Americans reported losing $311.8 million to gold courier scams in 2025, about $430,000 per complaint, according to the FBI’s 2025 Internet Crime Report: fake bank, tech-support or government callers talk victims into buying gold, then send a courier to collect it. Most other gold scams turn on price, so Bullion Trading LLC research using two years of our price records shows what an honest price looks like. Over the 12 months to 3 November 2026, the middle 90% of daily prices for mainstream 1 oz gold coins ran 1.2% to 7.5% over the gold Ask; at the Ask on 3 November 2026, that is about $4,019 to $4,269 a coin.
On 7 August 2026, New York’s Attorney General reported that the NYPD had investigated more than 100 gold bar scam cases in two years, with losses above $100 million, and that victims are told to buy the bars or coins from legitimate dealers. No bank or government agency will ever ask you to do that.
| Key finding | Result |
|---|---|
| Gold courier scams reported to the FBI | About 725 complaints, $311.8 million (2025); 525 and $219 million (2024) |
| Average loss per gold courier complaint | About $430,000; $20,700 across all complaints |
| Older adults’ $100,000+ impersonation losses that mention gold | About 21% of FTC reports (2024) |
| Normal dealer premium over the Ask, 12 months | 1 oz gold coins 1.2% to 7.5% ($4,019 to $4,269 on 3 Nov 2026); 1 oz silver coins 7.1% to 23.6% |
| Days a common product’s median price fell below melt, since October 2024 | None of 511 trading days (lowest: 0.1% over melt at the day's close) |
| Is Bullion Trading LLC legit? | Registered in New York in 2008, NYC DCWP license #1304378-DCA, BBB A+, walk-in store: each checkable below |
What are the different types of gold bullion scams?
Two kinds: scams that use gold to move your money, and scams that sell bad metal or bad prices.
| Scam | How it works | The tell |
|---|---|---|
| Courier (“gold bar”) scam | A fake bank or agency says your money is at risk; you buy gold, a courier collects it | Being told to buy gold for safety |
| Below-melt bargain | Social media sellers or copycat sites take payment, then ship fakes or nothing | A price under melt; wire, crypto or gift cards only |
| Counterfeits | Plated or tungsten-filled coins and bars (see how to spot fake gold) | A seller you cannot verify |
| High-pressure markup | Cold calls push “rare” coins, often through a retirement rollover | Urgency; fees not in writing |
| Storage or financed metal | The dealer “holds” metal you never see, or sells it on credit | No independent custodian statement |
| Recovery scam | After a loss, someone offers to recover it for a fee | Any upfront fee |
The CFTC and FINRA note that retail metal dealers are not federally regulated, that some fraudulent dealers charged spreads above 300%, and that some billed storage for metal that never existed. Leveraged metal deals are generally unlawful unless the metal is delivered within 28 days, the CFTC warns, and the SEC notes that self-directed IRA custodians generally do not vet what you buy.
How does the gold bar courier scam work?
It follows a script, and every step has a way out. The FBI’s January 2024 warning describes impostors who say your accounts are at risk, tell you to buy precious metals, and send couriers who check a passcode, such as a dollar bill’s serial number.
The FBI’s advice is blunt: “The US Government and legitimate businesses will never request you purchase gold or other precious metals.” The FTC agrees, and its data find gold in about one in five older adults’ reports of impersonation losses over $100,000.
Why do scammers send victims to real dealers?
A real dealer makes the story believable, and the victim then hands genuine metal to the courier. That is why careful dealers check large orders. At Bullion Trading LLC, large or unusual first orders get extra checks: we verify the buyer’s identity, ask the buyer to confirm in writing that no third party is directing the purchase, and show a scam warning that includes the FBI’s announcement. Our published terms also send first card orders of $1,000 or more, and flagged orders, to a FedEx location for pickup in person.
If anyone tells you to buy gold from a particular dealer to keep your money safe, including from us, it is a scam. Call the dealer on the number on its own website before you send anything.
Is the price too good to be true?
If it is below melt value, yes. The U.S. Mint puts it simply: “If you are offered a bullion coin at a price below the current market price, extra scrutiny should be exercised.” In our records for six common coins and bars, the median price never fell below melt on any of 511 trading days since 27 October 2024; the closest was 0.1% over melt.
Overpaying is the other trap. The CFTC says bullion usually sells at about 5% to 10% over spot, while collectible coins can carry premiums of 40% to 200%. An “investment” priced far above these bands deserves the same suspicion as one below them.
What are the red flags with a bullion dealer?
Most concern how you are approached and asked to pay, not the metal. Tick each one that applies.
- Someone else chose the dealer: a caller, a “bank agent” or an online adviser.
- You are told to keep the purchase from family or your bank.
- The price is below melt, or far above the usual range.
