Offshore Outsourcing & Scammer
Blog about offshore outsourcing and scammer in the outsourcing industry
The Gold Dust SCAM
by Rudolf Faix Saturday, March 7, 2015 3:15 AM

Yesterday I got an email from a new added member at LinkedIn. The contact has been suggested by LinkedIn. After joining him, I got via LinkedIn the following message:

Frank Fugo

I need you to assist sell our Gold Dust. I am in league with some local miners on 500kg moved out already.

Frank Fugo

6. März 2015, 15:20 Uhr

Greetings, 
I am not Gold seller but Miners use me for safe keeping of their Gold. I will direct you to the End Seller if you are able to buy or get buyer. You have to Email me on: frank.fugo@gmail.com with your full information to enable me direct you to End Seller who will furnish you with more information on the Gold Dust. 
We have ruled out doing this here locally to avoid certain things. You will be brought to speed as soon as you are ready and we will first move the gold to your location while you help us buy or get buyers. You will get 20% of whatever we sell. 
Products specifications are as shown below: 
1. Gold Dust 
2. 22 Karat plus and Purity 93.5% 
3. 28,000 US Dollars for one Kg. 
4. 500Kg available. 
With possible rolls and extension. 
Best regards, 
Frank Fugo 
Frank.fugo@gmail.com 

Why is this a scam?

For this you need to know first, that gold dust is not clean gold. Each part of the dust can have other impurities.

http://portlandgoldbuyers.com says about Gold Dust and Flake Purity:

Gold dust and flakes are very similar in purity to gold nuggets.  However, there is a major difference. Since the gold nugget is a single unit, is was formed in only one place.  On the other hand, gold dust and flakes are small particles.  Because of this, and because it takes a lot of effort to gather, often, gold dust and flake samples were collected from multiple locations. However, even like this, most gold dust and flake refinery results are also in the range of eighteen karat (18K). In our experience, very few gold flake and dust material is higher than 18K. 

Gold get traded in ounces. One kilo is around 35.273990723 ounces. The actual gold price is US$ 1161.68/ounce for pure gold. 18 Karats gold consists of 750 parts gold from 1000 parts. In this case we can value now one kilo gold of 18 Karats:

US$ 1161.68 * 35.273990723 ounces / 1000 parts * 750 parts gold = $ 30732.82

If we think now logical: Why should someone sell gold under it's value? Even if we are including the transport and the costs for the gold refinery than he makes in any case a loss, because he offers 20% sales commission (from US$ 28000 are 20% = US$ 5600) and he likes earning by himself too.

If the gold dust is of a higher purity like advertised than he is even losing more. Do you know somebody in business, which is giving you a gift?

 

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I'm since more then 35 years in the computer business (programming and technical support) and using the Internet since it has started. Since 2002 I'm programming solutions for Asterisk and since 2004 I'm in the call center industry.

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