Tuesday, September 18, 2012

Warning: The Big Cash For Gold Scam

By Anne Trimble


The "cash-for-gold" phenomenon has gotten out of hand, proving anew the adage attributed to P.T. Barnum: There's a (new) sucker born every minute. The cash-for-gold craze is a giant manifestation of the ignorance of the American public.

Last week, someone filled me in about how many parties now are being held in the homes of the wealthy, where attendees enthuse about receiving cash for their gold jewelry - of course, at prices way below their actual market value.

I'm an expert in the genuine gold business, as well as someone who understands the desperation that people are feeling, but let me warn you now: stay clear of all home-party providers, and even neighborhood storefronts, that promote, "We will give you the very best price for your gold." Stay away because you are looking at one of the biggest frauds happening right under your nose.

Why - after gold has risen in value by 400% over the last 10 years - would you want to trade your real gold or silver for increasingly worthless paper? The value of the U.S. currency is dwindling to practically nothing, considering record federal debt and looming hyperinflation.

Is there any way that Americans will restrain themselves from this stupidity? I keep trying to warn the public.

Look, if you're actually financially pinched and really need cash, at least call a reputable gold dealer who will give you a fair trade in U.S. currency for your precious metals.

Gold shops-- and those home-party affairs-- by definition have to purchase low and offer to sell high. It's simply the nature of the business beast. Any company that does this type of business is a shady company. Regrettably, their crooked reputation rubs off on us real gold and silver dealers.

Do not be tricked by the local gold shop. For unexpected emergencies, do not go there to get a little bit of money. If it's at all feasible, conserve your gold and silver because the value will keep increasing. As U.S. financial debt continues to rise and the value of the dollar continues to drop like a rock, the worth of precious metals will explode a lot more. This is all just plain common sense.




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