Over the past two years, I’ve learned more about the precious metals industry than I ever thought I would. As someone who has worked in corporate America, advertising, the automotive industry, and other arenas that often use manipulative techniques to sell products, I have never seen anything more blatantly unscrupulous than the tactics used to sell gold and silver.
We’ve seen a dramatic rise in companies who are offering “free” silver to their customers. Sometimes it’s $5,000. Usually it’s $10,000. I’ve even seen a couple offering $15,000. Believe me when I say your business is not so important to these companies that they’re really giving you “free” silver. Let me explain the process briefly.
Before I do that, The Liberty Daily strongly recommends one mid-sized gold company, Genesis Precious Metals, and one smaller gold company, Our Gold Guy. All of the “big guys” have embraced the high-profit scam of giving away “free” silver so despite the high commissions they pay other conservative news sites, we cannot recommend them.
So, here’s how most in the precious metals business operate. They push people to move their retirement accounts into self-directed IRAs backed by precious metals, usually in the form of numismatic coins. There is nothing wrong with this as long as the margins are reasonable. Unfortunately, because these companies can offer their coins at pretty much any rate they choose, most mark them up well over 150% of their actual value by weight.
They hook people by offering the “free” silver, which is equal to 10% of the total sale. So their customers essentially get a 10% rebate in the form of silver because they’re overpaying by far more than that. They make claims like “we had a surplus” or “this is only available to new customers” or “this is a special for March only” or whatever they want to say to justify their largess.
There are valid reasons to buy “special” coins because they do have the potential to rise in value, but by no means should anyone be paying $60 or more for a 1 ounce silver coin. The math just doesn’t add up.