Dear Patrick
Posted: Mon Mar 25, 2013 6:01 pmto Patrick Heller... a letter I'm considering sending:
Dear Patrick,
I have been reading your submissions to Numismaster with great interest. I would like to thank you for your continuing contributions to the field of coin collecting.
As well, several of your pieces highlight the benefits of safeguarding one's financial well-being -- assailed as we are by ever-accelerating dollar depreciation, courtesy of quantitative easing -- by taking positive steps to ensure one's continued purchasing power by investing in physical silver and gold. Tangible items that are under our own safekeeping, that cannot fall prey to counterparty risk.
Speaking of risk, there is currently none greater than for one to be well-intentioned; wise enough to decide to allocate a portion of one's portfolio to amassing precious metals via a dollar-cost-averaging plan, but foolhardy in not taking the proper steps to do so without incurring further injury. What do I speak of?
Every investor who makes the decision to invest in silver or gold, first faces adopting a position contrary to the armada of talking heads and other pundits who badmouth gold as a barbarous relic, and silver as the preferred currency of tin-foil hat wearing conspiracy mongers. Those who believe in real, sound money get treated no better than Rodney Dangerfield. As is frequently surmised, in all likelihood less than one percent of the populace has any significant holdings of either silver or gold.
In addition to overcoming the mental hurdles that are placed as obstacles to those who oppose fiat, we must ensure that we are paying a fair price for the items we select to serve our purpose. We need to avoid the overpriced wares peddled by opportunistic vendors, those MS70 slabbed "First Issue" pieces, and resist the "bait-and-switch tactics of online charlatans who promise loss leaders, then do everything short of water-boarding to brainwash you into purchasing egregiously higher priced items that help their bottom line, not yours.
And, now? Worst of all? We are facing a threat of tsunami-like proportions, emanating from the Far East. No, I'm not speaking of radioactive flotsam drifting towards our West Coast, I'm talking about the overt Chinese tactic of poisoning our existing precious metals pool with toxic additives. China has long been known for it's production of faux products, and now, for at least a decade, they have turned their attention to producing counterfeit gold and silver coins.
It is not the intent of this letter to point fingers at the sources that implement the sales of these goods, but alibaba.com seems to be a primary one which vendors utilize. One can browse, and in just moments learn that a counterfeited version of nearly every one ounce bullion coin is available. All forms of United States 90% junk silver seem to fall prey as well, and Canadian 80% has been victimized in tandem.
There is likely little that can be accomplished by calling these nefarious misdeeds to the attention of authorities. Witness the spineless inaction of the CFTC after four years of investigation into the virtual one bank suppression of precious metals prices, ongoing now for the greater part of twenty years as documented by expert silver analyst Ted Butler.
I am addressing this letter to you, Mr. Heller, as it appears to me that your position within the coin industry is one that would provide you with a pulpit from which to spread the gospel of this sermon. You would be "preaching to the choir" if you could possibly take advantage of your connections to create inroads to attempt to thwart the flood of fakes that are irreparably tainting our pools of silver and gold.
Specifically, I am inquiring as to what steps do coin dealers take to avert the unintentional purchase of fake coins from the public? And to ensure that bullion, purchased from various sources for resale, is indeed authentic? Do the large online dealers machine sort junk silver coins with industry designed comparitors?
PCGS has an online resource of photograded coins for comparitive purposes of determining your own grades prior to submission of coins for slabbing. With your influence, how hard would it be to persuade them to compile an online resource, available to all, in which images of counterfeit coins could be examined by potential buyers, and a guidelist of determinants to avoid counterfeits be reviewed? As well, they would be in a position to know how prevalent the problem is becoming, and how all encompassing the problem is for the denominations being produced. It is my understanding that entire counterfeited collections of most common junk silver coins can now be purchased from sources like the one I mentioned earlier.
Something needs to be done, and thus this appeal. Please consider using your advocacy to spearhead this movement, as our forces require a General. I am one, but we are many, and en masse, we stand ready to reinforce any strategies you see fit to employ.
We MUST do something to protect the consumer against fake Chinese counterfeits. Any assistance you can lend would be much appreciated.
Regards,
Ray Long
P.S. As a member of two different online coin forums, Realcent.org and BullionStacker.com, I know that I am not alone in sharing these sentiments, but the ideas expressed in this letter should not be attributed to anyone but myself.
