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NY pawn broker gets stuck with fake gold bars.

CaptHenwayCaptHenway Posts: 32,109 ✭✭✭✭✭
in Precious Metals
He paid $14,000 for 50 one ounce gold bars?



http://www.wbng.com/news/local...e-gold--378003431.html
Numismatist. 50 year member ANA. Winner of four ANA Heath Literary Awards; three Wayte and Olga Raymond Literary Awards; Numismatist of the Year Award 2009, and Lifetime Achievement Award 2020. Winner numerous NLG Literary Awards.

Comments

  • AUandAGAUandAG Posts: 24,759 ✭✭✭✭✭
    There is so much wrong with that transaction that I will not comment.





    bobimage
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  • ashelandasheland Posts: 23,180 ✭✭✭✭✭
    Originally posted by: AUandAG
    There is so much wrong with that transaction that I will not comment.


    bobimage


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  • cohodkcohodk Posts: 19,076 ✭✭✭✭✭
    Good.
    Excuses are tools of the ignorant

    Knowledge is the enemy of fear

  • Timbuk3Timbuk3 Posts: 11,658 ✭✭✭✭✭
    Geez !!! ??
    Timbuk3
  • PRECIOUSMENTALPRECIOUSMENTAL Posts: 961 ✭✭✭✭
    $280.00 per ounce, and he did not test them?

    Blinded by Avarice.
  • roadrunnerroadrunner Posts: 28,303 ✭✭✭✭✭
    How stupid is that for any pawn shop or bullion dealer to buy 1 oz gold plated brass bars that have less than half of the density of gold? Doesn't pass the common sense test.



    They'll make up the supposed $14,000 loss by ripping off more widows and orphans next month.
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  • johnny9434johnny9434 Posts: 28,286 ✭✭✭✭✭
    Originally posted by: asheland
    Originally posted by: AUandAG
    There is so much wrong with that transaction that I will not comment.


    bobimage


    image


    image
  • PerryHallPerryHall Posts: 46,097 ✭✭✭✭✭
    Originally posted by: PRECIOUSMENTAL

    $280.00 per ounce, and he did not test them?

    Blinded by Avarice.




    The term "poetic justice" comes to mind here.

    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

  • Booger9989Booger9989 Posts: 407 ✭✭✭
    Both thieves got what they deserved.....

    They were made for each other.....

    I call this.....karma
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  • BBNBBN Posts: 3,761 ✭✭✭
    Had he paid $50-60k I would've felt sorry for him, but, my sympathy runs very shallow. He's already been paid well forward by ripping off widows, addicts, and unemployed trying to whittle back their personal property to make ends meet.

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  • OPAOPA Posts: 17,118 ✭✭✭✭✭
    Originally posted by: Booger9989
    Both thieves got what they deserved.....

    They were made for each other.....

    I call this.....karma


    image

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  • JustacommemanJustacommeman Posts: 22,847 ✭✭✭✭✭
    Originally posted by: cohodk

    Good.




    Very



    mark
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  • BBNBBN Posts: 3,761 ✭✭✭
    OK, why would you send gold bars to a refiner? Imagine if these are real and he at least pays $1200 for them. He could've flipped them for $1300 and sold all of them by the end of the week. What's the point of sending pure gold bars to a refiner?

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  • BaleyBaley Posts: 22,660 ✭✭✭✭✭
    Originally posted by: BBN

    OK, why would you send gold bars to a refiner? Imagine if these are real and he at least pays $1200 for them. He could've flipped them for $1300 and sold all of them by the end of the week. What's the point of sending pure gold bars to a refiner?




    to complete the fence by destroying the evidence.



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  • mariner67mariner67 Posts: 2,746 ✭✭✭
    Yeah...the whole thing stinks....including the pawn broker.
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  • tneigtneig Posts: 1,505 ✭✭✭
    Now that its out that he paid so little, is it only up to the savy to understand what he did.
    No regulations about underpaying or possible fraud on his part.
    I guess he could be in question or on record if reported to the police.

    Learn good stuff here.
    COA
  • TwoSides2aCoinTwoSides2aCoin Posts: 44,272 ✭✭✭✭✭
    Hard to gloat over misfortunes, as deception and theft go; despite which side of the counter it occurs on. In this case one might say " Fair about's fair play".
  • ashelandasheland Posts: 23,180 ✭✭✭✭✭
    Originally posted by: PerryHall
    Originally posted by: PRECIOUSMENTAL
    $280.00 per ounce, and he did not test them?
    Blinded by Avarice.


    The term "poetic justice" comes to mind here.


    image

    My YouTube Channel

  • ashelandasheland Posts: 23,180 ✭✭✭✭✭
    Originally posted by: BBN
    OK, why would you send gold bars to a refiner? Imagine if these are real and he at least pays $1200 for them. He could've flipped them for $1300 and sold all of them by the end of the week. What's the point of sending pure gold bars to a refiner?


    Probably figured the serial numbers were bad. That's a good way to erase them. image

    My YouTube Channel

  • TwoSides2aCoinTwoSides2aCoin Posts: 44,272 ✭✭✭✭✭
    "have fun with your bars and leave the drinking to me " , thought a coin dealer, once. image
  • rickoricko Posts: 98,724 ✭✭✭✭✭
    Unbelievable... a scammer got scammed..... image Cheers, RickO
  • goldengolden Posts: 9,566 ✭✭✭✭✭
    Originally posted by: ricko
    Unbelievable... a scammer got scammed..... image Cheers, RickO


    image
  • ashelandasheland Posts: 23,180 ✭✭✭✭✭
    image

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  • LuriyaLuriya Posts: 8 ✭
    Heard of this happening to a friend. But he actually paid a hefty price. Shows what happens when you don't test
    Everything that shines is gold
  • ashelandasheland Posts: 23,180 ✭✭✭✭✭
    Welcome, Luriya


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  • s4nys4ny Posts: 1,568 ✭✭✭
    Simple test: weigh the gold bar and then weigh it in water.
    Get the ratio between the two numbers.

    (if it floats, don't buy!)

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