In addition to the fact that gold has become a powerful hedge against inflation in these turbulent economic times, not to mention that a majority of individual investors are flocking to invest a good portion of their IRAs into gold because of future prices – there are other things you must understand, and that is the fact there has been a ridiculous increase in the amount of gold IRA scams.
There are several unmonitored and unregulated bullion dealers that are trying to take advantage of this gold rush by playing uninformed investors for fools, making huge amounts of profits by selling fake gold. And they do it by employing shady marketing and business tactics, forceful marketing to compel the individual to buy the gold and charge high amounts in hidden fees.
However, several gold scams can be spotted and unraveled – which is if you know and are properly informed in regards to what to look for.
However, because so many people are easily compelled to make a purchase as a result of the cunning and smooth sales pitch of gold scammers – most don’t bother to do any research.
The last thing you want to be is inexperienced when it comes to investing in a gold-backed IRA, even if you’re doing it for the very first time.
On the other hand, it is a truism that differentiating a reputable, legitimate gold dealer from a scammer who has mastered the art of a sales pitch and is highly profit-driven, demanding excessive charges on his fake products.
Companies that continue to employ shady tactics when it comes to precious metals-backed IRAs benefit entirely as a result of the increasing demand for gold-backed IRAs by investors who are reaching their retirement age.
What these companies do is re-route their zeal for making high profits, convincing such investors to buy gold products, which are more often than not sold at significantly higher prices than that of the market.
And in a majority of cases, the gold billion coins sold by such companies aren’t even standard products – which makes the product unauthorized to be deposited or stored in a gold IRA. In light of this, mentioned below are some of the most common scams in the gold IRA market to look out for: