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But, as soon as a customer walks into their showroom, or shops, the dealer tries to persuade the buyer into buying a limited edition or commemorative medallion that is not a rare coin.
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Â Â his articles and commentaries on precious metals have been published in dozens of newspapers, publications and websites both locally as well as internationally.
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These so called dealers often claim to be registered with government agencies such as the precious mineral marketing company (pmmc) in ghana in order to gain the trust of potential victims.
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Â the south african gold coin exchange, the official distributor set the prices of the new issues they regularly introduce to the market.
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So, i claimed that i could only offer them a few rand being the balance of the money that i had left.
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At the beginning of february they introduced a 5oz bimetal (2oz gold: 3oz silver) mandela medallion with a mintage of “only” 1000.
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Typically these offers to sell gold dust or gold dore bars come from some dealer located in kenya, ghana, sierra leone, republic of mali, senegal and ivory coast.
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He has traded and invested in bullion, bullion coins, mining shares, exchange traded funds, as well as futures for his personal account as well as for clients.
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Most of these gold scams are coming from africa.
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And, yes, there are manufacturing costs, marketing costs, and other costs involved, but at the end of the day, there is one huge margin in these medallions.
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You must also bear in mind that in most instances it is not all that easy to liquidate numismatic coins and in contrast most bullion coins are easy to sell anywhere in the world.
I mean who wouldn’t want to buy gold at a huge discount to the prevailing price, pick up the metal and then dump it onto some bullion dealer and get paid the market price thus making an absolute killing internet dating scams gold.
3.) Pay Per Letter Scam. The pay per letter scam, or PPL scam, is one innovative model of an online dating scam. It is essentially rather refined and reflects not
Suddenly, from nowhere, this polite black man approached me and asked if i could give him a ride to a mine which he claimed was roughly 40 kilometres from where we were.
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In the event that the buyer is not prepared to travel to see the “gold,” the would-be buyer is made to send money for travel of the seller, for insurance, for shipping and for refinery assays.
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While these are outright scams that can end up costing buyers millions of dollars, there is another form of gold scam to avoid.
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A numismatic coin is a collector coin that has value in excess of its metal content because it is historical or rare.
A comprehensive list of common gold scams, how they are perpetrated and how they commit these frauds. Also a list of common scammers that we have come across.
A collector might purchase a rare coin for many multiples of the value of the metal it contains, but for the average investor numismatic coins and medallions are on a par with rare stamps, art, ceramics etc internet dating scams gold.
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I remember an incident that happened to me several years ago, while driving from south africa to harare the capital of zimbabwe.
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About the author david levenstein is a leading expert on investing in precious metals.
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We have inspected many consignments from african countries, especially ghana, and found that there is not an ounce of gold in them.
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It just goes to show how even two intelligent men can be duped by what is such a common gold scam.
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Now if anyone truly believes that a legitimate buyer is going to entrust some nobody to buy several hundred million dollars’ worth of gold on their behalf, then you are really an idiot.
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I pulled out my wallet while driving and handed it to him saying that he could take whatever was in there.
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recently, i read an article about how congo born, dikembe mutombo, an all-star nba defender, was nicely scammed in a fake gold deal.
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Â when my passenger sensed my reluctance to start my car, he assured me that the two other black men were friends of his who also worked at the same mine.
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” at the time, mohammed said that at least five tons of fake yellow metal was lying with dubai customs, and merchants estimated that the minimum loss of fake gold imported by local traders was nothing less than $200 million.
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Then, in an elaborate web of false documentation and well-greased government individuals you will be quickly separated from your money and lucky to be allowed to leave the country.
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Â the pattern is exactly the same each time.
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He has been a featured guest on numerous radio and tv shows, and is a regular guest on jse direct, a premier radio business channel in south africa.
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If a deal looks too good to believe, it probably is worse than you can imagine, and when adding precious metals to your investment portfolio stick with bullion bars and coins.