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American Gold Buffalo Coin Scam – Review Seen on TV
Last Updated on Tuesday, 6 March 2012 03:40 Written by Mike Tuesday, 27 December 2011 07:34
You’ve probably watched the ad on TV and wondered what the deal is. The ad states “This $50 gold piece is the purest gold coin ever struck by the US government.” Call now and you can get your own for only $9.95 plus $4.95 for shipping and handling. First off this is not a real government issued coin. It is a replica of the purest gold coin ever minted by the US government. It is merely a collectible coin. It does not have any monetary value. You should not be looking to buy this type of coin to invest in gold coins. You can compare it to those Barack Obama collector plates that were popular when he became president.
But of course the commercial does not make it seem that this is the case. The commercial puts special emphasis on the price of gold skyrocketing past $1000 an ounce. They also emphasize that this Buffalo gold coin has 14 mg of pure 24 karat gold. What? how much gold is that exactly?
How much is 14mg of gold worth?
Not so much, read on.
14 milligrams is equal to = 0.000450110452 troy ounces.
On 12/27/2011 the spot price for one troy ounce of gold was $1,608.50.
0.000450110452 x $1,608.50 = $0.72.
It probably costs them more to make the coins themselves (although not much) than the amount of gold they contain.
The certificate of authenticity would make better toilet paper, hopefully it’s nice and soft.
You are not buying a real Gold American Buffalo nickel. You are merely buying a copy proof or replica with no monetary value.
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Tags: American Buffalo