It was a nice surprise to see silver climb to over $85/ounce after Mother's Day. Stackers are excited, but there's one other person getting excited as well: scammers. With the price of silver grabbing news headlines, stacking silver and gold is becoming more popular. The downside to this is these new stackers are ignorant of many fakes and more susceptible to falling for them. Scammers are seizing the opportunity to prey on people.
(Created with ChatGPT)
Even if you were to do some basic research, performing an ice cube test, ping test and water displacement test will only get you so far. Many rounds and bars don't sound the same compared to well-known coins. Data for less common bars and rounds may not be easily available. To confuse things even more some silver coins, like the 1893 "O" Morgan, or gold coins like Sovereigns, are made of real silver or gold but are not genuine.
So what do you do to not get scammed? You have two options. You either get a Sigma Metalytics tester, which can cost $1000+ or you buy from reputable sources. You may get lucky and find a decent deal on a Sigma. If you try to buy new, you're likely to end up on a wait list.
Sure, buying from reputable sources may not be glamorous or get you amazing deals. It'll also keep you from wasting your hard-earned money on fakes with little to no recourse. Slow and steady wins the race. Cutting corners can cost you big time.
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