullion store prices and offer +1 take it or leave it. The only thing I picked up were some hideous walkers and some Roosevelt dimes. Nothing special anywhere. Some shops cling to it. The biggest one in my city tries to charge 35 to 50 dollars for eagles. He knows to look up every year but I tried to get a loan there before or sell and they were offering less than 50% of spot and selling at over 100% of spot, or rather, not selling. Some shop owners collect silver and sell junk as in drills and guitars, but only sell silver if you are willing to pay a rube price.

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