For the 3rd time in the last few weeks, the Commodity Futures Trading Commission has taken action against precious metal investors. The latest business to be shut down is American Precious Metals, LLC. Businesses have been offering fraudulent investments in gold, silver and other precious metals. People have invested personal loans just to lose money.
Suit against American Precious Metals LLC taking place
In Lake Worth, Fla., there is a business called American Precious Metals LLC. The company used telemarketers to call and pressure customers into purchasing gold, silver, platinum and palladium investments. The salespeople claimed the business would store the physical metals for the consumer and even finance part of the purchase after a significant down payment was made. The company also would give a huge return on the investment. They promised several hundred percent returns. The company offered short-term loans for investments in precious metals that never really existed in the company though. The company also never registered with the Federal Trade Commission or CFTC as an investment business. The business violated the Telemarketing and Customer Fraud and Abuse Prevention Act and didn't follow precious metal regulation. The company's assets have been frozen now.
Rising precious metal prices
The rise of precious metal prices has caused there to be many precious metal investment scams. 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 comparable price jump. Some of this increase is from the belief that precious metals are considered a "safe haven." You can never go wrong investing in it. 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 with some protection
There are many troubles that can come with investing. Investing tools simply don't exist. If you need to invest in precious metal, buy it and store it without help from any person. Go to the Better Business Bureau if you are going to invest, not matter how you do it. Any business that cannot be verified with the FTC or CFTC should not be invested in.
Suit against American Precious Metals LLC taking place
In Lake Worth, Fla., there is a business called American Precious Metals LLC. The company used telemarketers to call and pressure customers into purchasing gold, silver, platinum and palladium investments. The salespeople claimed the business would store the physical metals for the consumer and even finance part of the purchase after a significant down payment was made. The company also would give a huge return on the investment. They promised several hundred percent returns. The company offered short-term loans for investments in precious metals that never really existed in the company though. The company also never registered with the Federal Trade Commission or CFTC as an investment business. The business violated the Telemarketing and Customer Fraud and Abuse Prevention Act and didn't follow precious metal regulation. The company's assets have been frozen now.
Rising precious metal prices
The rise of precious metal prices has caused there to be many precious metal investment scams. 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 comparable price jump. Some of this increase is from the belief that precious metals are considered a "safe haven." You can never go wrong investing in it. 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 with some protection
There are many troubles that can come with investing. Investing tools simply don't exist. If you need to invest in precious metal, buy it and store it without help from any person. Go to the Better Business Bureau if you are going to invest, not matter how you do it. Any business that cannot be verified with the FTC or CFTC should not be invested in.
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