In the world of investments, gold has been considered a safe haven by many.

Gold is a tangible asset that could weather economic storms and preserve wealth.

Yet, as the price of gold soars, a new threat looms large for potential investors.

With the rise in gold prices comes a surge in scammers looking to exploit those looking to secure their financial future.

The scams have become increasingly sophisticated as counterfeit products are made from copper and zinc plated with gold.

These fake gold products have been flooding online marketplaces, tricking even the savviest investors.

Additionally, dodgy marketing schemes related to these gold scams saw bidders unable to reclaim their funds.

Gold has been a secure investment for many Australians. Image Credit: Pexels/Zlataky.cz

These scams left many investors out of pocket and without the gold they thought they secured.

The Perth Mint has been inundated with inquiries from concerned individuals seeking verification of their gold's authenticity.

The Perth Mint and its network of credible dealers are excellent starting points for buying genuine gold.

Mines and Petroleum Minister David Michael emphasised the Perth Mint's crucial role in maintaining the integrity of the Australian gold industry.

The Mint has been closely working with the London Bullion Market Association, an authority in the international precious metals market.

'If you're planning to purchase gold, please be alert and ensure you buy it through credible channels,' Mr Michael advised.

WA Police acting Commander Steve Post also weighed in on the prevalent scams.

Commander Post highlighted the work of their dedicated team of investigators called the gold-stealing detection unit.

Also called the 'gold squad', these officers have been involved in all investigations related to the theft, fraudulent use, and processing of gold.

Commander Post issued a stern warning that gold could be a target for organised criminal activity and urged potential buyers to exercise extreme caution when buying.

'If it does seem to be too good to be true, then it probably is,' he cautioned.

For our members looking to invest in gold, here are some tips to help you avoid falling prey to these scams:

• Purchase from reputable dealers: Always buy gold from well-known and trusted sources. Conduct thorough research or seek recommendations from trusted financial advisors.
• Verify authenticity: Consider having the gold tested for purity and authenticity by a professional before purchasing.
• Be sceptical of online deals: Exercise caution when buying gold online, especially if the price is significantly lower than its market value.
• Understand the return policy: Make sure there is a clear return policy in place.
• Keep documentation: Always keep detailed records of your gold purchases, including receipts, certificates of authenticity, and any communications with the seller.

Investing in gold should be a cautious and well-researched decision.

Do not let the allure of a good deal blind you to the risks of counterfeit gold.

Key Takeaways

• The Perth Mint advised customers to be cautious of counterfeit gold scams as the price of gold soars.
• Scammers have been selling fake gold products online made of copper and zinc and are involved in dubious marketing schemes.
• Mines and Petroleum Minister David Michael emphasised that investors should buy gold through credible channels to maintain the integrity of the Australian gold industry.
• WA Police also warned that gold could be part of organised crime and urged potential buyers to be very vigilant.

Have you had any experiences with purchasing gold or perhaps encountered a scam related to these types of items? Share your stories in the comments below to help others learn from your experiences.

 

[Zemo]

An old, old story ... if the sounds-good offer comes from overseas, chances are your money will disappear overseas.

 

[Bill MacL]

Ahh. yeh. Every time I use a card I get ripped off with petty charges. Over a lifetime it adds up to a sizeable amount, a bit like compound interest in reverse.

 

[Fay1946]

Ahh. yeh. Every time I use a card I get ripped off with petty charges. Over a lifetime it adds up to a sizeable amount, a bit like compound interest in reverse.

Put your card in machine, press savings. Mostly no charges.

 

[June E]

Sadly I never have nor ever will be in the market to buy gold, so not likely to ever be caught by this particular scam.

 

[Wombat2u2004]

A lot of people invest in gold here in Thailand. It's about the safest investment people can make here, and the price of gold always rises, so there is profit in it and also the ability to turn gold into cash very easily at the many many gold selling stores here.
Gold stores here are strictly watched by the government so that they cannot put there gold value up or down, shops are contacted daily about buying and selling gold by the government who give them the current amounts they can charge for buying gold or what they can refund for those that want to sell their gold.
The gold is sold in two forms, either ingots or jewelry.
Women or men can buy ingots for the current buying price per weight, or buy jewelry for the current buying price per weight PLUS a fee for the making of the jewelry. Same as when they sell the jewelry back to the store, a fee is charged if it is not an ingot.
All gold shops here display buying and selling of gold per baht on big signs on their store fronts.

 

[Radiant]

Can’t believe how much gold has risen. I think back now to when it was reaching $500 and I thought that was good. Sorted out some of my gold jewellery and I’m going to sell it at the Perth Mint. Might be surprised at what I’ll get. (I hope)!!