Phase III preview... time for a word of caution...

Discussion in 'General Precious Metals Discussion' started by goldpelican, Apr 21, 2011.

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  1. goldpelican

    goldpelican Administrator Staff Member

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    Well with the recent run-ups in the price of silver in AUD, and the early signs of mass public awareness of precious metals and the returns they're bringing (I mean, if Kochie is starting to talk about it, c'mon), I thought it was perhaps time for a gentle word of caution when trading.

    We've only had two trades go sour on Silver Stackers, both a few months ago with the same member not delivering silver that was paid for (I have a sad suspicion that the member involved may have passed away rather than a scam been pulled), but there's certainly a mini-mania building, and unfortunately that sort of money attracts the wrong sort of people at times.

    Please exercise caution when trading on Silver Stackers (or anywhere for that matter) with the sums of money involved - sending off a direct deposit to a BSB/account number is pretty much as good as handing cash over - banks WILL NOT reverse a transaction, and if you are ripped off, it's off to the police for you, the banks won't help. BSB/account number is next to useless for getting any sort of resolution thanks to privacy laws - if you don't have at least some form of alternate contact details besides a Silver Stackers user ID, you could quickly find yourself out of luck with getting any sort of resolution.

    As per point 5 in http://forums.silverstackers.com/topic-8045-discussion-posts-in-trading-threads.html Silver Stackers does not recommend one form of transaction or payment method over another, but please exercise caution with engaging in mail transactions with new members - things are going to heat up around here in the coming weeks and months, and the potential for members to be taken advantage of is there.

    While we're hardly a nest of shysters like eBay, beware of "too good to be true" prices in the coming months, or requests for direct deposit from members who refuse to meet face to face in your own town, or other warning signs. Don't get burnt by being greedy to buzz first without doing some due diligence on the trade. If you are engaging in mail transactions, use some common sense and don't have stuff mailed to a residential address either - get a PO box or a virtual address or use your office address.

    We're no fools placing our wealth in PMs, so let's not be parted with our money. Trade safe.
     
    goldpelican, Apr 21, 2011
    #1
  2. long john silver

    long john silver Member

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    Wise words GP
     
    long john silver, Apr 21, 2011
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  3. THUCYDIDES79

    THUCYDIDES79 New Member Silver Stacker

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    Make it a sticky GP !!!

    :)
     
    THUCYDIDES79, Apr 21, 2011
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  4. mmm....shiney!

    mmm....shiney! Administrator Staff Member Silver Stacker

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    Thank you Gp, in relation to the sour trades it did look as you surmised, unfortunately.

    Good advice, maybe it's time to put a prerequisite on trading posts, eg must have been an active member for a month etc. Sounds a bit controlling though doesn't it? But who has to sort out the PM complaints?
     
    mmm....shiney!, Apr 21, 2011
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  5. thatguy

    thatguy Active Member

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    Great post, I would love to meet other stackers on the Gold coast to increase my trading circles. I will have to look out for any meetups. Plan on playing the GSR (hope some gold bugs will want to play :p ) with my silver stack, but the post above is on my mind.
     
    thatguy, Apr 21, 2011
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  6. goldpelican

    goldpelican Administrator Staff Member

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    Heck that brings up another point - use the Silver Stackers meetups that are popping up in cities around the country - meet other stackers, see new stuff, learn some tips, do some swaps and trades - but take a leaf from the Melbourne monthly meetup, and keep the locations relatively confidential (and change locations) - last thing we need is for 20 or 30 stackers at a pub to get rolled by a planned heist.
     
    goldpelican, Apr 21, 2011
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  7. boston

    boston Well-Known Member Silver Stacker

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    +1
     
    boston, Apr 21, 2011
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  8. millededge

    millededge Active Member

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    phase 3?
     
    millededge, Apr 21, 2011
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  9. thatguy

    thatguy Active Member

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    thatguy, Apr 21, 2011
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  10. fishball

    fishball New Member Silver Stacker

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    Good post; one thing to add is to check feedback before buying from them. I would never send any money to a guy with 0 trades :)
     
    fishball, Apr 21, 2011
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  11. jnkmbx

    jnkmbx Well-Known Member

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    But I'm too shy :p

    ha ha, well not really. More like I intimidate people because I do look like a bad guy.
    The lobster outfit is just for show really. :lol:

    I'm glad I didn't sign up with the handle "Nigerian Scammer"... it may make trades difficult =_=

    Interesting times ahead indeed.
     
    jnkmbx, Apr 21, 2011
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  12. silverc

    silverc New Member

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    Must ask those I have trade with to post feedback.

    Being in a regional area severely restricts the ability to trade f2f.
     
    silverc, Apr 21, 2011
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  13. errol43

    errol43 New Member Silver Stacker

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    I have only sold one lot of coins and that was to silverc and I must say that there was no problem what so ever. Communications were great and this is on SS member I would recommend to all SS members.

    Regards Errol43

    Still need advice to get my trade section up and running
     
    errol43, Apr 21, 2011
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  14. millededge

    millededge Active Member

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    ive still got about four lots of coins to distribute from nz. i've distributed most of the orders, all at cost price and with me doing all of the leg work in my own time. I'd be surprised if anyone was complaining. I locked in the price at the time i purchased. As it is not for profit and uses my infrequent lunchtime to determine price of pph as specified, i hope noone minds waiting. I've had no complaints so far. All in good time.
     
    millededge, Apr 21, 2011
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  15. millededge

    millededge Active Member

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    anyone who has waited in line at auspost, imagine that trip times all your orders for pph and again to post.
     
    millededge, Apr 21, 2011
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  16. Maggie

    Maggie New Member Silver Stacker

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    Thankyou GP
     
    Maggie, Apr 21, 2011
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  17. Aengrod

    Aengrod Member

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    I think so too. Hobo-jo on his blog put few well placed arguments supporting that theory.
     
    Aengrod, Apr 21, 2011
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  18. Big A.D.

    Big A.D. Well-Known Member Silver Stacker

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    That is a very fair point, however its also worth pointing out that a lot of people go to the meets just to socialise. We've had several meets in Sydney where a dozen people turned up and nobody actually traded anything, so potential thieves should prepare for possible disappointment.

    They should also be aware that police from the local area command seem to have developed a habit of dropping by the venue we use while the meets are on. Whether its co-incidence or intentional, the regulars will be able to confirm that it isn't unusual to see the cops in the same room as us.

    But yes as goldpelican says, people should feel free to come to the meets just to make themselves known to other stackers. Trading is not a requirement to attend and if you want to do a "meet and greet" with someone in public and then make arrangements for a later trade in private, you're more than welcome to.

    As always, Do Your Own Due Diligence.
     
    Big A.D., Apr 22, 2011
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  19. pmfiend

    pmfiend New Member

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    Reasonable advice, though if everyone followed it strictly no one would be able to trade ;) Kind of like fresh graduates not getting hired because they lack experience.
     
    pmfiend, Apr 22, 2011
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  20. draeger

    draeger Member

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    I agree with you. I've bought from 3 or 4 members and always paid them real quick. I still don't get any feedback though.
     
    draeger, Apr 22, 2011
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