Three different 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. Businesses have been guaranteeing fake investments in gold, silver and other precious metals. People have invested personal loans just to lose money.
Suit against American Precious Metals LLC occurring
American Precious Metals LLC was a business based in Lake Worth, Florida. 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 customer. The customer would get a several hundred percent return on the investment from the company though. The company gave people short-term loans for investment in very special metals. Still, these metals did not really exist. The business never registered as an investment business with the Federal Trade Commission or Commodity Futures Trading Commission either. The business violated the Telemarketing and Consumer Fraud and Abuse Prevention Act and did not follow precious metal regulation. The company's assets have been frozen now.
Increase in precious metal prices
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 an increase from $1,200 to over $1,500 in the per-ounce price of gold in just the last year. This is not just for gold. Other precious metals have also been increasing. Most precious metals are considered a "safe haven" for investments, which could trigger some of this. Some industry watchers have warned that gold and precious metals are getting close to bubble status, with costs that have expanded beyond their "real" value.
Don't invest in the wrong thing
There are several troubles that can come with investing. Investing tools simply don't exist. If you would like to invest in precious metal, purchase it and store it without help from anyone. No matter how you choose to invest, always work with companies that have been vetted by the Better Business Bureau. You need to also never invest in any precious metals business that you can't independently verify with the Federal Trade Commission or CFTC.
Suit against American Precious Metals LLC occurring
American Precious Metals LLC was a business based in Lake Worth, Florida. 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 customer. The customer would get a several hundred percent return on the investment from the company though. The company gave people short-term loans for investment in very special metals. Still, these metals did not really exist. The business never registered as an investment business with the Federal Trade Commission or Commodity Futures Trading Commission either. The business violated the Telemarketing and Consumer Fraud and Abuse Prevention Act and did not follow precious metal regulation. The company's assets have been frozen now.
Increase in precious metal prices
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 an increase from $1,200 to over $1,500 in the per-ounce price of gold in just the last year. This is not just for gold. Other precious metals have also been increasing. Most precious metals are considered a "safe haven" for investments, which could trigger some of this. Some industry watchers have warned that gold and precious metals are getting close to bubble status, with costs that have expanded beyond their "real" value.
Don't invest in the wrong thing
There are several troubles that can come with investing. Investing tools simply don't exist. If you would like to invest in precious metal, purchase it and store it without help from anyone. No matter how you choose to invest, always work with companies that have been vetted by the Better Business Bureau. You need to also never invest in any precious metals business that you can't independently verify with the Federal Trade Commission or CFTC.
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