Schiff Report Video Blog May 20th 2011
NIA touts penny stock Mega Precious Metals based solely on its “inferred” 1.2 million ounces of gold. However, NIA knows that “inferred” recourses are practically meaningless. More important, they also know that their members, not being sophisticated gold investors, have no clue what “inferred” means and they exploit that ignorance to create a false impression of value. Mega Precious Metals is Mega B.S. DO NOT BUY ANY STOCKS TOUTED BY NIA.
Peter Schiff said… (May 21, 2011 7:15 AM)
NIA responded to my video by raising a straw man. They claimed they did not “pump and dump” the stock since they did not personally sell any shares. However i never accused them of that. I alleged that a third party paid them to pump up the stock so the third party could sell their shares. The fact that they never addressed this allegation is pretty compelling evidence that it’s true. They also claimed that they warned their members that Mega’s gold ounces were merely “inferred.” That is my point –they did not warn them!. They did not define “inferred”, and they counted on the fact that their members would wrongfully assume that “inferred” meant they actually had gold. That is why they fraudulently calculated the value of their “inferred” ounces based on today’s gold price. They also included a list of legitimate gold recommendation. But they only make those “suggestions” to lay the foundation for future pump and dump schemes.
In addition, they accused me of running a failing brokerage firm that will soon be out of business despite the fact that my business has never been better. We have more clients, more revenue, and more profits than ever. We also generally charge much lower commissions than what they claim.
NIA reacts to my Pump & Dump Revelation
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National Inflation Association Attacks Peter Schiff
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