What is with people purchasing very important investments in shopping plaza parking lots?! I must stress that skepticism is your best friend when loading up your car at the local Target or Wal-Mart and you’re approached by a bullion dealer. The chances of a legitimate bullion salesperson meandering through the lot selling legitimate silver are very slim. However, to remain open minded, there are deals out there that you can score in one of those serendipitous moments.
In Saginaw, Michigan last week silver scammers were going door-to-door in shopping plazas with silver bars stamped with .999 pure silver on the back…the front sported a marijuana leaf. Police were tipped off that the silver was in fact only paint, and warned witnesses to not buy the faux silver and report the event immediately. Truthfully the “.999 pure silver” stamp in the metal could mislead knowledgeable buyers, but using your context clues as an educated investor you can avoid temptations as such by following the first rule of thumb, read the Peter Schiff Gold Scams Report. Then do a business background check on your salesperson. Whether it be through a simple google search or ask for their website, there are ways to find out the quality of business you are dealing with.
The most interesting part about this story is the “.999 pure silver” stamp on the back of the bar. The most suspicious would be the green marijuana leaf, not that marijuana is bad…but it’s not terribly often bullion is sold with colored paint. Although, that is possible. The “.999” stamp assures a buyer that the silver is of the highest quality. However, that wasn’t the case this time around. Another good thing to try out is getting a feel for real silver. Toss an ounce or ten around in your hand next time you have a chance. You can really get familiar with the weight distribution and feel for the metal. Although it’s not always the easiest.
By buying from a known bullion dealer you can lessen your chances of fraud. Private trades and deals happen in the bullion world. We realize this. However, avoiding sketchy scenarios like the one in Saginaw can assure your money goes into a safe, sound investment.
Happy buying all,
Megan
