Silver investors, especially newbies or investors who are new to silver investing (no disrespect intended), must take great care not to fall prey to the “1 Troy Gram” scam.
It defies any sense of morality (or fairness and justice for that matter), but the “1 Troy Gram” scammers are rampant at online marketplaces such as eBay and Bidorbuy, because many first time silver buyers fall victim to their immorality and criminality. They for one aim to deceive you into believing that you’re buying or bidding on 1 troy ounce of silver, while you’re actually buying or bidding on about 0.03215 troy ounces of silver. There is a HUGE difference, not only in terms of the quantity of silver you get, but as well as the price you pay for the silver. The paper-manipulated silver price is currently at about $30 an ounce (more or less R255), but the “1 Troy Gram” scammers are succeeding in selling silver for multiples of that price.
For example: There is currently a “1 Troy Gram” “.999 Pure” “Buffalo / Indian Head Round / Coin” listed at Bidorbuy with a “Buy Now” price of R50 (more or less $6, while the real value is closer to a $1). Now it might seem like a bargain, but if you buy at that price you will currently pay the equivalent of more or less R 1 555 (more or less $188) for 1 troy ounce of silver, which presents a premium of 500% plus over the current spot price of silver (silver price) plus Postage & Packaging (P&P) of R50. In fact, just to break even, the silver price or the spot price of silver has to increase to more or less $194 an ounce (troy ounce).
To make matters worse: They trade under names such as “BargainTraders”, pretend to sell famous 1 oz ounce silver bullion coins (such as the 1 troy ounce Buffalo Silver Round) or copies thereof, charge an arm and a leg for Postage & Packaging (P&P), and last but not least, use words or phrases such as “Invest in something SOLID!” (solid BS to state it mildly)
Silver Bullion has no doubt that in a perfect world all “1 Troy Gram” scammers would have been shot on sight. As far as we’re concerned they’re not only an absolutely disgrace to honest silver dealers or silver sellers, but like the bastards behind the global fiat Ponzi scheme (the “paper gimmick”), they only exist to make life a misery for others. To protect yourself against “1 Troy Gram” scammers and the likes, it is best to avoid one gram silver deals altogether. Alternatively, play dead or dumb and ask the seller how many troy ounces of silver are exactly in “1 Troy Gram”. If he/she responds, ask why sell it as “1 Troy Gram” and not as troy ounces, since troy ounces are universally recognized by silver investors and silver collectors, while the same cannot be said of “Troy Gram”.
Last but not least, ask if it’s not immoral and deceptive to sell silver at such HUGE premiums over the spot price of silver. It is important that we push them out of the silver market. Please help spread the word: Zero tolerance for “1 Troy Gram” scammers (despite the best of claims to the contrary).