Fake gold scam: be smart, be careful!

by MartaLast updated Oct 24, 2020Category: Jewellery / Toronto/GTA

2020 has been a very rough year for everyone. Many people lost their jobs and are struggling with money. Unfortunately, some of them decide to scam others for the sake of a couple extra dollars. Lately, a fake gold scam has become very popular, let me tell you how it works.

fake gold scam

How they scam you

A man approaches you at a gas station saying that he has to go to another city and has no money for gas. Sometimes he has a "wife" and "kid" in his car to make it look more realistic. A man gives you a gold ring with a stamp – usually 14K or 18K. The asking price starts from $300 and if you are a good negotiator, you can get it for $50.

The trick is, nevertheless, it has a stamp, the ring is not gold at all. In most cases, it's copper (looks very similar to gold). And no, it's not even gold plated, it is a clear fake gold scam. Check out the video that I made, it shows all the true colors!

So now you are wondering – how can I protect myself from buying fake gold? Well, first of all, do not buy gold at gas stations, streets, or elsewhere except specialized stores. If you buy it from a small jewelry store, always check the reviews, make sure it's a legit place. Make sure to do your research every time!

fake gold scam

Be very careful, don't let anyone fool you. Most importantly, stay safe and humane! If you are unsure of the seller, you can always ask them to visit any "cash for gold" place together and check the items over there. Most of the places will do it for free. At our place, we have a special metal analyzer that will show exactly the karat of your gold (so we don't scratch and damage your items).

Pawn Loan Repayment Example

This is an example of a pawn loan repayment for a 12 month period.

Original loan amount: $30,000

Total to repay at redemption: $40,440

Total cost of borrowing at redemption: $10,440

Maximum APR = 34.8%

Minimum period 61 days, maximum period 12 months.

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