Three separate precious metals investing businesses are being looked into by the Commodity Futures Trading Commission. American Precious Metals LLC has been closed down, pending further inquiry. These companies have been extending Ponzi scheme style investments in precious metals. Gold, silver, palladium, and other precious metals were offered, fraudulently, as investments by these corporations. Individuals have invested personal loans just to lose money.
Suit against American Precious Metals LLC occurring
The American Precious Metals LLC company is based in Florida. It is in Lake Worth, Fla., to be exact. It sold investments in platinum, palladium, silver and gold to customers. It used telemarketers to do this. With a huge down payment, the company would store physical metals and finance the purchase for the consumer. The business also would give a huge return on the investment. They promised several hundred percent returns. The business gave individuals short-term loans for investment in very special metals. Still, these metals didn't really exist. The business never registered as an investment business with the Federal Trade Commission or CFTC either. The charges against the company contain violations of the Telemarketing and Customer Fraud and Abuse Prevention Act, also as regulations controlling precious metals. All the assets of the business have also been frozen.
Increase in precious metal costs
Precious metal investment scams have become more prevalent lately. This is because there has been an increase in the precious metals price tags. There has been a huge increase in gold prices in the last year. They have gone to over $1,500 from being at $1,200. Silver and other precious metals have experienced a similar price jump. This is partially because precious metals are often viewed as a "safe haven" when worldwide currencies are weakening. Some industry watchers have warned that gold and precious metals are getting close to bubble status, with prices that have expanded beyond their "real" value.
The brightest way to invest
Investing can be an activity fraught with dangers. There are do-it-yourself investing tools, and you also can purchase precious metals and store them yourself. No matter how you choose to invest, always work with corporations that have been vetted by the Better Business Bureau. You should also never invest in any precious metals business that you cannot independently verify with the Federal Trade Commission or CFTC.
Suit against American Precious Metals LLC occurring
The American Precious Metals LLC company is based in Florida. It is in Lake Worth, Fla., to be exact. It sold investments in platinum, palladium, silver and gold to customers. It used telemarketers to do this. With a huge down payment, the company would store physical metals and finance the purchase for the consumer. The business also would give a huge return on the investment. They promised several hundred percent returns. The business gave individuals short-term loans for investment in very special metals. Still, these metals didn't really exist. The business never registered as an investment business with the Federal Trade Commission or CFTC either. The charges against the company contain violations of the Telemarketing and Customer Fraud and Abuse Prevention Act, also as regulations controlling precious metals. All the assets of the business have also been frozen.
Increase in precious metal costs
Precious metal investment scams have become more prevalent lately. This is because there has been an increase in the precious metals price tags. There has been a huge increase in gold prices in the last year. They have gone to over $1,500 from being at $1,200. Silver and other precious metals have experienced a similar price jump. This is partially because precious metals are often viewed as a "safe haven" when worldwide currencies are weakening. Some industry watchers have warned that gold and precious metals are getting close to bubble status, with prices that have expanded beyond their "real" value.
The brightest way to invest
Investing can be an activity fraught with dangers. There are do-it-yourself investing tools, and you also can purchase precious metals and store them yourself. No matter how you choose to invest, always work with corporations that have been vetted by the Better Business Bureau. You should also never invest in any precious metals business that you cannot independently verify with the Federal Trade Commission or CFTC.
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