Problem with callers trying to get me to invest in metals?
I have recently had a brash of phone calls from so-called prescious metals investors (Pan-American Metals in particular) who insist I give them my Social Security # and purchase 1000 ounces of silver with them. The catch is that I would be investing about $17,000 for the 1000 ounces in a leverage account. This makes absolutely no sense to me! It seems like a ponzi scheme. They don't want to offer the physical or tangible option to purchase and deliver the silver. When I ask for that option, they jack the price of 1000 ounces above what I can actively purchase 2 green monster boxes (1000 ounces) of silver eagles for at current market prices. Sorry! I just don't have any confidence in a company that tries to get business through phonecalls and requires me to supply them with my Social Security #. This just doesn't seem to be a legit transaction. Has anyone else dealt with this company before?
-True Money!
-True Money!
Views: 76
Replies to This Discussion
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Permalink Reply by Bruce Wiseley on -
A few years ago, my Golf Partner bought some "Gold" from them, and when he only received a piece of paper stating how much Gold he now owned, I thought he was going to stroke out on the first tee. He did finally get the product in his hand, but it entailed an attorney, and raised his cost to almost 1000 per ounce!!! He's not crying too much now, but what an ordeal he went through to get it.
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Permalink Reply by True Money on -
Thanks Bruce. I am also getting calls from a place called Oakmont Financial. Perhaps they can't accept "NO" for an answer. I have been trying to put an end to this for 2 weeks. If I can't take immediate possession of the metals, I am not interested.
-True Money!
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Permalink Reply by Lureuin on -
Any time you purchase more than 10k in metals, you have to give your SSN for tax purposes. I always break it down into smaller transactions.
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Permalink Reply by True Money on
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They don't need this information. Besides, they want you to invest in shares, not the physical metal. This is not worth trusting as a valid investment. The sole purpose of investing in metals is the preservation of wealth. Trading shares or paper is how the market is rigged. The shares are constantly inflated to oblivion while the supply of the metals they represent only grows at a tiny fraction of that. This leads to the devaluation of the metals as they trade in the marketplace. There will come a day in the near future in which many people who own these shares will want to take physical possession of their metals. When that happens, the actual supply will be depleted and the true value of the metals will be exposed.
-True Money!
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