HOW TO FAIL IN BUSINESS
The failure rate in the coin and bullion business is higher than almost any other business. I have a list of our competitors in 1982 and all of them are out of business. I can count over 50 dealers in Minnesota that have gone under. Most of the companies that have advertised on TV or with print ads have disappeared. Why is it that coin dealers go bankrupt so often? It’s because they all try to be the cheapest source. When I see a dealer advertise that they have the lowest price, I question their intelligence. In effect, they are losing money on these transactions.
After investigating a number of coin dealers in California, the Santa Barbara City Attorney concluded that their business plan ensured their failure. When dealers fail, they often can’t deliver the gold and silver that they sold. Their clients lose their money. Over the years, these unfortunate customers have lost millions. When you hear a company advertise that they can beat any price, or they have the lowest price on the internet, or any similar claim, you should proceed with great caution.