1000-oz Silver Bars
Large .999 fine silver bars
1,000-oz .999 fine silver bullion bars offer investors silver bars at the lowest markups over spot. 1,000-oz silver bars are the sizes smelters pour as silver ore is refined. After the bars cool, the refineries weigh the silver bars and stamp the weights on them. 1,000-oz silver bars usually weigh between 930 ounces and 1080 ounces. Rarely do 1,000-oz silver bars weigh exactly 1,000 ounces.
1,000-oz silver bars are hallmarked,
In addition to their weights, 1,000-oz silver bars have their refineries’ hallmarks and the bars’ purity (.999 fine) stamped on them. The average person would not know most hallmarks put on 1,000-oz silver bars, but the silver bullion industry readily recognizes hallmarks.
Silver bars for IRAs
CMI Gold & Silver Inc recommends 1,000-oz silver bars for IRAs and when large purchases are stored in precious metals depositories. Silver bullion investors wanting to take delivery of .999 fine silver should go with 100-oz silver bars or 1-oz silver rounds, both of which are easier to handle and store. 10-oz silver bars are also a convenient way to own silver bullion.
Still, it should be noted that many IRA investors opt for 100-oz (and 10-oz silver bars and 1-oz Silver Eagles) for their IRAs because they plan to take “in kind distributions” when they liquidate their IRAs. Having 1,000-oz silver bars shipped gets costly.
A 1,000-oz silver bar weighs about 70 pounds on a bathroom scale, whereas a 100-oz silver bars weigh 6.86 pounds. A silver bar’s weight must be taken into consideration when buying or selling silver bars.
Although 1,000-oz silver bars are not suitable for delivery to investors, the Royal Canadian Mint’s 850-oz silver bars are easily deliverable, and the RCM bars are among the cheapest silver bars readily available.
Buying and selling silver bars at CMI Gold & Silver Inc.
Daily, CMIGS buys, sells and trades silver bars of all sizes. If you would like discuss buying or selling silver bars, or the merits of investing in silver, call us. We take calls 7:00 am to 5:00 pm MST, Mondays through Thursdays, Fridays 7:00 am to 3:00 pm.