Beware of These Gold IRA Scams

• The gold market is one of the largest and most lucrative markets in the world, so it should come as no surprise that there are also many scams out there aimed at luring investors into dubious gold IRAs.
• Gold IRA accounts are a type of individual retirement account where the assets are held in physical gold, as opposed to other assets held in traditional IRAs.
• Gold IRA accounts offer certain protections to investors, including the ability to transfer these assets from one institution to another without incurring capital gains taxes.
• Unfortunately, many unscrupulous people will take advantage of this lucrative market in order to line their own pockets.

The gold market is one of the world's largest, and many people turn to gold investing as a safe haven for their money. Gold IRA accounts offer certain protections to investors, including the ability to transfer these assets from one institution to another without incurring capital gains taxes.
Unfortunately, many unscrupulous people will take advantage of this lucrative market in order to line their own pockets. Individuals and companies offering gold IRAs should be aware of some of these gold IRA scams and avoid them at all costs.

'The Gold IRA Way'

This web site claims to offer gold-backed IRA accounts, but upon further investigation, it turns out to be nothing more than a marketing ploy for their services. The contact information on the site is an alias, and there's no physical address.
Gold Bullion Exchange
This site claims it sells a variety of precious metals, but upon further investigation, it's found to be nothing more than a marketing ploy for their gold IRA services. The site comes up first when searching for gold IRA information, but the physical address is a dead end.

'The Gold IRA Group'

The Better Business Bureau (BBB) has given this firm a D- rating, as of June 2020, based on 80 customer complaints, 31 unanswered complaints, and six negative reviews.
'The Gold IRA Store'
The BBB has given this firm an F rating, as of June 2020, based on 64 customer complaints, 25 unanswered complaints, and five negative reviews.
'Gold Core Group'
The BBB has given this firm an F rating, as of June 2020, based on 72 customer complaints, 26 unanswered complaints, and eight negative reviews.
'The Gold IRA LLC'
The BBB has given this firm an F rating, as of June 2020, based on 72 customer complaints, 27 unanswered complaints, and eight negative reviews.
'The Gold Trust'
The BBB has given this firm an F rating, as of June 2020, based on 72 customer complaints, 27 unanswered complaints, and eight negative reviews.

'Gold Direct'

A firm called 'Gold Direct' has attracted the attention of several investors recently, as it claims to offer gold buying and storage at below market rates.
The company claims that it is able to offer these prices because it buys gold directly from manufacturers.
This is a red flag.
First of all, for gold purchases, it makes absolutely no sense to buy directly from the manufacturers, as gold is bought and sold on the open market at prices set at a highly competitive level.

Second, a manufacturer will typically only sell gold to wholesalers who buy in bulk and sell it to retailers. Purchasing directly from a manufacturer is prohibitively expensive for retail buyers.

Third, the company is not registered as a broker or dealer.
'Gold Retirement Group'
A company called 'Gold Retirement Group' (not to be confused with the 'Gold Retirement Association') claims to provide investment advice and IRA investment services.
A review of its regulatory filings reveals that the company is under investigation by the SEC for alleged fraud.

'American Gold IRA'

This scam asks for $395 in account setup fees plus $5,000 in initial account investments. They claim to hold clients' assets under FDIC insurance.
'American Precious Metals Exchange'

This company claims to offer annual returns of 1.3% and up-front commissions of 10%. Clients who contact the company are told that their accounts are "fully insured" by "American Precious Metals Exchange" and that it is "a private corporation."
'American Silver Exchange'

This company offers returns of 6% and up-front commissions of 2%. They claim to "buy precious metals," but clients who want silver are told that they must buy "investment-grade" silver, which is more expensive.
'American Gold Exchange'

This company offers returns of 8% and up-front commissions of 3%. They claim to have a "direct pipeline to the mints" and "sell directly to the market."

'Gold Shield Advisors'

This is a company that has been investigated by the Better Business Bureau, and has received 141 complaints and 23 negative reviews. Their website has been shut down, but they are soliciting by phone.
'Gold Shield'
This company's website has been shut down, but they still solicit by phone.
'Gold Shield Retirement'
This company's website has been shut down, but they still solicit by phone.
'Gold Shield Retirement'
This company's website has been shut down, but they still solicit by phone.