Many senior citizens are losing their retirement money from investing in a Gold IRA. I look at companies like Lear Capital and American Hartford Gold that are mentioned in an article explaining how people are losing big chunks of their life savings from investing in a Gold IRA from companies advertising on conservative news shows like Fox and Newsmax and others. Many people are wondering if Lear Capital is a scam or if American Hartford Gold is legit. I look at the accusations against them.
I show how investors are being sucked into these overpriced precious metals investments and why they fall for these tricks. I talk about why you should not invest all of your money in a gold IRA. I then show you how to buy gold and silver from regular online dealer and which products to buy with the absolute lowest premiums.
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LEARN MORE ABOUT: Precious Metals IRAs
HOW TO INVEST IN GOLD: Gold IRA Investing
HOW TO INVEST IN SILVER: Silver IRA Investing
REVEALED: Best Investment During Inflation
The Shocking Reality: Seniors Losing It All in Gold IRA Investments
Gold has long been considered a safe haven investment, particularly for seniors looking to secure their financial future for retirement. Many financial advisors have recommended including gold in individual retirement accounts (IRAs) as a way to diversify investment portfolios and protect against market volatility. However, recent reports have shown that a growing number of seniors are facing devastating losses in their gold IRAs, often losing their life savings in the process.
The allure of gold as a stable and reliable investment has led many seniors to invest a significant portion of their retirement funds in gold IRAs. However, the reality is that investing in gold can be highly complex and risky, especially for those who are not well-versed in the nuances of the gold market. Unfortunately, many seniors have fallen victim to unscrupulous gold dealers who have exploited their lack of knowledge by selling them overpriced and underperforming gold products.
One common tactic used by dishonest dealers is to sell seniors rare or collectible coins at inflated prices, claiming that they hold greater value than standard bullion. In truth, these coins often have little to no numismatic value and are not a sound investment. Seniors who have purchased these coins have been left with assets that are nearly impossible to liquidate at a fair price, effectively locking away their retirement savings in illiquid and overpriced assets.
Another issue plaguing seniors is the prevalence of fraudulent gold investment schemes, where unscrupulous individuals or companies promise high returns on gold investments, only to disappear with investors’ money. These schemes often target seniors who may be more susceptible to high-pressure sales tactics and promises of guaranteed returns, leading to devastating financial losses.
The consequences of these losses are severe, leaving many seniors with diminished retirement savings, and in some cases, facing financial ruin. Many have been forced to postpone retirement, downsize their lifestyles, or rely on family members for financial support. Some have even fallen victim to depression and anxiety as they struggle to cope with the loss of their hard-earned savings.
It is imperative that seniors and their families exercise caution and thoroughly research any gold IRA investment opportunity before making a commitment. Working with reputable and accredited financial advisors can help ensure that investments are made with full awareness of potential risks and rewards. Additionally, it is important to be wary of high-pressure sales tactics and promises of guaranteed returns, as these are often red flags for potential scams.
Seniors who have already fallen victim to fraudulent gold IRA investments should seek legal counsel to explore their options for recourse. While recovering lost funds may be challenging, pursuing legal action against dishonest dealers or fraudulent investment schemes may provide some form of restitution for those affected.
The shocking reality of seniors losing their life savings in gold IRA investments is a sobering reminder of the need for financial literacy and vigilant consumer protection. As the senior population continues to grow, it is essential for regulators and industry professionals to address the vulnerabilities that exist and to ensure that seniors are adequately protected from predatory investment practices. In the meantime, seniors and their families must remain vigilant and informed to safeguard their financial well-being.
it's predatory. There is no requirement to be smart to have money.
Scams like these make me sad. There are always good options if you want to invest in precious metals, and you mentioned several though I believe some of them are not suitable as a good investment due to high premiums.
Personally I use BullionVault for the majority of my investments in precious metals. BullionVault maintains competitive markets for precious metals similar to the stock markets, and you can buy or sell as little as one gram of metal at a time with no minimum commission. They also allow you to directly own gold, silver, platinum and palladium as part of a self-directed IRA.
For more than a decade I have been a happy customer at BullionVault. I have both invested with them, and sold to pull out the cash with no problems. Please note that the only affiliation I have with BullionVault is as a happy customer.
I don’t like buying silver right now. Waiting for a drop. Certainly not for one of these Ira scams. I guess it is like Fox Mulder said on the X-files,”Trust no one”
Not exactly fair to compare gold and silver coins to spot price. If you sell them, you wouldn't be getting spot. You'd be getting more because they are coins.
Research ALL sellers and choices before buying a gram of gold.
DO NOT ALLOW ANYONE ELSE hold and control your gold. PERIOD!
Great video. I read an investment book many years ago and the first point in the book was to never trust anyone who trys to sell you investments.
I would like to buy some gold and silver but I am leary of getting gold with alloys mixed in and concerned about fees and when trying to sell it back. Are the dealers going to charge transactions fees and testing fees to verify the gold and silver is pure? It just doesn't seem very liquid and the transactions are not transparent, at least from a beginner's point of view.
Not against holding gold, but a gold IRA is a terrible way to grow your wealth. Unfortunately I am speaking from experience. Currently in the process of closing out a gold IRA and converting it back to a traditional IRA. It’s worth more than my initial investment but it represents 10 years of lost opportunity where I could have been using those funds to grow my wealth. The liquidation process has been long and expensive (broker takes a huge cut, and it has taken nearly two months to get the liquidated funds transferred to my traditional IRA.)
Excellent common sense explanation. My simple rule of thumb — DON'T BUY GOLD/SILVER IRA's. Even the best of them are bad. Plus you use up IRA space that could be used for better investments.
I am of the opinion if it is not in your hands (or safety deposit box), it doesn't exist….
Scams like this are all over the place. Gold is old scam. The last big scam was digital coins. And now the popular scam that is going around is fine art.
Don't countries do something similar by issuing "special edition" coins that are 1 ounce of silver but they want double the normal amount?
Lucky in Germany it would be a criminal offense to charge triple price
If you want a gold IRA, get a Bitcoin IRA instead. They wont rip you off.
Caveat emptor
Open a self-directed IRA, do your research and make your own investments.
I watch fox news and I have never seen any commercials about gold coins
This morning, I was doing research for Gold IRA company and more I do research more I became cautious. Thank you very much for your video. It is very informative!!
Very thorough and in depth analysis. Thank you!
Now look at the expensive IRA-gold storage costs.
Don't buy the half price Chinese pandas. They're spray painted, stamped gang box slugs. Want to buy one ?
i actually purchased silver from lear..they were pricey but it was all good….not sure about the IRA though, i just bought coins myself