The CFTC, FINRA, and NASAA have jointly warned retirees about precious metals fraud targeting retirement accounts. This checklist provides a structured framework for evaluating any company before transferring savings — and illustrates what credible providers look like across 7 measurable criteria.

Key Takeaways

• Precious metals fraud disproportionately targets retirees. The CFTC has pursued cases involving more than $500 million in overpriced metals sold to consumers over the past decade. A structured due diligence process — not a “best of” list — is the most reliable defense.
• The 7 criteria in this checklist are drawn from CFTC and FINRA investor advisories, BBB evaluation standards, and common patterns in documented fraud cases. Each criterion includes a specific action item and, where relevant, an example of a company that performs well on that measure.
• Among the established providers, Lear Capital (founded 1997), Birch Gold Group (founded 2003), and Rosland Capital (founded 2008) offer the longest operational track records.
• No single company excels on every criterion. The purpose of this checklist is to give retirees a repeatable, evidence-based process for evaluating any provider — including ones not named here.

The Checklist: 7 Criteria That Retirees Should Verify

1. Years in Business and Transaction Volume

Why it matters: Longevity alone doesn’t guarantee quality, but it demonstrates regulatory survival. A company operating for 20+ years has weathered multiple market cycles, changes in IRS rules, and the scrutiny that comes with scale. Firms that routinely defraud customers tend not to last decades.

What to check: Look for the founding year on the company’s website and verify it against BBB accreditation records. Ask about total transaction volume if it’s not published.

Example: Lear Capital has operated since 1997 and has served over 100,000 customers. Birch Gold Group has been in business since 2003 and has served over 39,000 customers 

2. BBB Accreditation and Rating

Why it matters: The Better Business Bureau evaluates companies on 16 variables including complaint history, transparency, and responsiveness. An A+ rating indicates compliance with BBB standards; it does not mean zero complaints. Complaint patterns — and how a company responds — matter more than the rating letter itself.

What to check: Visit bbb.org and search the company name. Review both the letter grade and the star rating (customer reviews), which can diverge. Read the actual complaints, not just the count. Look at whether the company responded and whether resolutions were reached.

Current ratings (as of early 2026):

Sources: Individual BBB business profiles. All seven providers currently hold the same top-level grade, which underscores why looking beyond the letter rating is essential.

3. Third-Party Review Consistency

Why it matters: A company with 4.9 stars on Trustpilot but 2.5 stars on the BBB’s customer review section warrants closer examination. Large gaps between platforms may indicate that positive reviews cluster around the initial sales experience, while negative reviews surface later — around pricing, buyback, or account management.

What to check: Compare ratings across at least three platforms: Trustpilot, Google Reviews, BBB customer reviews, and ConsumerAffairs. Read negative reviews specifically — they reveal the failure modes that positive reviews obscure.

4. Fee Transparency and Written Disclosure

Why it matters: The single most common element in CFTC enforcement cases against precious metals dealers is undisclosed or misleading fee information. A reputable company discloses all fees — setup, annual administration, storage, wire transfer, and dealer markup — in writing before you commit funds.

What to check: Ask every company you’re evaluating to provide a complete, written fee schedule that separates custodian fees, storage fees, and the dealer’s markup over spot price. If a company declines to put its fees in writing before you purchase, treat that as a disqualifying signal.

Example: Birch Gold Group publishes its full fee schedule on its website, including one-time and annual charges. Lear Capital also publishes an itemized breakdown of first-year and recurring fees on its knowledge base, including application fees, maintenance, and storage by type.Both practices exceed the industry norm. 

During research for this article, we attempted to locate published fee schedules on the websites of every company profiled. Priority Gold, Preserve Gold, Rosland Capital, and Noble Gold do not publish itemized fee breakdowns online; each requires a phone consultation for specific numbers. Augusta discloses its setup fee but directs prospective clients to a call for the rest. 

5. Custodian and Depository Partnerships

Why it matters: Your gold IRA company is the dealer — it sells you metals. The custodian holds the account; the depository stores the physical metal. Knowing who these partners are lets you independently verify their credentials.

