For the third time in the last few weeks, the Commodity Futures Trading Commission has taken action against precious metal investors. American Precious Metals LLC has been shut down, pending further inquiry. These businesses have been offering Ponzi scheme style investments in precious metals. Gold, silver, palladium, and other precious metals were offered, fraudulently, as investments by these companies. Individuals have invested personal loans just to lose money.
Case against American Precious Metals LLC
The American Precious Metals LLC business is located in Florida. It is in Lake Worth, Fla., to be exact. It sold investments in platinum, palladium, silver and gold to consumers. It used telemarketers to do this. The salespeople claimed that the company would store the physical metals for the consumer and even finance part of the purchase after a significant down payment was made. The business also would give a huge return on the investment. They promised several hundred percent returns. The business offered short-term loans for investments in precious metals that never really existed in the business though. The business also never registered with the Federal Trade Commission or Commodity Futures Trading Commission as an investment business. The company violated the Telemarketing and Customer Fraud and Abuse Prevention Act and did not follow precious metal regulation. Now the business doesn't have access to its assets. They were all frozen.
Rising precious metal prices
Precious metal investment scams have become more prevalent recently. This is because there has been an increase in the precious metals price tags. In the last year, the per-ounce price of gold has gone from less than $1,200 to more than $1,500. This isn't just for gold. Other precious metals have also been increasing. This is partially because precious metals are often viewed as a "safe haven" when worldwide currencies are weakening. Some say the prices of precious metals are so far above their "real" value that they're getting close to bubble status.
Invest carefully
Investing could be an activity fraught with dangers. Investing tools simply do not exist. If you need to invest in precious metal, purchase it and store it without help from anybody. Regardless how you choose to invest, always work with corporations that have been vetted by the Better Business Bureau. Any company that cannot be verified with the FTC or CFTC should not be invested in.
Case against American Precious Metals LLC
The American Precious Metals LLC business is located in Florida. It is in Lake Worth, Fla., to be exact. It sold investments in platinum, palladium, silver and gold to consumers. It used telemarketers to do this. The salespeople claimed that the company would store the physical metals for the consumer and even finance part of the purchase after a significant down payment was made. The business also would give a huge return on the investment. They promised several hundred percent returns. The business offered short-term loans for investments in precious metals that never really existed in the business though. The business also never registered with the Federal Trade Commission or Commodity Futures Trading Commission as an investment business. The company violated the Telemarketing and Customer Fraud and Abuse Prevention Act and did not follow precious metal regulation. Now the business doesn't have access to its assets. They were all frozen.
Rising precious metal prices
Precious metal investment scams have become more prevalent recently. This is because there has been an increase in the precious metals price tags. In the last year, the per-ounce price of gold has gone from less than $1,200 to more than $1,500. This isn't just for gold. Other precious metals have also been increasing. This is partially because precious metals are often viewed as a "safe haven" when worldwide currencies are weakening. Some say the prices of precious metals are so far above their "real" value that they're getting close to bubble status.
Invest carefully
Investing could be an activity fraught with dangers. Investing tools simply do not exist. If you need to invest in precious metal, purchase it and store it without help from anybody. Regardless how you choose to invest, always work with corporations that have been vetted by the Better Business Bureau. Any company that cannot be verified with the FTC or CFTC should not be invested in.
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