Gold Investment Scam: How It Works
(with video below) Is gold a good investment now? If you're wondering how to invest in gold and silver, watch out for the Gold Investment or Gold Coins For Sale scam.
The price of gold reached recently its highest point in history. Taking advantage of the bad economy and people's interest in investing in gold, crooks came out with lucrative scams to victimize the potential buyers. The peak reached this year. How does the scam work?
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Watch the video below to see the Gold Coins For Sale Scam, exposed:
Gold Coins For Sale Scam VideoCreating beautiful fake websites backed up by phony testimonials, scammers advertise everywhere, even on local radio stations, guaranteeing high returns on investments. Victims send the money, there is a promise that the gold exists (gold bullion) and the seller guarantees the gold is saved for the client in some safe location.
Indeed, the gold doesn't exist, while victims live with the belief that their gold is in good hands. Since this is a long time investment, they wait for years for the right time to re-sell it, while in reality the gold is not even there. By the time they realize have been duped, scammers are long gone.
In a different variation of the scam, telemarketers sell real gold coins to naive people paying upfront. Also, beware of the Gold IRA Investment Scam.
Watch another video below to see the boiler room style Gold Investment Scam:
Gold Coins For Sale Scam: How To Avoid
If you want to know how to buy gold coins or bars, 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. Also, a good idea is to check if their company is a BBB accredited one.
Gold Investment Scam: How To Report
Make your family and friends aware of the Gold Investment Scam by sharing it on social media using the buttons provided. You can also officially report the scammers to the Federal Trade Commission using the link below:
Report Scammers To The FTC Here
How To Protect Yourself More
If you want to be the first to find out the most notorious scams every week, feel free to subscribe to the Scam Detector newsletter here. You'll receive periodical emails and we promise not to spam. Last but not least, use the Comments section below to expose other scammers.
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Claudeu.com and related sites in China are trying to sell fine silver and fine gold 1 oz coins for $10 and $20 apiece. $10 for one oz fine silver and $20 for one oz fine gold. They’re obviously counterfeit but the site doesn’t say they’re just replicas. They’re trying to pass them off as the real thing.
I was contacted by a Broker on October 30, 2019 stating that there is a group of Jewish buyers from Israel wanting to purchase gold bars from our company for export to Belgium.
We sent our SPA Agreement contract with terms and conditions since we do not require any payment upfront.
The Buyer group F BAHOUTI CONSTRUCTIONS & DEVELOPMENT FROM ISRAEL.
The Buyers principals are Mr Awar Bahouti & Mr Raed Koury.both from Israel.
After the Buyer signed our SPA agreement, we presented our documents such as Proof that we are Seller by providing Proof of Products such as our Export documents, report of the Gold and we provided as agreement current Video of the Gold bars with the Buyers name and contract ID together with Date.
These are part as proof we will deliver the Gold to Belgium as they had instructed us.
I have communicated with Mr Anwar Bahouti and Mr Raed Khoury numerous times to ensure they are very comfortable with our agreement.
We provided our Barclays bank account in UK and they were to provide us with the Proof they have the Proof Funds to pay for the value of the gold 100 kilograms for USD 4,100,000.00.
The Proof Funds they have to prove is to show us bank documents signed by the Bank officer in form of Mt799 swift transmission to our Barclays bank.
in return we will send them a Performance bond of 2 % as proof that we are serious sellers. The Buyers had also provided us with the Refinery in Antwerp Belgium where we are to send the Gold 100 kilos. Named "Gold and Cash" upon checking we could not find evidence of the refinery to receive the Gold.
In addition, the buyer kept promising that they will send us the Proof of Funds from the Bank in Viena Austria. for 10 days after promising every day that they are sending us the Proof of Funds, they never could prove they have the.$4,100.000.00 usd in a bank account at the Private bank in Vienna Austria as they claimed they have.
The more we did our Due diligence we started to get suspicious we demanded an address Physical for Bahouti Constructions in Israel.
Instead we were provided by a PO BOX only. We asked for proof of address and building since they are supposed to be a construction company.
The address given was. box 149 Israel 16940 Rauna -Nazareth Israel.
we googled it all we can see was a post box.no building.
Then we started to look into the refinery in Belgium location, what we discovered the location had been closed and the name no longer exists had been shut down.
We tried to trace the refinery in Antwerp Belgium and name provided as contact ID: BE 0406978148 Attention: Yishai Shariki. we came up with nothing.
Our message to report this is to warn other Gold sellers that there are BUYER SCAMMERS out there.such as BAHOUTI CONSTRUCTIONS & DEVELOPMENT . tELEPHONE NUMBERS 972 50-599-4990 +972 53-490-0000.
