Gold scams are surging, too, with American seniors being scammed out of $126 million last year alone. Scammers target seniors, many of whom are too scared or embarrassed to come forward and report their losses. Cumberland, Maine, police Chief Charles Rumsey recently arrested someone for their role in emptying residents’ bank accounts.

Gold prices surpassed the $3,000 an ounce threshold for the first time in history on March 14 as investors moved into the safe-haven asset amid mounting uncertainty over the economy.