What to check: Ask for the name of the custodian and depository before opening an account. Verify the custodian is an IRS-approved financial institution. Verify the depository is IRS-approved and carries adequate insurance. Delaware Depository and Brink’s Global Services are the two most commonly used across the industry.

6. Sales Process and Pressure Tactics

Why it matters: The CFTC specifically identifies high-pressure sales tactics and urgency-based messaging as hallmarks of precious metals fraud. A legitimate company gives you time to compare options and never implies that a market crash is imminent or that you must act immediately.

What to check: Pay attention to the initial call. Does the representative ask about your goals and financial situation, or immediately push products? Are they willing to send written information and let you call back? Do they encourage you to consult a financial advisor?

7. Post-Sale Support and Account Access

Why it matters: A gold IRA is a long-term holding. You need ongoing access to account information, responsive support for RMD processing, and assistance if you decide to liquidate, transfer, or add to your holdings years later.

What to check: Does the custodian provide online portfolio access? How are quarterly statements delivered? Is there a dedicated contact person, or will you reach a general call center? 

Applying the Checklist: A Step-by-Step Process

For retirees ready to evaluate providers, here is a practical sequence:

Step 1: Narrow your list to three companies. Request information from each without committing.

Step 2: Request written fee schedules from each remaining company. Compare custodian fees, storage fees, and — critically — the markup on specific products you’ve been quoted, calculated against the same-day spot price.

Step 3: Score each company across all 17 criteria. You may weigh certain criteria more heavily based on your priorities. An investor with a $25,000 rollover might prioritize low minimums and fee waivers; a retiree with a $200,000 account might prioritize long-term support.

Step 4: Consult a fee-only financial advisor or tax professional before finalizing a rollover. Precious metals dealers are not fiduciaries and are not licensed to provide investment advice.

FAQ

Q: Which precious metals company is best for retirees? There is no universal answer. Lear Capital combines the longest operating history (since 1997) with a $10,000 minimum, published fee disclosures, and a dedicated IRA processing team. Birch Gold Group offers the lowest entry point at $5,000 with transparent published fees. Priority Gold (founded 2001) earns strong marks for patient, non-pressured service and first-year fee waivers on larger rollovers. Evaluate each against the 7 criteria in this checklist.

Q: Should I worry about a company that has had BBB complaints? Not necessarily. Every high-volume company receives complaints. What matters is the pattern and the response. A company with dozens of resolved complaints over 25 years of operation and thousands of transactions has a different profile than a company with the same number of complaints over two years. Read the specific complaints to understand whether they reflect systemic issues or isolated incidents.

Q: Can I use this checklist for companies not named in this article? Yes. The checklist is designed to be applied to any precious metals company. The companies referenced here are illustrative examples, not an exhaustive list.

This article reflects publicly available information as of February 2026 and does not constitute financial, legal, or tax advice. Regulatory records, fees, ratings, and company policies can change. Always verify current information directly with the company and relevant regulatory bodies before making investment decisions.

The post Recommended Precious Metals Companies: A Due Diligence Checklist for Retirees appeared first on Green Prophet.

 Gold has a history of maintaining value over time, which has led numerous investors to view the precious metal as a form of wealth preservation, according to Kevin DeMeritt, founder of Lear Capital.

“Gold has a largely inverse relationship to stocks and other types of assets,” DeMeritt says. “It typically is going to give your portfolio stability as other assets become more volatile — [and] is used as a safe haven during recessions, market volatility, and war.”

 Physical gold can be portable — this 1-kilo gold bar’s compact size, for example, according to Lear Capital, makes it a convenient way to transport wealth. 

 Because of qualities like its historic ability to serve as a hedge against inflation, gold is often able to be liquidated fairly easily. As an internationally acknowledged monetary and financial asset, items such as gold coins and bars can be utilized as a means of privately storing wealth and passing it down from generation to generation.

