The Attorney General of Texas, Ken Paxton, recently issued a consumer protection alert about the buying and selling of gold coins. The alert was written with the help of numismatic expert and award-winning writer Michael Fuljenz, President of Universal Coin & Bullion located in Beaumont, Texas.
Fuljenz provided continuous consultation to the attorney general’s office on this important consumer alert. In coordination with other key industry leaders, Fuljenz offered guidance on consumer protection best practices for precious metals consumers and investors.
The advisory states that senior citizens are particularly at risk. They make up about 14% of the total U.S. population, yet account for up to 60% of the callers to the National Fraud Information Center.
The advisory also cautions consumers and investors that if they invested in coins that would have to double or triple in value before realizing a gain, they may be victims of fraud.
Consumers Should Do Their Research Before and After Investing in Gold Coins
The advisory focuses on the importance of working with reputable dealers before investing to avoid overpaying when buying, or receiving too little when selling.
Paxton’s office advises coin buyers and sellers to research dealers through Better Business Bureau, The American Numismatic Association (ANA), The Professional Numismatics Guild (PNG), Professional Coin Grading Service (PCGS) and the Numismatic Guaranty Corporation (NGC).
When asked about the report’s importance, Fuljenz said, “By issuing this important consumer protection advisory, Texas is not only assisting Lone Star State residents, but is providing nationwide benefits to the public who can access this useful information online.”
He continued, “Attorneys general across the country now have a template to provide consumer protection advice to their residents about buying, investing and selling gold bullion and gold coins.”
The advisory offers other valuable tips […]