George Allieu is claims to be a gold and diamonds seller / broker from Freetown Sierra Leone. He is operating in Sierra Leona as well as Guinea Conakry. He claims he is able to sell you Gold dust, Gold bars, Diamonds. George Allieu works together with local miners and exporters to scam you.
George approaches his potential victims using LinkedIn, Facebook, Youtube and WhatsApp. He will invite you to Sierra Leone, he will get you your visa and show you the product (Gold or Diamonds). After you pay for the product as well as for the taxes he will give you fake documents and disappear. You will never get your gold or diamonds and he will also not get you your invested money back.
email : [email protected] / phone & WhatsApp : +232 77339414
Please be careful of Scam in Freetown Sierra Leone. The company name is Jupiter Minerals Links and Investment SL Ltd. and Shipping Company Turie Logistic SL Limited. Both are set of Gold Scam Group.
Jupitar Minerals Links took more than USD17000 upfront fee and Turie Logistic took USD10000 as Ecowas, INFLOW, Dimmurage fee(Storage fee). The member of Jupiter Minerals Links and Investment SL Ltd is CEO/ Sesay Foday, President/ Kojo Mammar, Sales/ Peter Koroma. They insist that they are just agent, all owner’s faults. They did not take any responsibility.
Beware of http://www.hyperspeedgold.com. Trying to get my money back but they push me to leave them in there. I should have known when I noticed their website is poor quality and has a bunch of other red flags. I was introduced to it by one someone I came across through my business. He convinced me to sign up stating that with in 90 days I would start seeing my co-op grow and there was nothing left for me to do. I paid in $400 usd and then my son bought in under me for $200.00. I think I lost them already…so beware.
HyperSpeed Gold is a multi level marketing using precious metals. They deny it’s MLM but I can’t see it being any thing else.
When they started in November they were using Paypal and all looked good until about 3 months in pay pal shut them down. Then they went to some other payment gateway for a few months which folded now they only do wire transfer.
Lesley Leonard Kolf and shareholder Melvin Kolf are everything but honest in selling gold. They operate under different companies and make their buyers believe they are hnest in their business. Unfortunately we found out the hard way that they actually are scammers. Lesley Leonard Kolf uses his companies Kolf Group, Kolf Gold and Kolf Investment based in Antwerp and Luxembourg he will give you the feeling that you are dealing with a genuine gold seller.
He will show you pictures of previous transactions, tell you that he is well connected in Africa (Ghana, Tanzania, Uganda, Congo, etc) and he will even show you documents of previous transactions BUT the big problem is that he will never send you any gold. Instead he will con you and I will explain how:
First he will ask you for money for his tickets and hotel fees. Iff you are not willing to pay he will ask you to pay for taxes to export the product to the buyers destianion (419 advance fee fraud). He will even offer you collateral which most of the time will be brass so useless. He will sign contracts with you but this is also useless because he does not respect contracts and find a way to leave you behind empty handed.
The export companies Leosley Kolf works with in Africa are helping him with his scam operations so it is extremely hard to manage things by yourself. The moment you find out something is wrong it is already too late so to avoid problems, disappointments etc.
Please be careful for Edward Roy Macauley and John Kamara from Sierra Leone. They deal in Diamonds and Gold Dust and Nuggets with the intention to scam you and take your money. Edward Roy Manauley and John Kamara will invite you to Freetown, Sierra Leone and will arrange your Visa and all that. After arrival they will take you up country (a 4 or 5 hours ride) to their "community". Once arrived you will meet ttehir local chief who is responsible for the Diamonds and for the Gold. Unfortunately they will never release the Gold or Diamonds after they received the money you will pay them for taxes of the goods. They are scammers and we want to warn the world.
Scammers:
Edward Roy Macauley – Freetown Sierra Leone
Mobile and Whatsapp: +232 76106582 or +232 77404215
John Kamara – Freetown Sierra Leone
Mobile and Whatsapp: +232 30483163
Ibrahim Kamara – Freetown sierra Leone and Nairobi Kenya
Mobile and WhatsApp: +232 88032859
Companies:
Mabontho Mining Company , Sierra Leone
9 Bumbuna Highway, Tonkolili District, Freetown, Sierra Leone
Roy Mac Investment, Sierra Leone
22 Aberdeen Road, Aberdeen, Freetown, Sierra Leone
DTB International Limited, Sierra Leone
29 Nelson Lane, Tengbeh Town, Freetown, Sierra Leone
Please stay away from these people/companies !
Unfortunately we have to report a list of new scammers and the companies they use to scam buyers of Gold Dore Bars or Gold Nuggets in Nairobi, Dar Es Salaam or Uganda.
