Secretary of State urges caution in purchase of gold, silver

Missouri Secretary of State Robin Carnahan is urging caution to Missourians thinking about investing in gold, silver or other precious metals.

Carnahan's office issued a cease and desist order Aug. 25 to Florida-based Global Bullion Exchange LLC, which is charged with defrauding at least three Missourians from Lebanon, St. Charles and Moberly out of nearly $100,000, according to a Secretary of State news release.

The Missourians, whose names weren't released, lost the money investing in silver with the company, which became vague and unresponsive to the investors after the investments were made, the release said.

Global Bullion Exchange has also been subject to cease and desist orders from California and Maryland, according to the release.

"Silver and gold may sound like lucrative investment opportunities, but remember - if it sounds too good to be true, it probably is,” Carnahan said in the release.

The respondents are facing hundreds of thousands of dollars in civil penalties and have 30 days to request a hearing to contest the charges, the release said.