If you’ve been on any conservative news outlets or listened to conservative podcasts lately, there’s a good chance you’ve seen or heard ads about precious metals companies offering “free” silver to their customers.
They’re “giving away” $5,000, $10,000, or even $15,000 worth of “free” silver allegedly because, well, fill in the ______. Maybe they claim they had a surplus that fell from the back of their delivery truck and their customers are just the lucky ones. Maybe it’s because they’re so big they can afford to give it away because they get a special discount from the silver mines. I’ve heard about so many reasons the silver is supposedly “free” that I couldn’t fit it all in this post.
I’ll describe reality below, but first I want to highlight our precious metals partners, Our Gold Guy and Genesis Precious Metals. The Liberty Daily benefits when our readers buy from them, but more importantly our readers benefit as well. Why? Because whether you want Our Gold Guy to ship bullion to your door or if you need to rollover your retirement account with Genesis, neither will try to con you with “free” silver.
The truth about those too-good-to-be-true offers is this: You are paying for the “free” silver. They usually offer it in the form of a 10% “bonus” or “gift” for opening an account with them. The reality is they’re charging 100% or more over the actual cost of the precious metals they’re selling so they can afford to write off the 10% “gift” as a marketing expense.
To put it into perspective based on one deal sheet I was sent by a customer of one of these precious metals companies, they had purchased 1000 special mint one ounce silver coins for their IRA at $68 each plus fees. Their “free” silver came to $6800 worth. But the actual cost of the coins they bought was somewhere between $30-$50 at the time, depending on which coins they were actually buying (which was ambiguous on the sheet).
That means at best they paid $18 extra per coin in order to receive $6.80 given back to them. If the coins weren’t sought-after because they’re overproduced (a problem with many of the larger precious metals companies), then these customers may have paid double the actual cost of the coins.
In this economy it’s becoming more common for Americans to seek physical precious metals. Just don’t let concern turn into a rush down a bad path. Visit Genesis for retirement help or Our Gold Guy for bullion to your door.