Aziz Ben Musafiri is operating in Kampala Uganda Nairobi Kenya as well as Tanzania
Hans Dieter Wagner is German but living in Nairobi Kenya
Albert Yale is operating from Nairobi Kenya most of the time
Roland Jojo Olembe is operating from Nairobi Kenya
Most of the time they will probably use one of the following companies to scam you so please be extremely careful !!
Umoja Express Logistics
Sky Blue Cargo Logistics
Gulf First Cargo Logistics
Kenya Metropolitan Gold Refinery Ltd (KMGR)
Isiro Group Mining SPRL and Shabunda Mining have their base in Congo but operate in Nairobi Kenya. They claim they can export Gold, diamonds and Copper Cathode but they cannot so be careful.
These companies are directly related to some companies we have exposed in our previous post below.
Mr. Roland Mundeke Kasongo
Mr. Mukendi Salim Osango
Mr. Bisimwa Makelele
Mr. Chimanuka Bwino
Ms. Katerina or Kate Mundeke
These people have no intention to sell you Ggold, diamonds or copper. Their intention is to scam you. Don’t even accept their offer to get some collateral. They have govenrment connections and will scam you even harder. Typical example of 419 fraud (advance payment). Stay away from them and you’ll be safe !
Here is a scam email I received this morning:
DEAR SIR MADAM,
WE DIRECT MINING GOLD DUST AND ROUGH DIAMOND AND WE ARE SELLERS, BASE
IN LA GUINEE CONAKRY IS VERY HAPPY TO SELL YOUR GOLD DUST AND YOUR
ROUGH DIAMONDS IN A VERY GOOD PRICES IF YOU ARE BUYER MY FOB PRICES
AND KINDLY CONFIRM SO WE CAN PROVIDE YOU ALL NECCESARY DETAILS
REGARDING THE SHIPPMENT OF THE GOLD OR ROUGH DIAMONDS TO YOUR
REFINERY. INTRODUCTION OF OFFER.WE PRESENT TO YOU OUR OFFER AS FOLLOWS
COMMODITY METALS GOLD DUST ROUGH DIAMOND QUANTITIES I HAVE GOLD-DUST
MORE THEN TON’S AND DIAMONDS IN MY COUNTRY. OF GOLD DUST QUALITY 22
KARAT PLUS PURITY (94.7%) FOB PRICE IS $21000 US / KG.TO SHOW YOU HOW
WILLING AND SERIOUS WE’RE TO MAKE SURE WE BRING THIS BUSINESS TO A
SUCCESSFUL CONCLUSION. OUR TERMS AND CONDITIONS IS STATED BELOW: 1.
BUYER MUST BE PRESENT TO CONDUCT HIS OWN TEST AND BE SATISFIED BEFORE
SHIPMENT. 2 OR 1. BUYER SHOULD BE RESPONSIBLE FOR THE SHIPMENT COSTS
AND OTHER GOVERNMENT TAXES. 3. GOODS MUST BE ACOMPANIED BY OUR AGENT
TO BUYERS REFINERY AND AFTER THE FINAL REFINERY BUYER PAYS IN FULL
INTO OUR ACCOUNT IN TWO BANKING DAYS. 4.. PLEASE BE ADVISED BECAUSE OF
TOO MANY INTERNET FRAUDULENT ACTIVITIES, BUYER IS NOT EXPECTED TO COME
WITH CASH, ALL MONETARY TRANSACTION SHOULD BE DONE THROUGH OUR BANK
AND BUYER’S BANK. FIND TIME TO DILUTE THE ABOVE CONDITIONS AND IF IT
IS ACCEPTABLE TO YOU THEN WE CAN PROCEED A GOOD CONTRACT I WAITING YOUR
IMMEDIATELY REPLY. THANKS:
We sell gold bars and gold dust at cheaper price of 15000 per kg. Payment after final assay at refinery of buyers choice. shipping is through brinks. bakarinchiroma
We have gold
Ready for inspection and can have more than 1000 kgs monthly. For fast transactions and long term contracts please contact us at GOLD SALES UGANDA. We can sale from any quantity to 1500 kgs of gold. We sale gold at the highest level up to 99.9% purity refined very well before payments.
Contact us for more details at +27631157376
Ibrahim
http://www.goldsalesuganda.net
https://www.youtube.com/watch?v=Y2_JSPTl0Dk&t=1s
Katanga Import and Export and Kamuzo General Supplies in Dar Es Salaam Tanzania are also used for scam and deceiving operations by the same group which is also managing Noble Metals and Minerals. Edwin John Joshua and Simon Palm Shoo are very good in their job. One basic rule that will work with them: Never pay any money upfront. Do not accept their collateral or fake stories. Just refuse and you’ll be safe..
