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Ardent Listener
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 Posted - 12/27/2008 : 21:02:03
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State warns of gold, silver scams E-mail this page Reader Comments (below)
By Susan M. Cover December 19, 2008 01:34 PM
Maine's Securities Administrator, Judith Shaw, is cautioning investors about potential scams and pitfalls related to online purchases of gold and silver, according to information released today.
Shaw said declining stock values and the overall national economic downturn may be fueling fraudulent activity and making nervous investors more susceptible to 'get rich quick' schemes.
"Current turmoil and uncertainty in the financial markets has led a number of Mainers to take funds out of stock and mutual fund investments for the purchase of precious metals such as gold and silver," Shaw said in a statement. "While there are reputable precious metal dealers, there are also numerous shady companies operating on the margins of this industry."
Maine's Office of Securities, the agency that protects investors from fraudulent and unethical investment practices, has received several complaints recently from Maine residents seeking to purchase gold and silver bullion.
The purchasers reported that after conducting a search on the Internet and submitting a request for information, they were contacted and given an aggressive sales pitch by individuals claiming to represent several out-of-state companies engaged in purchasing gold and silver on behalf of individual investors.
Here are some tips:
•If you are interested in owning gold or silver, in coins or bullion, the safest course is to purchase through a reputable dealer, ideally located within your local area.
•If you do not wish to take possession of the coins or bullion, you should carefully evaluate the seller's offer to hold the precious metals on your behalf in a bank or depository that the seller has chosen. Unscrupulous sellers may not actually be purchasing precious metals even though they are charging commissions and other fees.
•Gold and silver prices can be extremely volatile, and for that reason, should not be viewed as short-term investments.
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State Warns of Gold, Silver Scams
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