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Gold Scams come in many forms but in the end the goal of the scammer is to part you from your cash either by coning you into paying some kind of upfront fee, or switching the gold for zink, brass or some other metal other than gold.
Many of the gold scams circulating originate from Africa. Numerous criminal perpetrators assert to be mine owners and have mining operations in nations like South Africa and Ghana, Africa’s top producers of gold. Scammers guarantee to be offering gold via legal businesses or mining companies often offering large orders of gold at big discounts. Gold sellers and mints the world over are also being tricked, as they search out brand new gold suppliers. Vast sums of monies are lost to the con men that runs these sophisticated gold scam syndicates. The recent popularity of gold and restricted supply is forcing long time gold merchants to make associations with new suppliers and contacts, a large portion of which are fake.
These fake businesses guarantee to be enrolled with firms such as the Precious Mineral Marketing Company (PMMC) in Ghana in order to gain the confidence of potential investors which inevitably become victims. These companies will even go to the trouble to put up fake websites that seem, by all accounts, to be real. A closer examination regularly uncovers quite experienced scammers in Ghana, who are manned with with top level information of the gold industry. Many of these scammers even obtain government contracts and fake official looking documentation to look legitimate, and others claim to work under parent companies in other African nations and North America.
Gold Scams fall into several categories
Gold Scams can be categorized into several groups. Every one of these gold scams have been created and refined over time. The fact that the scam seems obvious to some but still fool others may lie in the fact that gold has a tendency to make one nervous, giddy, or even sweat from the idea of obtaining gold. One could even say that people lose complete sensibility in the presence of gold.
Gold Scams broken down
Here are the the major methods associated with gold scams.
1) Advance Fee – Pay Export Tax
Pay the Export Tax and we will ship gold to you anywhere in the world is a twist on the Advanced Fee Scam. These type of gold scams center around a “financier” that will supposedly pay the seller for the gold as long as you pay the export tax. Gold guaranteed to be delivered CIF via MT799 is how this gold scam usually starts. [MORE]
2) Fake Gold Bars – Metric Tonnes of Gold for sale
This scam is one that anyone sensible would not believe yet various email messages circle on the Web for purchasers (buyers) or venders (sellers) of way up to 10,000 metric tonnes of gold. The shipments often arrive as gold painted lead. [MORE]
3) Partial Delivery
This is a popular gold scam. This scam starts out with a payment to the seller. The seller with then provide a portion of the gold. [MORE]
4) Royal Family Auction
This gold scam is a tale that a royal family of some location, often Nigeria, has gold that they are auctioning off because the king or queen has died. [MORE]
5) Salting – Fake Gold Mines
As One of the oldest gold scams, this one comes in several varieties. From seeded mining ares that have been peppered with gold from other areas far away, to fake reports. [MORE]
6) Swiss Procedure
This scam is typically associated with the request for Gold Bullion. The “Swiss Procedures” are all designed to allow for fraud and scams. [MORE]
If you have been scammed and have a story to share, please contact us.
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