Tucson residents, particularly those in retirement communities, are being targeted by a gold scam that’s making the rounds. Recently, a local news station reported that scammers are posing as government agents, claiming that people’s bank accounts have been compromised. They then pressure victims into buying gold, claiming it will be held “safely” while an investigation takes place. Once the gold is handed over, it’s gone.

Unfortunately, we’ve heard stories like this before at Precious Metals Refinery. And while these scams are not new, they’re starting to appear more frequently and in increasingly believable forms. If you or someone you care about is considering buying or selling gold, it’s important to understand how these scams operate and what to look out for.

What These Gold Scams Look Like

These scams often start with a sudden, unexpected phone call. The person on the other end claims to work for the FBI, IRS, or a fraud department at your bank. They tell you that your accounts are at risk and that you need to move your money into something more secure, like physical gold. They speak with urgency to create panic and throw people off. That pressure can catch someone off guard and lead to decisions they wouldn’t normally make.

Then they’ll insist on buying gold and sending it off to a “secure location” or handing it over to a so-called courier. They claim it’s just temporary, while they handle the situation. But once you give them the gold, it’s gone, and so are they.

Scams like this are effective because they sound convincing and are aimed at people who are most likely to trust the message. If you’re not familiar with how these things usually work, it’s easy to get caught up in it.

Why Gold Scammers Are Targeting Tucson

Tucson is home to many retirees and older residents, and scammers are aware of this. Areas such as Green Valley, Oro Valley, and SaddleBrooke have become common targets for phone-based scams, especially those involving financial matters.

A lot of folks in these communities want to protect their savings and might not be familiar with how the gold market works. Scammers take advantage of that confusion, especially when they can make their story sound convincing.

Red Flags to Watch For

• You receive an unexpected phone call from someone claiming to be with an official agency or your bank.
• They claim your account has been compromised and urge you to act fast.
• They recommend buying gold as a way to protect your money.
• You’re instructed to hand over the gold to a courier or ship it elsewhere.
• They discourage you from telling anyone else.

Legitimate banks and government agencies will never call you to ask for personal information, financial details, or to transfer your money.

How to Protect Yourself

• Don’t trust unsolicited calls about your finances.
• Never hand over your valuables to a stranger or courier.
• Only work with trusted, local businesses who can answer your questions and walk you through the process.

If anything about the situation feels rushed, secretive, or confusing, trust your instincts, hang up the phone, and seek out a second opinion.

At Precious Metals Refinery, we offer free walk-in consultations at all of our Tucson locations. If you’re unsure about an offer you received, or you’d like to learn more about how gold buying and selling works, we’re happy to walk you through it. No pressure. No tricks.

We’ve also written a detailed guide that breaks down common scams and how to avoid them. If you want to go deeper, you can read the full article here.

The Value of Working with a Local Buyer

Education is key. Our blog is full of resources that explain how gold prices are set, how to tell if something is real, and what to expect when buying or selling. We even provide a live gold spot price on our website, so you can check what your gold is worth any day of the week. The more informed you are, the better decisions you can make. And if you ever have questions, we’re easy to reach and happy to help.

When you’re ready to sell gold, who you deal with makes a big difference. Out-of-state buyers and traveling gold shows often use high-pressure tactics and lowball offers. It’s easy to get taken advantage of if you’re not familiar with what your gold is really worth.

That’s why working with trusted gold buyers in Tucson matters. We’ve been a part of the Tucson community for years, building a reputation for privacy, transparency, and fair offers. Whether you’re selling a single piece of jewelry or an entire collection, we take the time to help you understand exactly what you have and what it’s worth.

And if you’re not sure yet? That’s fine too. We’ll provide you with the information with zero obligation to sell to us.

Scams like the one reported by local news are hitting close to home. But if you know what to look for and who to trust, you can avoid them. If you or someone you know is thinking about buying or selling gold and wants honest advice, stop by one of our Tucson locations. We’re local, we’re experienced, and we’re here to make sure you don’t get taken advantage of.