20 January 2012

Gold Scams

I've got a post up on the corporate site you will like about gold scams - hat tip Kid Dynamite for the lead story. I've included three real life examples of scam emails that the Perth Mint has received. You will (or won't) be surprised that it is not just average people fooled by this stuff - we have been contacted by suburban accountants and lawyers trying to facilitate a $100 million deal without pausing to think why a legitimate buyer wouldn't just come to us directly and save themselves a 1% commission.

7 comments:

mortymer said...

Hi, you certainly also know that gold from certain unstable or politically hot areas are govern by international regulations...
Anyone getting involved (if scam or not) in this kind of deal is subjected to those laws.

Bron said...

Correct there mortymer. There is discounted gold around, but the reason for the discount is because it is conflict gold or otherwise compromised or stolen. Greed blinds people to asking these questions.

mortymer said...

I have found one international body, located I think in France, there were many details about many scams in it so I have not posted it so not to put someone bad ideas but those in the know (who should report anyway to state regulators, etc) should be by design aware of those legal issues and regulations. If somebody is not then that is not a professional or then it is the greed leading.
If somebody has issues and need those docs then do not hesitate to contact me.

Gordon said...

Hi Bron,

Would you care to expand here upon your comments at Screwtape re market manipulation? I must admit to not following/agreeing with your given argument, especially considered over the long term.

Bron said...

The whole AM/PM London Fix proof of manipulation necessitates a fair bit of robust work. I will do something on it, but it will take time.

At the moment I'm just providing rough thoughts without my usual detail.

mortymer said...

Hi Bron, here is the latest OECD supplement, I have seen the first draft and here is latest update, certainly somethingYou could appreciate:

http://www.oecd.org/dataoecd/54/39/49187571.pdf

Bron said...

And for LBMA's take see here http://www.lbma.org.uk/assets/Alch6506Crowell.pdf