Be Wary of Precious Metal Investment Pitches

Monday, August 7th, 2023 -- 8:00 AM

(Bob Hague, WRN) Ask questions first, if you’re considering investing in precious metals.

Attorney Lindsay Fedler with the state Department of Financial Institutions, says due diligence is critical before buying gold or silver. “What are their qualifications, and how does the product they're pitching meet your personal financial needs, as well as what are their premiums and fees for buying these precious metals?”

Fedler, an attorney with the state Department of Financial Institutions, advices wariness about certain advertising. “Be wary of any advertisement that was designed to instill fear about the economy in favor of precious metal, or touting certain political or religious affinity.”

Fedler, says due diligence is critical. “Pitches that try to create a false sense of urgency by claiming that there is a limited supply of a certain coin or metal or encourages financing the purchase through loans that are typically arranged by the firm.”

Also be cautious of any ads designed to instill fear about the economy in favor of precious metal, or touting certain political or religious affinity. You can find more information and contacts at DFI-dot-wi-dot-gov.

Feel free to contact us with questions and/or comments.