A gold mine for scammers

  • Article by: DAN BROWNING , Star Tribune
  • Updated: May 8, 2011 - 7:25 PM

With precious metal prices surging, telemarketers use misleading, and sometimes illegal, tactics to sell coins.

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tonytk1May. 8, 1112:11 AM

Buy the real thing! .999 Gold or .999 Silver. American Silver or American Gold Eagles. If you don't buy Gov't Minted Eagles...then buy Gold/Silver from a great mining company....I feel bad for these victims. Hopefully people learn the gold and silver coins are wort a lot because of the value of the metal..not because of some "rare" coin.

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falcon1662May. 8, 1112:20 AM

And another GLARING example of why we need government regulation over the private sector.

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krugerscottMay. 8, 11 1:15 AM

I am always amazed at the greed of people.To take advantage of the elderly like these people do should command long prision terms.I think contacting lawyers is the wrong way to go after these people.Maybe a little old school justice is in order.You rip off my elderly parents and Ill be paying you an unexpected visit.Or the state could get off its butt and make the dealers in gold and collectable coins be licenced with a background check and maybe make them post a bond.Little less time worring about stadiums and gay marrage and a little more time protecting the elderly.

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brill99May. 8, 11 3:36 AM

Numismatic (collector) coins are NOT a "largely unregulated trade". Firms like the Professional Coin Grading Service (PCGS) and Numismatic Guarantee Corporation (NGC) are well-known & reputable, and they provide independent assessments of a coin's grade. Anyone buying a numismatic coin should not do so unless making sure the coins have been graded by one of these firms, swinging by a bookstore to pick up a copy of Numismatic News or similar publication, and doing some comparison shopping first. Collector coins are a specialized market, so people need to do research before buying! For those who don't want to do this research but who still want to protect their hard-earned wealth against inflation via precious metals, their best bet may be consider well-known bullion coins such as American Eagles, Canadian Maple Leafs, or South African Krugerrands. These can be purchased at the market spot price plus a premium, and are typically re-sold at spot.

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jeffportMay. 8, 11 4:57 AM

This statement is interesting "Boyd took over her dad's account and began "repositioning" his holdings, first selling gold and buying silver, then reversing the process" With Silver doubling & tripling in the last 12-18 months, wouldn't this have been a good move actually?

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charles3May. 8, 11 6:11 AM

A fool and his/her money are soon parted. Use a little common sense folks. If it sounds too good to be true..... it is.

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bengravedMay. 8, 11 7:14 AM

This article is about one of many, scams pulled on the elderly, a lot of the elderly have dementia. It is up to the grown children, to watch out, and protect there parents, assets, when dementia occurs. Salesman calling and pitching worthless penny stocks, is another scam to beware of. One of the best ways of protection, is to be sure your parents telephone is on the no call list, so they do not get these cold calls, from these unscrupulous sales people, that make there living preying on the elderly. Hope this message helps someone.

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gopherfan10101May. 8, 11 7:23 AM

"And another GLARING example of why we need government regulation over the private sector"-----Then who regulates the government? Protect yourself...don't rely on others.

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landry1May. 8, 11 7:55 AM

Just like buying ANYTHING! Do the research. The scum that ripped him of should be in jail.
HOWEVER we do not need another Government program/ agency.

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lindaloveMay. 8, 11 8:34 AM

"The guy just skinned me," he said." --- I'm sorry sir. Your own greed and lack of due diligence played a major part in this.

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