Gregg wrote:Another thing I didn't realize until someone I know sent for the free information was that at least one of these companies isn't pushing bullion gold, but "collectable" coins and they aren't what a decent coin collector would call collectable at all.
That's a useful flowchart, Darling. I called and checked with them, got their brochure, etc.. Their contracts have been written in a way that it would be hard for anyone to sue Goldline successfully.
My first experience with numismatics was a Long Island boiler room operation advertising on page 2 of The Wall Street Journal--"Numisgroup". I think the head of the company ended up in prison. First step for these operations is try to win the confidence of the customer, offer a "loss leader". Then call up the customer and let him/her know that the company just received some wonderful coins from a Florida estate, and they are going to give you first dibs because you are such a great and worthy person. "The phones are ringing off the hook" as "brokers" and "traders" in the background field calls from suckers, er--investors from around the country, even other countries. The company also has a former in house grader from PCGS or NGC that insists the coins being offered are of high grade, maybe even higher than the grade assigned to your coins which should be worth a lot more in the future. The "broker" calls back a week or two later to tell the customer that the coins he/she bought have gone up in value and that they often buy coins back from customers at substantial profit to them. The company was put out of business by the authorities, but the sales people re-emerged later at other companies.
If a collector wants to buy coins he/she should download the aforesaid coin dealer newsletter, and their "bluesheet" which is the rock-bottom price paid for certified coins. Go to some major shows and see what is available. Make a low offer for the coin you want, even write out a check in front of the dealer with the coin letting him know it is good for just a few minutes. He may need the money. As one of the dealers told me "there is a lot of hardware on the (bourse) floor, so if you hear a gunshot drop to the floor quickly".
On bullion I would say that there are many sellers selling for around the same price. If you buy enough you may need extra insurance. Or if you have a safe, bolt it to the floor so that the thieves can't just wheel it out of your place. Bank deposit boxes make perfect sense, the only risk of sudden seizure is if the police are looking for you. If someone is not filing taxes, and has an SS-connected deposit box with lots of gold inside, he/she should probably have their brain examined.
'There are two kinds of injustice: the first is found in those who do an injury, the second in those who fail to protect another from injury when they can.' (Roman. Cicero, De Off. I. vii)
'Choose loss rather than shameful gains.' (Chilon Fr. 10. Diels)