 Plans To Give Precious Metals to Family

Approximately 18% of wealthy investors own physical gold assets, and another 23% say they’re interested in obtaining them, according to a Bank of America survey. High-net-worth investors who are aged 21 to 43 appear to be particularly interested in the precious metal: 45% currently own it, and an additional 45% say they’d possibly like to purchase some.

 Numerous investors have, in fact, acquired gold and other metals to pass on to family members, according to Lear Capital reviews that have been shared on platforms such as Trustpilot. 

 “Wealth preservation is critical because you can’t predict future markets and metals [will] have and will always hold value,” Lear Capital customer J. Hasha wrote in a Trustpilot review of the company. 

 Roger C. contacted Lear Capital when he wanted to purchase precious metals.

 “I felt I could trust Lear Capital with my transaction,” he said in his Trustpilot review of Lear Capital. “I received my gold and silver in a timely manner as well. I’m excited to know I have a hedge on inflation and something to leave my children.”

 Glenn C. said he had no prior experience buying precious metals when he reached out to Lear Capital.

 “I am thinking about what I can do to assure that what I have saved in my lifetime will be there to pass on to my children and grandchildren,” Glenn said in one of the Lear Capital reviews on Trustpilot. “[The representative] and I discussed the relative prices of gold and silver, and he helped me decide how to split my order of metals so both a conservative and a growth approach could work for my investments.” 

 Jeff L. called Lear Capital “a great find.”

 “With uncertainty looming about our economy, I was seeking an option to protect my retirement funds,” he said in one of the Lear Capital reviews shared on Google. “I researched Lear Capital and called. [The representative] was terrific walking me through the process of purchasing precious metals both to leave a legacy to my family and to preserve my funds.”

 Additional Approaches

 David B. isn’t waiting to give younger generations of his family precious metals.

 “Once a year, I buy silver for my five grandchildren to give them for birthdays and Christmas, rather than junk that will be trashed in just a few days or weeks at most,” he wrote in one of the Lear Capital reviews shared on Trustpilot.

Some investors hope to leave specific coins to their family members. Hugh F. contacted two other precious metal providers before speaking to a Lear Capital representative about the coins he wanted to obtain, which included 1/10-ounce and ¼-ounce gold American Eagles.

“One did not respond,” he said in one of the Lear Capital reviews available on Trustpilot. “The second came back with 3/4 of the request. [The Lear Capital representative] did the real deal and I was quite pleased. Thanks to him, I will have fulfilled my eventual gift to my children and grandchildren.”

According to the review Leona B. left on Trustpilot, she at first focused on purchasing gold bullions to pass on to her grandchildren and great-grandchildren — “and watched as they happily doubled in price. I decided it would be a good time to add some silver, and I looked at the internet at the different sellers and prices,” she said. “I called Lear Capital again and [the representative] made the whole process easy and quick.”

 That’s one of Lear Capital’s central customer service goals, according to Kevin DeMeritt.

“We try to move as quickly as possible to get people the metals that they want,” he says.

 John, another Lear Capital customer, said he appreciates the way Lear conducts business.

 “Time is money, and the more money I can make, the more I can convert to gold,” he wrote in one of the Lear Capital reviews on Trustpilot. “In the process, I had also been carrying around silver coins, and they made it super easy to offload them, which will be converted to gold!”

 John also mentioned he intends to bequeath the physical precious metals he’s obtained from the company.

 “When I die, my heirs can liquidate my coins, if necessary,” he said. “Having a multigenerational wealth resource with Lear is a big win for me, my family, and future generations!”

The post Lear Capital Discusses Acquiring Physical Precious Metals as a Legacy for Future Generations appeared first on Green Prophet.

? BEER: Did you know that beer can be greenified? Green ingredients such as matcha and spirulina have hit the international market. Spirulina, a blue-green algae superfood packed with protein, copper, and B vitamins, in particular is growing in popularity among international brewers. RedDot Brewhouse, located next to the Singapore Botanical Gardens, offers a spirulina-infused lager.

