Talking Precious Metals at Work....and Security differences between Collectors & Dealers
sebrown
Posts: 424 ✭
There have been a few times at work when the talk has turned to PMs and I was shocked to find a few who still thought that owning a gold coin was illegal. So, today I brought in a previously cleaned (shiny) 1910 $10 Indian just so they could get their hands on it, feel the weight, and pass it around. Many asked, "Is that real?" "How much is this worth?" "Why would you spend money on something like that?" Kind of sad actually that people do not yet understand the importance of PMs and preserving wealth.
There is one older guy (mid-50s)
who informed me that just last night, he purchased a complete 2010 Gold Eagle set in MS70 for $3995. Inquiring further, this gent made his purchase from the Home Shopping Network and the coins are certified by ANACS. Now he believes that he's knowledgeable when it comes to coins and such, so I didn't want to spoil his excitement and inform him that he got ripped!
What I did do for him though is direct him to the CU Forums.
Hopefully his learning curve will be a short one!
** Edited to expand thread title and copy text from my post further down:
<< <i>Some of the replies bring up a good point. What separates the normal collector (or stacker if you will) from the coin/bullion dealer in terms of security? Everyone the dealer comes in contact with knows what he/she does for a living - friends, co-workers, customers, etc. Are they more susceptible to theft than the normal collector who has a casual conversation with co-workers about PMs? >>
There is one older guy (mid-50s)
who informed me that just last night, he purchased a complete 2010 Gold Eagle set in MS70 for $3995. Inquiring further, this gent made his purchase from the Home Shopping Network and the coins are certified by ANACS. Now he believes that he's knowledgeable when it comes to coins and such, so I didn't want to spoil his excitement and inform him that he got ripped! What I did do for him though is direct him to the CU Forums.
Hopefully his learning curve will be a short one!** Edited to expand thread title and copy text from my post further down:
<< <i>Some of the replies bring up a good point. What separates the normal collector (or stacker if you will) from the coin/bullion dealer in terms of security? Everyone the dealer comes in contact with knows what he/she does for a living - friends, co-workers, customers, etc. Are they more susceptible to theft than the normal collector who has a casual conversation with co-workers about PMs? >>
"In the absence of the gold standard, there is no way to protect savings from confiscation through inflation [...] Gold stands in the way of this insidious process. It stands as a protector of property rights." - Alan Greenspan
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Comments
<< <i>Now he believes that he's knowledgeable when it comes to coins and such, so I didn't want to spoil his excitement and inform him that he got ripped!
What I did do for him though is direct him to the CU Forums. Hopefully his learning curve will be a short one!
>>
Now he can read about himself getting ripped.
Any bets on who they will try to blame if the long bonds disintegrate and the stock market crashes?
I knew it would happen.
You tell them that you paid $10 for a silver dollar and they think you are a fool and got ripped off.
<< <i>To each their own, but I would never talk PM's to anyone in close proximity to where I live. >>
Agree. The fewer people that know about your coins and PM's, the less likely you are to be burglarized. Even if you only tell close friends and family that can be trusted, who knows who they will casually mention this to others. People like to talk.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
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<< <i>To each their own, but I would never talk PM's to anyone in close proximity to where I live. >>
Agree. The fewer people that know about your coins and PM's, the less likely you are to be burglarized. Even if you only tell close friends and family that can be trusted, who knows who they will casually mention this to others. People like to talk. >>
I'm not worried one bit as the majority of my stash is kept secure in a SDB. If someone has the fortitude to get past the alarm system, large safe, two dogs, shotgun, nosey neighbors, and the Chief of Police living across the street, then they are quite talented. No professional thief would waste his time on my meager stash.
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<< <i>To each their own, but I would never talk PM's to anyone in close proximity to where I live. >>
Agree. The fewer people that know about your coins and PM's, the less likely you are to be burglarized. Even if you only tell close friends and family that can be trusted, who knows who they will casually mention this to others. People like to talk. >>
I'm not worried one bit as the majority of my stash is kept secure in a SDB. If someone has the fortitude to get past the alarm system, large safe, two dogs, shotgun, nosey neighbors, and the Chief of Police living across the street, then they are quite talented. No professional thief would waste his time on my meager stash. >>
What's your address, please?
"Ask, and it shall be given you; seek, and ye shall find; knock, and it shall be opened unto you." -Luke 11:9
"Hear, O Israel: The LORD our God is one LORD: And thou shalt love the LORD thy God with all thine heart, and with all thy soul, and with all thy might." -Deut. 6:4-5
"For the LORD is our judge, the LORD is our lawgiver, the LORD is our king; He will save us." -Isaiah 33:22
<< <i>What's your address, please?
Oh you Jest! There is a difference between casual conversations at work and outright stupidity.
Some of the replies bring up a good point. What separates the normal collector (or stacker if you will) from the coin/bullion dealer in terms of security? Everyone the dealer comes in contact with knows what he/she does for a living - friends, co-workers, customers, etc. Are they more susceptible to theft than the normal collector who has a casual conversation with co-workers about PMs?
Since the banks are insolvent and corrupt, your home is better than a Safety Deposit Box. Unless your brother-in-law is the bank manager with keys, I'd move them.
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There is one older guy (mid-50s)
! >>
i suppose HSN just eats us older guys for lunch?
<< <i>There have been a few times at work when the talk has turned to PMs and I was shocked to find a few who still thought that owning a gold coin was illegal. So, today I brought in a previously cleaned (shiny) 1910 $10 Indian just so they could get their hands on it, feel the weight, and pass it around. Many asked, "Is that real?" "How much is this worth?" "Why would you spend money on something like that?" Kind of sad actually that people do not yet understand the importance of PMs and preserving wealth.
There is one older guy (mid-50s)
What I did do for him though is direct him to the CU Forums.
>>
>>
You'd be suprised how many are out there just like that.
If you don't want to tell him then quote me " Sir, cancel your order immediately and call a bonafide coin dealer or several for quotes on those common coins"
Where is "weiner" on this?
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
<< <i>What's a PM? >>
Precious Metals or Private Message depending on how it's used.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
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<< <i>What's a PM? >>
Precious Metals... >>
Huh, never heard of 'em. Learn somethin' new every day I suppose.
<< <i>Since the banks are insolvent and corrupt, your home is better than a Safety Deposit Box. Unless your brother-in-law is the bank manager with keys, I'd move them. >>
Fred, Las Vegas, NV
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This makes me remember the time I bought a silver dime for 50 cents. The guy at the counter sort of laughed that I was buying a dime for 50 cents. I held my tongue and did not tell him (at the time) I was buying 90 cents worth of silver for 50 cents.
What is odd to me is all of the cents and nickels with a metal value greater than face value. Something's going to happen in that arena soon....