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Top 4 Precious Metal Investment Scams To Watch Out For

Scrabble tiles spelling out the word "scam"

An investment has inherent opportunities and associated risks. Good investment results from a complete evaluation of all possible pros and cons to determine if the pros will outweigh the damage. An investment in precious metals may look shiny, but you might suffer from an investment scam if you do not verify your dealer’s authenticity. Here are some common tips to help you avoid an investment scam.

Threat or Sales Pitch?

Inauthentic dealers often exploit an investor’s anxiety. For example, you want to secure your retirement with a gold and silver IRA. If your dealer has understood your pain point, they can conveniently convince you by making apocalyptic threats. Look out for any sales pitch that tries to convince you that investing in precious metals can save you from all financial troubles. A legitimate investor will try to guide you about all the possible risks and benefits of investing in precious metals.

Fishy Finances

When you decide to invest, you should be aware of all finances of the transaction. If a precious metals investment dealer claims great cash payback with minimal risk via a finance agreement, it may be a red flag. The exchange is risky if your money is not being used to buy your investment metal. Offers in which payment is structured or is made through a loan that the company supposedly arranges are dubious. You should also be cautious if your dealer claims that the purchased precious metal will be stored in some bank or facility.

A man holding gold coins with a stack of cash lying ahead of him

Urgent Investing

Illegitimate dealers will often create a sense of urgency around the transaction. They will pitch an offer that is short-lived and will try to persuade you that missing out on it will be an irredeemable mistake. Or they will focus on a supply crisis, indicating that only a few product units are remaining.

What Do You Need To Do?

An important tip is a pre-investment survey. Investigate your dealer’s company and ensure it is certified by the Commodity Futures Trading Commission (CFTC) or the National Futures Association.  

Do not fall for any exotic money-making techniques. Look for important documentation and do not ignore it if something is missing. You should know where the metal will be purchased from and about their verified storage facilities.

We understand that investment scams can not only result in a loss of money but also your mental peace. Thus, we make many efforts to sustain our company’s reputation to put our clients at ease. We have been voted Best In Class for our services by Retirement Living, and we’re proud to be a Consumer Affairs’ Top-Rated Precious Metals IRA dealer. You can find out all our verifications on our website. You can also contact us with any questions you might have concerning our work.

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