What is Bullion?
Bullion is a type of gold that is sold in bars, rounds, or some coins. It is usually gold that is sold in bulk and not as numismatic coins. It is purer than the metal used in numismatic coins and jewelry.
Many people sell bullion, but you must be careful when you choose the company. You will want to read reviews such as Bullion By Posts Reviews so that you can see what others are saying about the companies. You don’t want to choose the first company you find, because they could be trying to scam you.
This article will help you to learn if Bullion is a scam or if it is legit. Is it really something that you should buy – or should you leave it alone and buy something else? This article will help you to decide which it is.
Ways to Tell if the Bullion Dealer is Fraudulent
There are ways to tell if you are dealing with a fraudulent bullion dealer. There are tell-tale signs to see. This list will help you to find out if they are fraudulent or legitimate. You can see here some other ways that you can tell if it is fraudulent dealer: https://www.cftc.gov/LearnAndProtect/AdvisoriesAndArticles/fraudadv_preciousmetals.html. This is an independent sight that wants to help you.
- Fraudulent Sales Pitch – A fraudulent sale often starts with a fraudulent sales pitch. These are some of the first signs that can help you to tell if the sale will be a scam.
- The caller will try to make you believe that the price of the bullion will go up due to a recent disaster in the area. For example, they will say something to the effect of “since there was a hurricane, the price of bullion will skyrocket.”
- The calls will be made by those who call themselves merchants or metals dealers. This would be a big red flag for you.
- If the deal is advertised on television, radio, or online sources, it is probably a scam. Most people who deal with precious metals don’t have to advertise. They often won’t advertise because people find out about them through word of mouth.
- If the caller or advertiser asks you for personal information such as your directory information – name, phone number, and email address. If they ask for more personal information such as your social security number or something similar, they are fraudulent and are trying to get information to scam you.
- If you get calls from a broker that is trying to sell you the next big deal in precious metals, they are probably fraudulent. Legitimate brokers won’t call out of the blue to talk to you about this. They might if you are already a customer and they know what metals that you like.
- Persuasion Tactics That May Point Out Fraud
Fake brokers will try to use certain persuasion techniques that will urge you to buy before you lose the deal. Below are some of the tactics that a fraudulent broker may use.
- They will dangle something that you can’t have under your nose. For example, they will tell you that the next big precious metal is available but it will be beyond what you can pay.
- They will try to entice you by giving false credentials and use them to convince you that they are a legitimate business. This could sound like “Since I’m the president of This Company, I would never sell something that won’t produce.” If you hear something like this, run the other direction.
- They will also try to tell you that other investors that you may know have already invested with them and they are doing well. This is a surefire way to tell if they are a scam.
- If they tell you that they will do you a favor if you buy now – such as lowering or removing their commission fees. They want you to do it quickly or you will risk losing out on a good deal.
- They will also tell you that you need to buy now because another market will open soon and you will lose out on this deal. They don’t want you to have a chance to think about what you are doing; they want you to spend a lot of money now. This is another surefire way to tell if it is a scam.
Conclusion
If someone is trying to sell you precious metals and it sounds too good to be true, it probably is. A legitimate broker will wait for you to call them unless you are a longtime customer. Legitimate brokers will rely on word of mouth advertising and won’t advertise on television, radio, or online sources. Be careful when you buy and do diligent research before you settle on a broker.