Many investors are interested in tangible investments like gold and other precious metals. Fraudsters have also taken advantage of this trend to manipulate unwary gold investors and pocket their cash, and many of these online gold platforms are just scams.
An investment in gold, whether you are investing in a mining company or gold bullion, still carries risks and may not always be the best choice for your long-term investment plan. Remember that no investment is ever completely safe. “Guaranteed” returns and promises of a no-risk investment are big signs of a scam, and you should probably be suspicious of any investment promoter that makes these kinds of claims.
Here are two examples of common online gold investment scams:
- You are encouraged to cash out your sluggish investments to buy gold coins. Unfortunately, you receive fake coins in the mail and the fraudster has already disappeared with your money.
- You are asked to invest in gold bullion now and told it will be sold later at a great profit. Unfortunately, the fraudster lied about using your funds to purchase gold and pocketed your money instead.
Remember, gold and precious metal investments are not necessarily safer than other investments, and you should always discuss any new investment offers with a financial professional you trust. Online investments—like any investment—should be carefully researched before you hand over your cash, and you should always be on the lookout for signs of fraud.
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