What are some common gold IRA scams to be aware of?
- Thread starter Chico99
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Johan De Silva
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Some companies will mark up the price of gold way higher than the market rate. I read about one case where a company was charging like 130% above market value: https://www.sec.gov/enforcement-litigation/litigation-releases/lr-25996. It's ridiculous. Always compare prices from multiple sources before you buy.
Another scam to look out for is when they deliver lesser quality products or even fake gold. Some companies will promise you pure gold and then send you something that’s not even close. Always get documentation about what you're buying and make sure it's legit.
Another scam to look out for is when they deliver lesser quality products or even fake gold. Some companies will promise you pure gold and then send you something that’s not even close. Always get documentation about what you're buying and make sure it's legit.
Robin Bowen
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Be careful with the collectible coins scam. They’ll try to sell you rare or collectible coins that aren’t even eligible for IRAs. The IRS only allows specific types of gold for IRAs, so make sure what you're buying is IRS-approved. I’ve seen people get burned by this one!
Ian Eccles
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And let’s not forget the most extreme scam — outright theft. Like Regal Assets, where the owner just took off with $10 million of investors’ money. It’s rare, but it happens. That’s why it’s so important to choose a company with a solid reputation.
Tim Beaton
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They do exist, yes. It's just that the scammers are so prevalent these days that they make the whole gold IRA industry look bad. I opened a gold IRA with Noble Gold Investments a few years ago, and I'm really satisfied with my investment. This company has the lowest markups in the industry and probably the most ethical one.
The best thing you can do to avoid getting scammed is to research the company thoroughly. Check if they’re registered, look up reviews on places like the Better Business Bureau, and definitely don’t trust any unsolicited sales calls or emails. If someone’s cold-calling you to sell gold, just hang up.
Also, make sure to get everything in writing before you commit. Read over any contracts carefully, especially the fees and terms. If anything seems off or different from what the salesperson told you, don’t sign it. I’ve seen people get scammed because they didn’t look at the fine print.