Summary
Many Gold and Silver IRA companies use high-pressure sales tactics and hidden markups of 20-100%+ to profit at investors' expense. The 8 major red flags to watch for are: hidden spreads (20-30%+), exclusive/proprietary coins, limited mintage coin pitches, commissioned salespeople, "call for pricing" tactics, false tax-loophole claims, misleading custodian statement values, and unreliable repurchase guarantees. If you're interested in buying and selling precious metals in an IRA, you can do so with an iTrustCapital Crypto IRA, which offers institutional custody, clearly displayed pricing, and 24/7 online account access.
Key Terms to Know:
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Spot Price: The current market price for one ounce of gold or silver, which changes throughout the trading day based on global supply and demand.
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Spread: The difference between what you pay for a coin and its actual metal (spot) value—this is where dealers make their profit.
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Bullion: Standard investment-grade gold or silver bars and coins valued primarily for their metal content.
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Numismatic Coins: Collectible or "rare" coins valued for their rarity or historical significance, often marked up significantly above their metal value.
8 RED FLAGS: If you start noticing any of this, RUN!
This is a niche market but accounts for billions in transactions per year.
Because precious metals dealers often charge premiums above the spot price and fee structures vary widely, pricing for Gold and Silver IRAs can differ significantly, making it challenging to compare costs and reputations when choosing a company.
But there are so many of these Gold/Silver IRA companies out there making so much money that they can insulate themselves from the competition.
In fact, Tucker Carlson has said that after departing Fox News in 2023, several Gold IRA companies offered to pay him as much as $20 million per year for endorsements. This highlights just how marketing-driven much of the industry has become.
When it comes to marketing, Google ad words associated with this topic (i.e; gold ira, best gold iras, precious metals ira, etc) are some of the highest cost search words money can buy.
Due to the high margins, some with markups of 50-100%+, salespeople can make a high six or even seven-figure income, attracting very talented tricksters.
The average investor doesn't stand a chance when looking into most of these companies.
Many Gold IRA companies even pay well-known celebrities to be their spokespeople; you've probably heard of many of them. Typically they are conservative news anchors or famous celebrities getting paid millions to promote a company they don't fully understand.
They advertise on cable news, radio stations, and through scary email tactics. They have a knack for targeting older, conservative investors who fear losing their retirement to a financial crash, inflation, or some other marketing scare tactic to prey on your fears.
But is the Gold and Silver they want to sell you going to provide the security you're looking for, or is it going to put a massive amount of your hard-earned retirement money into their pockets?
What Are Hidden Spreads in Gold IRA Coins?
It's all about the spread in the coins they are going to push you to buy. They will advertise "No Custodian fees for X years" or "Get $5,000 back in free Silver".
These are all ways to avoid disclosing where they make their money, which is the margins on the coins. It is common for spreads these days to be 20-30% or more on coins. That means that if you do a $100,000 deal, they make $20,000-$30,000.
Some even make more when selling "Exclusive coins."
Why Are Exclusive Coins a Red Flag in Gold IRAs?
Many of the companies in this space have their own "Exclusive Coins."
They make deals with various mints for coins that only they will get. The most common mints that do this are the Canadian Mint, British Royal Mint, and Perth Mint.
The mints are happy because they will contract to sell a specific amount of coins, which is what they are in business to do.
They sell these coins for about the same price they would sell a common bullion coin like a Maple Leaf or Britannia.
The Gold/Silver IRA companies then take these coins and mark them up 50, 00,200% or more.
Then claim that because they are unique, they will appreciate better and offer more tax benefits.
Because no other company will be able to provide the same coin, it allows them to price them at whatever they want.
NO COMPETITION IS VERY BAD FOR CONSUMERS!
On top of overpaying for these coins, you are essentially stuck with selling them back to the same company because no other source will be interested in buying them for anything more than the spot price (melt value).
Are Limited Mintage Coins a Good Investment?
The sales pitch - "They only minted a small amount of these coins so they will outperform other, more recognized coins."
This one seems like it would make sense, but don't be fooled. Outside of that company, there is rarely any secondary market for some random coin that the company has made.
If there is a strong secondary market, you should easily be able to find the exact same coins from previous years selling for higher prices than what you are being offered for the same coin.
Examples of limited mintage coins:
- Proof Coins
- Exclusive Coins
- Pre-33 U.S. Gold Coins (Not IRA eligible)
- Pre-1964 U.S. Silver Coins (Not IRA eligible)
- Various modern U.S. Coins.
You should check prices from online retailers, not the U.S. Mint.
Kitco, Apmex, and JM Bullion are good sources to check prices.
How Do Commissioned Salespeople Affect Your Gold IRA Investment?
It should be common knowledge that if you have to talk to a commission salesperson to do a transaction of any kind, you will pay more.
Sometimes it's acceptable as long as the cost is clearly outlined upfront. Where to especially look out for this is when making financial decisions, and someone earning a commission is advising you. They are incentivized to sell the product that makes them the largest commission, which typically puts the investor in the worst position.
This is a common problem in the Gold/Silver IRA space. If they sell you the lowest cost bars/coins, commonly known as bullion, the sales rep may make 1% or less of the total transaction. However, if they sell you Proof, Exclusive, Low Mintage, or Numismatic coins, they can make 10% or more of the total transaction.
Commissioned salespeople are incentivized to recommend products that benefit their paycheck, not your portfolio.
Why Is "Call for Pricing" a Warning Sign?
When you go to the company's website and see pricing for some coins, but other coins say "Call for Pricing" (like the picture below), this is a warning sign. The call for pricing coins are the ones the salesperson is going to recommend you buy for the reasons outlined in this report.
