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SmartMoney: How to Spot a Gold Scam

LONDON, 18 August 2011 - Low-cost gold ownership service BullionVault is contrasted today against scam offers in a special report from SmartMoney magazine.

"Some experts are warning consumers about unscrupulous retailers selling jewelry and vintage coins," says the leading US financial weekly in its PayDirt column. "Online auction prices can out-strip spot prices by 25%, even for the plainest coins...Beware when a bank sells you gold but continues to hold it on account for you.

"[Typically] this makes you a creditor, just like a cash depositor, but without Federal Deposit Insurance Corporation insurance," SmartMoney's scam gold report quotes BullionVault head of research, Adrian Ash. "[So-called] Unallocated gold thus puts you on-risk for the bank's financial survival, because the bank owes you metal - which you do not own - and it gets to carry your gold on its balance-sheet as part of its reserved capital requirements."

You can read the full gold scam warning - BullionVault comments included - at SmartMoney here...

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