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Title: Beware of this Precious Metals IRA Scam
Introduction
Investing in precious metals, such as gold and silver, has long been considered a safe haven for wealth preservation and diversification. In recent years, the popularity of precious metals as an investment has led to the emergence of various companies offering Precious Metals Individual Retirement Accounts (IRA). While most reputable precious metals IRA providers operate transparently and ethically, there are unfortunately some who engage in fraudulent activities, preying on unsuspecting investors. This article aims to shed light on the existence of such scams and educate potential investors about the red flags to watch out for.
Recognizing common warning signs
To protect yourself from falling victim to a precious metals IRA scam, it is crucial to be aware of the common warning signs associated with fraudulent companies. Here are some key indicators:
1. Excessive claims and exaggerated promises: Scammers often lure potential investors with unrealistic promises of high returns and guaranteed financial security. They may claim that investing in their precious metals IRA will yield extraordinary profits, which is a clear red flag.
2. High-pressure sales tactics: Fraudulent companies may engage in aggressive and persistent sales techniques that pressure individuals into making quick investment decisions without sufficient due diligence. They may use fear-based tactics, claiming that immediate action is necessary to protect against an impending economic collapse.
3. Unverifiable claims and lack of transparency: Legitimate precious metals IRA providers will have transparent processes, providing potential investors with all necessary information to make informed decisions. A scammer, on the other hand, may deliberately withhold or provide vague details about their products, fees, or storage facilities.
4. Unregistered or unlicensed companies: It is critical to confirm that the precious metals IRA provider is registered with relevant regulatory bodies or has the necessary licenses to operate in the market. Scammers often operate under unregistered entities, making it difficult to hold them accountable or seek legal recourse.
Protect yourself from fraud
Protecting yourself from becoming a victim of a precious metals IRA scam requires a proactive approach. Here are a few steps to help safeguard your investments:
1. Research the company: Before investing, conduct thorough research on the company offering the precious metals IRA. Look for reputable and licensed providers with a solid track record. Check online reviews, ratings, and any history of complaints filed against them.
2. Verify credentials: Ensure that the company is registered with reputable regulatory bodies, such as the Securities and Exchange Commission (SEC) or the Better Business Bureau (BBB). These organizations can provide valuable information about the legitimacy of the company.
3. Seek professional advice: Consult with a trusted financial advisor or investment professional before making any investment decisions. They can offer valuable insights and guidance, helping you navigate potential scams and investment risks.
4. Read the fine print: Carefully review all documentation, including the terms and conditions of the precious metals IRA program. Look for any hidden fees, withdrawal restrictions, or ambiguous clauses that may indicate a fraudulent operation.
5. Diversify your investments: To mitigate against potential scams, diversify your investment portfolio across different asset classes. This ensures that your wealth is not solely dependent on a single investment avenue and minimizes the risk of losing everything in case of fraudulent activity.
Conclusion
Precious metals IRA scams can severely impact unsuspecting investors, resulting in substantial financial losses. By staying vigilant, conducting thorough research, and seeking professional advice, individuals can reduce their vulnerability to fraudulent companies. Remember, if an investment opportunity sounds too good to be true, it probably is. Protect yourself and your hard-earned money by staying informed and cautious while investing in precious metals IRAs.
https://fox59-com.cdn.ampproject.org/v/s/fox59.com/indiana-news/indiana-secretary-of-state-lear-capital-metal-investors-to-receive-compensation/amp/?amp_gsa=1&_js_v=a9&usqp=mq331AQIUAKwASCAAgM%3D#amp_tf=From%20%251%24s&aoh=16950413352443&referrer=https%3A%2F%2Fwww.google.com&share=https%3A%2F%2Ffox59.com%2Findiana-news%2Findiana-secretary-of-state-lear-capital-metal-investors-to-receive-compensation%2F
Got an Ad for Lear Capital with Robert Kiyosaki while watching this… the irony
Recession means to depress recede lets call it what it is…its a depression
I had my mom go w a company name Rosland. The IRA seems legit. But we both over paid for”limited strike” 1/4 ox gold coins. I didn’t read the fine print and was a bit naive at the time.
Consumer Rights attorney
They should move to Cornerstone Asset Metals asap
Rules for buying precious metals: #1 – It’s only going to be worth what someone else is willing to pay you for it. #2 – Never pay a premium on anything unless you know for a fact you can recapture that premium when you liquidate your metals. Fees for this type of transaction should be extremely minimal regardless of the size of the precious metals IRA. If anyone would like to know of a reputable company that can help protect your retirement account or savings let me know. I’m in the biz and have heard countless stories of people being sold bullion with extremely high premiums that will be very difficult to overcome. That could have been a big portion of the loss suffered from the gentleman mentioned in the video.
This is why I don't trust ANY of those damn companies. ANY of them that use celebrities can piss off! I converted some of my 401k into a gold 401k but I did my research. Bought my own metals, and used a designated custodian. Fair fees, and a company that isn't shady as hell.
