Why Seniors Make Great Targets For Investment Scammers

Why Seniors Make Great Targets For Investment Scammers

An oft-repeated quote is: “With age comes wisdom.” So, why are con artists so successful at scamming seniors? Here are a few reasons why we become so easily swayed by fraudsters as we get older.

Seniors aren’t technologically savvy.

Digital communications are evolving more quickly than any other technology in human history, and it’s difficult for anyone – let alone seniors – to keep pace. Malware, viruses, ransomware, and other malicious programs are being created and launched faster than we can create strategies to combat them, and as we age, we are less likely to purchase the latest gadgets and devices. This is largely because we’ve been trained to appreciate appliances and products that last for years. However, when it comes to digital technology, the older the system is, the more vulnerable it is to attack. By failing to research and invest in the latest technical solutions, we are putting our finances at risk.

Seniors are more likely to have savings.

Seniors are more likely to have accumulated savings than their younger counterparts. Moreover, they’re more likely to have easily accessible assets, like cash, so con artists can drain accounts with relative ease.

Seniors are reluctant to report scams.

Sometimes, the shame of having been the victim of fraud leads seniors to keep quiet about their victimization, making them even more attractive targets. Scam artists can commit their crimes again and again without being reported.

Make sure you protect yourself against fraud by regularly doing the following:

    • Never, ever open email attachments from senders you don’t recognize. Sometimes, it’s not even a good idea to open attachments from senders you do recognize, since they could be sending you a virus without even knowing it. Also, don’t click on any links in unsolicited emails.
    • Check your online account regularly. Log into your all of your financial accounts every day to make sure there is no activity you don’t recognize. The sooner you spot suspicious activity, the easier it is to correct it.
    • Don’t be afraid to be difficult. If someone offers you an investment opportunity, ask questions, demand answers, and do your research. Never hand over sensitive information without due diligence.

If you have questions about the benefits of a gold IRA, contact the representatives at Birch Gold Group for a comprehensive consultation. Visit blog link for more information.

Here’s Why You Should View Gold as Being “On Sale” Right Now

With the price of gold down in the past few years, one market watcher argues that current conditions present a perfect opportunity to buy some of the metal. Find out why here.

While many are rushing for the exit as the price of gold declines, some folk are making a different play: They’re buying. Why’s that? Writing for Forbes, Frank Holmes argues that they know gold is a safe bet in the long run – perhaps the safest – and see gold’s current status as ‘on sale’.

Recent sales of physical gold fully support with this, having already reached multiyear records and still on the rise. In contrast to the gold futures derivatives market, American Gold Eagle sales reached 161,500 ounces in July – the highest since April of 2013. Individual Americans aren’t the only ones still having faith in gold – the Fed maintains its 8,133 ton reserve, European countries are repatriating gold and Texas is in the process of creating its own bullion depository.

So what is beating the price of gold down? Holmes notes that conspiracy theories often abound when gold plummets. Price manipulation might not be such a stretch this time around, given some odd recent events. Last week’s five-ton sale on the Shanghai Gold Exchange (SGE) caused gold to experience a mini ‘flash crash’ for the first time in 18 months. The so-called bear raid was thought to have been caused in China, but later information pointed towards New York as the culprit.

Yet another conspiracy theory focuses on the relatively mild interest in gold as a safe-haven asset during the Greek crisis. This has led some to speculate that European central banks possibly sold gold down, likely making the crisis seem less severe in order to dissuade people from turning to the yellow metal for protection.

Regardless of the veracity of these claims, Holmes says that gold’s long-term status remains untouched thanks to two key demand drivers: What he calls the “Love Trade” and the “Fear Trade”. The Love Trade refers to gold purchases for weddings, anniversaries and cultural events; these intensify in the wake of upcoming holidays, especially ones in Asia, such as Diwali and the Chinese New Year. The Fear Trade stems from available money supply and real interest rates turning negative, a scenario seen beneficial for the metal – current positive real interest rates have been acting as a headwind for gold.

But can gold benefit with a looming interest rates hike? Regarding the hike, Holmes says: “With a struggling global economy and commodity deflation odds favor rates will not rise soon in America, and gold will revert back to the mean.”

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