Gold News

Gold Bar Scam Targets Elderly


A SCAM artist in California is targeting elderly victims by offering to sell them fake Gold Bars in return for thousands of Dollars, US news websites report.

Local law enforcement reports that the scam artist approached an elderly woman in Castro Valley, California, and sold her what he claimed was a Gold Bar, in return for $7,000, telling her he needed the money to help a sick relative.

"[The scam artist claimed] they need money fast and they have a gold bar or Gold Bars that they want to exchange for cash," says Sgt. J.D. Nelson at the Alameda County Sheriff's Office.

"What he's doing is he's scamming old people," said Nelson. "It's a despicable act and we'd like to get him behind bars."

Investigators say the same man may be responsible for similar fake Gold Bar scams in other parts of California, including San Jose, San Mateo and Salinas. Some of the scams have been as simple as spray painting a brick with gold paint.

The story follows reports last month about a scam involving Gold Bars filled with tungsten – a rumor that appears periodically on the internet. On this occasion, the tungsten scam rumor was picked up by a financial blogger at news agency Reuters, who feared it could pose a risk to the gold market.

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