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Daily Archives: January 23, 2016

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The laughable gullibility of “As Seen On TV” gold coin buyers

You may have seen a commercial offering buffalo coins clad in 15 milligrams of 24 ct. gold for just under ten bucks.

I’ve always wondered how bad a deal this was,  because if they have it on a commercial, it’s gotta be a bad deal for the purchaser. 

Right?

Well, if the coins were going to cost $50 and they’re selling them for just ten bucks, maybe it is a fair deal…

I won’t prolong the agony.  There’s 63 cents worth of gold on one coin.  That’s it.  Not even two-thirds of a single dollar.

One of those coins that they’re selling for ten bucks is worth less than a dollar.  Not a bad return… of course, you do get a certificate of authenticity.  A proof positive certificate that you just got bent over a barrel boned.

Gold goes for about $1,200 an ounce today, and that’s generous.  The trick is the 15 milligrams.   There are approximately 28,350 milligrams in an ounce.  Do the math. 

Oh, and if you just bought a hundred of those for a thousand bucks and I just showed you that the purchase is worth a little more than fifty bucks, damn. Sorry about that.

Next time buy a carbon fiber bike. They depreciate like a car and cost a whole lot of money… but at least you can ride that a lot and lose a pound or 30.

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Way better that a $0.63 coin that you paid $10 for

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