Saturday, May 21, 2011

Peter Schiff Warns "Beware the NIA Penny Stock Pump and Dump"

From Peter Schiff:

NIA touts penny stock Mega Precious Metals based solely on its "inferred" 1.2 million ounces of gold. However, NIA knows that "inferred" resources 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

Note: NIA responded to this 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.

embedding was disabled for this video, so here's the link: Beware the NIA Penny Stock Pump & Dump

NIA is the National Inflation Association

NIA is pleased to announce to you its latest gold stock suggestion. The company is Mega Precious Metals, Inc. and it is trading in Canada on the TSX Venture exchange under ticker symbol MGP and in the U.S. on the pink sheets under ticker symbol MPRXF.

MGP is a gold exploration company with three major gold exploration projects in Canada. MGP's most advanced exploration project Monument Bay is located in North East Manitoba. MGP has two earlier stage exploration projects located in Red Lake, Ontario called North Madsen and Headway.-NIA: Mega Precious Metals Inc

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