Fears of a recession have driven the price of gold to levels not seen in more than five years, but that's bringing out the scam artists.
Fears of a recession have driven the price of gold to levels not seen in more than five years. but that's bringing out the scam artists.
He said common scams include telemarketers who will offer to sell you gold that might not actually exist, and unscrupulous gold dealers who will not give you a fair price for your gold. Also an issue, particularly in times like these — gold that is illegally mined or is the product of criminal activity.
Barrage, Granda and Rodriguez pleaded guilty to conspiracy to commit money laundering and were sentenced to prison. NTR Metals parent company Elemetal, which said it was cooperating with the investigation, pleaded guilty last year to a single count of failure to maintain an adequate anti-money-laundering program. The company agreed to forfeit $15 million and accepted a five-year ban from the international gold market.
Perhaps the safest way to own physical gold, Travers said, is in the form of American Eagle Coins produced by the United States Mint. That way you can be sure the gold is pure and legitimately sourced. Many choose instead to invest in gold by purchasing shares in an exchange-traded fund that owns and holds the physical gold. Among the most popular is SPDR Gold Shares ETF, which trades on the New York Stock Exchange. Each share is based on the price of one-tenth of an ounce of gold, minus the fund's expenses for things like storing the precious metal.
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