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Rain on the gold parade?
In Response To: Re: BS ()

From http://www.tbrnews.org/Archives/a2923.htm

Disinfo? Misinterpretation of events?

Washington, D.C., March 4, 2009: “There are some very, very angry people buzzing around because of the articles on the Chinese forging of American and foreign gold and silver coins, rare numismatic U.S. coins, foreign bullion gold coins and the various gold bars issued by the Credit Suisse. There is more coming in on this but it is obvious that the market for gold as an investment and the value of certain issues of rare American coins will take a terrible beating. Many have fled from the stock market to put their money into what they thought were “safe” investments. Of course there are relatively simple means of detecting the fakes (weight is the basic one) but the production of faked Swiss bar gold is indeed a very dangerous threat to the stability of the international gold market. As I said, the weight of the fakes gives them away but the basic problem with all of these revelations is that the average collector or investor will no longer trust the smooth-talking gold or silver merchandisers and will try to sell of their own holdings. If too many of these rush to dump their coins and gold bars, the market will quickly turn into a quagmire wherein it will be difficult, if not impossible, to sell off even genuine coins or bars. The coin dealers are stating on their websites that while there is just a little of this going on, no one can be fooled by the fakes and the market will soon soar upwards without interference from “baseless rumours.” The rumours are not that but established fact as one can easily determine by Googling the subject and instead of vanishing, they seem to be growing. My own advice is to buy rare coins only if you are certain of the source, can weigh them before purchase and can get a firm money-back guarantee. An honest dealer will not hesitate to do this but one who is well aware of the bags of fakes in his mail room will bluster and shout but will not allow mail purchases to be weighed prior to purchase. This attitude is the best sign of crooked dealing. I would recommend against buying either gold or silver as an investment because continued revelations about massive counterfeiting will so soften the market that it will eventually collapse, rendering even legitimate investments as virtually worthless. And as far as the blatantly thieving Chinese are concerned, fear not because their economy, once booming, is in a state of complete collapse. Their entire commerce structure was based entirely on the sale of goods to the United States. That market has effectively collapsed, wrecking the Chinese with the certainty of a tsunami roaring into Bangladesh. The Chinese were the ones who drove up the price of the world’s oil but their internal and economic collapse has toppled that market. Calls to boycott Chinese products are useless; one has no need to beat the dead. And if collectors of gold or investors in gold or silver read this, sell your collection now before the market dries up to the size of chick pea.”

Messages In This Thread

The present financial crisis could have been avoided in 2007 and 2008 with full G7 approval
Re: BS
Rain on the gold parade?
Re: Rain on the gold parade?
Oh dear...
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