Officials Warn Minnesotans of Precious Metals Investment Scheme

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(Learfield News Service) State officials say a California precious metals company with questionable sales practices has agreed to at least temporarily stop doing business in Minnesota.

State Commerce Commissioner Steve Kelley says Texas issued an cease-and-desist order against Metals-dot-com, prompting similar action by Minnesota. He says, “The company had been reported using scare tactics or threats and had managed to get at least one consumer in Texas to invest her retirement funds.”

Kelley says, “One the techniques these companies use is trying to get the consumer worried about fears of a big economic downturn.” Other warning signs are if a caller says it’s a limited time offer or promises unrealistic returns.

Kelley says precious metal companies must be registered or licensed in Minnesota and post a bond — something Metals-dot-com has not done. Kelley says if the company were to apply for a license, it would be “hard to say in advance” whether the state would grant it.

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