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All Posts Tagged With: "Gold and Silver"

California Gold Dealer, Superior Gold Group LLC is seized, assets frozen

On Monday, a California judge froze the assets of Superior Gold Group LLC of 100 Wilshire Boulevard, as well another office in Woodland Hills,  after it was accused of fraudulent business practices in a civil lawsuit filed against the company and owner Bruce Sands by the Los Angeles County district attorney and the Santa Monica city attorney.
Editors Note: This company has NO relationship to Superior Galleries, a well known and respected numismatic firm.

Superior Gold Group, which sold gold coins and bullion and other precious metals, is alledged to have taken  payments from customers but never delivered the gold ordered, charged prices much higher than fair market value and misled customers into buying expensive specialty coins according to the lawsuit, filed Friday.

In their lawsuit, the agencies said Superior Gold took advantage of investors who flocked to gold as the price of the precious metal rose and the value of many other investments fell in recent years.

“By fostering fear and confusion among its customers, Superior has induced them to pay far above market prices for various gold products,” the complaint said.

In a report by The LA Times, they recounted one victims story…”

Steven Siry, 61, of Los Angeles is one customer who believes he was ripped off. Siry said he invested $20,000 in a “gold IRA” through Superior Gold. But company representatives sold him collector’s coins at an inflated rate rather than offering him bullion, and it took more than a year and numerous phone calls before the coins were delivered to the trust company that was to hold them, he said.

Siry estimates the actual value of the gold, when it finally arrived, as a little more than half of what he paid for it.

“It was a big mess, it was uncomfortable, and I felt kind of stupid, quite frankly, because I didn’t do enough shopping before I used them,” he said.

In another complaint the victim stated: “Nearly two years ago (Mar. ’09), I purchased approx. $47, 000 worth of gold and silver coins (my entire life savings). I have yet to recieve (sic) a single coin! I have been calling for years and they refuse to give me my money back or to buy my coins,” (more…)

World Gold Demand Jumps 36% with ETF Investment Demand Rising 414% to 291.3 Tonnes

Gold demand reached 1,050.3 metric tons in the second quarter, 36% higher than the same quarter in 2009, mostly thanks to soaring investment demand

According to the WGC’s Gold Demand Trends report for Q2 2010, published today, demand for gold for the rest of 2010 will be underpinned by the following market forces:

* India and China will continue to provide the main thrust of overall growth in demand, particularly for gold jewellery, for the remainder of 2010.

* Retail investment will continue to be a substantial source of gold demand in Europe.

* Over the longer-term, demand for gold in China is expected to grow considerably. A report recently published by The People’s Bank of China and five other organizations to foster the development of the domestic gold market will add impetus to the growth in gold ownership among Chinese consumers.

* Electronics demand is likely to return to higher historic levels after the sector exhibited further signs of recovery, especially in the US and Japan.

Investors are making the switch from buying gold only in times of crisis to having gold as part of a diversified portfolio, said Jason Toussaint, a managing director for the World Gold Council.

“Gold is the ultimate diversifier,” he said. “Correlation to U.S. equities is zero” in addition to its proven ability to not only hold value in times of crisis but increase.

Marcus Grubb, Managing Director, Investment at the WGC commented:

“Economic uncertainties and the ongoing search for less volatile and more diversified assets such as gold will underpin investment demand for gold in the immediate future. Further, in light of lingering concerns over public debt levels and the euro, European retail investor demand has increased significantly.

Over the past quarter, demand for gold jewellery in key Asian markets has been challenged by rising local prices. Nevertheless, we are seeing a deceleration in the pace of decline in demand, providing a strong outlook for ongoing recovery in this crucial market segment.”

DEMAND STATISTICS FOR Q2 2010

* Total gold demand1 in Q2 2010 rose by 36% to 1,050 tonnes, largely reflecting strong gold investment demand compared to the second quarter of 2009. In US$ value terms, demand increased 77% to $40.4 billion. (more…)

Gainesville Coins Launches Mobile Coin and Bullion Website

Gainesville Coins announces the launch of the mobile version of GainesvilleCoins.com. Inspired by an increasingly mobile society, the mobile site development was seen a natural progression in serving our tech-savvy customer base.

Notable Features of the Gainesville Coins, Inc. Mobile Website, Mobile.GainesvilleCoins.com, Include:

  • Access from any Internet-Capable Cellular Phone: The mobile site was designed to give Smart Phone users the ability to easily access spot pricing, product pricing (both bank wire and credit card price) and other precious metals market information. To this end, the mobile website has been designed for ease of access from any internet-capable cellular phone, without the need to download a program or application.
  • Search All Products: Striving to add to the growing list of mobile-friendly websites and create a better customer experience, Gainesville Coins included an easy-to-use search function on their mobile website. For ease of navigation, this feature allows customers to find products by a keyword, such as the name of a specific coin or type of coins.
  • Live Spot Pricing: Precious metals investors know to closely watch spot prices, and Gainesville Coins is committed to helping investors make smart purchases. The new mobile website includes a feature which extends this information on a moment-to-moment basis.
  • Click-to-Connect: When the time and price is right to make a purchase, Gainesville Coins’ mobile site makes it easy with a Click-to-Call feature. With the click of one button, customers can be instantly connected to a precious metal expert who’s ready to help or send an email for more information.

In combination with Gainesville Coins’ Price Level Alerts, customers who buy precious metals at certain price levels can be automatically notified of their preferred price and easily get more information and/or purchase their preferred products with ease.

If you don’t have an internet capable phone, take a sneak peak at Mobile.GainesvilleCoins.com.