- Home
- Investing
- Commodities
- Gold
Fraudsters impersonating government agents are convincing victims to convert savings into gold — and handing it over in courier scams costing Americans millions.
By
Paige Cerulli
published
7 February 2026
in News
When you purchase through links on our site, we may earn an affiliate commission. Here’s how it works.
- Copy link
- X
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.
Contact me with news and offers from other Future brands Receive email from us on behalf of our trusted partners or sponsors By submitting your information you agree to the Terms & Conditions and Privacy Policy and are aged 16 or over.You are now subscribed
Your newsletter sign-up was successful
Want to add more newsletters?
Delivered daily
Kiplinger Today
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more delivered daily. Smart money moves start here.
Signup +
Sent five days a week
Kiplinger A Step Ahead
Get practical help to make better financial decisions in your everyday life, from spending to savings on top deals.
Signup +
Delivered daily
Kiplinger Closing Bell
Get today's biggest financial and investing headlines delivered to your inbox every day the U.S. stock market is open.
Signup +
Sent twice a week
Kiplinger Adviser Intel
Financial pros across the country share best practices and fresh tactics to preserve and grow your wealth.
Signup +
Delivered weekly
Kiplinger Tax Tips
Trim your federal and state tax bills with practical tax-planning and tax-cutting strategies.
Signup +
Sent twice a week
Kiplinger Retirement Tips
Your twice-a-week guide to planning and enjoying a financially secure and richly rewarding retirement
Signup +
Sent bimonthly.
Kiplinger Adviser Angle
Insights for advisers, wealth managers and other financial professionals.
Signup +
Sent twice a week
Kiplinger Investing Weekly
Your twice-a-week roundup of promising stocks, funds, companies and industries you should consider, ones you should avoid, and why.
Signup +
Sent weekly for six weeks
Kiplinger Invest for Retirement
Your step-by-step six-part series on how to invest for retirement, from devising a successful strategy to exactly which investments to choose.
Signup + An account already exists for this email address, please log in. Subscribe to our newsletter
Economic uncertainty and market volatility fueled a surge in gold demand in 2025. According to the World Gold Council, global gold demand surpassed 5,000 tons for the first time as investors sought ways to diversify portfolios and protect their wealth.
But the sharp rise in gold’s popularity has also created new opportunities for criminals. Law enforcement agencies are warning about a growing gold bar scam that exploits investor fears and economic uncertainty. International fraud rings are using call centers and courier networks to impersonate federal officials and pressure victims into handing over gold.
Recent investigations show these schemes have caused tens of millions of dollars in losses worldwide. As scammers grow more sophisticated, awareness and education remain key to helping consumers avoid becoming victims.
From just $107.88 $24.99 for Kiplinger Personal Finance
Become a smarter, better informed investor. Subscribe from just $107.88 $24.99, plus get up to 4 Special Issues
CLICK FOR FREE ISSUE
Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
Sign upHow the gold bar scam typically works
Victims typically receive unsolicited contact claiming there is an urgent issue that requires immediate action. The scammer may say the victim’s bank account, Social Security number or computer has been compromised, or claim the victim is connected to criminal activity or theft.
Scammers often impersonate federal agencies, such as the FBI, Treasury, FTC or Social Security Administration. In some cases, they may pose as representatives from a technology company or financial institution, claiming they can help resolve the problem.
They pressure victims to act quickly and keep the situation confidential. Targets are instructed to withdraw money, purchase gold bars from a legitimate dealer and then hand over the gold or cash to a courier who is part of the scheme, often under the pretense of safekeeping.
These scams rely heavily on fear and urgency to override rational decision-making. When victims feel frightened or rushed to resolve a supposed threat, they are more likely to overlook warning signs they might otherwise recognize.
Who is most often targeted
Older Americans are disproportionately affected by gold bar scams, and victims are often financially stable or at or near retirement age. Scammers frequently assume older adults have substantial savings or retirement funds that can be used to purchase gold bars.
Some victims may also feel embarrassed about being targeted, which can make them less likely to report the crime, according to the National Council on Aging.
Scammers often exploit trust in government and authority figures by impersonating officials and presenting themselves as helpers. They rely on sophisticated scripts and multi-step schemes that can make the fraud difficult for victims to recognize.
Why gold is attractive to criminals
Gold is not only attractive to investors during economic uncertainty, it is also appealing to criminals. Gold is highly portable and, once transferred, can be difficult to trace. Scammers can quickly melt or resell gold, while electronic transfers or large amounts of cash are often easier for authorities to track.
When scammers convince victims to pay with gold, the payment is typically less reversible than a bank transfer or credit card transaction, increasing the likelihood that the scam will succeed. Criminals are also increasingly combining gold with cryptocurrency and wire transfers, since these payment methods are fast and difficult to trace.
Warning signs consumers should never ignore
If you ever receive communication pressuring you to quickly resolve an issue, stop and carefully review the situation.
These are warning signs you should never ignore, no matter how urgent the individual contacting you says the matter is:
- Claiming your money is unsafe in your bank: Scammers may say your bank account has been compromised and insist you withdraw your money immediately to protect it.
