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July 17 2018

moneymetals

Gold & Silver Investors’ 8 Commandments for Avoiding Rip Offs


For every promising investment opportunity you come across, there are multiple opportunities for bad-faith brokers and hucksters to try to rip you off.

It could be undisclosed commissions and fees in an annuity, unwanted accounts opened up by a banker seeking additional fees, trades sabotaged by market manipulators, or any number of other schemes.

Rip-off artists, unfortunately, operate within the precious metals space as well.

Most recently, a scammer posing as a government agent in order to gain people’s trust was convicted of selling counterfeit gold bars and phony Morgan silver dollars. He took one investor for $11,000, according to reports.

You can avoid this type of scam as well as other common cheats when buying or selling precious by heeding the following guidelines.

1. Avoid “Too Good to Be True” Deals

If a price on a bullion product sounds too good to be true – or comes with exorbitant incentives or exaggerated claims – you should be suspicious.

Too good to be true!

Gold and silver bullion products do not legitimately sell below spot prices. Individuals holding precious metals can visit a dealer and sell items immediately, for full value. Given that everyone has this option, it is highly likely anyone offering items well below actual value is trying to stick it to you.

Legitimate dealers cannot afford to offer items way below cost either. Dealers must charge small premiums above spot prices to reflect product minting costs and the costs of doing business. (One notable exception: 90% silver U.S. coins minted prior to 1965 (aka “junk” silver) which exhibit significant wear occasionally become available at melt value or even slightly lower.)


Check out the other commandments.. (https://goo.gl/Zb8zg4)

July 16 2018

moneymetals

Bitcoin Holders Are Today Learning Something Goldbugs Already Know

Precious metals investors have learned a difficult truth in recent years. The best way to control a market is to put Wall Street in charge of it.

Gold and silver futures were created in the 1970s with the admitted purpose of “increasing volatility” in the markets and discouraging the ownership of physical bullion. It is a lesson that participants in other markets would do well to learn – specifically the Bitcoin and cryptocurrency markets.

Officials were terrified that free markets built around the supply and demand for tangible (not paper) gold and silver would wind up destroying confidence in the fiat dollar.

President Richard Nixon defaulted on the Bretton Woods agreement with other nations to redeem dollars for gold in 1971.

The confidence in the dollar would evaporate if the dollar price of gold spiraled higher.

The COMEX launched trading in gold and silver futures in the early 1970s. The gambit nearly failed by the end of that decade as the gold and silver priced in dollars began rising exponentially. But the Wall Street insiders behind the COMEX, with the support of federal regulators, managed to regain control.

They were able to pin the blame for price increases on the Hunt Brothers’ attempt to “corner the market” rather than on failing confidence in the dollar and the rapid price inflation going on at the time.

Through their control of the exchange, COMEX officials used a one-sided tool and stopped accepting buy orders in silver futures, only allowing orders to sell. What happened to the price in a “market” which allowed zero buyers was predictable.

The central planners at the Fed also stepped in. Chairman Paul Volcker raised interest rates dramatically, helping stem the tide of people dumping dollars and taking the shine off of gold. 

Continue reading...

July 17 2018

moneymetals

Gold & Silver Investors’ 8 Commandments for Avoiding Rip Offs


For every promising investment opportunity you come across, there are multiple opportunities for bad-faith brokers and hucksters to try to rip you off.

It could be undisclosed commissions and fees in an annuity, unwanted accounts opened up by a banker seeking additional fees, trades sabotaged by market manipulators, or any number of other schemes.

Rip-off artists, unfortunately, operate within the precious metals space as well.

Most recently, a scammer posing as a government agent in order to gain people’s trust was convicted of selling counterfeit gold bars and phony Morgan silver dollars. He took one investor for $11,000, according to reports.

You can avoid this type of scam as well as other common cheats when buying or selling precious by heeding the following guidelines.

1. Avoid “Too Good to Be True” Deals

If a price on a bullion product sounds too good to be true – or comes with exorbitant incentives or exaggerated claims – you should be suspicious.

Too good to be true!

Gold and silver bullion products do not legitimately sell below spot prices. Individuals holding precious metals can visit a dealer and sell items immediately, for full value. Given that everyone has this option, it is highly likely anyone offering items well below actual value is trying to stick it to you.

Legitimate dealers cannot afford to offer items way below cost either. Dealers must charge small premiums above spot prices to reflect product minting costs and the costs of doing business. (One notable exception: 90% silver U.S. coins minted prior to 1965 (aka “junk” silver) which exhibit significant wear occasionally become available at melt value or even slightly lower.)


Check out the other commandments.. (https://goo.gl/Zb8zg4)
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