Tuesday, December 13, 2011

Beware Silver Scam on eBay

Megan Duffield emails:

I recently came across a scam where sellers on eBay are not being fully honest in their descriptions of items and selling silver-plated copper bars as .999 silver. If buyers pay attention to the fine print, they'll see...but if you skip it, you're in for a world of hurt.

She continues:

There are listings of supposed .999 silver accompanied by the words “100 Mills”. This isn’t pure silver. It is a copper bar or round plated in silver. The seller may tag the item as “1 Troy Oz. 100 Mills .999 Silver”.

I’m not dissing copper, but you don’t want to pay silver prices for it! An easy way to avoid from this not-so-sly trick is take note of bidding prices. If most people are underbidding or if there are unfavorable reviews on the seller, READ THE FINE PRINT. Actually, you should be reading the fine print anyway...buying silver for that special someone is a great gift idea. Just play it smart and get educated now on buying precious metals the right way!


  1. I saw also auctions for .999 German silver...

  2. I buy many things on eBay. The golden rule: If you can't tell EXACTLY what you are buying and how much you will pay for shipping, don't bid. Carefully read every listing. Most sellers aren't trying to deceive you.

  3. I only buy my bullion from one dealer I know well for this very reason.(out of state too...for obvious tax reasons)

    When I first started in 2006 I asked my wife to handle a transaction once for me while I was out of town on business. Somehow she ended up at "Goldline" on her own and was promptly baited & switched out of bullion coins...(I went so far as to leave her written instructions on what/who to buy from...lol...but being my wife she decided she "knew" best)

    Thankfully the mistake didn't cost us too much but as always caveat emptor.

  4. That gives me an idea, maybe I'll start wrapping silver bars in gold and selling it. ;)

  5. Nope, gold plate tungsten bars instead. Tungsten and gold weigh the same and tungsten is cheaper than silver or copper. There's a good chance that what the government has in Fort Knox is gold plated tungsten bars. Nice, huh?


  7. I put all of our extra income in to buying silver from 2002 ---2008-----I thought I had 9,000oz. of silver......it was a scam.....and the FBI and State of South Carolina will do nothing to the scammers responsible-----They use various excuses..............We are getting old and 76 year old wife is having to keep working full time in a nursing home....OUR FUTURE LOOKS TERRIBLE............I have learned that the GOVERNMENT IS NOT GOING TO HELP WORKING PEOPLE AND MAY EVEN BE PART RESPONSIBLE FOR MANY SILVER SCAMS.......PLEASE FOLKS....TAKE POSSESSION OF YOUR INVESTMENT----OUR LIVES ARE FINISHED........