TBR News – May 31, 2009
“Although I have been accused of it, I am not trying to collapse the coin market but many people have been buying gold and silver as a hedge against inflation.
All well and good. But the Chinese, opportunistic and amoral that they are, have been faking large numbers of relatively common American gold and silver coins. Typically, they have cut down on both the gold and the silver content. Certain American dealers, who know these coins are not original, have been shoving off thousands
on unsuspecting and trusting American investors.
You may know your dealer and your coins may all be original but if I said nothing about this on-going criminal behavior, think of all of those who will someday discover that their investment is worthless?
Even though your holdings might be absolutely original, if the buying public gets it into their collective minds that many coins being offered are worthless fakes, that will topple the market, not I. My advise? Sell your holdings as long as there is a market, hold the money or put it into an interest-bearing bank account and wait for the fakes, and the dealers in fakes, to vanish from the scene. At that point in time, buy at a much cheaper price.
I know who are faking these American (and foreign) coins and bars and if I say nothing, I would have a serious conscience problem when the market collapses (as it will, with or without my assistance) had I not at least made an effort to warn the public.
Educating people is wonderful but I am not a coin expert and do not deal in gold or silver. I have a very large holding of bullion European coins (gold) but I do not keep it in this country and have no intention of selling it off. I am trying to protect my own investment by stopping the burgeoning fake market.
Also, the totally fake "SS.New York Rare U.S. Gold Coin Discovery"
is a typical con. There was no such ship, no such hurricane in the Gulf of Mexico at the time and date given and why, pray tell, would "rare southern mint coins" be shipped from Galveston to New Orleans? A study of both cities, and the period, would indicate that the reverse would be the case.
The gold would be going to Galveston's many new banks, not to New Orleans. That story is in the same category as the Easter Bunny. Sell, friends, sell while you still can preserve the value of your holdings.
I will press this matter, both online (where I have a healthy following) and with the Secret Service. Once I get my hands on something like this, I do not let go. Painful though this might be to crooked dealers and indifferent government enforcement agencies, in the final analysis, it will help the many (though injuring the few.)”
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A Complete Copy of the Voice of the White House from TBR News April 18, 2004- December 29, 2005
Last updated 02/06/2009