Its like buying your gold coins from a TV ad

[ThomWV]

There was an advertisement on television just a little bit ago selling gold coins. The particular coins looked like an old Buffalo Nickle, Indian on one side, beast on the other. As the shiney tribute to a time long gone was displayed in all its full screen wonder a voice in the background explained that gold now cost more than a thousand bucks per ounce and the world was in enough peril that he thought it would go higher. If you agreed you might want to buy yourself a hand-full of these coins. They'd be a good investment at $19.95, he intoned.

I am a gold skeptic but none-the-less interested in a safe haven for our humble wealth - so my ears were on full perk. Way late in the advertisement the background picture changed to a certificate that would come with the replica nickle-in-gold and it was there in one of the corners of the certificate is where I caught sight of just how much gold was actually involved in this coin. Some small number of milligrams was cited and I immediately chucked it into my trusty calculator and then figured my way toward an ounce.

$18,064.51 per ounce, that's how much the makers of the coins are getting for the number of coins necessary to account for 1 single ounce of gold.

That was a long story to tell you how some people are being duped. You've got the TV, a nice picture, a good story, even the details are there if you look real hard in the least obvious places, but its a royal screwing for anyone who bought into it for what it appeared to be or how it was explained by the very people who will benefit most from it.

Can you think of any other examples where this same story plays or has played out?

[Warpy]

1. Never EVER take investment advice from the teevee

Even sending your broken and unwanted "joolery" into those gold places is a total scam, paying you pennies on the dollar for what it's actually worth.

There has been a bubble market in gold. Most of the scammers are set to make a quick disappearance in the not too distant future.

[TheCowsCameHome]

2. Gold coins released by the "New York Mint" was red flag #1

When was there ever a mint in NY, except in their imaginations?

[Liberal_in_LA]

5. lol n/t

[kirby]

6. Everyone knows they come from the Franklin Mint n/t

[PCIntern]

3. As a dentist, I can tell you that EVERYONE is cheated

to some degree or another. Even firms which were known for generations for honesty are up to no good. Case in point:

I deal with a firm when I send my crowns which I have removed from patients' mouths (and they don't want, after I've offered it to them) and they have been playing games with me. I sent batch in, and I have a pretty Good eye for what I'll get, and they really low-balled me. I called to complain, they claimed that they re-assayed the button and sent me EXACTLY another 200 dollars. I called them back and complained again...what are the odds of having EXACTLY 200 dollars in a scientific re-assay? and if you rounded it up...why would you do that without telling me that you did, and that you were compensating me for my troubles?

I was really pissed...and this a a famously reputable firm...I can only imagine what goes on in the real world.

[Mika]

7. How do you like the lab prices for high noble crowns these days?

:wow:

The high price of gold put my best small lab out of business. :( I was willing to buy the high noble alloys in advance for the cases, but he couldn't survive carrying 3k to 5k alloy bills month to month.

I am swamped with flyers for labs doing $50 PB alloy crowns. Rexillium III is making a BIG comeback.


Tough times for the dental professions all around.



:hi:

[kirby]

4. Insurance Industry running the Health System n/t

[safeinOhio]

8. Call them and tell them you have 100 of them and

how much will they pay to purchase them back.

[onethatcares]

9. I do believe Thom was just using this as a case in point.

Maybe it had to do with the shiny advertizing leading up to the last election. One had to look real close to see the disclaimer.

BRING THE TROOPS HOME

celebrate Peace

[Odin2005]

10. This gold BS is a bubble scam fueled by stupid Right-Libertarian nuts.

[ThomWV]

11. Nicely put

Said with precision. You are right and there is even more, the gold-standard idiots will always be there to lend their moronic refrains. Not a damned one of them understands that when gold is the standard for all money then the economy can only grow as fast as gold can be mined and as any "Peak-Oil" proponent can tell you the more of it that comes out of the ground the less there is left. Economies don't do well when their base for growth constantly decreases in abundance. Oh, and when your money is based on gold then only those who own gold mines or are useful to them have money. Is that the world in which we wish to live?

[L0oniX]

12. Limit 5 to a household ...O yea ...sure ...make it look like everyone will be buying that cheap shit

[Edweird]

13. I like what you did there.