Japan’s Okhotsk Brewery created the highly popular Okhotsk Blye Ryuhyo Draft with unique local ingredients including spirulina.

? SLÁINTE!  Like so many people across the world, the Irish say “Health” to toast to one another’s well-being. Try this nutrient-packed six-seed soda bread to moderate your libations.

? SHAMROCK:  Four-leaf clovers are believed to occur every one in one thousand. For a shot at finding one of these rare shoots, consider cultivating a clover lawn. Decimated by the herbicide revolution in the mid-twentieth century, clover lawns are making a comeback as a sustainable alternative or addition to turfgrass. They are heat and drought-tolerant, able to thrive in partial shade, and attractive to pollinators.

? LEPRECHAUN:  Leprechauns are often depicted as cobblers. Ireland’s shoe-making traditions are increasingly innovative; Sampla is a sustainable Irish footwear brand pioneering designs made with vegan leather formed from apple waste.

? RAINBOW:  Check out these rainbow-wrapped pencils that are wood and plastic-free, using recycled paper instead. Eco-conscious retailer Friendsheep makes multicolor pom pom coasters out of natural wool.

? GOLD:  E-waste is glittering on the economic horizon after Cornell University researchers developed a non-toxic method for extracting 99.9 percent of gold from recycled electronic waste. As an added bonus, the process catalyzes carboxylation, or converts carbon dioxide into organic compounds.

The post Going green with Saint Patrick’s Day iconography appeared first on Green Prophet.

Commodities, or how most people would like to call them “goods” have been around forever. They are things that drive consumption and manufacturing all over the world. They can be in their raw form, which is very easily usable by the consumer, or could require refinement for better use as a product later on.

But understanding what commodities are isn’t what this article is about. It’s about understanding what sustainable commodities are, how people use them, why they use them and how they are becoming the most sought-after assets in modern times.

Simplifying commodities

In order to tackle sustainable commodities on a level that is very easy to understand we have to first see the difference between commodities and goods. The bottom line is that there is pretty much no difference besides the name, but who uses those names is very important.

You see, the word commodities are usually used in a speculative term, while goods are used in a more consumer term.

Commodities are things that are traded, bought and sold, invested in and etc. While goods are something found on the shelves of the supermarket and other stores. The only difference between these two words is the people that use them.

And today, we focus on those that use the word “commodity”.

Shifting trends

Although the idea of an investor is an older man trying desperately to generate a profit from his gold or oil investment, modern times have helped us tone down those perceptions.

You see, the modern investor isn’t a huge oil magnate anymore. It could be a person living in a very small apartment, trying to make ends meet and finish school. The digitalization of financial markets has helped us broaden the investor spectrum.

Because of this, environmental activists, green earth supporters and various others have managed to enter the market. Where in the past these people were mostly alienated from the markets due to serious financial disparities, nowadays they are able to make a real impact on the matter.

And due to such a large influx of investors like these, we start to see the shift towards sustainable commodities more than things like oil, coal, charcoal and etc.

What are sustainable commodities?

Almost everything can be a sustainable commodity, as long as the production process falls within a few ramifications.

1. It does not damage the environment

2. It has the potential to be infinite

3. Production ethics are preserved

Nowadays there are only a few commodities that fall under these requirements. They are:

• Coffee
• Cocoa
• Coconut
• Palm Oil
• Rubber
• Spices
• Timber

As long as the companies producing these goods follow the third rule of the list above, they have the possibility to be branded sustainable commodities well into the future.

Why are they becoming more popular?

The increasing popularity of sustainable commodities can be associated with the changing mentality of the investors themselves.

When in the past most people only cared about profit, now investors are moving towards generating profits while not destroying the world as we know it.

Massive shifts from large financial markets such as stocks, currencies and even commodities have been seen towards a more sustainable sector.

People that use Forex demo accounts to start generating immeasurable profits from currencies used to damage the environment, now trade on eco-friendly platforms targeting commodities that bring no harm to the nature around them.

