Triple Hallmark? Step aside Apmex--hello Baypreciousmetals!

[pennypicker]

Looks like there's a new dog in town in the online bullion wars. I liked everything about Bay Precious Metals from the get go and they have been my "go to" company for bullion for four months now. The Royal Canadian Mint likes them as well having chose Bay Precious Metals as their exclusive seller of their beautiful Ebay/Royal Canadian Mint 10 oz silver bar.

And now Ebay and Bay Precious Metals have teamed up with NGC to offer a "triple hallmarked" coin (NCG, Ebay, Bay Precious Metals)--talk about provenance!

Take a step to the side Apmex 'cause there's a new dog in town.

[beauanderos]

good news, bad news. You already mentioned the good news. The bad news is... there's going to be a lot of trusting ebay buyers
that will fall prey to easily faked NGC holders containing counterfeit Chinese knock offs.

[JadeDragon]

Why would I want ebay printed on the coffin for my eagle?

[pennypicker]

good news, bad news. You already mentioned the good news. The bad news is... there's going to be a lot of trusting ebay buyers
that will fall prey to easily faked NGC holders containing counterfeit Chinese knock offs.

Those Chinese...what can we do about them

[johnbrickner]

Do they offer any deals like Provident, APMEX, etc? If so, I haven't seen any posted here or on BS. Maybe I'm missing the details.

[pennypicker]

Do they offer any deals like Provident, APMEX, etc? If so, I haven't seen any posted here or on BS. Maybe I'm missing the details.

Yes they have deals almost daily. Simply go to an Ebay page and click "Shop by Category" located to the immediate right of the Ebay logo. Then click "Coins and Paper Money". Then click "Daily Deals" and all the daily deals from the major bullion sellers come into view. And today Baypreciousmetals has for sale on Daily Deals a lot of 100 2016 silver eagles for $1726 ($345 a roll). These guys don't mess around and they price their stuff to move.

[Recyclersteve]

So did Hannes Tulving...and his business flamed out in spectacular fashion.

[Treetop]

I dunno. The types of circumstances I can picture where I want to prove my metal is legit I cant imagine a chunk of plastic will make it more convincing. If I sell it here, to a place like apmex or a local dealer they will all know its legit. If Im trying to trade a few ounces for a goat or somesuch in some more extreme scenario I expect the coins will be broken out of the plastic so they can feel it and test it to their own standards anyway. I could see a scenario where if fakes are increasingly common the plastic might be relevant to a few sources, but that would mostly relate to premium retained Id expect. Youd still be able to sell your metals just fine.

My 2 copper cents anyway, to each their own.

[pennypicker]

I dunno. The types of circumstances I can picture where I want to prove my metal is legit I cant imagine a chunk of plastic will make it more convincing. If I sell it here, to a place like apmex or a local dealer they will all know its legit. If Im trying to trade a few ounces for a goat or somesuch in some more extreme scenario I expect the coins will be broken out of the plastic so they can feel it and test it to their own standards anyway. I could see a scenario where if fakes are increasingly common the plastic might be relevant to a few sources, but that would mostly relate to premium retained Id expect. Youd still be able to sell your metals just fine.

My 2 copper cents anyway, to each their own.

Agree. The main point of my thread is simply that Bay Precious Metals is garnering a lot of respect in the industry, especially with the likes of the Royal Canadian Mint, Ebay & NGC.

[Cu Penny Hoarder]

The idea of numismatic bullion coins in itself is totally absurd.

[beauanderos]

The idea of numismatic bullion coins in itself is totally absurd.

These aren't being touted as numismatic, merely as genuine certified by a third party. In my book, worthy of a percent or two above unslabbed.

[beauanderos]

good news, bad news. You already mentioned the good news. The bad news is... there's going to be a lot of trusting ebay buyers
that will fall prey to easily faked NGC holders containing counterfeit Chinese knock offs.

http://www.coinworld.com/news/precious-metals/2016/02/chinese-counterfeiters-target-silver-bullion-products.all.html

[pennypicker]

Thanks for the excellent read Ray. Yes NGC & PCGS slabs are being counterfeited. Same with PSA sports card slabs as well. Here in the Los Angeles area there's counterfeit junk everywhere coming in from China and Mexico. Bogus gold jewelry with stamped 14K, 18K is common. Fake Rolex's down to fake perfumes, designer purses, shoes, even fake higher end deodorant. Local swap meets are full of fake crap--it's everywhere here in so. Cal.

Saw a special on TV where customs officials at the Long Beach & L.A. harbor ports have massive warehouses stacked with pallets four high of confiscated bogus stuff coming in from overseas. They said its getting worse and they can't keep up with it.

Those 10 oz Ebay/RCM bars seem to be the safest bullion item out there for the time being.

[natsb88]

Bay Precious Metals = Coins-'N-Things, one of the largest precious metal distributors in the country. Bay Precious Metals is their relatively new direct-to-retail effort. Previously they only dealt wholesale to other dealers.

Anything can be counterfeited. Stamping "eBay" on a silver bar doesn't make it any harder to copy. Maybe eBay will take reports of counterfeits a little more seriously since their name is on it, but don't hold your breath. eBay collects the same fees on counterfeit listings as they do on legit listings and doesn't put much effort into policing things unless it's a government order or you sue them.

[pennypicker]

Bay Precious Metals = Coins-'N-Things, one of the largest precious metal distributors in the country. Bay Precious Metals is their relatively new direct-to-retail effort. Previously they only dealt wholesale to other dealers.

Thanks for the info. I was wondering who these guys were.