The price of gold is high, and as a result, scammers are looking to lure you in.
Gold scams come in many forms, from buying phony gold mines to buying non-existent gold bullion. Many gold scam deals involve gold supposedly stashed offshore, in Swiss vaults, or straight from mines in Africa. The gold itself may be described as in 99.9% gold bars, powder, refined, unrefined, or etcetera.
One of the more common gold bullion schemes is the offer to sell a number of gold bars, at an excellent rate, and then for an additional fee, to store it for you. Your “agent” agrees to sell it for you as prices rise, earning fantastic returns. This seems practical, as most investors do not have the facilities to store such quantities of gold on their own. The trick here of course, is the seller is never required to show you the product. Your gold – if it every existed at all – disappears into thin air, and your “agent” is never to be seen or heard from again.
Many forms of foreign exchange (forex) trading schemes operate in very similar ways. Trading in foreign currencies requires knowledge and resources far that of most investors. Promoters profit by charging high commissions or selling investment strategies – assuming that trades are made at all. In many instances there are no trades; the money is simply stolen.
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