So, I’m just going to throw this out there. If you get an email from a couple of veterans who claim they rescued a sultan’s son and got a big payout in gold, it might be a scam.
And by maybe, I mean it’s a scam.
The demand for physical gold has gone through the roof in the midst of economic chaos caused by the coronavirus. We’re beginning to see shortages of some bullion products. As more people pile into the market, the number of scammers looking to take advantage of gullible investors also increases.
Recently, some guy started commenting on the SchiffGold Facebook page, claiming he could sell you “cheap gold” directly from African mines. This was certainly a scam. Why would anybody sell gold “cheap” when they can easily command a market price?
The answer to that question is they wouldn’t.
Here’s a tip for you.
If some guy comes up to you in a gas station parking lot and tries to sell you gold, don’t buy it.
Seriously. Just say, “No!”
Every other day or so, I get Facebook friend requests from beautiful women. I would like to think it’s because of my handsome face and insightful commentary on why taxation is theft. But I’m pretty certain that’s not what’s going on here.
Nope. The ugly truth is that these are fake accounts trolling for – well I’m not exactly sure what they’re trolling for. I am quick on the delete button when profiles of “women” with no friends in common, no information about themselves on their profile, and no posts other than a few photos, pop up on that friend request list. So, I’m a little in the dark on the specifics of the game they’re playing, but I’m certain that it is likely something that, if taken to its conclusion, would lighten my wallet and likely damage my pride.
I really shouldn’t have to tell you this. But if Bruce Springsteen gets in contact with you and asks you to help him ship his stash of gold home from Dubai, you might want to be a little suspicious.
Seriously. Be suspicious. Just a little.
I’m a pretty cynical person. And I don’t really trust people. To call me skeptical would be an understatement. I’m the guy who wastes time Googling an even slightly sketchy sounding story posted on Facebook to see if it’s really true. So, I don’t think I would be very easy to scam.
Now, I’m not arrogant enough to think it could never happen. I’m sure there are ways I could be fooled. But I still find it really difficult to understand how some of these scammers ever make a dime. I mean, who actually believes that Nigerian prince is going to send them $8 million? Who actually goes to Target to buy gift cards to send to the Indian IRS agent? (Yes. That is a thing.) And who goes to a storage facility to buy cheap gold?
That last one … It just happened.
If you check your spam folder right now, I can almost guarantee that you will find that somebody has sent you a scam email. They promise you cash, business opportunities and sometimes they even promise you riches in silver and gold!
I just checked my spam folder. Here’s what I got.
This week, I want to talk about scams.
“But however mysterious is nature, however ignorant the doctor, however imperfect the present state of physical science, the patronage and the success of quacks and quackeries are infinitely more wonderful than those of honest and laborious men of science and their careful experiments.” – P.T. Barnum
Yes. There are plenty of quacks in the world. And you’ll find more than your fair share in the realm of precious metals investing. There are scammers and con artists, and smooth talkers galore out there, eager to separate the unwary from their hard-earned cash.