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Mar 20, 2023 · Call us on 0800 111 6768 or use our contact form. If you’ve already invested in a scam, fraudsters may try and target you again or sell your details to other criminals. The follow-up scam may be completely separate or related to the previous fraud, such as an offer to get your money back or to buy back the investment after you pay a fee.
Oct 19, 2024 · Prevalence and Diversity of Gold Scams: Gold scams come in various forms, such as impersonation of reputable companies, creation of fake websites, and emotional manipulation. This diversity highlights the importance of vigilance in the gold investment sector. Notable Gold Scam Cases and their Impact: High-profile cases like PIM Gold in Germany ...
Mar 1, 2024 · UK bank HSBC has released details of a new type of impersonation scam hitting the high street where criminals pose as senior bank staff or police officers to convince victims to withdraw significant amounts of money to purchase gold or silver, which is then handed over to the scammers. TLW Solicitors has helped victims of gold scams recover the ...
- All That Glistens Is Not Gold
- Companies Selling on Social Media
- The Bite Test
- The Private Sale Risk
- Hallmarks -The Gold Standard
- Investment-Grade Gold
- Gold Coins: Knowing Their Worth
- Vanishing Gold
- Legitimate Trust Signals
- Buy Back Guarantee Confidence
You might think it is cheaper to buy gold outside of a reputable channel, but you don’t know if the gold is real. Gold jewellery or coins purchased from social media sites cannot be verified before you receive them. Even if you view the product before purchase, it isn’t easy to verify the gold content or purity without an expert.
Some of the more obvious scams on social media involve sellers claiming to be from central or north Africa. They might ask you to come to them to buy gold dust, ingots or bars for a price enticingly below the spot market value. Such scams are easy to find. Just google “gold sellers on [insert favourite social media platform].” You will uncover page...
The idea that you can bite into gold to check it is real has its basis in fact. Gold in its pure form is soft, and a bite will leave indentations. Ask any swashbuckling Hollywood pirate worth their salt. There are several reasons however that it is not a reliable or advisable method of gold verification. Other soft, malleable metals can be plated t...
Not every private seller online will be selling fake gold. In some instances, there are people legitimately looking to sell on their assets privately. However, choosing to buy from an individual or online organisation that has no provenance is very risky.
Knowing the hallmarks of a gold item will go some way to avoiding unscrupulous sellers who may try to pass off inferior or counterfeit items. The gold hallmarks found on jewellery have been in use for hundreds of years. They were brought in as a form of consumer protection so that people of the 1200s could also avoid scams. Back then, state-appoint...
Coins and bars of investment-grade gold are not mixed with alloys and are required to be of 99% purity. Their intrinsic value lies primarily – or only – in their gold content. The London Bullion Market Association sets quality standards for gold bullion. LBMA manages a ‘Good Delivery’list of refiners that meet their criteria. Bars are stamped with ...
There is a thriving numismatic industry of collectors of rare and valuable coins, some selling for far more than just their weight in gold. Scammers or unscrupulous sellers can use this market to persuade people to overpay for their gold ( read our article on the dangers of graded gold coins). The shocking truth is that such activity isn’t always i...
Buyers should be wary of anyone selling gold that can’t or won’t be delivered. Such scams take on a variety of forms. There are several mining company scams where the gold is yet to be brought out of the ground. Buy it now, and you will get it at well below spot value. You may need to wait several years for the so-called ‘investment’ to come to fru...
Of course, many legitimate and experienced investors don’t ever take delivery of their gold. Bullion or coin buyers purchasing through a reputable dealer will most often choose to have it stored directly from sale. The key difference to look for is that the company selling the gold should have a good reputation. Look for evidence in online forums l...
Companies that are confident in their products will offer a buy-back guarantee. This reassures buyers they can liquidate their investment when they choose to. It also proves the seller has confidence in the value of the gold they sell and buy-back.
Feb 14, 2024 · Scammers are trying to persuade people to buy gold and jewellery, in a change of approach to some frauds, a major bank has warned. Criminals may also pose as police officers, claiming a fraud has ...
Sep 5, 2019 · PIM Gold. PIM Gold is believed to have swindled investors out of up to $155 million. As of July 2021, authorities estimated between 7,000 and 8,000 investors had lost money when the German firm became insolvent and had only been able to meet 7.5 per cent of creditors’ claims.
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Jan 17, 2024 · Fraudsters are coercing pensioners into buying gold in a new scam, police forces have warned. In one case, reported to the City of London Police, the national lead force for fraud, a victim lost ...
