Capitalism still won’t let you go, even in times of crisis and tragedy. Some metal sellers use the people’s fear of market turmoil to convince them to buy gold or silver coins. It looks promising, but some would double the price of the precious metals they sell, which will make the buyer poorer. Quartz has more details:
“I think the precious metals and so-called rare coin telemarketers will be feasting on the personal and economic misfortune caused by coronavirus pandemic,” said a former industry insider with many years of experience, who spoke on the condition of anonymity because they want to avoid any risk of legal retaliation.
Quartz has seen precious-metals sellers already using the virus as a sales pitch in marketing emails and Facebook ads whose audience, according to data from Facebook’s ad library, was older than 55. We’re not linking to them here because it’s not yet clear which ads may be connected to overpriced coins and which are not. The message is similar: the stock market will crash imminently, other investors are rushing to “safe-haven assets”—so you should, too.
Nevertheless, “If people want to buy bullion, they may want to consider coins or bars that follow the spot prices dollar for dollar,” the industry insider said. Gold spot prices are listed here. “Buy from reputable companies and do your research.”
“Don’t be deceived into buying coins that are overpriced or modern common coins represented to be ‘collectible’ or ‘rare,’ ” the former insider said. “If a salesperson urges you to act quickly, run the other way.”
image via Quartz