FORT WORTH, TX - Tarek Saab, former finalist on Donald Trump's television show, "The Apprentice," has something that even "The Donald" himself would find difficult to acquire these days -- gold. His new company, GoldandSilverNow (www.GoldandSilverNow.com), is solving the shortage problem in the precious metals market by linking investors through a unique peer-to-peer network. Saab envisions this model as a new way to buy and sell large quantities of precious metals.
Due to shortages plaguing dealers everywhere, the precious yellow metal has become more precious in recent months, which is a predicament that Saab believes presents great opportunity for industrious sellers. He notes that frustrated buyers are facing lead times for shipments as long as six months, if a dealer can even be found to accept an order.
Other alternatives for buying gold and silver, such as eBay, are impractical for investors due to small quantities, high premiums, and the uncertainty of dealing with anonymous sellers.
Unlike eBay, GoldandSilverNow is not an auction house. It is described by Saab as a "virtual bullion dealer," where the consortium of sellers come together as one dealer with fixed prices.
"We have more bullion than Kitco," says Saab, referring to one of the largest bullion resources in North America. "Our network of sellers is growing daily. Literally, everyone else is wiped out, and the delays are intolerable. We have large quantities ready to ship today."
Saab, who is partnered with a team of investors, believes GoldandSilverNow is the alternative that many experts in the metals industry have been clamoring for -- a way to establish real market value for precious metals. The company's initial offering includes, among other things, Johnson Matthey and Engelhard silver bars and gold Krugerrands.
"No investor wants to sell at spot prices right now because paper spot prices don't reflect the physical market. So what do we see? Demand outstrips supply. But if you can offer sellers a way to achieve real value for their holdings, the market suddenly loosens up. It's basic economics," explains Saab. "Buyers and sellers both win. This is about defining the real market for physical metal."
The company is also working on the development of a fully automated proprietary system for connecting investors online.
"As the saying goes, necessity is the mother of invention," he says. "We're fulfilling a major need."
