10 Gold IRA Dealer Scams Every Investor Needs to Know About

The following contains information victims of precious metal scams wish they had known.

  • The precious metals industry offers great opportunities to hedge your wealth against inflation and make a profit on your investment.
  • However, there are networks of scammers posing as legitimate gold traders. Every year, they scam thousands of retirees out of their Individual Retirement Accounts (IRAs).
  • After you invest, they disappear with your money, or you’re left with worthless stocks or shares in a non-existent mine.
  • Sadly, many retirees lose their entire life savings, and instead of enjoying their retirement, they live the rest of their days in poverty with feelings of frustration, anger and shame for being conned.
  • What’s more, fraudsters are always coming up with more sophisticated ways to take your money.

This is why you need to educate yourself about the strategies, techniques and methods used by fraudulent companies before investing.

With this in mind, here are some of the ways they scam you.

Scam #1

They Artificially Inflate the Value of Rare Coins

They regrade rare coins to manipulate how much investors are willing to pay and then charge you high premiums for them.

Scam #2

They’re Raising Money to Re-Open a Defunct Mine

They say they need to raise funds to buy equipment and in exchange they’ll give you a higher than normal return on investment and shares in the company.

Scam #3

They “Pump and Dump” Your Investment

A publicly traded gold production or mining company has an aggressive stock promotion then runs away with your money.

Scam #4

They Sell You Gold Which Doesn’t Exist

This is where fraudsters offer you gold bullion and say they’ll store it for you in a secure vault. However, the gold doesn’t even exist.

Scam #5

They Tell You There’s an Amazing Opportunity

They create a story about recovering gold which has sunk to the bottom of the sea, buried treasure in a secret location, a newly discovered gold mine, or access to special markets.

Scam #6

Your Gold Never Arrives

You buy gold and wait for it to arrive. This is a common scam. Companies will often fake the tracking information to fool you into thinking it’s on the way. Yet you never see it. They’ll claim there was a shipping error or it was lost in transit.

Scam #7

The Ponzi Scheme Fraud

They promise you high returns on your investment. However, the returns you may or may not get are paid by new investors instead of profits from an actual investment.

New investors continue paying previous ones off until everything eventually falls apart.

Scam #8

They Hit You with Hidden Fees

They offer you gold at a great deal. Then they overcharge you for storage, administration or transactional operations. You won’t find out until you receive your account information. This is why it’s so important to clarify any potential charges before investing.

Scam #9

They Overcharge You for Your Gold

They inflate the price making you pay more than you should. In some cases, IRA dealers may also overcharge you for the gold they purchase on your behalf.

They may do this by using inflated prices or charging higher premiums, resulting in you paying more than you should for your gold. This is why you should compare prices from multiple dealers before buying.

Scam #10

They Sell You Fake Coins or Bars

Some dealers create counterfeit coins which are convincing to the untrained eye and dupe investors out of thousands. Instead of gold, the bars and coins are made from various metals like copper, tungsten or lead. They then plate over or alloy them to make them appear real.

They copy documents or create fake ones with signatures copied and pasted onto them. They change the date and descriptions of the coins to say they contain more gold than they really do, and so, increase their value.

If you’re a beginner collector, you can easily be fooled like this. For example, you likely won’t know a Mint State (MS)-70 coin is worth a lot more than an MS-60 coin in good condition. So you may believe the documents and lose your money.

What’s worse, not only would you lose your money, you may also face legal consequences for holding counterfeit merchandise.

These are 10 popular gold IRA scams. However, there are many more you need to know about if you want to protect yourself.

If you have $50K or more to invest, then you’re a prime target of scammers.

This means it’s crucial you educate yourself about the potential scams and become aware of the red flags.

The above are excerpts from the FREE guide, “31 Scams and Red Flags Every Gold IRA Investor Needs to Know About.”

Discover more scams and red flags so you can protect your wealth and invest wisely by downloading the guide.

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In this FREE guide you’ll discover:

  • The tricks fraudulent dealers play on unsuspecting retirees.
  • The “coin con” which can leave you penniless.
  • The “empty vault” method which empties your bank account. .
  • The “Ponzi Scheme” which can rob you of your life savings
  • The “Financing Agreement” which leaves you in a mountain of debt.
  • The red flags you can use to spot scams before you invest.
  • How to pay the right amount for your gold and silver.
  • What to research about companies to see if they’re legit.
  • And much more valuable information every investor needs to know to invest safely.

If you ever get scammed, you’ll have wished you knew what this guide contains. Protect your wealth and invest safely by downloading this FREE guide.

Get your copy by clicking the link below!

Download Now

31 Scams and Red Flags Every Gold IRA Investor Needs to Know About.