[Syncopated]

The WaPo did an absolutely insane deep dive on how massive the scams in the "gold IRA" market are and how mainstream the companies have become.

I knew it was bad, but the depths of the insanity is even worse than I thought.

One company charges a 33% fee for EVERY transaction. For reference, my IRA account charges 0.012%.

[MeganC]

A fool and his money are soon parted.

[Responsibility2nd]

How does the headline even remotely equate to the article?

Does the Compost think Fox News is right wing?

[George from New England]

How much of the 33% ended up in FOX pockets ????

Will media report on this theft ?? Nope.

Big Pharma gets a pass in the MSM, cause Big Pharma owns them, look at the ads.

[nickcarraway]

So, basically “conservatives” are idiots? These companies only target people on the right? It’s not om MSNBC?

[V_TWIN]

The last place I would ever buy gold from is a place that advertises on fox.......I don’t care how irrelevant the actor on the commercial is.

[fluffy]

These PM companies have been a stain on conservative channels for quite some time, I remember them from Rush. I should say however that 33% for silver isn’t far out of line with the current market, with Gold premiums closer to 5%. But to promote them as an IRA option is ridiculous.

[sauropod]

Who awoke them out of their slumber?

[Eagles6]

Guy didn’t do his homework and, now, he wants to blame someone else.

[Fido969]

The “Physical Gold” IRA requires some rules for holding - the beneficiary can't both physically hold and control the coins, they must be held by a trust, like any IRA. The company will give you forms for setting up the trust, but that doesn't mean the customer will run the trust correctly. If that is not done right, the withdrawal from the IRA is taxable.

Then even if you do it right - when you do want to sell the gold and buy something it's a regular taxable IRA withdrawal.

I've seen people screw this up, because the guy selling the service does a lousy job explaining it. Because, as you know, they “can't give tax advice”.

Also, I hate to say it, but people who get sucked into this scheme are almost always financially unsophisticated. They buy into the anti-government argument, and think they are getting out of government control.

[JZelle]

Is this what the Liberty Daily keeps pushing?

[babble-on]

Gold is an appropriate (small) part of a financial portfolio, but a 33% commission is never appropriate.

[Worldtraveler once upon a time]

Gold IRA?

Nope. Just an IRA. ALWAYS read the fine print. ALWAYS read the fine print. ALWAYS.

Gold is something physical you can hold, guard, hide, keep. And IRA is just paper, after having put your money in the hands of someone else, and they get to charge you for that "privilege."

[bantam]

Can’t anyone just look at the price of gold for the last 5, 10, 20, 30 yeras, and see where it’s been and where it’s at??

[Organic Panic]

I hear those ads all the time on con talk shows. Even ones I like. One thing I know is to never patronize a company which advertises on con talk shows. Just about all of them are scams. And why wouldn’t someone just buy their own gold coins and store them in a vault of in pickle jars in the back yard? Seems dumb to buy PMs for someone else to keep.

Worst performing “investment” I have is my stack of coins. They have lost value when compared to inflation.

[TBP]

Gold is still better than infalted fiat money they’re deliberaetely devaluing minute by minute.

[TBP]

You have to be careful which company you deal with.

[Fido969]

I wonder how this company compares