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Miscellaneous See other Miscellaneous Articles Title: Avoid This Gold Coin Scam Avoid disappointment and future regret. That's the last line of a gold coin commercial I saw on television the other night. I knew right then I wanted to tell you about it, but I wanted to see the commercial once more to get all the details. And while it may be obvious to some — or even most — who've seen it, I thought it was worth 600 words of our time to air out this stinky mess. Avoid This Gold Coin Scam The two-minute ad starts off with a neighborly male voice telling you: The original $50 Buffalo gold piece is America's purest gold coin ever. It was the first one ever struck using .9999 — that's four nines! — pure 24k gold. Its design was based on the famous Buffalo nickel of 1913 to 1938. It's true, the original was a beauty. Take a look: Buffalo Gold Coins The only catch is, this is not the coin the commercial is selling. The neighborly voice continues: Now you can reserve your own tribute copy of the $50 gold Buffalo, clad in 14 mg of pure gold. National Collector's Mint's private nonmonetary minting recreates James Earl Frasier's American Buffalo. Did you catch the multiple red flags there? Tribute copy 14 mg of pure gold Private nonmonetary minting And if that isn't enough to scare you away, the closing pitch should be: The final issue price was to be set at $50 per proof, but during our special release, this 24k pure gold clad masterpiece can be yours for only $9.95. I think the only disappointment and future regret you'd have is if you actually bought these coins. The Rub The National Collector's Mint is taking advantage of record-high gold prices and naïve customers to turn a profit for themselves. What they are selling is a “tribute copy.” It's a cheap replica, plain and simple. It's clad (read: thinly coated) with 14 mg of pure gold. There's no difference between this coin and a commemorative NASCAR plate. Both are junk. How much is 14 mg of gold? Well, there are 31.1 grams in a troy ounce, so we must divide 14 milligrams by 31.1 grams. A few keypunches tell us the coin is clad in 0.00045 troy ounces of gold (0.014 / 31.1 = 0.00045016). How much is that worth? Simple: Multiply that number by gold's current price of $1,660 per ounce and you get $0.747. That $50 Buffalo gold piece is worth less than three quarters. The More You Know I certainly hope you haven't been taken advantage of by this ruse. I know plenty of people have already fallen victim, because I came across quite a few complaints while trying to find the commercial again online. The best thing to do if you're interested in investing or protecting your wealth with precious metals is to get educated. Talk to your friends and family. Read up. Drop in on some reputable dealers and ask questions. There's a lot of misinformation out there and, as we've just seen, some outright deception. And I don't want any of you to do anything foolish with your money. Gold and silver have a place in every portfolio, but you have to make sure you do it correctly. Because of record prices, record interest, and sadly, record scams, we've put together a complete gold and silver buyers guide. It will be held in seminar form on January 31st at 6 p.m. It's free to anyone who signs up. So take a moment to do that now — and make it a point to invite anyone else you think would be interested. And if you must see the commercial, you can find it here (for entertainment purposes only). Nick Hodge Post Comment Private Reply Ignore Thread Top • Page Up • Full Thread • Page Down • Bottom/Latest
#1. To: Tatarewicz (#0)
I know which one he is talking about. This is not the only example. Every coin advertised like this is a scam.
-------------------------------------------------------- The gold "cladding" is 14 mg. That is a weight so slight - I think the equivalent of a few salt crystals - that you could put it in the hands of people who were blindfolded and most of them wouldn't know it was there. This means among other things that you must never let this "gold clad" coin clink against any other coin - the gold cladding is only a couple of molecules thick and would surely show chipping if it collided with a hard surface.
Most people don't know what "clad" means when it refers to a coin. A fool and his money are soon parted. Serial killer psychopaths ruin families. Corporate psychopaths ruin societies -- Prof. Robert Hare
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