The red flags
1. Being steered to "special" coins
A salesperson talks you out of standard bullion and into proof, commemorative, "limited mintage" or semi-numismatic coins. These often carry premiums far above bullion, and when you sell, dealers may pay close to melt value. It's the single most common way people lose money in gold IRAs.
2. No written prices
The company won't put the price over spot, its fees or its buyback terms in writing. Legitimate firms will.
3. Pressure to act today
"Prices are about to explode," "this offer ends tonight," repeated calls after you've said no. Retirement decisions don't need to be made on a sales call.
4. Fear-based pitches
Predictions of an imminent dollar collapse or bank seizures, used to push you to move everything into metals. A reasonable company will talk about diversification, not panic.
5. Home storage promises
Offers to let you keep IRA gold at home through an LLC or "checkbook" setup. That can be treated as a full distribution by the IRS. See gold IRA storage.
6. Money sent to the wrong place
Any request to wire retirement funds to a salesperson, a dealer's operating account or a personal account. Rollovers go custodian to custodian.
7. Guaranteed returns
No one can guarantee what gold will do. A promise of fixed or guaranteed returns is a serious warning sign.
8. Unsolicited contact
A cold call or message from someone you've never contacted, especially after a news event, is how many fraud cases start.
9. Pushing you to move everything
Encouraging you to put all or most of your retirement into metals. Even the metals industry generally talks about gold as one part of a portfolio.
Our recommended provider's free kit lets you read about gold IRAs at your own pace first. Best fit if you have $50,000 or more to diversify. Ask any company, including this one, for every fee and buyback price in writing.
Request the Free KitHow to protect yourself
- Check the company's complaint history with the Better Business Bureau and your state's securities regulator.
- Confirm the custodian independently. It should be a bank, trust company or IRS-approved non-bank trustee.
- Get the price over spot and the same-day buyback price for every product, in writing.
- Check that your custodian statements list the exact products and quantities you bought.
- Take a day before signing, and talk it over with someone you trust.
If something has gone wrong
Contact your custodian first to confirm what your account holds. You can file complaints with your state securities regulator, the Commodity Futures Trading Commission, the Federal Trade Commission and the Better Business Bureau. If you believe you've been defrauded, talk to an attorney promptly.