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Fun on Friday: That Bling Will Not Lead to Cha-Ching

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OK. I’m going to set up a scenario for you.

You’re in Hawaii. Yay! Right? Anyway, as you enjoy touring around the tropical paradise, you stop at a local gas station to fuel up the rental. As you’re pumping the gas, a guy saunters up covered in bling. He’s got gold chains, gold bracelets and several gold rings. Then comes the sob story. He’s down and out. He lost his wallet. He needs cash. But he’s willing to part with his expensive gold for a bargain basement price.

What do you do?

A. Cash in on your good fortune and take home that discount gold.

B. Pass on the gold, but hand the guy a $20 because you feel sorry for him.

C. Direct the guy to the pawn shop across the street and call the cops.

D. Avert your eyes and pretend you didn’t hear him.

The correct answer is C.

D will work as well, but really, don’t be a wuss.

In all seriousness, this is a real-life scam that’s apparently going down in Hawaii right now. Sgt. Chris Kim with Honolulu PD Crimestoppers said, “They’re approaching individuals and say they are desperate and they are willing to let this jewelry go for a discounted price … They are purporting it to be authentic, and they ran into some hard times or they need a place to stay until they get back to where ever they are from. They are hoping the victim will feel sorry for them, and purchase jewelry from them.”

According to KITV, “The jewelry is touted as high-end gold, worth thousands of dollars. The scammers claim they are forced to sell it on the street for a fraction of its fictional value.”

Oh. By the way. The gold isn’t real.

Look, I shouldn’t have to tell you this, but nobody does this in real life. Sane people don’t sell high-end gold in a gas station parking lot at discount prices. And insane people don’t either.

Look, if somebody is hawking peaches and tomatoes at the gas station, load up. If they’re selling fireworks, have a blast. If they’re offering pecan logs, have yourself a feast. But if somebody just walks up to you and offers to sell you “high-end” gold know this…

It. Is. A. Scam.

That bling will not lead to cha-ching.

The thing that boggles my mind is that these scams work. According to the TV report, “Their persuasion skills appear to be effective. On social media, a number of people have already been scammed out of hundreds of dollars.”

Maybe I’m a callous jerk. Or maybe I’m just a cynic. But I really don’t think anybody could persuade me to buy gold in a gas station parking lot. I mean, if they point a gun at me or pull a knife – yeah – that kind of persuasion would work. But I’m not buying your sob story. Sorry. Maybe the peach guy will consider barter.

As the KITV report put it,  “Like so many other things; if it sounds too good to be true it probably isn’t.”

Yes.

But you know what IS true.

Gold is valuable. This is why people don’t sell real gold in gas station parking lots. If you want to buy some gold, I suggest calling a SchiffGold precious metals specialist today at 1-888-GOLD-160. The can’t sell you peaches or fireworks. But hey, you can get those at the gas station.

Fun on Friday is a weekly SchiffGold feature. We dig up some of the off-the-wall and off-beat stories relating to precious metals and share them with you – with tongue firmly planted in cheek. Click here to read other posts in this series.

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About The Author

Michael Maharrey is the managing editor of the SchiffGold blog, and the host of the Friday Gold Wrap Podcast and It's Your Dime interview series.
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