BROOKFIELD, Wis. — With silver and gold prices near record highs, scammers are selling counterfeit coins and jewelry. Precious metal prices near record highs are drawing in buyers — and scammers looking to take advantage of them.
Thomas Beringer, a Milwaukee locksmith, thought he did everything right when he purchased silver coins.
"I didn't buy them online. I bought them from what I thought was a reputable place," Beringer said.
But when he went to get them appraised, he was shocked.
"I got eight of these, which are fake, and four of those that are real," Beringer said.
Beringer's experience is not unique, according to Bret Eulberg, president of Robert Haack Diamonds, a jewelry store in Brookfield. Eulberg said in recent weeks, people have been regularly coming in believing they purchased real silver or gold — often from someone offering a deal — only to find out they were ripped off.
"They can make these things look so shiny, so nice. And it feels good," Eulberg said.
One ring brought in for testing was even stamped 18 carat — something experts say buyers should look for when purchasing gold. But when it was tested with nitric acid, the results were clear.
"It is fizzling green," Eulberg said.
That means it's fake.
Experts say to avoid getting ripped off, buyers should research who they are purchasing from and be aware of people or online sellers offering gold or silver below market price or for a deal.
Beringer said he was told he could get a deal if he paid in cash and was not given a receipt. It cost him a couple of hundred dollars and his trust in buying silver or gold.
WATCH: Fake silver and gold are fooling Milwaukee-area buyers as precious metal prices soar
"I felt violated, ripped off. I thought I went to the right place," Beringer said.
NBC News reports that crimes involving selling minted silver coins are usually a federal crime, but also hard to prosecute.
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
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