Beware of Turning Valuables Into Fool’s Gold, Author Warns
Beware of Turning Valuables Into Fool’s Gold, Author Warns
New York, NY (PRWEB) December 9, 2010
The gold rush triggered by the deep financial crisis poses serious dangers for frightened Americans looking to buy or sell gold. That’s the alarming conclusion of Scott A. Travers, author of the just-released Random House consumer protection book The Coin Collector’s Survival Manual, Seventh Edition.
Some panicked buyers seeking safe haven for their money are grossly overpaying for gold coins and other precious metal purchases, Travers warns, while some consumers selling coins and jewelry to raise needed cash are receiving only pennies on the dollar from unscrupulous predators in the marketplace.
With information gained through interviews with 19 precious metal dealers, Travers reveals insider secrets for getting the most money when selling coins, jewelry or scrap gold and silver. He cautions that high-profile gold buyers who advertise extensively often pay low-profile prices. “They prey on the unwary,” he writes, “luring cash-starved victims with slick TV commercials or eye-catching newspaper ads promising ‘top dollar’ for the gold that’s sitting idle in their jewelry boxes or drawers.”
Travers advises consumers and investors who want to buy or sell gold to seek local merchants with established businesses; ask relatives, friends and neighbors about their experiences; and check merchants’ credentials and ratings with the Better Business Bureau or local Chamber of Commerce.
“Don’t turn your valuables into fool’s gold,” he counsels readers.
Travers warns that some rip-off dealers are cashing in on the dramatically higher demand for gold by gouging unwary retail buyers, in some cases charging more than three times the value of gold coins.
The Coin Collector’s Survival Manual, Seventh Edition provides consumer-friendly advice on how to buy and sell U.S. and world gold coins, and explains the important differences between bullion gold coins, which generally are worth only as much as the gold they contain, and collectible gold coins, which can be rare and valuable. The book provides consumer protection information about the possible hazards of buying rare coins on the Internet and vital caveats about online auctions
The Coin Collector’s Survival Manual, Seventh Edition is more timely and useful than ever in this period of prolonged economic hardship — especially as a guide to using gold as a lifeline and avoiding potential perils and pitfalls in buying, selling or trading precious metals. The lavishly illustrated 400-page book has a suggested retail price of $ 22.99, and is available now in bookstores everywhere and online at http://www.RandomHouse.com.
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