am I getting ripped off? Gold buying help please

[jasonsukow]

hello, so I met this guy on facebook, he had a solid 22k gold coin that was 8.4grams.... for $150 (canadian money) that I bought...

the problem I have is a couple weeks later he informed me that he got a bunch of .5 gram 22k coins... so I bought 75 of them for $800...

the next day i bought an acid test on ebay and it got here a few days ago... the 8.4 gram coin is 22k like he said....
but I cut one half gram coin in half and tested it, its solid all the way threw and not plated... but according to the test its slightly less than 10k... my guess is 8k..

anyways I contacted him and told him, he talked to his supplier and found out they range from 8k-22k..... and he offered to sell me another 135 half gram coins for another $500.....

Im new to buying gold, so Im not sure if I should just cut my losses or if I should get the other 135 coins? I need some advice....

[Retired To Win]

... Im new to buying gold, so Im not sure if I should just cut my losses or if I should get the other 135 coins? I need some advice....

The only prudent advice I can give you is to only deal with reputable companies and not some yahoo you "met" on facebook.

I deal with Provident Metals out of Texas. But there are many others as well whose shipments you won't have to check out by cutting up coins and assaying them. Good Lord!

[97guns]

yep and if your buying for investment buy coin or bullion that is marked with the purity and weight. when time comes to sell it will be much easier.

dont buy off facebook, buying off ebay is risky enough

[Green43]

Yup, expensive lesson.

[dojo]

NEVER buy anything from someone you don't know, unless you are a numismatist yourself and know the deal. There are a gazillion of sellers on Ebay for instance, with impeccable track record, who sell bullion. I have purchased few coins myself (OK, husband did, he's the numismatist) and we're very pleased.