For the third time in the last little while, the Commodity Futures Trading Commission has taken action against precious metal investors. American Precious Metals LLC has been closed down, pending further investigation. These corporations have been offering Ponzi scheme style investments in precious metals. Gold, silver, palladium, and other precious metals were sold, fraudulently, as investments by these corporations. Individuals have invested personal loans just to lose money.
American Precious Metals LLC lawsuit
In Lake Worth, Fla., there's a business called American Precious Metals LLC. Consumers were pressured by telemarketers into purchasing gold, silver, platinum and palladium investments being sold. The customer could get financing from the business, according to the salespeople, and would get the physical metals stored as well. A huge down payment was required though. In exchange, the company promised several hundred percent returns on the customer's investment. In essence, the company was offering short-term loans for investments in precious metals -- but the company never really had the precious metals. Investment businesses have to register with the FTC or Commodity Futures Trading Commission. The company didn't do so. The business violated the Telemarketing and Consumer Fraud and Abuse Prevention Act and did not follow precious metal regulation. Now the company doesn't have access to its assets. They were all frozen.
Precious metals costing more
The rise of precious metal costs has brought on there to be several precious metal investment scams. There has been an increase from $1,200 to over $1,500 in the per-ounce price of gold in just the last year. This is not just for gold. Other precious metals have also been increasing. Most precious metals are considered a "safe haven" for investments, which could trigger some of this. There have been many to warn against getting involved in precious metal investing. They say that it is getting close to bubble status since the costs are far above the "real" value of the metals.
Invest carefully
Investing isn't always safe. It can be dangerous in fact. Investing tools simply don't exist. If you would like to invest in precious metal, buy it and store it without help from everyone. Go to the Better Business Bureau if you're going to invest, not matter how you do it. Do not invest in companies that you cannot verify. Go to the FTC or Commodity Futures Trading Commission to verify the businesses.
American Precious Metals LLC lawsuit
In Lake Worth, Fla., there's a business called American Precious Metals LLC. Consumers were pressured by telemarketers into purchasing gold, silver, platinum and palladium investments being sold. The customer could get financing from the business, according to the salespeople, and would get the physical metals stored as well. A huge down payment was required though. In exchange, the company promised several hundred percent returns on the customer's investment. In essence, the company was offering short-term loans for investments in precious metals -- but the company never really had the precious metals. Investment businesses have to register with the FTC or Commodity Futures Trading Commission. The company didn't do so. The business violated the Telemarketing and Consumer Fraud and Abuse Prevention Act and did not follow precious metal regulation. Now the company doesn't have access to its assets. They were all frozen.
Precious metals costing more
The rise of precious metal costs has brought on there to be several precious metal investment scams. There has been an increase from $1,200 to over $1,500 in the per-ounce price of gold in just the last year. This is not just for gold. Other precious metals have also been increasing. Most precious metals are considered a "safe haven" for investments, which could trigger some of this. There have been many to warn against getting involved in precious metal investing. They say that it is getting close to bubble status since the costs are far above the "real" value of the metals.
Invest carefully
Investing isn't always safe. It can be dangerous in fact. Investing tools simply don't exist. If you would like to invest in precious metal, buy it and store it without help from everyone. Go to the Better Business Bureau if you're going to invest, not matter how you do it. Do not invest in companies that you cannot verify. Go to the FTC or Commodity Futures Trading Commission to verify the businesses.
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