Lear sounds like Goldline.
Gave American Hartford $7000 for gold. Received 1oz
I have cash for home repair guys, meds, & daily living
This is the best u got for her. I bet if she bought a class he might help a smidge more. Just like pay to go to the silver thing so they can tell u buy eagles bc no taxes if it went through the rough and less likely to be cinfiscated. Boom for free
I just saw your video and subscribed to your other channel. Thank you for getting out the info!
At the end of 2022 I contacted one of these gold IRA companies and listened to the sales pitch. All I could think about was dam this sounds like about as risky as buying a time share. No thanks. I live in a state that charges sales tax on purchases of precious metals.
Dear Ninja…. I was looking at rolling over into one of these precious metals IRA'S as well….. the thing that I discovered in the small print was that these companies disclose that they can by coins based on Numismatic Value. This was the thing that was really a turn off for me. But also … if you're looking to avoid paying taxes on gold … why not just buy monetized bullion.
Thank you for the timely and valuable info ninja. Years ago I got fleeced by Lear with a purchase of a saint gaudens coin. I spoke with the sales manager about this raw deal and got an Indian head coin to smooth things over. I remarked how appropriate it was for them to send me a coin with a native American chief on it after getting scalped. Lear has made it a practice to ingratiate themselves with well known people in order to sell their products. A real metals dealer would not have to do such things.
BE LEERY OF LEAR folks.
Online it shows lear has AAA with better business bureau, my friend called better bureau they said its B minus rating and have had lots complaints…
If you don't hold it you don't own it
$30,000
$30,000
I also put my 401k into a precious metals IRA. After buying the metals I was $30, short of what I bought ( $220,000 ) some fees and premiums are not added on that I bought bullion mostly silver. If he bought Gold eagles depending on when the premium would be higher. And it could be the bankruptcy. Just a thought.
Never Buy Paper Gold …………..
You will always have a difference between buy in and stated value because of spot market prices versus cost of coins after premiums for minting and such
Just came across a Facebook ad yesterday sept 17,2023
Selling 5 lbs and 10 lbs "copper" bars, .999 fine copper
Stamped… Provident Metals
10 lbs bar is 100.00
5 lbs bar is 50.00
Say for the hobbist/collector/ good for barter
Got screen shots of it,
First I have ever seen for copper bars, ever being sold like gold or silver bar
"If you dont hold it you dont own it." True for PMs , Crypto, and currency.
Dont screw with PM IRAs. Pay cash and stash it creatively and safely…and its tax free at that point.
My old rule I live buy. The more it’s advertised the more expensive they are and to avoid. Do the work yourself. Not that complex.
Don’t forget all the fees when you want to leave the precious metals IRA. They didn’t tell me that it would cost $177 to ship 551 oz of silver back to Apmex. Then add $150 termination fee. Then I had to wait and hope they would complete the transfer before I got charged the $90 yearly fee and $100 storage per year. Took me 7 years to make enough money to get out with profits. Don’t bother with Goldstar IRA.
1. Take a distribution
2. Buy PHYSICAL SILVER/GOLD
3. Take PHYSICAL possession. Bury in your back yard
The Lear Capital YT channel latest video has Robert Kyosaki singing the praises of owning precious metals. Robert doesn't actually say to purchase from Lear, the announcer at the end of the video does that. Maybe that gets RK off the hook legally.
Our government had no idea how people are struggling right now I feel sympathy and empathy for our country low income people are suffering to survive! I appreciate Zelinda, Imagine investing $1000 and receiving $10,450 in 3days
Can you ask or suggest she set up a go fund me for him? Then share the address or tell us where to find it? Goal of providing him with 100k.
Still waiting for your doomsday mid September prediction.. not really waiting for it to happen but how you will not mention it anymore.
Well Im glad I read this my friend put her retirement funds in a company that just so happens its Lear. I informed her of this article, she said she felt something was wrong, intially she made money, but now shes down $100,000. She contacted them to get her money out, they were compliant. She is now hiring an attorney. How can they be in operation under a bankruptcy? I was also thinking of investing with them. So, kudos to you Ninga..Thank you
Dude should have rather put $190,000 into actual gold and silver.
Be leery of Lear.
Thank you for speaking about Spongetech, I also lost money but only $255. It still sits in my brokerage account from 2009 showing 100% loss. I leave it there to remind myself what can happen.
Shawn Ryan is a mouthpiece for them right?!?
Napolitano pushed to become a Supreme Court Trump choice. Trump refused… he knew, or figured him out. Trump is either psychic or a time traveler. 'The Gunner's Wife' claimed he was the latter. Check her out.
If you are stupid….don't expect a positive result.
I've used equity trust and oxford gold group for Ira. Takes a few weeks for the transfer to a bricks facility. There is a yearly storage charge of a few hundred bucks.
Some companies leverage your investment, a small downside can wipe you out, NEVER leverage precious metals, the volatility will destroy you.