Many Black folks believe the hype – and in many cases it’s true! Gold can be a valuable, reliable investment, maintaining its value during economic downturns. But be careful.
Scam artists desperately want to con unsuspecting victims out of their investments. Here are a few ways not to get got.
Coins Vs. Bullion
The AARP cautions us to buy gold bullion from reputable dealers instead of coins, stating that “only extremely knowledgeable collectors should invest in rare coins, since tiny differences in condition can slash tens of thousands of dollars from the value.”
Spot Fake Sellers or Products
Forbes suggests that you do your due diligence when investing through local dealers. “Make sure that you check the dealer’s reputation [and licensure, and] get recommendations ... Learn the basics of how to identify fake gold.” Attributes that signal a fake include weight, diameter and thickness discrepancies, rim seams, and magnetism.
It’s Not Market Proof
Despite what many con men say, gold can and does decline in value for a number of reasons. Don't let them prey on your hope for secure investments in this economy – every investment carries risks! Be wise about the sources you purchase from and what types of gold products you purchase, and don’t fall for a scam!