Three different precious metals investing businesses are being looked into by the CFTC. The latest company to be shut down is American Precious Metals, LLC. These businesses have been extending Ponzi scheme style investments in precious metals. Gold, silver, palladium, and other precious metals were offered, fraudulently, as investments by these companies. Individuals have invested personal loans just to lose money.
Suit against American Precious Metals LLC taking place
American Precious Metals LLC was a company based in Lake Worth, Florida. The company used telemarketers to call and pressure consumers into purchasing gold, silver, platinum and palladium investments. The salespeople claimed the business would store the physical metals for the customer and even finance part of the purchase after a significant down payment was made. The consumer would get a several hundred percent return on the investment from the company though. The company offered short-term loans for investments in precious metals that never really existed in the company though. Investment companies have to register with the Federal Trade Commission or Commodity Futures Trading Commission. The business did not do so. The business violated the Telemarketing and Consumer Fraud and Abuse Prevention Act and did not follow precious metal regulation. The company's assets have been frozen now.
The cost of precious metals
Precious metal investment scams have become more prevalent lately. This is because there has been a rise in the precious metals price tags. There has been a rise from $1,200 to over $1,500 in the per-ounce price of gold in just the last year. Silver and other precious metals have experienced a similar price jump. Some of this increase is from the fact that precious metals are considered a "safe haven." You can never go wrong investing in it. Some industry watchers have warned that gold and precious metals are getting close to bubble status, with costs that have expanded beyond their "real" value.
Invest with some protection
Investing is not always safe. It can be dangerous in fact. There are do-it-yourself investing tools, and you can purchase precious metals and store them yourself. No matter how you choose to invest, always work with businesses that have been vetted by the Better Business Bureau. Do not invest in corporations that you can't verify. Go to the FTC or Commodity Futures Trading Commission to verify the companies.
Suit against American Precious Metals LLC taking place
American Precious Metals LLC was a company based in Lake Worth, Florida. The company used telemarketers to call and pressure consumers into purchasing gold, silver, platinum and palladium investments. The salespeople claimed the business would store the physical metals for the customer and even finance part of the purchase after a significant down payment was made. The consumer would get a several hundred percent return on the investment from the company though. The company offered short-term loans for investments in precious metals that never really existed in the company though. Investment companies have to register with the Federal Trade Commission or Commodity Futures Trading Commission. The business did not do so. The business violated the Telemarketing and Consumer Fraud and Abuse Prevention Act and did not follow precious metal regulation. The company's assets have been frozen now.
The cost of precious metals
Precious metal investment scams have become more prevalent lately. This is because there has been a rise in the precious metals price tags. There has been a rise from $1,200 to over $1,500 in the per-ounce price of gold in just the last year. Silver and other precious metals have experienced a similar price jump. Some of this increase is from the fact that precious metals are considered a "safe haven." You can never go wrong investing in it. Some industry watchers have warned that gold and precious metals are getting close to bubble status, with costs that have expanded beyond their "real" value.
Invest with some protection
Investing is not always safe. It can be dangerous in fact. There are do-it-yourself investing tools, and you can purchase precious metals and store them yourself. No matter how you choose to invest, always work with businesses that have been vetted by the Better Business Bureau. Do not invest in corporations that you can't verify. Go to the FTC or Commodity Futures Trading Commission to verify the companies.
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