Why such a strategy?

The world runs on profit. We have to face this in order to identify the issue. Although there is no issue running on profit, there’s an issue with how it’s being done. Right now, the most profitable commodities to invest in are things like oil, natural gas, coal and etc. All of these products are the worst things to use in an already damaged climate.

Therefore, by switching the attention to sustainable commodities, the market would be able to focus most of its capital on them, thus derive the value from eco-unfriendly commodities to eco-friendly ones.

Naturally, it’s a years-long process, but it doesn’t mean that it is impossible.

Is it still possible?

Considering all of the news of new innovative companies switching to sustainable energy, more eco-friendly manufacturing doctrines and the overall abandonment of oil and natural gas coming in the future it’s likely that the market will indeed start switching to sustainable commodities.

Once we run out of oil and dig enough coal, it will be up to the commodities that can be infinitely produced to drive the speculation aspect of the financial markets.

In fact, the process has already begun with new plant-based products seen in the Western world and the Sustainable Commodity Initiative signed in 2003 and expanded over the last couple of years.

Potential issues

The only potential issue that has been identified for sustainable commodities is that there might not be enough resources to support the entire demand. What this means is that eradicating non-sustainable methods of producing commodities is currently impossible.

There are also issues of increasing prices on these goods due to increased spending on eco-friendly production and mining.

Furthermore, considering that most energy sources will be moving towards electricity, additional methods of creating this electricity without the use of damaging materials need to be discovered as well, not to mention funding.

The post Sustainable commodities | A new trend in global finance appeared first on Green Prophet.

These oddities may appear to be the ultimate in personal vanity, including selling gold bars in vending machines. Perhaps the ultimate vanity extreme in the UAE is a new trend for restaurants in Dubai and Abu Dhabi to serve edible gold in foods ranging from hamburgers to steaks and seafood.

This bizzare foodie trend includes foods with actual gold dust sprinkled on or mixed in them are selling well to those who can afford to purchase them. Examples include 24K prime steaks or “golden” sea bream dinners running at about $90 per person. Even desserts like ice cream often come available with gold-laced flower toppings at appropriate prices.

Gold still appears to be a favored and sought after commodity in the UAE, especially in uncertain times. The opulence shown in this region, where luxury hotel suites can run as much as $25,000 per night, is often a topic for social protests; especially when construction workers and domestic servants there work in near-servile conditions for mere pittance wages
while those more fortunate live luxurious live.

In Dubai, for example, one can order a gold-laced cappuccino coffee, served in the lounge of the Burj Al Arab hotel.

From an environmental viewpoint, overbuilding and overconsumption and desalination has caused considerable damage to the already fragile ecosystem of the Arab Gulf region, which still claims to have one of the world’s largest populations of dugong aquatic mammals.

Obviously, money wasted on foodie trend opulence which serves zero health benefits could be better spent on trying to save what’s left of the region’s natural environment. The big question is who is concerned enough there to do this? 

Read more on Arab World opulence:

Gold and Armored Rolls Royce is Most Ungreen Luxury
How much gold goes into a white gold Mercedes sports coupe?
Wild Animal “Pets” still Commonplace in the Gulf

Photos of gold covered sea bream and gold laced coffee, The National

The post Gold instead of cinnamon on cappuccinos in Arab states as poverty reels on nearby appeared first on Green Prophet.

Middle Easterners blessed with oil wealth love to flaunt their gold. Don’t be surprised to find gold bars sold at dispensing machine in Dubai or driving around Abu Dhabi as white gold Mercedes.  But there are ways to green your gold.

Gold is not just a stable element on the periodic table, it is also used as “savings” in times of financial instability. While financial markets around the world fluctuate, gold pretty much remains stable.

Gold is a thing of beauty that like other resources on this planet can be ecologically mined and recycled.

Historically there were ancient mines in the Middle East along the Mesopotamian river. In today’s times, there are few known sources of gold in the Middle East except for Iran and the new Alsukari mine Egypt on the Red Sea.

