Looking for my reaction a man placed a gold bar in my hands. I knew gold is heavy but my hands went down. Some people knew Nixon would put gold on the commodities market. Basically they’re the only people who made big money on gold.

An aside, The way the about 27lb. gold bars are thrown around on films is beyond false.

I worked in an industry that uses gold. 

Knowing gold’s value would go up, a few people with insider information put all they had & borrowed as much as possible into gold. 

It was not a bet. It was a sure thing. They knew ahead of time that Nixon would un-link the Dollar and gold. Basically those insiders were the only people who cashed in big on gold. 

The payback was life changing for some of them.

The mob tried to cash in on gold.

Our metal supplier got a call:

“Hey John, where you from?”

John, “Bensalem NJ”

“No I mean where you come from?”

John, “Sicily"

“OK we can talk. We want to buy some gold.”

John, “The price of gold is fixed on commodity markets the second you buy it. There’s no way to buy at a discount and sell high.”

 

As far as gold, "It's over for the little guy."

There are legitimate places to buy gold & precious metals:

Bloomberg Markets

Precious and Industrial Metals

Basically all radio & cable news gold ads are scams. 

"Dedicated viewers of Fox News are likely familiar with Lear Capital, a Los Angeles company that sells gold and silver coins. In recent years, the company’s ads have been a constant presence on Fox airwaves, warning viewers to protect their retirement savings from a looming “pension crisis” and “dollar collapse.”

"One such ad caught the attention of Terry White, a disabled retiree from New York. In 2018, White invested $174,000 in the coins, according to a lawsuit by the New York attorney general — only to later learn that Lear charged a 33 percent commission.

Over several transactions, White, 70, lost nearly $80,000, putting an “enormous strain” on his finances, said his wife, Jeanne, who blames Fox for their predicament: “They’re negligent,” she said. A regretful White said he thought Fox “wouldn’t take a commercial like that unless it was legitimate.”  

“An analysis by The Post of political newsletters, social media, podcasts and a national database of television ads collected by the company AdImpact found that pitches to invest in gold coins are a daily presence in media that caters to a right-wing audience and often echo conservative talking points about looming economic and societal collapse. The Post found no similar ads for gold retirement investments in mainstream or left-wing media sources in the databases.”

“They are priced like collectibles, but collectible coins aren’t typically sold in bulk,” said Everett Millman, a precious metals specialist at coin dealer Gainesville Coins. “If a customer spent the same amount of money on products that are more standard, like [Canadian] Silver Maple Leafs, they would end up with a lot more ounces per dollar.”

With the exclusive coins, Millman said, “They’re simply torching money.”

“No one in their right mind would pay the premiums that these guys are charging,” added Ken Lewis, CEO of online coin dealer Apmex, who reviewed several customer invoices at The Post’s request.

“Trump rallies are particularly big events for Hartford. On July 1, Newsmax aired a live broadcast of a Trump speech in Pickens, S.C., on a split screen with an ad for Hartford, which also sends “Trump Rally Special” email ads via Newsmax.”

“Some conservative figures offer explicit endorsements. Giuliani has called Hartford “the experts I trust most” on his podcast “Common Sense.” The “Verdict with Ted Cruz” podcast has featured ads for Hartford for at least a year, and a recent segment touted Augusta, urging listeners “to protect your dollars … with a gold IRA.” Neither Giuliani nor Cruz responded to requests for comment.

Two media dealmakers who have been involved in negotiations between conservative media figures and the gold IRA industry said revenue from the companies can amount to as much as 10 percent of total earnings for some personalities. The dealmakers spoke on the condition of anonymity to protect their business relationships; one said the biggest personalities stand to earn millions of dollars a year.”

MORE AT:

The Washington Post

How right-wing news powers the ‘gold IRA’ industry

Ads for gold coins have become a mainstay on Fox News, Newsmax and other conservative outlets, even as regulators have accused some companies of defrauding elderly clients.

Jeremy B. Merrill

July 25, 2023 at 7:08 a.m. ET