Gold scams: What glitters may be gone in a flash
The phrase “All that glitters is not gold” rings especially true when it comes to scams.
Fraudsters often disguise their schemes as legitimate, urgent and too good to pass up. One growing threat is gold scams—and they’re costing Americans millions.
According to the FBI, victims lost $219 million to gold-related scams last year alone.
HOW IT WORKS
Scammers impersonate officials from federal agencies like the FBI or U.S. Treasury, claiming your money is at risk. They may say your bank account has been compromised and urge you to withdraw your savings and buy gold “as a safer investment.” A fake courier then arrives to collect the gold, promising to store it securely. Once they leave, they—and your gold—are gone.
WHY GOLD?
Gold prices rose 83% from February 2020 to February 2025, making it an appealing target for both investors and criminals. Gold is valuable, trusted—and once stolen, nearly impossible to trace.
Many people have more confidence in gold than the economy itself. Scammers exploit this trust. And while robbing a bank involves high risk and security, scamming an individual is far easier—especially when fear is involved. If a scammer convinces someone that their bank account isn’t safe, suggesting gold as an alternative feels logical.
HOW TO PROTECT YOURSELF
• Be skeptical of anyone urging you to withdraw your money and buy gold, especially if they claim to be a government official.
• Legitimate government agencies don’t give personal investment advice. Trust your instincts—if something feels off, it probably is.
• If a bank teller raises concerns about your withdrawal, take it seriously. They’re trained to spot scams and may recognize red flags you don’t.
WHAT TO DO IF YOU’VE BEEN SCAMMED
While recovering stolen gold is unlikely, acting quickly can still help:
• Call the police immediately. If a courier visited your home, law enforcement may be able to track them or collect evidence to help with the investigation.
• Notify your bank. While they likely can’t reimburse funds you withdrew voluntarily, your report can help protect others.
• Report it to the FTC at ReportFraud.ftc.gov. Your case may help expose larger fraud rings.
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