COBRAZ Ltd/ COBRAZ SARL is a scam company
(registered in Bangui RCCM number: 0228 / CCIMA / 2001B, Avenue B.BOGANDA 607BG BP, Tel: +236.77.24.19.59, represented by Charles Maximilian BOGANDA YANGONGO
[email protected]
+33 6 74 50 91 19
Central African Republic passport number: D00001291
Charles Maximilian BOGANDA or Max Boganda is a scammer based in Paris, but leads a double life with another woman/family in the Central African Republic.
Claims he can get you gold for EUR 27,500 per KG, 98% purity. He will just take your money and make excuses like; the deposit for gold, the tax rates have suddenly changed, its on a flight, its tied up in the ministry, the usual African conman lies.
He will tell you he is related to the president who died back in the 50ies (most Africans will tell you they are connected etc…this is the hook to lure innocent people in, this is a very common surname in the Central African Republic, don’t be fooled) he will also tell you he a special envoy to the Vatican etc, more lies.
Do not conduct any business with this man, he has scammed many people on gold and diamonds, in France, Belgium, RCA, Dubai, Cameroon and Guinea.
Currently there are legal proceedings by multiple parties against this crook and he will be brought to justice and serve time.
I can only confirm that Noble Metals ans Minerals in Dar Es Salaam , Tanzania managed by Edwin John Joshua and Simon Palm Shoo are scammers. We almost became vicitim but we were lucky we tested the collateral before payemnt. Collateral was brass instead of Gold by the way. Also watch out for their associates in Nairobi, Kenya. Especially Mr. Steve Mbogo Ndegwa is a well known scammer. Just stay away from these people.
is redanagold investment scam..?
I did some research online and here is what other people reported as questionable companies and individuals related to gold investment. All these names and companies are listed on the ripsoff report page. Watch out for these sneaky companies, folks: Noble Metals and Minerals (Edwin Joshua), HC Stamp and Coin, Stockpol Limited, Gold Minds, Pinnacle Atlantic, National Rare & estate Buyers, Luxury Liquidators TV, Crown Jewels and Coin, Fast Logistics llc, 007 Bullion, Silvertowne Auctions Leipsic, Westminster Mint, Mike Mesack, Gold Silver Group (Rick Dougherty), Pollux Minerals, Harry Omeros, Northwest Territories Mint, Jonathan Butler Cambridge. Paradise Coin and Collectibles, TrustLink, BitGold, Golsd Stash for Cash, Hamilton Terrace Llc (Pierre de Allfordii).
Hi
Can anyone tell me about zenith gold
here is a scam email I just received. beware of offers like this!!
Hello,
We are Gold Dore Bar and Gold Dust seller from Ghana west Africa, We are looking for buyer of gold who can join us in JV Partnership in our Mining site land in the Village. because we are in need of Mining Equipments to enable us increases our Mining production to be able to get more gold and supply, any buyer/someone who is interested should get back to us for more details.
We are also ready willing to give commission to any one who link us with gold buyer/someone who can join us in JV Partnership.
Regards
Mr. James Kent.
Watch out for this scammer:
LOOKING FOR GOLD BUYER,
Dearest Buyer,
I am contacting you for GOLD DUST, And GOLD
BARS, There are bulk of gold dust for sell to interested
buyers, each kilo is 30,500$.Our office in Abidjan is
representing all the 9 local mining communities, to sale
there gold dust and bars.
If you are interested, you can visit our company and mines;
you can see the quantity available and go to refinery to
inspect the quality before making agreement and exporting of
the Gold Dust/Bars to your destination.
1. Gold Dust/Bars
2. 23 Carat plus and Purity 99.05%
3. 30,500 USD for one Kg. Bush price
4. Gold Dust 250/Bars 200.
Origin: Cote D’Ivoire.
Commodity: Aurum Utallum
1. Form: Gold Bar,
2. Purity: 99.05 % like minimum value 99.05% like maximum value.
3. Price :30,500 USD for one kg.
4. Quantity Available 300 kg.
Origin : Cote D’Ivoire.
If you are not a buyer but can as well get us a buyer for
our Gold Dust/Bars, I will pay you commission of 10% for any
quantity we supply to buyer through you, just get me a
serious buyer.
DECLARATION: We hereby declare the above information to be
true and correct to the best of our knowledge and this offer
is being made without prejudice.
Thank for your co-operation and I wait for your email
Regards,
MR. MUSTAPHA KONE ABDUL
last year i was victim by a hyip scam "robofund"
i lost $500 in investments and "one million $" in "profits" which were "in pending" till this website was "closed"!!!!
good bye to my money& my earnings!!! but
,is there any office which can help me to restaure,at least my owen money ???