What you can do
Protect your savings. Don’t invest your assets in gold, silver, or coins before consulting with a trusted source. Precious metal dealers are driven by profits and do not have your best interests in mind.
Remember the opening scenario. No legitimate organization will ask you to buy gold, silver, or other precious metals to save your funds. Scammers use precious metals because they are easy to transport and difficult to trace. Be suspicious of any unsolicited phone calls or text messages, particularly when they request urgent action.
Be wary of “too good to be true.” Scammers may ask for an investment in metal that they characterize as a “once in a lifetime opportunity.” You pay a certain amount, and the company or investor handles the rest.
- First, this action could be fraudulent unless the company is properly registered.
- Second, metal prices can be volatile, causing your equity to fall when prices do the same.
- Third, these types of leveraged transactions may include high markups, interest charges, and monthly fees for handling, storage, or insurance.
Before making a transaction, call the North Carolina Securities Division Investor Hotline at (919) 814-5400 or (800) 688-4507 to speak with a representative who can verify the credentials of an investment professional, firm, or product. The representatives check several databases to confirm the source is credible and help keep your investments safe.
Visit cftc.gov/complaint if you have a tip or believe you may be a victim of a precious metals scam.
This information is provided for educational purposes only and should not be considered financial or investment advice.