With gold mines operating throughout the world in developed and non-developed nations alike, there is hidden environmental damage that goes along with the gold mining industry. Industrial gold mining usually emits contaminants to rivers, lakes and seas. In order to maximize gold extraction, mercury and cyanide is often used to amalgamate with the metal. See this organization Earth Works to be more informed on what companies are polluting, and how bad the situation is for the planet.

Gold that is mined using unfair labor is also ungreen, because this kind of gold takes advantage of people, and doesn’t give back to the local community. People who don’t demand proper protection and work conditions are prone to die from faulty mine construction if the mines collapse.

Like Blood Diamonds, there can be dirty gold.

How to buy cleaner gold?

If you are in the market for gold and looking for gold for sale, whether for investment purposes or for small items like a wedding band, try and make your purchase a little greener.

1. Choose mines that use greener methods for gold extraction

A mining group in Colombia, for instance, are using natural plant-based materials from the leaves of balsa trees instead of mercury to separate their gold. It is being dubbed as “organic gold” and can fetch premium prices.

2. Buy gold where fair trade practices are being practised

The Fairtrade Foundation in the UK provides information on how to buy the most ethically produced gold. According to the organization, “buying Fairtrade gold makes a real difference to the lives of miners, their families and communities.

“Jewellery with the Fairtrade gold stamp is extra special. Buying it means you know the small-scale and artisanal miners were paid a fair price, giving them financial security. They also receive an extra amount of money to invest in building the future of their families and their communities, through education, medical care or environmental projects.”

3. Regift or recycle heirloom gold items

Ask your loved one or family members if there is any old gold in the family that could be used as an engagement ring or wedding band. (Or to pimp your ride). If you don’t like the style, ask a jeweller to update the fashion, or get your old gold remelted into something more your taste.

Some women in the Middle East still wear their gold instead of putting money in the bank. This can be a smart and sustainable way of saving. But when you are buying new gold, know: you can’t take it with you, but you can buy gold that leaves our planet a little greener, and better. If you have the money and resources to find it, then why not?

Strangely, Muslim men according to their practice level, may not be permitted to wear gold. This could explain the love of gold and gold leaf on objects of desire around the Middle East.

4. Buy gold from “awoke” companies committed to improving the planet

According to Catherine Raw, Chief Operating Officer, North America for Barrick Gold, it’s time for gold mining companies to wake up to the idea that investors are aware and want corporate social responsibility (CSR) or ESG (Environmental, Social and Governance) criteria to be met when they invest.

Environmental, Social, and Governance refers to the three central factors in measuring the sustainability and societal impact of an investment in a company or business.

ESG,  a concept that is here to stay, says Raw to The Northern Mining news:

“ESG is not a new phrase, corporate governance, social responsibility, licence to operate, sustainability, these are all words that have been going on well at least since I came out of university,” she tells the mining magazine.

She elaborates: “I remember I did a course on how can mining be sustainable given it is exploiting finite resources. So this challenge is really only relevant today because the specialist investors that understood these risks and could deal with these risks are no longer the marginal buyer of mining stocks.

“The marginal buyer of mining stocks is now either the passive fund, that needs to justify its existence in the world, and so it claims it’s that oversight and corporate governance and ESG focus that it applies to all of its investments that is the way it adds value; or it’s the generalist investor, the institution, that is not used to taking the kind of risks that exist in our industry.

Raw cautions: “When you own a supermarket, or you own a retailer, or you own a tech company,” she added, “you don’t have the same kind of exposures. However, this can be a driver or has the potential to drive but noted that this is a driver or has the potential to drive M&A activity because investors are identifying management teams they trust, those management teams who are able to mitigate or manage the risks associated with ESG issues successfully and have a track record to do so. And those companies that slip up, are getting punished in a far greater way than they ever have done in previous cycles.”

Barrick Gold Corporation (NYSE: “GOLD”; TSX: “ABX”) is the second largest gold mining company in the world. Barrick has established joint ventures with a number of gold companies.

