As gold and silver prices have skyrocketed, so have the number of scam artists trying to take advantage of investors. In the Wall Street Journal on September 24, 2020, there was an article describing a $180 million dollar scam. In this case, Lucas Asher and Simon Batasvili are accused of defrauding over 1600 people across thirty states. Two companies are implicated as well – Metals.com and Barrick Capital.

Authentic gold bullion. Buy from reputable dealers to avoid gold scams
2020 1 oz Gold American Eagle BU
Source: Banknote World

There has also been a scam called a ‘mule’ ring where scammers lure victims through a dating site and ask for gold to get a potential girlfriend into the US. In August, the founder of Fort Lauderdale, Florida based Gold Bullion Exchange pleaded guilty to fraud in a scheme that cheated more than 1,400 investors out of nearly $30 million.

Silver bullion
2020 Canada 1 oz Silver Maple Leaf BU
Source: Banknote World

Investors can go to the Commodity Futures Trading Commision (CFTC) website to see the latest scams. But the most important thing is to only buy from a dealer you trust. Banknote World sells only legally obtained bullion from the largest and most reputable mints, governments and dealers guaranteeing not only the best prices but also unquestionable authenticity. Gold is precious, so is the trust in the company you buy from.

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