Gold Bar scams targeting older Minnesotans

ST. PAUL, Min. – The Minnesota Department of Commerce is issuing a warning that gold bar scams are increasing in Minnesota.

They say the scams are targeting older Minnesotans.

In these schemes, victims are pressured to wire large sums of money.  The often wire six figures or more of money to purchase gold bars.

Scammers then direct victims to turn the gold over to a “courier.”

That newly purchased gold is then stolen.

There is some concern that the victims may be placed in physical danger.

The gold bar scams are connected to romance scams, government imposter scams, and fake investment opportunities.

The Minnesota Department of Commerce says because the gold is purchased in the consumer’s name from legitimate businesses, the story can seem convincing but it is a scam.

They also warn “Red flags” for scams include urgency, secrecy, large wire requests, and any demand involving gold bars.