The nature of the gold mining business today is moving ahead with mergers and joint ventures, and this approach will obviously have a knock-on effect to smaller and younger companies, and the way they approach ESG and ecological and social issues while drilling and mining.

The DRC, as one of the most mineral rich countries in the world, could benefit from some sane environmental governance. A surprising story here about how a Jordan bank bought a forest in the DRC to support an Islamic charity. It also highlights some folly and what we can learn when we try to impose our value system on others.

The importance of ESG can be heard at a recent event in Capetown, covered by The Financial Times, where Barrick head Mark Bristow basically said that if you are not part of the ESG ecosystem you will be irrelevant.

He was quoted as saying: “Even late capitalism’s supposedly unvarnished practitioners have suddenly discovered the merits of a social conscience and are now saying they won’t invest in a business that doesn’t have a satisfactory ESG,” Mr Bristow told the Investing in African Mining Indaba in Cape Town.

“To those people I say . . . welcome to the club. I have been arguing for a long time that a good business also has to be a good citizen particularly in emerging countries,” said Mr Bristow.

ESG is proving to shore up investments in the long run

According to Forbes: “Firms that pursue better ESG practices have higher quality management and better stock performance.

“Modern portfolio theory says that if an investor limits the pool of possible securities to choose from, the probability of maximizing returns for a given level of risk is reduced. But limiting the pool of possible securities based on ESG criteria has the opposite effect. The reason is that ESG criteria are key indicators of management quality, which helps avoid stock specific risk in a market with imperfect and asymmetric information.”

The post 4 Ways to Green Your Gold appeared first on Green Prophet.

It’s impossible and rude to speak for the dead, but we find it hard to believe that Steve Jobs would have wanted anything he designed covered in gold. But this is the Gulf and we’ve seen stranger things, including a white gold Mercedes and water bottles covered in swarovski crystals. Gold and Co. London will display their 24 carat gold-plated iPad3 at Damas Jewelry at the Dubai Mall, after which it will be auctioned for charity.

A hot item

Damas Jewelry will be the exclusive dealer of these elitist iPad 3s worth a cool $5,500. We don’t have money like that to burn, but apparently a substantial number of Emiratis have already placed their orders.

Last year’s gold iPad 2s sold out within 6 months, according to The National. We wonder if they are as disposable to oil-rich Emiratis as regular electronics are to the average American, if these are the same customers fighting to get their hands on the next generation?

In case it isn’t obvious, gold is one of the most scarce natural resources on earth.

The website Gold and Precious Metals estimates that only between 120,000 and 140,000 tonnes of gold – equivalent to less than the length of a tennis court has ever been produced. That’s it. And rich folk dare to cover tablets that will be obsolete within the year in this precious resource?

A marketing campaign?

Gold’s rarity is precisely what makes it so valuable, but until recently it was less expensive than platinum. According to a recent Forbes report, gold prices have surpassed those of platinum – something they call “really scary.”

The first golden iPad3 will be auctioned off and the proceeds donated to charity. Although somewhat laudable, this smacks like a tasteless marketing campaign for an obscenely-priced product launched at the expense of less privileged individuals.

The charities that will benefit from the proceeds have not yet been announced, nor has the auction date, The National reports.

Amjad Ali, Gold and Co’s CEO, is hopeful that they will sell at least 250 of their latest product. Other gold-encrusted electronics in their repertoire include the Blackberry 9000 and iPhone 4s (the latter sold for $4,349.)

Sigh. Our elders are probably rolling in their graves. Except the Pharaohs, who are placing their orders from the underworld.

:: The National

More on gold and other absurd news in the Gulf:

Abu Dhabi Solid Gold “Biofuel” Mercedes

Blingh20’s Most Expensive Water Costs $2,600 for 750ml

Coin-Covered Car “Recycles” Nearly $6,000 in Dubai

The post Absurd 24 Carat Gold-Plated iPads to Sell for $5,500 appeared first on Green Prophet.