By Craig Erwin, Ph.D.
Precious metals scammers use doomsday scenarios (e.g., a Covid apocalypse, a huge stock market crash, a world war started by Russia, a climate change disaster) to terrify us. Scam artists scare us into selling our investments (e.g., stocks and bonds) and buying gold and silver coins. They say coins, marked up as much as 300%, are a good investment and much safer than stocks and bonds. But the scammers make huge profits, not you. You stand to lose a lot of money if you fall for these scams. If a precious metals scammer calls, don’t answer. They tap into your worst fears and they are very persuasive. Stay the course; stick with your current investment plans. If scammers call, just hang up!
Have scammers called you? If so, how did you react? What are your worst fears, regarding your investment portfolio? Are you woefully behind on saving for retirement? Does this make you susceptible to scams?
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