Beware of Internet Silver scam

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Published on: July 24, 2010 at 16:00
By Dr Jeffrey Lewis

With silver attracting headlines, cult-like following, and higher prices, silver investors should be on high alert for a scam being perpetrated on the internet. Newly minted fake coins are finding their way from Chinese counterfeiters to Ebay and then to investors who unknowingly purchase $20 rounds that are in reality only a few dollars worth of metals. As prices tread higher, these scams will only continue to grow in their influence. Here's a simple guide to evaluate silver, and whether or not it is indeed real:

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The US Mint Fraud

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By Bix Weir

One of the more disingenuous frauds the citizens of the United States are being subjected to these days is coming out of the US Mint. For over 2 years the Mint has been illegally rationing gold and silver American Eagles and now the Director of the U.S. Mint, Edmond Moy, is finally on the hot seat.
"A congressional subcommittee has been asked to investigate the growing backlog in and foreign procurement of U.S. bullion and collectors' precious metals coin blanks manufactured by the U.S. Mint."

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A Man for All Seasons

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Beaumont business owner uses his knowledge, enthusiasm to inspire kids

With permission from The Examiner

Mike Fuljenz is not just the head of a thriving gold business with clients throughout the United States – though he certainly is that.

The author, broadcaster and teacher is one of the most universally decorated coin experts of the last 30 years. Whether a novice or veteran collector of gold coins actually makes a purchase or not, their experience is informed by Fuljenz’s extensive knowledge – and his willingness to share it. His 2010 book “Indian Gold Coins of the 20th Century” has quickly become a key resource for those interested in these beautiful collectibles.

From his many appearances on CNBC and Fox News to his Beaumont radio show to his work guiding journalists as they attempt to navigate the Byzantine world of collectible coins and those who traffic in them, he has become a national figure.

“Mike Fuljenz is the nation’s No. 1 coin and bullion expert. No one knows physical precious metals better,” is how Franklin Sanders, editor of The Moneychanger, put it.

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Only $60 Offered for $10,000 Gold Coin

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A Mike Fuljenz recommended read

Seller Beware: Traveling Gold Buyers May Offer Bigger Promises Than Payouts

Traveling gold buyers offered only $60, significantly below bullion melt value, for this 1925-D Indian Head $2.50 coin graded NGC MS66 that PNG experts say is actually worth $10,000.
Despite prominent advertising that may proclaim, "NO ONE PAYS MORE," some traveling gold buyers are offering pennies on the dollar for valuable gold and silver coins, cautions the Professional Numismatists Guild (PNG), a nonprofit organization composed of many of the country's top rare coin and bullion coin dealers.

In one instance, an out-of-town buyer offered only $60 -- significantly less than even its bullion melt value -- for a rare 1925-dated U.S. gold coin valued at $10,000 by PNG experts.

"Recent news media investigations conducted with the assistance of Professional Numismatist Guild member-dealers from Texas revealed that some traveling gold buyers who set up for a few days in a hotel, then move on to another town, sometimes offered as little as three percent of the actual value of coins they were offered. You may see bigger promises than payouts," said Robert Brueggeman, PNG Executive Director.

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Counterfeit Coin Scam Hits Monterey

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May 05, 2010

Monterey, CALIF- A state wide counterfeit coin scam hits the Central Coast costing one bushiness owner thousands of dollars. The counterfeit coin came in a case and it appeared to be certified by a reputable company. But when they opened the case they found two different coins that had been cut in half and pasted together.

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Palm Beach Post, Mar 27, 2010


Accused of running a $40 million boiler room scam on New York's Long Island, Joseph Romano posted bond, headed to Delray Beach and continued preying on elderly victims, federal authorities said Friday.

Romano and a co-conspirator, Russell Barnes, used a slick Web site, cold calls and high-pressure sales tactics to sell rolls of coins to unsuspecting buyers, according to court documents filed by Assistant U.S. Attorney Lara Treinis Gatz. Now, Gatz is arguing the duo should be jailed until their cases are resolved.

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