Gold: Financial market regulator warns against dubious traders

Interest in buying bars and coins remains high. This also attracts questionable providers, warns them Financial Market Authority (FMA) and advises caution and skepticism exceptional discounts, Delivery times and non-transparent business modelsas it says in a broadcast on Friday.

Gold trading itself is not subject to supervision by the FMA, but inquiries and submissions from consumers show that when buying gold Caution is required. Anyone planning to buy gold should be careful when purchasing it reputable, reliable sources of supply Pay attention, recommend the financial market supervisors. To this end, internet forums should be checked for information from victims.

Also what costs are incurred when purchasing and how high they are Agent commission is, gold buyers should take a closer look and from the dealers transparent fee tables demand. Anyone who buys gold should also check how much the price of gold would have to rise to compensate for the fees, the FMA advises in its information series “Let’s talk about money”.

One Gold buying checklist can also be found on the website of the Chamber of Commerce be downloaded.

Storage and insurance costs

When purchasing physical gold, such as bars or coins, security aspects and the costs of storage and insurance should also be taken into account. Acquisition, ongoing custody and, if applicable, transaction costs could have a significant impact on returns.

Money laundering

The financial market supervisors also point out that gold as “anonymous, highly concentrated and easily transportable store of value” is also well suited for money laundering.

From transaction amounts of 10.000 Euro or 15.000 Euro must be obtained from gold dealers or financial institutions Proof of source of funds be provided. Invoices relating to the purchase of the gold should definitely be kept. If you want to sell bars or coins that were given as gifts or inherited, you can also determine the source of the funds Estate or insurance documents be presented plausibly, it is said.