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    Texas Attorney General Issues Warning on Buying & Selling Gold

    Posted on June 21, 2017

    The Attorney General for the state of Texas, Ken Paxton, recently issued a consumer protection alert regarding the purchase and sale of gold. After consulting with numismatic experts and reviewing the rising number of fraudulent practices in the industry, Mr. Paxton issued the warning based upon concerning fraud issues involving senior citizens in particular. In the consumer protection warning it was noted that senior citizens account for roughly 14% of the overall US population, but a startling 60% of calls to the National Fraud Information Center.

    Of particular concern in the consumer protection warning, the Attorney General noted the fraudulent practices surrounding the sale of gold, silver, and other precious metals. Many of the complaints stemming from the precious metals industry stem from promises that were over the top by companies trying to sell gold coins, silver bars, and other precious metal products.

    Tips to Avoid Fraudulent Dealers

    Numerous tips were issued in the consumer protection warning, but among the most important was helping people see through the outrageous claims made by some dealers. If you are buying gold, for example, that must double or triple in value for you to realize a gain on your purchase, that is a purchase that should be avoided. Among the factors you should watch for when dealing with a gold buyer/seller:

    • Don’t work with dealers that promise your investment in gold and silver is 100% safe
    • Avoid dealers that promise your investment will go up in value, or cannot lose any of its value
    • Steer clear of dealers that press “economic woes” or “government gold confiscation schemes” when trying to sell you gold, silver, and other metals
    • Do not buy from dealers who promise to buy your gold coins, silver bars, and other precious metals back for the same amount you originally paid.

    How to Protect Yourself

    Attorney General Paxton encourages individuals in the consumer protection warning to work only with authorized dealers, but how do you know which online dealers are in good standing with the Better Business Bureau and the numismatic industry as a whole? A good place to start is viewing the BBB website to learn about the grade and standing of businesses you might work with in buying gold and silver.

    Beyond that, you can research authorized dealers through various industry leaders. Options in this realm include the American Numismatic Association, the Professional Numismatists Guild, the Professional Coin Grading Service, and the Numismatic Guaranty Corporation.

    Our Goal is Premium Service

    At JM Bullion, we strive to set your mind at ease when you shop our vast collection of gold and silver coins, bars, and rounds. As an authorized dealer in the precious metals industry, we pride ourselves on following the best industry practices in the sale of precious metals, and offering fair pricing based upon up-to-date spot prices for various metals for our buy back program. The BBB has given JM Bullion an A+ rating with an aggregate score of 4.96 out of 5 stars.

    Our customer service department is available to you on the phone at 800-276-6508, online using our live chat, and via our email address. Our staff can answer any questions you have when you’re purchasing coins, and the team members in our buy back department are also available to help walk you through the ins and outs of selling your gold, silver, and other precious metals back to JM Bullion.

    We appreciate our customers, and work hard to ensure that you can purchase gold, silver, platinum, palladium, and copper products with a sense of security. And we thank you for entrusting JM Bullion as your authorized precious metals dealer.

    All Market Updates are provided as a third party analysis and do not necessarily reflect the explicit views of JM Bullion Inc. and should not be construed as financial advice.