Posted on 07/26/2023 7:55:25 AM PDT by Syncopated
Dedicated viewers of Fox News are likely familiar with Lear Capital, a Los Angeles company that sells gold and silver coins. In recent years, the company’s ads have been a constant presence on Fox airwaves, warning viewers to protect their retirement savings from a looming “pension crisis” and “dollar collapse.”
One such ad caught the attention of Terry White, a disabled retiree from New York. In 2018, White invested $174,000 in the coins, according to a lawsuit by the New York attorney general — only to later learn that Lear charged a 33 percent commission.
Over several transactions, White, 70, lost nearly $80,000, putting an “enormous strain” on his finances, said his wife, Jeanne, who blames Fox for their predicament: “They’re negligent,” she said. A regretful White said he thought Fox “wouldn’t take a commercial like that unless it was legitimate.”
(Excerpt) Read more at washingtonpost.com ...
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%.
A fool and his money are soon parted.
How does the headline even remotely equate to the article?
Does the Compost think Fox News is right wing?
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.
So, basically “conservatives” are idiots? These companies only target people on the right? It’s not om MSNBC?
How many Democrats or Green Party watch Fox News?
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.
I had a friend who took a job at one of these places about 15 years ago. I warned him what they were like, but had to go find out for himself.
msnbc probably pushes crypto. 😏
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.
Who awoke them out of their slumber?
You can literally buy precious metals online, near-spot pricing.
These goldbug companies are there to grab as much wealth from those least able to afford it as possible. The TX Board of Securities even admits they’re next-to-impossible to police because of the opaqueness of their industry and the lack of regulatory framework in the state for them.
They grab bullion from actual mints, recast and put their labels on ‘em, and charge well above market rates for the gold. You have to be a poorly informed person to “invest” in them.
Guy didn’t do his homework and, now, he wants to blame someone else.
FOX is republican and works with all it’s might against conservatives.
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.
Also, notice many of the ads attempt to trigger panic.
Honest question: can you give an example of how to do this?
I purchase from Money Metals Exchange. Reasonable premiums. Happy so far.
At “APMEX”, gold premiums go down to around 4% over spot, silver premiums down to around 16% over spot.
Liberal get sucked into day trading and crypto trading. It’s magic money that you can just create because you are smarter than everyone else.
It’s perfect liberal econmics.
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