The Advertising Standards Authority (ASA) has issued an enforcement notice on Physical Gold and Other Precious Metals Investments. It applies to ads for physical gold, silver, platinum and palladium investments targeted at UK consumers.
As we noted in our previous article, the ASA has been increasingly willing to scrutinise marketing for unregulated investment products, particularly where ads may give consumers an unrealistic impression of risk or likely returns.
Under the new notice, advertisers are told that marketing communications should include clear and prominent information explaining that:
- the sector is unregulated;
- the value of investments may go down as well as up (unless guaranteed); and
- past performance is not necessarily a guide to future results.
The ASA has also warned that it will begin actively monitoring compliance from 26 November 2026, followed by targeted enforcement action where necessary. The notice points advertisers to the CAP Code rules on unregulated investments.
Why this matters
While precious metals are often marketed as a safe haven during periods of economic uncertainty, the ASA's latest intervention reinforces its opinion that investment advertising must present risks as clearly as potential benefits. Businesses promoting physical gold or other precious metals should review existing marketing materials now to make sure risk warnings are sufficiently prominent and that claims about performance, security and investment value do not overstate the benefits or underplay the risks.
The enforcement notice is another reminder that the ASA continues to prioritise high-risk financial and investment-related advertising, even where, or perhaps especially where, the products themselves fall outside the regulated financial services perimeter.
Advertisers should not assume that physical gold's reputation as a traditional store of value reduces regulatory risk. Instead, marketing should be carefully drafted to ensure that consumers receive a clear, balanced and prominent explanation of the risks associated with investing in precious metals.
