Scams exist in all industries, but as mentioned above, it’s not just the out-and-out scams that can get you. There are just as many legitimate companies and services that are out to take your money and give you very little in return.
That’s why it is important to be vigilant at all times. In fact, in the age of the internet, of review sites, social networks and instant online access, there is no excuse not to be. Always do your research and never trust in a single source or a single site. Make sure you run a Google search on the companies that you plan on using and always focus on the organic results and not the sponsored ones. After all, scammers can pay to be sponsored as well, and while this is not a sign of a dangerous site, it’s not a site of a genuine one either.
Look for forum posts, social network posts, review sites and more. If the company is a reputable bullion dealer, one that stores, ships or deals in large quantities of silver or gold, then it should have a substantial online presence. There should be customers who have an experience of the company as well as experts offering their informed opinions on it.
If there is any doubt, then think twice. Do not let greed or desperation get the better of you, as this is what the scammers thrive on.
The Better Option
All of the reasons above are why some brokers only provide allocated, direct ownership, with your gold stored outside the banking system. This means that even if everything fails, even if your country is on its knees, your investment will be safe. There are no hidden issues or fees with this service and they are not selling something that does not have a tangible value.
This is safer, more secure and more viable than any low cost storage option, they do not sell gold or silver that they do not have and they will never try to sell you a coin at a price that is significantly higher than its intrinsic worth. If you have any doubts about the service that they offer, just ask them a question over the phone, via email or via live chat.