The Commodity Futures Trading Commission, a part of the Federal Trade Commission, is taking action against three separate corporations. Lawsuits have been filed and announced in the last few days. American Precious Metals, LLC is the latest company to be shut down in this review of precious metal investments. Businesses have been offering fake investments in gold, silver and other precious metals. People have invested personal loans just to lose money.
American Precious Metals LLC lawsuit
The American Precious Metals LLC company is located in Florida. It is in Lake Worth, Fla., to be exact. Customers were pressured by telemarketers into purchasing gold, silver, platinum and palladium investments being sold. The consumer could get financing from the business, according to the salespeople, and would get the physical metals stored as well. A huge down payment was required though. The customer would get a several hundred percent return on the investment from the business though. The business offered short-term loans for investments in precious metals that never really existed in the company though. The business also never registered with the FTC or Commodity Futures Trading Commission as an investment business. The company violated the Telemarketing and Consumer Fraud and Abuse Prevention Act and did not follow precious metal regulation. Now the company does not have access to its assets. They were all frozen.
Prices of precious metals going up
The increasing number of fraudulent precious metals investment scams has been boosted by the quickly rising price of most precious metals. There has been a huge increase in gold costs in the last year. They have gone to over $1,500 from being at $1,200. Silver and other precious metals have experienced a comparable 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 smartest way to invest
There are several difficulties that can come with investing. Investing tools simply don't exist. If you need to invest in precious metal, buy it and store it without help from anybody. Make sure whoever you invest with is at the Better Business Bureau. Always check there for information. You should also never invest in any precious metals business that you cannot independently verify with the Federal Trade Commission or Commodity Futures Trading Commission.
American Precious Metals LLC lawsuit
The American Precious Metals LLC company is located in Florida. It is in Lake Worth, Fla., to be exact. Customers were pressured by telemarketers into purchasing gold, silver, platinum and palladium investments being sold. The consumer could get financing from the business, according to the salespeople, and would get the physical metals stored as well. A huge down payment was required though. The customer would get a several hundred percent return on the investment from the business though. The business offered short-term loans for investments in precious metals that never really existed in the company though. The business also never registered with the FTC or Commodity Futures Trading Commission as an investment business. The company violated the Telemarketing and Consumer Fraud and Abuse Prevention Act and did not follow precious metal regulation. Now the company does not have access to its assets. They were all frozen.
Prices of precious metals going up
The increasing number of fraudulent precious metals investment scams has been boosted by the quickly rising price of most precious metals. There has been a huge increase in gold costs in the last year. They have gone to over $1,500 from being at $1,200. Silver and other precious metals have experienced a comparable 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 smartest way to invest
There are several difficulties that can come with investing. Investing tools simply don't exist. If you need to invest in precious metal, buy it and store it without help from anybody. Make sure whoever you invest with is at the Better Business Bureau. Always check there for information. You should also never invest in any precious metals business that you cannot independently verify with the Federal Trade Commission or Commodity Futures Trading Commission.
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