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Beware of Gold Selling Scams
During the ongoing bank crisis and uneasiness on Wall Street, investors have been looking for the safety they will only find in gold, which has always held its value. Gold will never hit a zero because it is a hard, solid, liquid investment. It is traded world-wide every day. The gold market is never closed; its international trading centers are open 24 hours a day every day, globally; and you are allowed to purchase and sell gold in any country.
Gold has seen its large increases in value as other investments have collapsed. Gold has the ability to protect wealth. Gold coins increase in value. It does not matter how bad the financial climate is. The American Eagle gold coin is the best investment in gold coins because of the unique fact that it is the only bullion coin whose weight, content, and purity are guaranteed by the United States Government. Buy them with the confidence that each coin contains the promised amount of gold, and there are no penalties to worry about, because there is no assaying–they are cashed with ease and are easy to keep track of.
Obtaining the knowledge of how gold coin scams operate will allow you to protect yourself from being the victim of a scam operation. Collecting rare coins is a great hobby. It can also be a financially safe investment if you take the time to learn how to keep your investment safe. Rare coins have had a positive feedback on defense against some economic downturns in the past.
Avoid Rare Coin Scams
Here are some tips on how to recognize when someone is trying to victimize you with a gold coin scam. These scam are widespread, precisely because the operations seem to be legitimate. They appear to have quality offices in well-established business districts, and they appear to use the same business techniques as legitimate companies.
The following information does not contain any legal advice, but will help consumers avoid rare coin scams.
1. It is not recommended that you buy the $10 Indian gold pieces or the 1882 Morgan Silver Dollars. If you do, however, exercise your common sense in evaluating the investment claims. Don’t be in a hurry. Always do some research on the dealer through the Better Business Offices or the Attorney General’s Offices in your specific State. Find out how long the particular company has conducted business. Do not take anything they tell you for granted–nothing is guaranteed unless you see it in writing, signed by a representative of the organization. Always seek out a second opinion concerning the grade and the value. Ask questions and conduct a thorough check on the information you are being given.
2. Do not take grading certificates at face value. Have an independent evaluation done to confirm value. A legitimate company will be happy to accommodate such an authenticity evaluation.
3. Do some comparison shopping. Go to several dealers. Price check the items in publications and networks. Be sure to take the specific coins you purchase when you leave to be sure they have not been switched or removed from the box.
4. Do not give a credit card number over the telephone. Do not respond to sales tactics that seem designed to rush your decision to make a purchase.
5. Question the Salomon Brothers Index. Most dealers who are dishonest will often try to mislead buyers by using the appreciation rates of the rare coins in the annual index that has been quoted in conjunction with the New York Investment Bank of the Salomon Brothers. The quotes will show appreciation in amounts of 12 percent to 25 percent per year. This index has been based on the list of 20 very rare coins and are not based on the more commonly rated coins.
Contact the following organizations if you feel you have had any problems with any of the coin dealers:
The American Numismatic Association (ANA). Address: 818 North Cascade Avenue, Colorado Springs, CO 80903.
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