Scams tricking consumers into investing in Gold are rising

The gold bar scam sounds like a swindle no one could fall for, but it happens. The scam involves victims, usually senior citizens, sinking their life savings into gold, silver or other precious metals to safeguard their assets after being convinced by a con artist. If scammers gain your trust, advice like investing in gold — a precious metal that’s typically a sound investment in times of economic uncertainty — can sound like a good idea. Only once gold bars are given to the scammer for safekeeping, you never hear from them again.

Gold bar scams are on the rise. The FBI first warned about an increase in these scams in January 2024, but their popularity has grown. The FBI issued another warning last summer, specifically warning residents in Sarasota County, Florida, amid complaints that gold bar scams had duped seniors out of more than $300,000. Random cases kept popping up through the end of 2024. This year, gold bar scams have duped victims in Portland, Oregon, and New York.