Category Archives: Daily Gold Headlines

Court Freezes Assets of Merit Gold Executives

A Los Angeles Superior Court judge has issued a restraining order freezing the assets of Merit Gold owners Peter Epstein and Michael Getlin. Also included in the court document is an order for Merit to cease and desist accepting payments from its customers. The judge found that it was very likely that the company “was permeated with fraud.”  A trial date has been set for October 14.

On August 5th, Merit Financial allegedly committed what appears to be a fraudulent transfer when it sold its assets to Credit Management Association for just $1.00. This triggered the restraining order.

If you missed the news this past February, the Santa Monica City Attorney’s Office had filed a consumer protection lawsuit against Seacoast Coin, Inc., which is the parent company of Merit Financial and Merit Gold and Silver. Merit Gold was one of the largest precious metals dealers in the nation and operated large national TV advertising campaigns.

Merit Gold allegedly used aggressive “bait and switch” tactics to lure in customers nationwide. The lawsuit said it would draw customers in to buy gold bullion at just “1% over cost.” Then, Merit salespeople apparently would trick customers into buying “collector” coins that carried very large mark-ups.

It is alleged that Merit falsely told customers various deceptive statements about their collectible products, including:

“That the coins are a better investment than bullion; that the coins offer more privacy than bullion; that the coins are not “reportable” on consumers’ taxes; that the coins can’t be confiscated by the government, while bullion can be.”

The complaint says that the coins that Merit sold had “none of these advantages.” City attorneys say that Merit swindled millions of dollars from its customers, many of whom were seniors.

Euro Pacific Precious Metals has never and will never sell “numismatic” or “collectible” gold and silver products. We do not recommend them to serious investors.

Please give us a call if you would like to speak more about this:
1-888-GOLD-160 (1-888-465-3160)

Blog 14 08 29 Bullion coins

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Prominent Voices Warning of Stock Market Bubble

Stocks continue to soar to record highs and the media breathlessly touts the economic recovery. But the Fed-fueled bull market for stocks can’t last forever. In an article from CNN Money, some renowned experts are issuing ominous warnings:

  • Nobel Prize-winning economist Robert Shiller says the stock market is looking very expensive. By his metric, stocks have only been at their current level three other times: 1929, 1999, and 2007.
  • Hedge fund king Carl Ichan says, “We are in an asset bubble.” He describes a “dangerous financial situation” dependent on the Federal Reserve continuously refilling the punchbowl to stimulate the economy.
  • Ex-Treasury Secretary Robert Rubin says that extremely low interest rates have caused major instability and could lead to another financial crisis. When the bubble pops and hedge funds all head for the doors at the same time there is a risk of a “contagion and snowballing effect.”

Read the Full Article Here

stock_market_bubble

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Today’s Key Gold Headlines – 8/19/14

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Another Date Which Has Lived in Infamy (Video)

Forty-three years ago today, President Nixon severed the last remaining shred of the gold standard when he suspended the ability of foreign banks to directly exchange the dollar for gold. Nixon promised his actions would be temporary, but this turned out to be an even bigger lie than his promise to end the Vietnam War.

In the video below, you’ll notice that Nixon also promised that the value of the dollar would remain stable in spite of his actions. Of course, this turned out to be completely wrong. According to the Consumer Price Index data released by the Bureau Labor of Statistics, the dollar has lost more than 80% of its value since Nixon’s fateful decision. Meanwhile, the dollar value of gold has gone from $35 an ounce to about $1,300.

What does this mean? Suppose you stashed an ounce of gold worth $35 alongside thirty-five one-dollar bills under your bed in 1971. Today, you would be sitting on gold that could buy you a nicely-tailored suit, while the cash couldn’t get you a pack of fancy boxer shorts. Who knows how much worse this is going to get. In our latest Videocast, Peter Schiff talks with Jim Rickards about the very real possibility that in the coming years, the dollar might lose its status as the world’s reserve currency. When that happens, you won’t even be able to buy a burger with your thirty-five bills. Click here to watch the interview.

“There is no subtler, no surer means of overturning the existing basis of society than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and does it in a manner which not one man in a million is able to diagnose.” – John Maynard Keynes

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Today’s Key Gold Headlines – 8/14/14

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Today’s Key Gold Headlines – 8/13/14

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Today’s Key Gold Headlines – 8/12/14

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Today’s Key Gold Headlines – 8/11/14

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Today’s Key Gold Headlines – 8/8/14

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Today’s Key Gold Headlines – 8/6/14

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