PHYSICAL PM buyers do so for a variety of reasons, including fear, greed, protection, anti-establishment attitudes, and numismatics. Within those broad categories, buyers have varying degrees of urgency, and vastly different vendor requirements. Some care only of whether they get a “good price” – particularly if the market just had a major move – while others focus on premiums, shipping methods, specific products, and plain, old customer service. At Miles Franklin, we are well aware of these differences, and the reason we have built market share over the past 22 years is a commitment to widely varying customer requirements.
Based on countless reader emails in my eight months as Marketing Director, many of you fret – as I do – of an imminent currency COLLAPSE, leaving fiat currency holders destitute. Many do not, but most realize such an event is inevitable, whether or not immediately imminent.
My first PHYSICAL purchase was in September 2008, at the beginning of Global Meltdown I. After six-plus years of holding primarily PM mining stocks – and a small allocation of CEF – I realized the inevitable fiat collapse I envisioned in 2002 was coming into view; and thus, started selling mining shares and increasing PHYSICAL holdings. Up until I sold my last mining share last summer – and went 100% bullion – I feared the CATACLYSMIC day would come with my cash wired out, and bullion en route.
Over this three-year buying binge, I educated myself of essentially ALL the major U.S. bullion sellers, as well as myriad online alternatives such as eBay. I quickly became aware of the pitfalls of dealing with each – from high premiums to long delivery times, to high shipping costs, to undesirable shipping methods – and thus, narrowed my preferred vendors to those with the best procedures, price, terms, and customer service.
However, for me, “PHYSICAL BUYING RULE #1” was finding vendors selling only from inventory. In other words, when I called to buy, I KNEW they would immediately ship. I quickly realized some of the nation’s largest dealers were not honest about how much inventory they had, and in fact wrote of this very topic in early 2011, long before I joined Miles Franklin. I cannot emphasize the importance of buying from reliable dealers that ONLY sell what they have, or otherwise explicitly estimate when the desired product will be available.
Remember, supply shortages are a regular occurrence in this business – April 2011 and September 2011 being prime examples – usually when your fear or greed spikes. When you send a person – or firm – your MONEY, you want something in return ASAP; and in the Precious Metals world, most want that “something” VERY quickly, as has always been the case with me.
One of Miles Franklin’s strongest allies in the PM community – whom we proudly sponsor – is Kerry Lutz, of the Financial Survival Network. He, too, understands “PHYSICAL BUYING RULE #1” – and is a Miles Franklin customer to boot – and thus, unilaterally created a slogan for us, which he announces before all broadcasts…
“WHEN YOU BUY, THEY SHIP!”
Our goal is make PHYSICAL PM buying as seamless and comfortable as possible – and one thing you can be sure of when dealing with Miles Franklin, we are ALWAYS up front regarding our current availability levels.
PROTECT YOURSELF, and do it NOW!
Call Miles Franklin at 800-822-8080, and talk to one of our brokers. Through industry-leading customer service, and competitive pricing, we aim to EARN your business.
Andy,
I heard something that shocked me out of my chair today. It was brought to my attention that there is a clause in the new health care bill that says any gold purchase of $600 or more must be reported to the govt. What do you know about this? Is this true? If it is in fact in the bill does it take effect now that the bill has been passed through the supreme court or would it not be in effect until next year? God help us all!!!
Regards,
Chuck
Chuck,
As I read it, it’s ALL transactions above $600, not just PMs.
http://www.saveyourrights.com/government-control/obamacare-legislation-mandates-1099s-for-every-and-all-business-transactions-in-excess-of-600/
Not sure how it will play out, but it’s far from PM-specific.
Andy
Chuck,
Good news!
The 1099 clause was for reporting ANY TRANSACTION over $600 (not just gold)…1099 forms with the IRS. It was REPEALED and is no longer in the bill.
http://www.naturalnews.com/031990_1099_Obamacare.html
http://www.bloomberg.com/news/2011-04-14/obama-signs-law-repealing-business-tax-reporting-mandate-1-.html
Andy
Andy,
Whew! That is good news. Thank you for clearing that up.
Chuck
Chuck,
Yes, but is show just how easily the government can STEAL from the public.
They can just as easily put such a draconian rule into a NEW bill, at any time.
Which is why people need to build their PHYSICAL PM positions BEFORE such actions are taken.
Andy