Man tries to sell $1100 one ounce gold coin for $50; no takershttp://www.youtube.com/watch?v=Gk5aRIz17fk
This is why all talk about a "bubble" in gold is complete nonsense. When the bubble arrives, people will be falling over each other to buy gold, it will be a major topic of conversation and news stories, and the price will be stupidly high. We are no where near this point yet.
Peter Schiff was just talking about this on his daily video blog. It's insane isn't it? I would LOVE for someone to sell me gold for $50! I'd gladly hand it over to them, walk away, then when they call me back saying it was just a test, I would start running.... Just to play devil's advocate, the guy should dress better if he wants people to beleive him. His hair is fine, looks cool actually. But the graphic shirt he's wearing makes him look like he's fooling you. I wonder if he wore a nice suit, if people would take him more seriously.
He looked like he was in a really nice area. It wasn't like he went to a poverty stricken town just to make fun of the less affluent...that place looked really nice wherever he was....
Here's an article about the same topic: http://www.kitco.com/ind/nadler/nov102009.html It does make one think about stacking bullion for a SHTF scenario. If the SHTF, who is going to know enough about the value of gold or silver to make the strategy work? I think we collectors/stackers believe that everyone else in the world knows the value of our assets. Maybe not. I think I'll buy up all the Chinese fake gold coins (like my avatar) I can buy. 99% of people won't know the difference.
Wow what a fantastic story about the Mexican Job in Dubai. Glad those guys got caught, great police work!! Back to the mad max scenario, it's true, sometimes we all have to step away from PM's and think about how valuable it really is in a SHTF scenario. I personally think if we had a mad max scenario, anything goes, which is bad for EVERYONE. Gold/silver IMO is only valuable as long as we still have a civilized law abiding society. I didn't start to invest in PM's for a mad max scenario, no one wants that scenario...
All that MIGHT prove is that people are smart enough that anyone is offering to sell a $1100 coin for $50 that (1) the coin is a counterfeit, (2) its stolen, (3) they guy is a looney (especially sticking a microphone in people's face). Now, the reality is that legally to use those people's likeness on youtube, he needs a signed release from them. Given that they walked off it just as likely that its all a big setup to try to get his video watched. If someone honestly came up to me and tried to sell me a coin for 1/20 of its true value, I would tell them "no, its worth much more than that". I don't believe on preying on ppl's ignorance, but hey...that me, YMMV.
ebay is selling "copy" one ounce gold for $24.95. man. $50.00 is double expensive. i am looking for $4.95 each. so i can put it in my necklace.
Amazing, wasn't 1oz of gold around $20 during the great depression? Does that mean 70-80 years from now a "copy" of 1oz gold is going to cost about $1100?
Would anybody here buy a "gold coin" from someone on the street? I sure wouldn't regardless of price. The lower the price, the more likely it is counterfeit.
If you have ever had someone try to sell you something on the street like that, you will know your first instinct is that something is wrong if they are selling it on the street. Also you had to wonder that some of the ladies thought that he was trying to pick them up by showing off his alleged wealth.
We in the know sometimes forget that most of the rest of the world's population doesn't collect coins or bullion. I think most people don't really have a clue what gold or silver is worth in a market. I'd be willing to bet that the scenarios played out in that video are probably more realistic of the average citizen's views than we'd like to think. Guy~
Elaine you should check these out Airtight necklace bezel with protective glass cover 14k gold rope around the coin... quite nice looking, maybe you could find a local jeweler and trade him some old scrap gold to make you one. I think it would look quite slick with a buffalo inside.
