[Arlington, Texas] – [5/19/2025] – As gold prices reach record highs and market volatility increases, criminals are exploiting public fear and confusion through a growing wave of gold bar scams—costing victims more than $200 million in 2024, according to the FBI. These sophisticated schemes are primarily targeting elderly and unsuspecting individuals by posing as state or federal law enforcement agents.
In these scams, victims are falsely informed that their names have been linked to drug or money laundering investigations. To “protect” their assets, they are instructed to withdraw funds and purchase gold bars, which are then collected by a supposed “courier” under the pretense of safeguarding the gold until the investigation concludes.
Victims are initially contacted via pop-up emails or unsolicited phone calls, with scammers creating a sense of urgency and fear to compel compliance. The FBI has issued national alerts warning of this rapidly escalating fraud.
“Law enforcement agencies will never ask individuals to purchase gold bars to aid an investigation, nor will they send someone to pick them up for safekeeping,” said Doug Davis, Founder and President of the Numismatic Crime Information Center (NCIC). “In almost every case, fear and urgency are used as psychological tools by these criminals to manipulate their victims.”
Davis also emphasized the role that coin and precious metal dealers can play in stopping these crimes. “Dealers are often the last line of defense,” Davis said. “If someone who has never purchased large amounts of gold appears uncertain or confused about the process, that’s a red flag. Recognizing these signs can help prevent a tragedy.”
Warning Signs of a Gold Bar Scam:
- A stranger claims to be a government official or law enforcement agent and asks you to assist in an investigation.
- You are told to keep the situation secret and warned not to speak to anyone.
- You are instructed to withdraw large sums of money and convert it into gold bars.
- A “courier” is scheduled to collect the gold for safekeeping.
- You feel threatened, rushed, or afraid of legal consequences.
How to Protect Yourself:
- Never respond to unsolicited calls or emails claiming you are under investigation.
- Do not share financial or personal information with unknown callers or email senders.
- Hang up and call the agency directly using a verified number if someone claims to be a government official.
- Discuss any large financial decision with a trusted family member, financial advisor, or law enforcement officer.
- Report suspected scams immediately to the FBI’s Internet Crime Complaint Center (IC3) at or the Numismatic Crime Information Center.
Public awareness and vigilance are key to stopping these crimes before more victims suffer devastating losses, said Davis. If you or someone you know may be involved in a suspected gold bar scam, act quickly and report it.
