What a bunch of bull - these purveyors of 14mg of 24kt Gold 2013 Tribute Buffalos should be jailed!
Goldbully
Posts: 18,061 ✭✭✭✭✭
Incredible scam....just listen to the pitch.
How many folks at home understand what 14mg of 24kt of gold amounts to?
I used the calculator and came up with $.75.....entered .014 grams at 24k
So if Gold gets to $5000/oz., you got $2.16 in bullion.
Calculator
2013 Gold Buffalo Tribute Link
0
Comments
My Ebay Store
<< <i>
Incredible scam....just listen to the pitch.
How many folks at home understand what 14mg of 24kt of gold amounts to?
I used the calculator and came up with $.75.....entered .014 grams at 24k
So if Gold gets to $5000/oz., you got $2.16 in bullion.
Calculator
2013 Gold Buffalo Tribute Link >>
I did the same math and had a good laugh.
Jim
bob
"Keep your malarkey filter in good operating order" -Walter Breen
"your own tribute proof of the $50 Buffalo Gold Coin"
They could say "your own shiny copy of the $50 Buffalo Gold Coin that's not gold"
added: I think one of their ads even shows a chart of the price of gold over time, pretty meaningless for these.
``https://ebay.us/m/KxolR5
<< <i>These ads have been running for a couple of years around here. I made the same calculation the first time I saw it and couldn't believe they had the cajones to charge such a ridiculous price (plus shipping). I hope they stick to their limit of 5 per customer, so no one gets burned too badly.
Jim >>
I always wanted to call and ask if I could get around the limit and buy, say, 100. I'd bet there is no limit.
My icon IS my coin. It is a gem 1949 FBL Franklin.
Oh yeah, buyer pays S+H, too.
<< <i>
<< <i>These ads have been running for a couple of years around here. I made the same calculation the first time I saw it and couldn't believe they had the cajones to charge such a ridiculous price (plus shipping). I hope they stick to their limit of 5 per customer, so no one gets burned too badly.
Jim >>
I always wanted to call and ask if I could get around the limit and buy, say, 100. I'd bet there is no limit. >>
They may even give you a small discount if you buy enough of them.
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
<< <i>With gold @ $1735 / oz, 31.1 grams per oz divided by .014 grams = 2221 coins plated with an oz of gold. $9.95 for the asking price times 2221 = $22103, an 1174% increase over the original cost of $1735 / oz. The cost of the coin without plating would be minimal, what a rip-off.
Oh yeah, buyer pays S+H, too.
<< <i>"We are offering this electroplated base metal slug which would scratch off even by a fingernail, this has even less value than most coins in circulation, but, heck, there is a sucker born every minute and we are fishing for them". >>
I do find it pretty amazing though that 14 milligrams of gold completely covers the slug. The thickness of the plating could probably be measured in atoms.
My icon IS my coin. It is a gem 1949 FBL Franklin.
This was not breaking news 80+ years ago.
"There's a sucker born every minute."
Fortunately the education in this case is not too dear.
https://www.pcgs.com/setregistry/gold/liberty-head-2-1-gold-major-sets/liberty-head-2-1-gold-basic-set-circulation-strikes-1840-1907-cac/alltimeset/268163
Is $10 (plus s+h) for 75 cents worth of precious metal in this form sooo different from numismatists who pay $100 for a silver quarter?
How about the example in another thread in which someone paid $46 thousand for a wheat cent, that's simply in different plastic and sticker around the same $13,800 coin?
If they provide equal enjoyment, Who's the greater fool? Maybe we are all crazy in someone else's view
Liberty: Parent of Science & Industry
<< <i>But...but, it comes complete with an individually numbered Certificate of Authenticity
I guess that makes it a "genuine facsimile.”
<< <i>But...but, it comes complete with an individually numbered Certificate of Authenticity
And a Custom Case Available!
<< <i>These ads have been running for a couple of years around here. >>
Ya, and if people weren't buying them, they wouldn't keep selling them. Ugh.
<< <i>"No one ever went broke underestimating the intelligence of the American Public" - H.L. Mencken.
This was not breaking news 80+ years ago. >>
Caveat emptor.
Origin:
< Latin: let him beware, 3rd person singular present subjunctive of cavēre to take care; see caution
because they don't violate the Hobby Protection Act. i would suppose that all the Carr replicas that the membership is so enamored with are closer to be in violation than this.
<< <i>Why can't they be stopped by the Hobby Protection Act?
because they don't violate the Hobby Protection Act. i would suppose that all the Carr replicas that the membership is so enamored with are closer to be in violation than this. >>
I am not seeing copy on it and it duplicates a mint issued coin so how does this not violate the act?
<< <i>look closely at the Hair Braid, you'll see it. >>
OK missed it.....
<< <i>Why can't they be stopped by the Hobby Protection Act?
The have the word "COPY" on them which makes them "legal."
No Way Out: Stimulus and Money Printing Are the Only Path Left
Right on. It's a bit misleading but there is no excuse, you get what you pay for.
<< <i>
<< <i>Why can't they be stopped by the Hobby Protection Act?
The have the word "COPY" on them which makes them "legal." >>
The also omit other things from the coin like on the base on the buff. That said it isn't people who are looking to get over on metal prices but don't comprehend weights that get taken. My 81 year old aunt bought me one of these because I liked coins and this is "collectible". Makes the Franklin mint look respectable with their real metals and artists.
