Gold Scam 4: Make-Believe Bullion
The Coin Con: Though it might seem hard to believe, some brazen dealers traffic not in counterfeit gold coins, but in coins that never existed in the first place. They prey off gold investors’ practical fear of holding a large amount of physical gold in their homes. What if a robber takes it all? Where can someone find the place to store a bulky coin collection? These “helpful” dealers offer to keep the coins in escrow to avoid such problems. Only, a far greater problem is that the gold coins never existed in the first place. And to top it off, these charlatans will actually charge you a storage fee for the gold they don’t possess.
Solution: If you’re getting into gold coins, you simply must take possession of them. There are risks and rewards to all manner of investments, and if you want to play physical gold, you have to understand that proper storage is part of that investment.