Dear Patrick,
I have been reading your submissions to Numismaster with great interest. I would like to thank you for your continuing contributions to the field of coin collecting.
As well, several of your pieces highlight the benefits of safeguarding one's financial well-being -- assailed as we are by ever-accelerating dollar depreciation, courtesy of quantitative easing -- by taking positive steps to ensure one's continued purchasing power by investing in physical silver and gold. Tangible items that are under our own safekeeping, that cannot fall prey to counterparty risk.
Speaking of risk, there is currently none greater than for one to be well-intentioned; wise enough to decide to allocate a portion of one's portfolio to amassing precious metals via a dollar-cost-averaging plan, but foolhardy in not taking the proper steps to do so without incurring further injury. What do I speak of?
Every investor who makes the decision to invest in silver or gold, first faces adopting a position contrary to the armada of talking heads and other pundits who badmouth gold as a barbarous relic, and silver as the preferred currency of tin-foil hat wearing conspiracy mongers. Those who believe in real, sound money get treated no better than Rodney Dangerfield. As is frequently surmised, in all likelihood less than one percent of the populace has any significant holdings of either silver or gold.
In addition to overcoming the mental hurdles that are placed as obstacles to those who oppose fiat, we must ensure that we are paying a fair price for the items we select to serve our purpose. We need to avoid the overpriced wares peddled by opportunistic vendors, those MS70 slabbed "First Issue" pieces, and resist the "bait-and-switch tactics of online charlatans who promise loss leaders, then do everything short of water-boarding to brainwash you into purchasing egregiously higher priced items that help their bottom line, not yours.
And, now? Worst of all? We are facing a threat of tsunami-like proportions, emanating from the Far East. No, I'm not speaking of radioactive flotsam drifting towards our West Coast, I'm talking about the overt Chinese tactic of poisoning our existing precious metals pool with toxic additives. China has long been known for it's production of faux products, and now, for at least a decade, they have turned their attention to producing counterfeit gold and silver coins.
It is not the intent of this letter to point fingers at the sources that implement the sales of these goods, but alibaba.com seems to be a primary one which vendors utilize. One can browse, and in just moments learn that a counterfeited version of nearly every one ounce bullion coin is available. All forms of United States 90% junk silver seem to fall prey as well, and Canadian 80% has been victimized in tandem.
There is likely little that can be accomplished by calling these nefarious misdeeds to the attention of authorities. Witness the spineless inaction of the CFTC after four years of investigation into the virtual one bank suppression of precious metals prices, ongoing now for the greater part of twenty years as documented by expert silver analyst Ted Butler.
I am addressing this letter to you, Mr. Heller, as it appears to me that your position within the coin industry is one that would provide you with a pulpit from which to spread the gospel of this sermon. You would be "preaching to the choir" if you could possibly take advantage of your connections to create inroads to attempt to thwart the flood of fakes that are irreparably tainting our pools of silver and gold.
Specifically, I am inquiring as to what steps do coin dealers take to avert the unintentional purchase of fake coins from the public? And to ensure that bullion, purchased from various sources for resale, is indeed authentic? Do the large online dealers machine sort junk silver coins with industry designed comparitors?
PCGS has an online resource of photograded coins for comparitive purposes of determining your own grades prior to submission of coins for slabbing. With your influence, how hard would it be to persuade them to compile an online resource, available to all, in which images of counterfeit coins could be examined by potential buyers, and a guidelist of determinants to avoid counterfeits be reviewed? As well, they would be in a position to know how prevalent the problem is becoming, and how all encompassing the problem is for the denominations being produced. It is my understanding that entire counterfeited collections of most common junk silver coins can now be purchased from sources like the one I mentioned earlier.
Something needs to be done, and thus this appeal. Please consider using your advocacy to spearhead this movement, as our forces require a General. I am one, but we are many, and en masse, we stand ready to reinforce any strategies you see fit to employ.
We MUST do something to protect the consumer against fake Chinese counterfeits. Any assistance you can lend would be much appreciated.
Regards,
Ray Long
P.S. As a member of two different online coin forums, Realcent.org and BullionStacker.com, I know that I am not alone in sharing these sentiments, but the ideas expressed in this letter should not be attributed to anyone but myself.
