Ric Edelman is a co-founder of Edelman Financial Engines. The following is taken from his weekly radio call-in show.
Question: We are constantly bombarded with radio and TV commercials from companies touting investments in silver and gold, which they claim are certain to go up in value. If that’s true, why wouldn’t they hoard the stuff for themselves?
Ric: This is precisely why those promoters are, in my opinion, nothing more than scam artists. The reason they promote gold and silver instead of real estate, insurance or securities is that they can do so without any licenses. The First Amendment lets them say whatever they want, outside the jurisdiction of SEC, FINRA, and state securities and insurance regulators.
Common sense ought to be enough to enable consumers to steer away from these pitches (as it has for you). Unfortunately, it seems that many lack common sense.