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As gold prices gather momentum, scammers seek to capitalize
By Elliot Smith
CNBC, New York
Friday, March 6, 2020
The price of gold spiked again this week as investors sought surety amid concerns over the coronavirus outbreak, but scammers are also capitalizing on the surge.
The precious metal was trading at just below $1,670 today, having a few weeks ago surpassed $1,688.60 to hit its highest level since the start of 2013.
... Dispatch continues below ...
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But as demand continues to rise, networks of scammers, who pose as legitimate gold traders and attempt to dupe investors, are evolving their tactics, according to experts, while counterfeit products are becoming ever more advanced.
"We are just starting to see an increase in fraudulent approaches reported by clients," Rick Rule, CEO of asset manager Sprott, told CNBC via email.
"These always coincide with an increase in precious metals prices, which usually itself coincides with times when fear of more conventional investment products is high." ...
... For the remainder of the report:
https://www.cnbc.com/2020/03/06/as-gold-prices-gather-momentum-scammers-...
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