How NOT to be a victim of gold scams

Linkedin.com ^ | April 16, 2016 | Scott B

[Widget Jr]

Part One of Two for the Martin Armstrong ping list.

This lays down some ground work of the reality of the gold industry, the mining, buying and selling by professional who work in the mining industry for a living, and scams they have to avoid. The part of the business the comes before offers to "invest in gold" that only help those selling investment schemes more than anyone trying to make real investments.

The relevant part to Armstrong is this: "You are not going to make millions buying and selling gold when the actual mines are not making that much themselves."

Part two gets into Armstrong's dubious gold forecasts and his associates who promote him.

Comments, questions, informed critiques, angry ranting and raving?

Tear Collection Kits available at poster's expense.

[Widget Jr]

The Martin Armstrong Ping List, dedicated to discussing and exposing the “Felon Forecaster” who spend a decade in prison for fraud.

More information at Martin Armstrong Socrates Scam.

[Worldtraveler once upon a time]

--- "Noble MetalWorks"

Scott B. in noted in the Linked-in page as "Owner-CEO at noble MetalWorks. Article published 10 April 2016. Noble Metalworks Inc., Walnut Creek, California, United States, according to some sources, and Huntington Beach by others.

Going to the webpage which they have with Facebook on finds a link to the "website: which returns the result from Huge Domains, This domain is for sale: $2,395. Source: https://www.hugedomains.com/domain_profile.cfm?d=noblemetalworks.com.

Going to the Twitter link on Facebook, Twitter returns no page at all.

No problem criticizing Armstrong, as all the BS forecasters aim to get into your wallet one way or another, but the article from seven years ago merely underscores sense.

Don't buy from an unknown dealer, an online dealer and especially someone who promises "physical gold" but wants to tilt you to a "gold" IRA.

Don't use advisors you cannot talk to locally and get at when advice proves bogus. And don't quote out-of-date sources. If investing in stocks or bonds or promissory notes, hold the certificates yourself. If buying metals, hold them yourself. If buying collectibles, hold them yourself.

My personal synonym for anyone forecasting anything -- caveat emptor. Buyer beware.

[cyclotic]

Watching some of the gold mining shows on TV ought to disabuse anyone of the get rich quick gold mining schemes. You see these guys bust their butts all season to mine a few hundred ounces from a million yards of dirt. It’s a good way to make a small fortune by starting with a large one.

[KarlInOhio]

You can save time and money by buying tungsten bars and gold spray paint instead of the gold Prince Mzgubu is trying to sell you via email.

[Fai Mao]

8f it all falls apart you are better of with 9x19 Parabeĺlum than gold

[sauropod]

Bkmk

[wny]

1 gram per ton of ore is considered a high grade deposit. That’s 4-ounces in a 100-ton railroad coal hopper.

[DoodleBob]

How NOT to be a victim of gold scams

Step #1. Don’t buy gold.

[JZelle]

So you’re telling me I should hang up on William Devane?

[funwithfood]

I always found it odd that those who preach “protect your wealth by buying our gold cause you know, dollars are going to be worthless” are happy to trade gold for worthless dollars.

Number one rule: if they advertise on RW media outlets, avoid..

[Ruy Dias de Bivar]

Ask a simple question...WHY are those with the “gold” willing to sell it for soon to be worthless dollars?

[nuke_road_warrior]

Gold mine: “A hole the ground with a liar at one end and a fool at the other”
—Mark Twain

[MeganC]

This reminds me of a joke:

A man decides to leave Russia to join his son in the United States.

He brings along with him a bust of Vladimir Putin.

When he gets to the airport in Moscow the border guard asks him why he’s taking the bust of Putin with him.

“To remind me of our Supreme Leader when I’m living in the impoverished USA!”

When he arrives in the United States, the customs official asks him why did he bring along an eighteen pound bust of Putin.

“To remind me of the oppressive bastard who used to be my ruler! Now I will live in freedom!”

Arriving at his son’s house the son looks at the bust of Putin and says, “Dad, why would you bring that ugly thing all the way to America?”

“Because my son, that ugly thing is eighteen pounds of gold!”

[TexasGator]

” If investing in stocks or bonds or promissory notes, hold the certificates yourself.”

ROTFLMAO!

[algore]

I have never heard of Scott brown the author.

But his first example.
“For example, Stillwater Mines, which operates in the United States and is the only large Platinum/Palladium mining effort in the US reported the 4th quarter of 2015 a 23 million dollar profit. And that is the only real mining operation of any size in the United States that mines Platinum Group metals. You are not going to make millions buying and selling gold when the actual mines are not making that much themselves.”

Is so false and misleading I actually laughed.

Granted some of the other stuff is reasonable.

I bet the newbie author never spoke with or dealt with Hannes who actually would take your call 24 hours a day 7 days a week.

That guy was awesome till he wasn’t.

Or try to help a startup in Bolivia where the owner had developed an eco friendly refining process and wanted to mint super pure .99999 coins for the Bolivian gov’t

[algore]

‘Ask a simple question...WHY are those with the “gold” willing to sell it for soon to be worthless dollars?’

For the same reason you exchange your dollars for euros when you vacation in Europe, or yen when in Japan

[DoodleBob]

For the same reason you exchange your dollars for euros when you vacation in Europe, or yen when in Japan

Because, as a storer of value, they work better than paper weights, chickens, or salad oil.

[redfreedom]

I have zero interest in typical precious metals such as gold and silver. So I’ll never fall into some scam.

However I do buy precious metals, all I can afford which are lead, often coated with copper and mostly cased in brass. Those are my favorite metals.

[cyclotic]

Lead futures.