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Victims never receive this non-existent fortune but are tricked into sending their money to the criminals, who remain anonymous. They hide their real identity and location by using fake names and fake postal addresses as well as communicating via anonymous free email accounts and mobile phones.
Read more about such scams here or in our 419 FAQ. Use the Scam-O-Matic to verify suspect emails.
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Some comments by the Scam-O-Matic about the following email:
Fraud email example:
From: Mr.John
Reply-To: johnterry06@excite.com
Date: Sat, 26 Aug 2006 10:30:20 +0200
Subject: KITCO
ATTN:
I humbly apply on behalf of my client. As a matter of fact he is
actually looking for a reliable and trust worthy company to invest and legalize his fund.
Thanks for your cooperation.
Best regards,
KITCO
http://www.kitco.com
Fax:34-9185-175-257
Tel:34-658-586-517
Fax:34-9185-175-257
E-mail. johnterry20@excite.com
Mr.John Terry
Managing Director
Clinton Glenn
Customer Service Representative
Investment Department
http://www.kitco.com
Fax:34-9185-175-257
Tel:34-658-586-517
Fax:34-9185-175-257
Pool Accounts
One of our most popular options for investors are our pool accounts. The only major disadvantage with our Pool Accounts is they are not insured against bankruptcy. We do back all the pools up with physical holdings, so you can rest assured that no matter how much you purchase in pool there will be sufficient holdings to cover your account. However, if Kitco was to declare bankruptcy, we would first have to pay off our creditors, as we are a private company. Kitco has been in business for 29 years and our industry reputation speaks for itself, so the possibility of this happening is slim to none. The advantages of Pool Accounts outweighS the negatives. Pool Accounts, also often referred to as unallocated storage accounts; refer to a precious metal account deposit in which the client does not have title to specific (allocated) bars or coins. The client instead owns a defined unsegmented interest in a pool of precious metals held by Kitco in our various vaults around the world. However, the client is entitled to receive physical bullion in the form of any type bar or coin normally carried by Kitco upon payment of quoted fabrication charges.
Whether you’re an experienced or first-time investor, Kitco’s Pool Account service makes purchasing precious metals easier than ever before. We’ll add dimension to your portfolio and enhance your investment strategies when you open a Pool Account. Kitco’s Pool Accounts are perfect for those who want to invest in precious metals, but still aren’t sure about what to buy (coins or bars) or in what quantity. Simply open a Pool Account and decide the rest at a later date. When the price is right and you’re ready, you then simply arrange for shipment or sell them back to us at market price.
Pool Accounts give you instant access to the precious metals markets without the need to go through brokers or traders. You can buy and sell quickly online using real-time quotes with only a small spread, and pay no commissions. When purchasing pool there is no minimum dollar or ounce amount required. To calculate the number of ounces you wish to purchase simply divide the dollar amount you want to spend by the Kitco selling price. You must then enter this number of ounces in the quantity field when you enter your Kitco order.
In order to open an account with Kitco, you will have to place an order. You can create and open a pool account by purchasing on our Complete Bullion Product List’s Pool Accounts option.
More information on the pool accounts can be found on the ‘About Kitco Pool Accounts’ page of our customer service section.
Physical Products
Physical products are popular among people who wish to take physical delivery of precious metals. The advantages of purchasing physical products are that you will receive them in your hand, which plays well to peace of mind. As well, the liquidity of coins and bars is higher than most other investment options. You can sell your physical products that you purchase from us on the open market with the knowledge that they are the genuine item and have come from recognised sources. The disadvantage is that you must store them yourself. Storage itself is not always fool-proof, and in terms of safety deposit boxes at banks, they are not insured against theft, so if there was a security violation and your deposit box was involved, the bank would not reimburse you for that loss.
To find out more about our products and prices please refer to the Complete Bullion Product list. Please make sure to refresh your screen so as to view the most current prices.
In order to purchase gold bars from us, you would need to go to the ‘Complete Bullion Products’ section of our website and enter in the quantity that you would wish to purchase. For further information/questions on the purchasing process, you can also refer the ‘Frequently Asked Questions’ section of the store.
In terms of shipping, the costs are a $30 flat rate within Canada and the United States, as well as the insurance charge ($4 for every $1000 of value of gold, or $24 for every $1000 of value of silver).
Perth Mint Certificates
The Perth Mint Certificate Programme is operated by Gold Corporation, and international precious metals refining, minting, and trading group wholly owned by the Government of the State of Western Australia. the PMC Program offers international investors a unique range of precious metal storage facilities (with competitive rates). The Perth Mint's facilities are especially suitable for private investors seeking confidentiality and flexibility and a safe haven for their precious metal assets in a turbulent world. The Perth Mint is the only depository operating today that can offer you a Government Guarantee of one of Australia's wealthiest states. As well, the certificates are fully insured by Lloyd's of London. The advantages of the PMCP are that there are no storage fees for the unallocated accounts, the insurance as stated above, the fact that the certificates are liquid, just like coins and our pool accounts, and they are transferable.
The Perth Mint Certificate (PMC) is a document that evidences your legal title to precious metals stored on either an Allocated (segregated) or an unallocated (unsegregated) basis with The Perth Mint. The document is registered to the owner and identified by a client name and Certificate number. It will provide you with an impressive combination of S.A.F.E. features - Security, Affordability, Flexibility, and Exclusivity. Unallocated storage refers to storage of client precious metal on an unsegmented (unsegregated) basis. In this type of storage, the client has invested in a pool of precious metal. There are no storage fees on precious metals stored on an unallocated basis.
Allocated storage refers to storage of client precious metal on a segmented (segregated) basis. In this type of storage, the client's precious metal products are stored separately in a safe deposit box. There are annual storage fees charged for allocated storage. If you purchase allocated coins & bars, you must pay the quoted fabrication charges at the time of purchase, in addition to the 1st year storage costs. In the case of a purchase of unallocated bullion, you only have title to precious metal, as it is an unfabricated form. If delivery is required, you will need to pay fabrication charges for your requested product. Accordingly, if you do not intend to take physical delivery of your precious metal, then buying unallocated bullion is the best option because the initial cost per ounce is lower.
To find out more about the Perth Mint Program, you can visit our website under the Perth Mint section.
Payment Options – For Physical and Pool Products
When you do make a purchase you will be prompted to enter either a Visa or a MasterCard, which is required to lock in the price for all orders under $20,000.00. Please be advised that Kitco does not accept credit cards as a method of payment. Payments must be dated within 24 hours and received at our office within 7 business days.
Kitco accepts these various methods of payment: Money Order, Official Check (Bank draft, certified, or cashiers' check), Bank Wire, or Personal Check (please be advised that orders paid for with a personal check are held for three weeks to insure clearance).
For information or further clarification of our policies, please visit Kitco’s Ordering Policies and Procedures webpage. Here you will find information on ordering, payment options, price confirmations, cancellation of orders, shipment of precious metals, and security measures.
Payment Options – Perth Mint
When making any Perth Mint purchases you will be informed directly of the payment options available. Unlike when paying for physical and pool products, we do not accept personal checks as a method of payment for Perth Certificates.
Thank you for your interest in Kitco and our products and services. Please feel free to contact us should you have any questions or require additional assistance. Kitco's office hours are Monday through Friday from 8:30am - 4:00pm Eastern time.
Kitco
Clinton Glenn
Customer Service Representative
Investment Department
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