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  #1  
Old 11-09-2020
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Default Approached by a gold trader

Really weird situation today..

I was at my student property when a student approached me to discuss a business opportunity..

Hes a gold trader and has been for a few years, hes 20 reckons since 16 hes been doing it, on demos until 18.

Showed me photos of his merc he bought then sold and some trades.

I then asked to see his bank account, it showed we buy any car paying 22k in to his bank as well and money to and from his broker and his 4 clients.

Now hes said if I give him 1k now, by feb itll be minimum 20k, hell take 50% cut. Says its a once in a decade trend about to happen.

Id usually steer clear but hes a student living in my property till June and its only 1k.

Sounds too good to be true right?
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  #2  
Old 11-09-2020
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Default Re: Approached by a gold trader

PFE has a vaccine,market is soaring ,gold is down 69 dollars.
If he is so successful,why does he need your $1k?
You can probably do it yourself ,but you wont make 20k,it is up to you
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Old 11-09-2020
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Default Re: Approached by a gold trader

I would be embarrassed to even ask your question, it's so ridiculous it's laughable.

As the poster above said, why would he need a grand off you if he's so clever?

Sometimes I fear for the younger generation, so many seem devoid of a little common sense.
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Old 11-09-2020
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Default Re: Approached by a gold trader

I'd take the money and buy physical gold yourself.
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Old 11-09-2020
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Default Re: Approached by a gold trader

Ill never understand how people can be foolish enough to fall for these scams.
Guess a sucker realy is born every second...
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  #6  
Old 11-09-2020
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Default Re: Approached by a gold trader

If he is doing that well why does he need your 1k....

Why make someone else 20k and take a 50% cut when he can just do it himself and have the full 20k
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Old 11-09-2020
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Default Re: Approached by a gold trader

Completely agree with all responses.

I just don’t get why a 20 y/o student living in my house for the next year would want to con me?

Plus all his online banking lined up with what he said, I’m sure he could have some kind of demo account login for this kind of scam but I just don’t get it.
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Old 11-09-2020
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Default Re: Approached by a gold trader

Maybe looking for a short term loan or he will tell you in Jan that it went wrong and the money is gone. Impossible to guess really just seems very fishy
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Old 11-09-2020
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Default Re: Approached by a gold trader

My guess is he's a degenerate gambler. He'll be trading with leverage to try and win big, but its much more likely he will simply lose the money.

Its a no risk bet for him.
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  #10  
Old 11-09-2020
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Default Re: Approached by a gold trader

Quote:
Originally Posted by paulburrows15 View Post
I just dont get why a 20 y/o student living in my house for the next year would want to con me?
So you're not that young, I thought I'd misread the relationship and thought 'an adult could not be that stupid, he must be young himself'.

If it was me I'd be reviewing my relationship with this scammer, he clearly has no issue manipulating you at best, robbing you at worse.

(You're still tempted aren't you )
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Old 11-09-2020
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Default Re: Approached by a gold trader

Im 24. Ha yeah I totally agree it sounds like a total scam, just when I saw the online banking, photos of him in the car outside my house, webuynycar depositing 21k into the bank etc. I thought Id at least entertain it whilst my plumber was replacing the boiler 😂
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Default Re: Approached by a gold trader

Quote:
Originally Posted by just_smile View Post
My guess is he's a degenerate gambler. He'll be trading with leverage to try and win big, but its much more likely he will simply lose the money.

Its a no risk bet for him.
He kept going on about leverage. I was taking to him in plain simple terms I.e. if gold = X, then by feb for my money to equal 10X gold must now be worth 10X (he said hed buy and hold).

Then he said it doesnt work like this, and if gold goes up by $10 and he gets 1 buy Id earn $600. I kept saying explain but got no where really so I said thanks but no thanks
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Old 11-09-2020
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Default Re: Approached by a gold trader

Quote:
Originally Posted by paulburrows15 View Post
Im 24. Ha yeah I totally agree it sounds like a total scam, just when I saw the online banking, photos of him in the car outside my house, webuynycar depositing 21k into the bank etc. I thought Id at least entertain it whilst my plumber was replacing the boiler 😂
Sounds a lot like he sold his car. Maybe has debt issues?
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Old 11-09-2020
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Default Re: Approached by a gold trader

Quote:
Originally Posted by paulburrows15 View Post
He kept going on about leverage. I was taking to him in plain simple terms I.e. if gold = X, then by feb for my money to equal 10X gold must now be worth 10X (he said hed buy and hold).

Then he said it doesnt work like this, and if gold goes up by $10 and he gets 1 buy Id earn $600. I kept saying explain but got no where really so I said thanks but no thanks
Sounds more like spread betting on the price of gold to me.

It goes 2 ways though and he may well have had it go the wrong way and has margin calls to meet, hence the car being sold or trying to get 1000 from you.

Its a risky game that can make a lot of money but also loose a lot of money
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Old 11-09-2020
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Default Re: Approached by a gold trader

His reasoning was now hes back at uni with the lectures online he wanted to liquidate to now invest in this once in a decade opportunity for gold
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Old 11-09-2020
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Default Re: Approached by a gold trader

Give it to him. If he can't pay you back you can both go on Judge Rinder to solve it.
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Old 11-09-2020
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Default Re: Approached by a gold trader

consider that $1k is your tuition.
gold crashed today -84 points,you can use that money to buy physical gold.
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Default Re: Approached by a gold trader

If he can make that much off 1k he should have been a billionaire by now considering compounding. Surely if his been doing this for 4 years and had a Mercedes he could come up with the 1k easily??
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