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ANA Blog

30 Aug

Always Take Physical Delivery of Purchased Precious Metals!

Stocks & Bonds | Mike Ellis

For those of you who know me, especially if you know me well, my most oft quoted numismatic statement is, "Never, ever buy coins off of television!" My second most oft quoted numismatic statement is "When purchasing bullion, always take physical delivery!" Sorry folks but holding precious metals, that includes coins, on paper is just plain foolish. If you want any precious metals to be part of your IRA, make that the IRA of a safe deposit box at the bank or your own immobile vault! Never hold it on paper!Why? Check out this story: www.coinweek.com/bullion-report/merit-gold-silver-longer-accepting-bullion-orders/ . I am certain this is just one of many such stories coming. And it is not the first time this has happened. To my knowledge, precious metal pushers have been scamming people out of their hard earned money forever, especially since the early 1980s, again in the early 1990s and apparently now it is going to start up again. Every time there is a run up of values in precious metals it has been followed by a crash where prices settle back where they were or even lower than they were before parts of the run up. It has not been so obvious this time around and it may never again fall much below where it is now but, it is much lower than the record prices were just a short time ago. Plenty of people have lost lots of money and now some are beginning to lose it all that was on paper. Some have made money as well but they usually know what they are doing and are often those who sell it on paper and then disappear!I am just trying to share fair warning. Do not let history repeat itself with you being the victim this time!

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