There is a Coin World article today by Armen Vartian on what constitutes "investing" in coins. I really like what Mr. Vartian has done as an attorney for the world of coins. His three rules are based on the Supreme Court case vs. WJ Howey Company--a sale of securites must involve an investment of money, in a common enterprise, and with "profits to come soley from the efforts of others". Vartian then goes on to give examples. With Goldline, for example, I received their brochure and they are careful to couch all the terms of the contract in terms to their advantage. Good article by Vartian if you have access to the online CW.
