New Scams Are Targeting Gullible People to Buy Silver Coins for More than They Are Worth
If you’ve been around for more than a few years, chances are you have fielded phone calls from pushy companies that try to get you to buy silver coins and all kinds of other “investments.” The usual pitch centers on the opportunity: some trend is about to make today a great time to buy some investment. And if you don’t, you are going to lose money or overlook an incredible investment opportunity.
Okay, you are too smart to believe those pitches and you simply hang up the phone. But now, unscrupulous companies have discovered that they can contact people by placing ads on Facebook and elsewhere online. Their ads ask people to click to request information about investing in silver coins or some other metal items. Then after someone clicks and provides contact information, the pushy phone calls begin.
You can learn more about these scams by reading “A precious metals scheme used fear and Facebook to trick older conservatives out of their savings,” a post that Jeremy B. Merrill and Hanna Kozlowska published on Quartz.com on November 18, 2019. They write that one woman fell for the scam in this way . . .
She responded to an ad on Facebook from a company that was offering information on investing in silver. She was soon getting phone calls from a pushy salesperson who would not let her alone. The fraudulent pitch revolved around the idea that the U.S. Dollar was about to become devalued and buying silver was a good way to protect her retirement savings. So at the salesman’s urging, she transferred $83,000 into a self-directed IRA and used those funds to buy silver coins from the company.
Did she actually get to own silver coins? Yes, she did. The problem was that they were worth less than one-third of that $83,000. She took legal action against the company and was able to recover some of her money, but still ended up losing more than $25,000.
What an ugly story!
Proceed with Care!
If you’ve been following the news lately, you know that social media platforms have been coming under fire for failing to screen and reject ads from fake political organizations and other shady entities. So remember that even a legitimate-looking ad you see online could have been placed by a company that only wants to steal from you.
What is a better way to invest in silver and other precious metals? Deal with a reputable company like Specialty Metals Smelters and Refiners, which is registered with Dun & Bradstreet, which has been reviewed by the Better Business Bureau, which belongs to industry associations, and which has a long history of doing business honestly.
Then we come to an old principle that is worth keeping in mind . . .
If it sounds too good to be true, it probably is
We wish you safety, security, and legitimate high returns on all your precious metal investments. Call us at 800-426-2344 to learn more.