Of course, the real reason is that they make more money selling those coins.
Legitimate companies display clear pricing at all times because they have nothing to hide.
Do Gold IRA Tax-Loophole Claims Actually Work?
To get you to buy "specialty coins" with high markups, they will justify the costs and reason to go with these coins because by buying them, you will lower your taxes when you take a distribution in-kind.
They will say the coin is worth more than what will be reported on your 1099. This is rarely accurate, and if you have to overcome a 30% or higher spread, any additional tax savings will be lost to the profit margin on the coins.
These tax-loophole claims are typically misleading, and the IRS may challenge underreported values on distributions.
Why Doesn't Your IRA Statement Show the Real Value?
This comes into play after a purchase is made. It is tied to the tax-loophole angle. The pitch is basically this:
"Your statement is only going to show you the melt (spot) price of the metals, not the REAL value (wink, wink, this is how your taxes will be less). Call me to give you updates on the REAL value."
If a company won't put the "real value" in writing, it's because that value doesn't exist in any verifiable form.
Can You Actually Sell Back Your Gold IRA Coins?
When buying coins, most companies will claim it is easy to sell-back anytime you want and that they always buy-back.
However, when it is actually time to sell, the story can change dramatically. Most of these companies have no interest in buying back the coins they recommended and will make-up all kinds of excuses that they can't repurchase your coins at this time.
A typical response is that their inventory is full, and they are not currently buying. Or that you haven't held the coins for the recommended 3-5 years, and the price would be much less than the posted spreads in the client agreement.
On top of that, even if you do get them to repurchase the coins, usually at a substantial loss, the time it takes to get the coins converted back to dollars at the custodian can be weeks to months. Keep in mind the gold and silver markets are open 24/7, and the ability to liquidate quickly is vital. Control over your investments 24/7 is essential for any serious investor.
Gold IRA Due Diligence Checklist: 6 Questions to Ask Before Investing
- Do they have a transparent pricing & fee schedule on the homepage of their website? This must not only include storage fees, but all fees paid over the spot price.
- When you call in, are you speaking with a commissioned salesperson?
- Are you able to cross-reference the price of the product they wish to sell you at multiple sources? The exact product, on multiple sites, not something similar.
- Can you check the values of your account anytime online? Or do you have to call in and take a sales rep’s word for it?
- Can you sell your investment anytime the market is open without having to speak to a live person?
- Is every claim the representative makes over the phone supported in writing?
Don't rush - Do your research and don't be convinced right away
It is essential to do your research on any investment you are considering.
Countless companies are trying to take advantage of investors every day, especially when it comes to retirement accounts, which have $27 trillion reasons to focus in this direction.
When looking up reviews always go to the one-stars. If there is a consistent theme of overpriced coins, likely not figured out until clients try to sell, you should AVOID!
Use your best judgment and make sure you understand and have verified what the company is offering.
Don't just take their word for it.
At the end of the day buying physical gold and silver is not complicated. You want to buy the most common bullion bars or bullion coins as close to the spot price as possible.
That's it!
Everything else is smoke and mirrors designed to take advantage of you and line the dealers and salespeoples pockets.
If you're interested in buying and selling precious metals, you can do so with iTrustCapital through a Premium Custody Account or Tax-Advantaged Crypto IRA*.
*Some taxes may apply.
Frequently Asked Questions
What is a fair markup on Gold IRA coins?
A fair markup on Gold IRA coins is typically 1-5% over the spot price for standard bullion products. If a company is charging 20-30% or more above spot price, you are likely being overcharged. Always compare prices across multiple reputable dealers like Kitco, APMEX, and JM Bullion before purchasing.
How can I verify if a Gold IRA company is legitimate?
Verify a Gold IRA company by checking for upfront pricing on their website, reading one-star reviews for patterns of complaints, confirming they don't rely solely on commissioned salespeople, and ensuring all claims are provided in writing. Legitimate companies offer 24/7 online access to account values and don't pressure you into immediate decisions.
What is the difference between bullion and numismatic coins?
Bullion coins are standard investment-grade coins valued primarily for their metal content and trade close to spot price. Numismatic coins are collectible or "rare" coins valued for their rarity or historical significance, often marked up 50-200% or more above their metal value. For IRA investments, bullion is typically the better choice.
Why do Gold IRA companies push exclusive or limited mintage coins?
Gold IRA companies push exclusive and limited mintage coins because they can charge markups of 50-200% or more, compared to just 1-5% on standard bullion. These coins have no competitive market, allowing companies to set any price they want. When you try to sell, you'll typically only receive the spot (melt) value.
How do I know if I'm being charged hidden fees on my Gold IRA?
Hidden fees in Gold IRAs are often buried in coin markups rather than disclosed as separate charges. Request a complete fee schedule in writing before investing, including the exact price over spot for each product. If a company advertises "no fees" but requires you to call for pricing, the fees are likely hidden in inflated coin prices. Look for a provider that displays pricing upfront so you can easily compare products and understand exactly what you're paying. To view iTrustCapital's current precious metals pricing, click here.
Can I check my Gold IRA account value online?
With legitimate Gold IRA companies, you should be able to check your account value online 24/7 through a secure dashboard. If a company requires you to call a representative to get account updates, this is a red flag. Real-time online access ensures transparency and allows you to make informed decisions about buying or selling. Platforms like iTrustCapital also provide online account management for Crypto IRAs, giving investors convenient access to their portfolios 24/7.
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Disclaimer
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