Are Overpriced Precious Metal Campaigns Targeted To Senior Citizens

0
754

 

 

Miles Standish takes a conservative approach to numismatics, coin collecting, and precious metals as seriously as you might expect.

Especially when he sees price gouging of senior citizens who are targeted by companies that persuade them of bogus conspiracy theories and apocalyptic end-of-times scenarios designed to terrify them out of their savings.

“Professional grading has reduced a lot of chicanery that once existed in the marketplace. Before certification, it was the Wild West. Reliable grading didn’t take place until the mid-1980s. But in spite of that regulatory sophistication, Caveat Emptor still are the consumer watch words: Let the buyer beware. For instance, I’m still seeing ads such as: ‘FREE SILVER for RETIREES with $50k or more in retirement savings.’ First of all, senior retirees don’t have enough running room to recover from a downturn in the market. Further, when I check the pricing, the generic silver being paid for is so overpriced that the ‘free silver’ actually costs more than it could be purchased for.”

The problem with that good advice is that a lot of folks don’t do the research they should do, and the scammers don’t provide them with the necessary information to make an informed buying decision.

“Fear is a great motivator,” Miles says, “but it makes for a lousy strategy when purchasing bullion, collectible coins, or even gold and silver jewelry. There is a lot to learn, and it helps to purchase through a reliable, conservative vendor who values long-term relationships with potential customers.”

It’s that emphasis of fact over fear that caused Miles to partner with 7k Metals, where he currently designs collectible coins and enthusiastically helps train people about the real value of precious metals and coins.

“Each of the coins I design can be used as legal tender in the sovereign state where it is recognized as currency. But that’s only part of the collectability issue, as was discovered by a guy I advised who had spent a small fortune on a 1943 penny he thought was worth a large fortune. I was quickly able to discover that the 3 was in fact a 5 that had been altered. That’s one of the reasons I recommend an expert association with 7k Metals that not only provides education in Numismatics but also serves its Member Customers with an easy, no gimmick, conservative approach to purchasing precious metals, including rare, unique, and exclusive modern collectible coins.”

7k is a multinational company empowering a new generation of responsible leaders with a convenient and innovative platform to acquire tangible assets. Headquartered in Idaho—the “Gem State”—7k educates collectors, providing them with the necessary confidence and tools to accomplish generational impact for families around the world.

Miles Standish is an independent numismatic and bullion consultant who Coin World named as one of the 10 most influential numismatists in the world. In his estimable career in the corporate world, he co-founded the Collectors Universe and was Vice President of the Professional Coin Grading Service (PCGS) and of the Numismatic Guaranty Corporation (NGC). As an author, he has written two best-selling books: American Silver Eagles: A Guide to the U.S. Bullion Coin Program, and Morgan Dollar: America’s Love Affair with a Legendary Coin.

Loading