Investment Companies Investigated For Precious Metals Investments
Three different precious metals investing companies are being investigated by the CFTC. American Precious Metals LLC has been closed down, pending further inquiry. These companies have been offering Ponzi scheme style investments in precious metals. Gold, silver, palladium, and other precious metals were offered, fraudulently, as investments by these corporations. Individuals have invested personal loans just to lose money.
Suit against American Precious Metals LLC occurring
In Lake Worth, Fla., there’s a company called American Precious Metals LLC. Consumers were pressured by telemarketers into getting gold, silver, platinum and palladium investments being sold. The salespeople claimed the company would store the physical metals for the consumer and even finance part of the purchase after a significant down payment was made. The business also would give a huge return on the investment. They promised several hundred percent returns. In essence, the company was offering short-term loans for investments in precious metals — but the company never really had the precious metals. Investment businesses have to register with the FTC or Commodity Futures Trading Commission. The company didn’t do so. Regulation on precious metal was not followed by the company. It also violated the Telemarketing and customer Fraud and Abuse Prevention Act. The company’s assets have been frozen now.
Increase in precious metal costs
The rise of precious metal costs has brought on there to be several precious metal investment scams. There has been a rise from $1,200 to over $1,500 in the per-ounce price of gold in just the last year. These price increases have been seen in other precious metals as well. Most precious metals are considered a „safe haven“ for investments, which could cause some of this. Some say the costs of precious metals are so far above their „real“ value that they are getting close to bubble status.
Invest carefully
Investing could be an activity fraught with dangers. There are do-it-yourself investing tools, and you also can purchase precious metals and store them yourself. Make sure whoever you invest with is at the Better Business Bureau. Always check there for information. Any company that cannot be verified with the FTC or Commodity Futures Trading Commission should not be invested in.
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