Peter's Blog

A Florida court recently found Robert Escobio and his companies, Southern Trust Metals and Loreley Overseas Corp guilty by the U.S. Commodity Futures Trading Commission (CFTC) of bilking customers in a precious metals scam. Escobio was accused of stealing $600,000 from 35 customers from July 2011 through May 2013. Over the time period, the defendant […]

You probably think of eBay as a good place to snag a deal on electronic gadgets, musical instruments, or sporting goods. But increasingly people are logging onto the auction site to buy gold and silver.   EBay officials told CNBC the company is touting its global user base of 150 million people to reach non-traditional […]

The headline on the Pittsburgh Tribune-Review website says it all – “Collectors willing to overpay for silver.” The article highlights an ongoing silver scam in Pennsylvania and other states featuring “US State Silver Bars.”

An apparent gold scam recently uncovered in Austin, Texas, serves as reminder for investors to use caution when dealing with small, unknown companies. According to the Austin American-Statesman, the vaults belonging to an Austin company claiming to store millions of dollars in precious metals for its customers turned up virtually empty.

The British Royal Mint has released coins commemorating the birth of Princess Charlotte that cost far more than the value of the metal they contain. These are certainly beautiful, high-quality coins. However, investors should be aware that they are not paying bullion prices for these limited-edition products. More importantly, there is no guarantee that coins […]

We recently placed an anonymous call to one of the largest gold dealers in the country for some insight into how other precious metals companies operate. Since this company is very high-profile and has a huge customer base, you might expect them to offer amazing prices. After all, giant retailers like Wal-Mart can usually undercut […]

The Commodity Futures Trading Commission (CFTC) banned four Florida companies from trading precious metals last week. The companies were alleged to have committed fraud by promising to transfer precious metals that customers never actually received. $7.8 million were scammed from unsuspecting victims. The CFTC reached settlements with each business, though the companies never admitted their […]

You might not know that SchiffGold maintained an independent Gold Scams blog for many years to keep investors informed of the latest tricks and traps in the industry. The site had become a popular resource for learning about the latest gold scams, as well as how to safely purchase precious metals. The Gold Scams community […]

Another gold scam has been exposed this month, but only after customers gave more than $2.6 million to precious metals dealer Robert Escobio who lost $600,000 of the invested funds. The US Commodity Futures Trading Commission (CFTC) has filed a civil enforcement claim against Escobio and his company Southern Trust Metals, Inc. Escobio convinced investors […]

There’s a marketing gimmick that is becoming more common in the gold dealer business – the “price guarantee.” It sounds like a great deal on its face, but there’s more to it than meets the eye. Here’s what these dealers will offer: You call to place an order for gold coins and lock in a […]