When a LCS buys fake PMs, the phrase "due diligence" pops into my mind. I know it happens, but LCS operators are supposed to be informed, awake at the switch, paying attention to what they do and thereby hopefully able to avoid this unfortunate kind of thing.
The store owners must've been ecstatic to see that much silver coming in their doors at these buy prices. She must've known this and acted stupid, accepting any offer thrown at her while the owners took advantage of her. If I had a place like this I would make my clients set up accounts with me or at least take their passport information.
Maybe she didn't know they were fakes..not likely but it is possible, or she was told to sell them by someone not knowing they were fakes, she doesn't look like someone who could make the fake bars, ether way I guess she is in deep dodo...
How is that different from ebay allowing the sale of those buffalo silver bars from Germany marked .999 silver. ? How many hundreds of people bought these thinking they were real before ebay made them clarify their listings ?
Secondly, good luck with the Secret Service, they could care less about hobbyists being sold counterfeits. (from personal experience.
True enough but I think your safe buying tubes of Maple leafs or ASE from major bullion sellers that get their supply directly from the mints.I would not buy silver or gold on ebay for example.
@Northerncoins: I don't buy that. Why would she go to 3 different places? To decrease the suspicion or to simply hedge her guess that it would be more likely that these stores have $5,000 over $15,000 for a single customer?
And to say that she doesn't look like the type: well that's bologna. That's why pastors get away with pyramid schemes and worse.
The majority of ebay is legit if you stay away from the deals that are too good to be true. I probably would still stay away from bars though I stay away from them anyway so I'm kind of bias
Quote: . I looked at the first one, I didn't take it out of it's plastic. I just saw that and said everything looked good. There wasn't anything that would have indicated that it was fake at all."
..I have some kryptonite I can sell that dealer too, it's completely legit...
I thought there were Electronic gold tester/ silver testers that don't use acid , just scan the item and it tells you what the type of metal it is.
Found one here:
Quote:
The new SPECTRO xSORT is designed for high-throughput elemental testing and spectrochemical analysis of a wide range of metals and other materials in the field. Its speed, accuracy and ease of use set new benchmarks for handheld spectrometric performance. SPECTRO xSORT is ideal for applications, including positive material identification (PMI) and environmental screening, recycling of alloys, precious metals, and aluminum, plus mining and compliance screening.
They just scan the surface, and can't tell if the bars are solid .999 or just plated with .999.
If they had carefully weighed and/or done a SG test on the bars, they would not have been taken.
Due dilligence. But knowing some dealers, they probably just wanted to hustle her in and out because they thought they were getting high premium bars for 3/4 of spot. $$$ in their eyes clouded their judgement
Wow... apparently she has been selling them for the last few months or more I wonder how many got resold to the public...lots of them I bet considering the buying frenzy over the last few months or so.
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Posted 05/03/2013 12:53 pm
