Beware of Companies Trying to Sell You Gold and Silver

 

Image Resource: FDIC Online Image

It seems like every time elections come around or something that might have an effect on the economy, some company(ies) start with the “buy gold and silver” commercials.  The more commercials you see, the more you should suspect there might be a possibility of a scam afoot. And it’s usually supporters of the right wing.

I don’t want to name companies here, but I would encourage you to do the research for yourself and elderly relatives who might become victims of the schemes.

Any company that is not FDIC insured should be considered a problem for you. Your money is not protected.  FDIC stands for the Federal Deposit Insurance Corporation.  It’s the independent agency of the United States federal

government that insures deposits in banks and thrift institutions. And it’s one of the surest ways of you getting your money back if you deposit your money in an institution, you think you are doing some type of banking with. 

The way those commercials are worded, you may be led to believe the company you are buying the gold and silver from is part of the government system or is just as secure; but many times that is not the case.  Please be diligent in researching anyone trying to get your hard-earned money.  Legitimate banks are backed by the FDIC, which means your deposits are insured up to $250,000 per depositor, per insured bank. If you’ve got more than that in a bank, you might want to discuss how to protect your resources by talking to a financial advisor who is familiar with asset protection.  If you are not interested in the stock market or investing, LET THEM KNOW!  That way, assumption won’t be a problem when it’s time to get your money.

 

Resources:

FDIC: Federal Deposit Insurance Corporation