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 Replies: 23 / Views: 3,497 |
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Pillar of the Community
United States
931 Posts |
My brother wants to put a small amount of his savings into precious metals. He saw an ad on CNBC for a bullion dealer. This dealer offered a free Mercury dime along with their promotional kit. As advertised the dime and material showed up. My Brother called to place an order. They have a $2500 minimum, so He decided that he would like a one ounce Gold American Buffalo and a roll of ASE's plus a few extra ASE's. The dealer told him that it would be a bad move. His recommendation called for four Liberty Quarter Eagles( no dates or condition mentioned ) and a roll of twenty 1921 Morgan dollars ( no condition mentioned ). Instead of an ounce of gold and twenty or so ounces of silver he wanted to switch him into one half ounce of gold and however many ounces twenty Morgans contain. I went to Blanchard and found that one 2011 Buffalo and twenty ASE's would be $2505.38. Just wondering how badly you guys think he was trying to put the screws to my Brother. I withheld the name of the bad bullion dealer, but I want to let the word out, so let me know if it is OK. |
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Pillar of the Community
United States
3540 Posts |
Called "bait and switch" in the law enforcement world. RUN away.
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Pillar of the Community
United States
1424 Posts |
I would have told them "thanks" for the silver dime and then buy whatever bullion I wanted elsewhere.
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Pillar of the Community
United States
625 Posts |
They want to sell your their "graded" coins. I did the free dime thing and when they called I asked them what they charged for a bullion one ounce gold coin. The guy told me they didnt sell bullion gold, only graded coins. The price for graded coins was way more than I would spend. I told him I wasnt interested.
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New Member
United States
23 Posts |
The couple of bullion companies that pretty much make you call in to order are making their money overselling their products to retail investors who didn't do their homework. That's why they advertise on AM radio, cable news, and offer giveaways, and have little (or nothing) in the way of online shopping. I suppose its possible to order through them if you know what you want, but for those who just call up and say "I have $xxxx.00 to invest" they're probably going to take you for a ride, with overpriced pre-1933 gold. The internet is full of bad reviews for these companies. Peter Schiff did a commentary about one about two weeks ago on his youtube page.
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Pillar of the Community
United States
1817 Posts |
Steer clear of any dealer that gives "buy" advice that tries to steer you away from products you've already researched is only trying to unload overpriced inventory onto an unwary buying public. There is no "deal" to be had, thanks for the loss leader "free" dime though. If I cannot buy what I choose to buy, I'll simply take my business elsewhere. Simple as that. A letter should be written to the BBB in the area the dealer does business in.
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Pillar of the Community
 United States
931 Posts |
Luckily my brother called me before he listened to him. He ordered a Gold Buffalo and twenty ASE's from one of the older trusted bullion dealers and picked exactly what he wanted. |
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Pillar of the Community
United States
1064 Posts |
Not to work with an old saw, but I see lots of threads that seem to say that one of the sponsors of CCF, APMEX, is pretty good to deal with. IF they're not out of everything, seems to be a run on PM's... |
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Pillar of the Community
United States
4897 Posts |
Kinda thought it was a potential scam when I heard the commercial. The guy says "I will send you a 1940's .ercury dime! This dime is 90% plus in silver." HUH!  |
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Pillar of the Community
United States
4008 Posts |
Quote:Kinda thought it was a potential scam when I heard the commercial. The guy says "I will send you a 1940's Mercury dime! This dime is 90% plus in silver." HUH! - Amida17 Yeah, that is a good one. Unless that coin us uncirculated, it is likely to be 90% minus any that has rubbed off in use. Also, the fact that they have to pay people with silver to contact them, tells me everything I need to know... having a flashback of the old joke about the kid who was so ugly, his parents had to tie a pork chop around his neck to get the dog to play with him.  |
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Pillar of the Community
United States
759 Posts |
Plain and simple, higher margins/commissions on the items they pushed. As previously stated bait and switch.
Now this post would be much more valuable if the dealer was named. I'm just sayin...
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Valued Member
United States
333 Posts |
I'm glad that your brother was able to order what he wants from a legitimate company. The bad guys rip too many people off. It's really shameful what some of these jerks do, especially to the elderly.
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Pillar of the Community
United States
931 Posts |
I know of one company that was giving away FREE Mercury dimes. I think it just may have been Rosland Capital. |
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Pillar of the Community
United States
1150 Posts |
Oh, that explains all of my childhood pictures with a porkchop around my neck.
Huh.
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Pillar of the Community
United States
651 Posts |
How about visiting a coin show in your area and see the items for your self.
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Pillar of the Community
United States
931 Posts |
Both of us live in the boonies. There aren't any coin shows closer than 60 miles and I've been looking online and haven't found one yet, but I keep looking.
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Replies: 23 / Views: 3,497 |
Posted 05/26/2011 4:40 pm
