The decision to answer your phone could potentially cost you thousands, particularly if the caller is from a firm offering the latest in get-rich-quick investment products. It used to be shares in unlisted companies that were the hallmark of these cold calling firms, working in so-called "boiler rooms", but the latest scam is rare earth metals.
A Midlands firm, for instance, is phoning investors offering a so-called "green energy bundle", the Independent on Sunday reports. For £6,744, buyers receive a kilo of dysprosium, a kilo of yttrium, and two kilos each of lanthanum and neodymium. And they are told these metals will move up sharply in value. But few have any idea of what these strange-sounding substances are or, more importantly, how to value and sell them. All are, however, on the science lab periodic table of elements. They are among the 17 "rare earth elements" or "rare earth metals". The Financial Services Author...
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