How the scam works:
Scammers approach their victims anywhere, especially in stores, where people can spark up a conversation easily.
A woman tells you a family member is in the hospital and needs urgent surgery, but she doesn’t have enough cash. That’s why she is selling her last resort for rainy days – a gold bar. She’s very convincing in her dramatic story and you start to get interested, as you might get a deal. The woman is offering the gold bar for what she says is a very good price.
The bar looks authentic and the price is somewhere around $8,000. You start negotiating, because you aren’t a charity and you don’t want to be taken for a ride. After 20 minutes of negotiation, you have agreed on a price, probably about half of what she first asks, so you feel you have really done a smart bit of bargaining. You don’t feel bad about it because she tells you she’s really relieved that she can now pay for the surgery.
Unfortunately, the gold bar you just bought is a polished hunk of metal that looks good.
How to avoid:
There’s no such thing as getting gold for an amazing bargain. Gold has a recognized market price and should only be bought from accredited dealers. If you want to buy gold, do your homework. Get a recommendation from a friend who maybe already dealt with the company you came across. Check to see if the company is regulated by the state you live in. If the seller uses high-pressure tactics, step away– it is certainly a scam – real gold dealers don’t need to press for business.
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