Fake Gold Scam

Fake Gold Scam

Whether posing painted rocks or asking people to buy a fake permit, the Fake Gold scam is on the rise and more than $300,000,000 is lost to scammers each year. You will think people will be wiser but greed and ignorance always gets to them.

The gold market has a lot of profits but very few people know the intricacies. We are always interested in making profits hence do not take time to study the market. With knowledge on the gold market, you can buy gold from anywhere in the country.

This post is about helping you avoid getting scammed when buying Gold either in person or online. Our main focus is buying gold in Africa where there’s abundance.

African Fake Gold scam

It is no secret that there’s gold in Africa and many mines that have not even been claimed yet and because of corruption the prices are very low. This will explain why the standards of living in gold producing areas of Africa is very low. Many travel from afar to Africa to buy gold at prices way below the normal market rates.

Most of these gold are conflict gold and in areas controlled by rebels and insurgents. Dealing with these people is profitable but also very risky as you can lose everything. It is always advisable to buy from legit known sources.

While many are looking to take advantage of these low prices for gold, there are others looking to rip them off. The African Gold market is a playground for scammers. They have hijacked the market and now make it very difficult for you to find a real dealer.

A majority of real gold vendors in Africa do not have websites and are not computer savvy. Scammers have taken advantage of this and created websites and social media accounts using their names. You can find these fraudsters on Facebook, Instagram, LinkedIn offering gold dore bars, gold dust and diamonds at very cheap rates. Targeting buyers looking for cheap prices is their specialty and most times succeed.

How the scam works

Identifying a scammer is not easy especially if you are new to the African gold market. Like every other thing you are buying though be wary of cheap prices. This is the first way the scammers tries to get your attention. Upon contact they offer you very good terms of taking the gold and paying after receiving and testing it. The only thing they require though is for you to contact the Ministry of Mines and get a CEMAC Buyers Permit.

As soon as you get the Buyers Permit which usually costs from $2,500 to $7,500, they ship the gold using some fake courier. A tracking number will be provided but you will be later called by the courier to pay extra fees. These fees are sometimes Insurance, Safe keeping fee and taxes, it never ends.

The only document you need is not a CEMAC Buyers permit but the CEMAC Gold Process Certification Scheme (CGPCS) issued by the CEMAC Gold Council. This is similar to the Kimberly Certificate. It will be issued by the government of the exporting country through the CEMAC Gold Council.

Every buyer is expected to have this document before they can carry out any business in the CEMAC zone. You can go to their website www.cemacgoldcouncil.org to download the application form and register.

After the registration you will be contacted and once you pay the fee, the certificate will be issued. With this certificate you can trade for life in the CEMAC Zone.

How to buy gold safely

GoldBullionReviews.Directory exposing fake gold scam and helping buyers meet real vendors in Africa. The best way to buy gold safely is by reading reviews, asking questions and learning from successful buyers before you. Our website features all that a forum where you can meet buyers, interact and share experiences. You can even send private messages.

We have done extensive research, met with vendors and buyers alike now confidently tell you information we provide is 100% accurate. If you are looking to buy Gold online in Africa then we will point you in the right direction. Send inquiries today and get the list of genuine gold vendors in Africa to avoid fake gold scam. You can also go to our review page, see the vendors for yourself then make a choice.