- Payment only by wire to a personal account, crypto, gift cards or cash.
- No street address, license or registration you can look up.
- Fees and the buyback price are not in writing before you pay.
- You are pushed to decide today or to move a retirement account fast.
- Someone offers to collect, store or “secure” the metal for you.
Is Bullion Trading LLC legit?
Yes, and you need not take our word for it: each fact below is on a public record you can check.
| Fact | How to check it |
|---|---|
| Bullion Trading LLC, registered in New York on 30 October 2008 (DOS ID 3737823) | New York Department of State business entity search |
| NYC DCWP Secondhand Dealer – General license #1304378-DCA, active to 31 July 2027 | DCWP license check |
| BBB Accredited since 17 November 2025, rated A+ | Our BBB profile and complaints |
| Store at 20 West 47th Street, Lower Level #24, New York, NY 10036; 646-362-3536; Mon–Thu 8:30–4, Fri 8:30–1 | Walk in, no appointment (directions) |
| Part of the Kahan family’s business on 47th Street since 1968; covered by Bloomberg, Business Insider and The Wall Street Journal | Press links on our About page |
Our terms publish payment rules and returns (7 days from delivery, 10% restocking fee). For reviews, read independent sites such as the BBB and Google, not testimonials on any dealer’s own site.
How do you check whether any gold dealer is legit?
The same way. “Is [dealer] legit?” is best answered from records:
- Find the legal entity in the state’s business registry and match its name and address to the website.
- Look up licenses: some cities and states license precious-metal or secondhand dealers.
- Check complaints with your state attorney general or securities regulator, as the CFTC advises.
- Call the listed number yourself, never one a caller gives you, and check the web address letter by letter.
- Get fees and the buyback price in writing, and test the price with the checker above.
FINRA adds: say no to pushy salespeople and know your break-even. The beginner’s guide to buying gold and silver covers payment and shipping.
What should you do if you think you have been scammed?
- Stop paying and stop talking to the caller or seller.
- Call your bank or card issuer on the number on your card; fast action can stop some transfers.
- Report it to the FBI at ic3.gov, the FTC at ReportFraud.ftc.gov, your state attorney general and local police.
- Ignore anyone offering to recover the money for a fee. The FTC says legitimate organizations never charge to help you get a refund.
How we did the research
We took the store’s recorded check/wire prices (about four a day since 27 October 2024) for six common products, each a hand-picked list of standard designs (no collectible, secondary-market or vintage pieces), and divided each day’s median price by the value of its fine metal at that day’s spot close (LBMA prices, then 5 pm New York closes from 29 September 2026). “Typical” is the middle 90% of daily prices over 12 months; “today” is our current price over today’s Ask, and the typical ranges are restated over the same Ask.
Limits: these are one dealer’s prices, and prices and spot closes are taken at different times, so single days can be off by a point. IC3 figures count only filed complaints, so they are a floor.
| Product (number) | Typical | Lowest | Today |
|---|---|---|---|
| 1 oz gold coins (7) | 1.2–7.5% | 0.5% | 2.4% |
| 1 oz gold bars (13) | 2.0–6.1% | 1.2% | 3.3% |
| 1 kilo gold bars (4) | 0.9–4.8% | 0.1% | 2.5% |
| 1 oz silver coins (6) | 7.1–23.6% | 7.2% | 16.6% |
| 10 oz silver bars (9) | 9.3–35.1% | 7.9% | 17.4% |
| 100 oz silver bars (7) | 5.1–15.0% | 3.6% | 16.5% |
The bottom line
Gold scams rarely depend on fake metal. They depend on fear, secrecy and a price that is too low or quietly far too high. Nobody legitimate will tell you to buy gold to protect your money, a fair price sits a few percent above melt, and a real dealer can be checked in public records in minutes.
Frequently asked questions
Can a dealer sell gold below spot?
Not as a regular price for new bullion. Scratched or used pieces can sell close to spot, but an offer well below melt usually means fake, stolen or undelivered metal.
Is buying gold online safe?
It can be, from a dealer you have verified: a registered business with a street address, published terms, traceable payment and insured delivery with a signature.
Sources
- FBI IC3: 2025 and 2024 Internet Crime Reports (gold courier figures, page 12; losses by crime type); courier warning, 29 January 2024.
- FTC: gold bar alert (17 July 2025); Data Spotlight (7 August 2025, gold in $100,000+ losses); recovery scams.
- New York Attorney General: gold bar scam alert, 7 August 2026.
- CFTC and FINRA: 10 things to ask before buying metals; CFTC advisory (premiums, 28-day delivery); FINRA tips (March 2026).
- SEC and NASAA: self-directed IRA alert. U.S. Mint: bullion consumer awareness.
- Our registration, license and rating: New York Department of State, NYC DCWP, BBB.