Also add me to the count that thinks that Carr's coins are just as bad if not worse in terms of their production although I will concede their higher production values make them more collectible. My objections with Carrs coins aren't the collectors but the producer.
<< <i>so what would the price of gold have to be to break even on the investment? >>
If Goldbully's figures are correct (The first post in this string), gold would have to go to $23,032.41 an ounce for you to break even. That excludes the shipping and handling charge, which is usually another profit source for the barkers who sell this trash.
Goldbully said that at $5,000 an ounce the gold ON the thing was worth $2.16 so I divided $9.95 by $2.16 and multiplied the result by $5,000.
Of course this assumes that you could extract the gold plating at no cost, which is obviously not true. So you can add something to that bullion price to reach the ultimate breakeven bullion price.
I could think of many other things to get angry about but folks gotta remember, anybody that buys this stuff thinking they'll make a killing in the gold market deserves exactly what they get. Besides, whats the difference between this and say gold plated earrings or necklaces that are advertised as "gold earrings" and "gold necklaces" plated with "pure gold"? Markups on those are fairly high as well. Does that make you angry? Should sellers of plated jewelry be "jailed"?
As a side note, the "purity" of the hobby has little to do with the kind of folks that sell AND buy this stuff. No coin collector would ever entertain the thought that they are getting a "replica" or "tribute" solid gold coin for only $9.95.
The name is LEE!
No Way Out: Stimulus and Money Printing Are the Only Path Left
<< <i>Not everyone buys gold (even plated gold) for it's return as an investment. My wife's jewelry boxes are living proof. >>
Yes, but you can wear and enjoy the jewelry. These junk buffalo things aren’t much good for anything except to remind you, “NEVER AGAIN!”
<< <i>It's actually listed on PCGS's Coinflation.com Here at the bottom of the page.
bob
"The values below only reflect the intrinsic gold value, not comedy value."
Keeper of the VAM Catalog • Professional Coin Imaging • Prime Number Set • World Coins in Early America • British Trade Dollars • Variety Attribution
<< <i>
<< <i>It's actually listed on PCGS's Coinflation.com Here at the bottom of the page.
bob
"The values below only reflect the intrinsic gold value, not comedy value."
If you add $4.95 for S&H, the breakeven gold bullion price would have be about $35,000 an ounce. That's funny if you have purchased one of these things for its "intrinsic value" but tragic if you have.
<< <i>
<< <i>so what would the price of gold have to be to break even on the investment? >>
If Goldbully's figures are correct (The first post in this string), gold would have to go to $23,032.41 an ounce for you to break even. That excludes the shipping and handling charge, which is usually another profit source for the barkers who sell this trash.
Goldbully said that at $5,000 an ounce the gold ON the thing was worth $2.16 so I divided $9.95 by $2.16 and multiplied the result by $5,000.
Of course this assumes that you could extract the gold plating at no cost, which is obviously not true. So you can add something to that bullion price to reach the ultimate breakeven bullion price. >>
I double checked your math.....works for me.
I wonder how many potential buyers would "invest" in these trinkets, if they new they would have to see gold at $23k before they break even.
The shysters targeting certain demographics with those ripoffs should have been flayed. I was in my local shop today and these came up as the topic of conversation. My dealer actually had a few that someone had brought in... face value... no takers.
1/2 Cents
U.S. Revenue Stamps
How many of these things you think they would sell,even to the unsophisticated,if instead of "clad in 14 mg of 24 KT gold" they were to say,
"not even a hair's width,not even a dollar's worth,in fact,about 75 cents worth of pure gold that you're going to play hell scraping off to sell at the pawn shop when the market is right for you to sell your gold,adorns each piece."
My estimate is that sales would be down a full 20% if they used ad language like the above.
If a nation expects to be ignorant and free, it expects what never was and never will be.---Thomas Jefferson, 3rd President of the United States of America, 1801-1809. Jefferson was the primary author of the Declaration of Independence.
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
No once has anyone EVER got back to me on that.
<< <i>People buy it to look at.
Is $10 (plus s+h) for 75 cents worth of precious metal in this form sooo different from numismatists who pay $100 for a silver quarter?
How about the example in another thread in which someone paid $46 thousand for a wheat cent, that's simply in different plastic and sticker around the same $13,800 coin?
If they provide equal enjoyment, Who's the greater fool? Maybe we are all crazy in someone else's view >>
Agree with Baley -- no need to get all worked up over it. Their language is just clear enough, that hopefully someone doesn't think they're getting an actual hunk of gold for $9.95. Perhaps they do. But there are far worse prevaricators out there, mainly the hotel buyers I would say, buying genuine US gold and jewelry from an unwitting public for pennies on the dollar -- their sin is far greater.
Ugh.
Evil Linky
1/2 Cents
U.S. Revenue Stamps
60 years into this hobby and I'm still working on my Lincoln set!
The American low information citizen will be all over this one!
My favorite line this year: "With gold's annual average price up over 300% since 2003, to almost $1,500 per ounce, price can only be guaranteed for 7 days. Limit 5 per order."
Linkeroo
How are these crazies still in business???