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Gold Scam Victims: Experts Advise Where to Turn for Help
Fallbrook, CA (PRWEB) October 19, 2010
Three nonprofit organizations involved with gold coins are offering suggestions to investors and collectors who did not receive merchandise ordered from gold sellers, received merchandise that was not as described when they ordered it or didn't receive payment for gold they submitted to sell.
In two recent cases, "Howard" in Mississippi wired $20,000 several months ago to a California coin and bullion dealer to purchase gold coins, and "Richard" in Virginia sent $150,000 to the same dealer. With the recent run-up in bullion prices they both would have made a nice profit, except they still have not received any gold from the dealer. Howard laments, "All I've gotten is the run-around."
'Expert' coin, gold buyers prove their ignorance
by Jerry Jordan
With permission from The ExaminerAnother hotel gold buyer- Gold & Silver Extravaganza of Mississippi- descended on Southeast Texas this past week in hopes of buying precious metals and other items at rock-bottom prices, an investigation discovered. The Examiner has discovered. This marked the fifth such company to do so in the past eight months.
The company set up shop inside a conference room at the Holiday Inn Express near Central Mall. On its first visit, the newspaper brought about $1,500 worth of scrap gold and silver coins and two gold chains to see what the company was willing to pay for the items. The offer-- $315. But after some haggling, the price increased to $355, or about 24 percent of its scrap metal value. On the wholesale market, the items would fetch about $2000, according to similar items found purchased on eBay, U.S. Coin in Houston and Universal Coin and Bullion in Beaumont.
Gold Buyers Exposé Reports Win National Awards
(Boston, Massachusetts) -- An on-going series of investigative stories urging consumers to be cautious when selling gold coins and jewelry to some traveling gold buyers now have won five national journalism awards.
During the "seller beware" investigation conducted in five Southeastern states, one of the so-called "hotel gold buyers" offered only $60 for a rare U.S. gold coin valued by experts at $10,000. The stories also reported that scales used by some itinerant buyers to weigh gold jewelry may not be lawfully registered with government agencies, and in many cases the buyers refused to give receipts for their purchases.
Scams Investing in Rare Coins
How To Protect Yourself from Rare Coin Scams
If you intend to buy rare or bullion coins for investment, your best protection is to spend time learning about the coins you are being asked to buy. In the past, most investment gains have gone to collectors, often known as numismatists, who have taken the time to carefully study various aspects of coins, including rarity, grading, market availability, and price trends.
Investment success over the years is the result of prudently acquiring coins of selected quality, proven rarity, and established numismatic desirability. Many careful buyers study coins for some time before buying even a single coin. Success also can be enhanced by researching dealers, as well as coins.
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