- Requesting you move money to a secure government account: You may be told to transfer a large amount of money to a supposed government account for safekeeping.
- Instructing you to buy precious metals: Scammers may direct you to withdraw cash and use it to purchase precious metals, such as gold bars, from a legitimate retailer.
- Demanding secrecy: Scammers often claim it is critical that you keep the situation confidential. They may threaten arrest or legal consequences if you speak with family members, financial institutions or law enforcement.
- Requesting delivery of valuables: After persuading you to buy gold, scammers may instruct you to hand over the valuables or meet with a courier who will take them for safekeeping.
Get personal finance insights straight to your inbox. Subscribe to Kiplinger's newsletter, A Step Ahead.
What to do if you’re contacted or targeted
If you are contacted or believe you are being targeted, hang up immediately and stop all communication with the suspected scammer. Then contact law enforcement or your financial institution as soon as possible.
Always verify contact information independently before reaching out. Use official websites or trusted sources to find phone numbers and email addresses, and never rely on contact details provided by the caller.
You should also report suspected scams to the FBI or the FBI Internet Crime Complaint Center. Provide as much detail as possible, including the caller’s phone number, the date and time of contact and what the scammer asked you to do.
Before making any financial decisions, consider speaking with a family member or trusted financial adviser. Scammers often rely on fear and urgency to pressure victims into acting quickly. A trusted second opinion can help you identify warning signs you may overlook when feeling stressed or rushed.
The broader rise of impersonation and investment scams
Government and technology impersonation scams are among the fastest-growing types of fraud. According to the Federal Trade Commission, adults age 60 and older reported losing millions of dollars in 2024 to scammers posing as government agencies and businesses.
Among older adults who lost more than $100,000 in these schemes, total losses reached $445 million in 2024, compared with $55 million in 2020.
These scams are becoming more widespread and are expanding beyond digital theft to include physical assets, such as gold bars. Awareness remains one of the most effective ways to protect yourself from becoming a victim.
Never assume that unsolicited communication is legitimate, and always watch for red flags and warning signs. Most importantly, avoid making rushed financial decisions under pressure. Instead, contact the government agency or business directly using verified contact information to confirm whether the communication is valid.
Related Content
- Costco Gold Bars Keep Selling Out. Are They a Smart Investment?
- Is Investing In Gold Worth It? How Gold Prices Have Changed
- Buying Gold as an Investment: What to Watch For
Paige CerulliContributorPaige Cerulli is a freelance journalist and content writer with more than 15 years of experience. She specializes in personal finance, health, and commerce content. Paige majored in English and music performance at Westfield State University and has received numerous awards for her creative nonfiction. Her work has appeared in The U.S. News & World Report, USA Today, GOBankingRates, Top Ten Reviews, TIME Stamped Shopping and more. In her spare time, Paige enjoys horseback riding, photography and playing the flute. Connect with her on LinkedIn.
Latest-
How to Turn Your 401(k) Into A Real Estate Empire
Tapping your 401(k) to purchase investment properties is risky, but it could deliver valuable rental income in your golden years.
-
My First $1 Million: Retired Nuclear Plant Supervisor, 68
Ever wonder how someone who's made a million dollars or more did it? Kiplinger's My First $1 Million series uncovers the answers.
-
How to Position Investments to Minimize Taxes for Your Heirs
To minimize your heirs' tax burden, focus on aligning your investment account types and assets with your estate plan, and pay attention to the impact of RMDs.
-
My First $1 Million: Retired Nuclear Power Plant Supervisor, 68, Wisconsin
Ever wonder how someone who's made a million dollars or more did it? Kiplinger's My First $1 Million series uncovers the answers.
-
Don't Bury Your Kids in Taxes: How to Position Your Investments to Help Create More Wealth for Them
To minimize your heirs' tax burden, focus on aligning your investment account types and assets with your estate plan, and pay attention to the impact of RMDs.
-
Are You 'Too Old' to Benefit From an Annuity?
Probably not, even if you're in your 70s or 80s, but it depends on your circumstances and the kind of annuity you're considering.
-
Your Retirement Isn't Set in Stone, But It Can Be a Work of Art
Setting and forgetting your retirement plan will make it hard to cope with life's challenges. Instead, consider redrawing and refining your plan as you go.
-
The Bear Market Protocol: 3 Strategies to Consider in a Down Market
The Bear Market Protocol: 3 Strategies for a Down Market From buying the dip to strategic Roth conversions, there are several ways to use a bear market to your advantage — once you get over the fear factor.
-
No-Fault Car Insurance States and What Drivers Need to Know
A breakdown of the confusing rules around no-fault car insurance in every state where it exists.
-
7 Frugal Habits to Keep Even When You're Rich
Some frugal habits are worth it, no matter what tax bracket you're in.
-
I'm a Financial Planner: This Layered Approach for Your Retirement Money Can Help Lower Your Stress
To be confident about retirement, consider building a safety net by dividing assets into distinct layers and establishing a regular review process. Here's how.
