They Swindled Him Out of $155,000!

As originally published exclusively in “Escape Artist Insider Magazine – May 2023 edition”.

And that was from a $300,000 investment! More than half!

Luckily, he came to us, and we were able to help him get all his money back.

I won’t mention any names in this article, but I am about to recount to you a true story. It happened a couple of years ago.

If you take nothing else away from this, be sure you understand…

1. With interest in gold and silver on the rise, the sharks are circling the waters.
2. It can easily happen to you.
3. We have a much better chance of helping you if you come to us before you make a purchase.

Brian (our Preferred Client Relations Manager) and I were on a Zoom call with a recent referral. We found ourselves in the unenviable position of telling this gentleman the firm he dealt with about half a year ago had completely and utterly taken advantage of him.

We delivered the news… He had spent $300,000 to buy roughly $145,000 worth of gold and silver. He immediately looked visibly sick. He turned white as a sheet. He expected he had paid too much. He figured there was a reason he had called the firm twice over the past few months to sell some back, but they vehemently talked him out of it.

As we went through his invoice, it was obvious the deception was as calculated as it was predatory. Here’s why…

• The first line item on the invoice was one of the two most popular gold coins in the world; a 1-ounce Gold Maple Leaf. The pricing was below market (less than 1 percent premium) but it constituted only $11,000 out of $300,000.
• The rest of the items on the invoice were a combination of obscure, fractional (one-tenth, one-quarter, and one-half ounce) gold and silver coins. The average premium on the rest of the material was over 50 percent.

To a novice, calling on the referral of a respected celebrity endorser, everything seemed on the up and up. The client mentioned repeatedly “how nice they were” on the phone.

However, to a specialist in precious metals, with over 25 years of experience, it was obvious they were wolves in sheep’s clothing.

These scoundrels expected the unsuspecting client to shop prices. So, they sold the six Gold Maple Leaf coins—which could easily be shopped and compared—at a loss.

Then, they went to work selling a multitude of esoteric and virtually un-shoppable coins at premiums that would make Satan squirm.

In the end, they sold too much of the wrong metal to meet the client’s goals at unthinkable premiums. When the client said “yes,” he had no idea more than half of the money he was looking to protect was potentially gone forever.

ONE SMART CALL TO ASI

After reading an article we recently wrote, the client called us to sell some of his metals. He had taken too large a position and wanted to trim it down.

Then, we delivered the shocking news. But we also gave him some options for recourse.

We suggested he do two things…

1. Call the firm back up—since nobody else would ever pay more than the metal was worth—and let them know he was on to them. He put them on notice that he knew they had swindled him, and he would go to the authorities if they did not make amends.
2. Let the celebrity endorser who referred him to them know they had taken advantage of him.

The client did both, and within a day, the firm agreed to buy all the precious metals back at the egregious prices he had paid… making him completely whole.

KEEP WHAT’S YOURS!

This particular client was saved. But he was very lucky.

Most of these stories about unscrupulous dealers do not end as well. In most cases, the client is ruined, and the predatory firms go on to fleece other unsuspecting victims. And this is just one of the common mistakes precious metals buyers make.

They are covered… among other important insights… in Gold 2023 – Investment Strategies for the Global Nomad. You can secure your copy here.

We expect precious metals prices to increase in a bull market trend for potentially another 5-7 years.

In that time, we also expect an increase in cases of greedy dealers taking advantage of would-be investors.

I cannot change the spots of a leopard. I cannot make these unscrupulous dealers see the light and do the right thing.

But, I can help you… if you’ll let me.

Use us to help you hold onto your hard-earned money. Before you make a precious metals purchase, call us. Run it past us. If it’s a good deal, we’ll say so. If it isn’t, we’ll say so as well.

That one call may well be the difference between you falling prey to these predators or not.

Clients often say it all comes down to price. I have seen from experience nothing could be further from the truth.

Having a trusted, honest advocate on your team is worth more than you can imagine. It could mean the difference between making a sound investment and losing half your investment the moment you say “yes.”

We’re here for you… Let us help…

Good investing.

About the Author

Rich Checkan is the President and COO of Asset Strategies International, Inc. (ASI) and specializes in helping North Americans diversify assets internationally using the precious metals and foreign currency markets.

Contact Author

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