Your Gold Investments May Be Worth Less Than You Think
Consumers are getting duped into investing in precious metals like gold and silver coins and bullion with claims that these investments are safer than traditional investments like the stock market. We are investigating companies that purposefully mislead consumers like you, sometimes even lying about the quality of the gold itself, and compromising your life savings.
You have a right to keep what you have earned. If you have been affected by this scam and purchased precious metals as part of an investment plan, your hard-earned life savings could be in serious risk. We may be able to help – fill out our free case review form or give us a call at 1.800.887.8029 for a free case evaluation.
Misleading Sales Tactics
Our investigation alleges that these firms use names that sound like trusted organizations and businesses that are completely unrelated to precious metals IRA in order to build trust. With the stock market booming, the value of gold is not what it used to be. “People are still too optimistic on gold”, said John LaForge, head of real assets strategy at Wells Fargo Investment Institute in Sarasota, FL after the price of gold fell for six straight weeks last winter. “We’re in price purgatory for a lot of commodities including gold. You’re going to have a lot of investors and strategists like myself reduce their price forecasts,” (Bloomberg).
Besides possibly misrepresenting the value of the precious metals themselves, they may also put you in danger of breaking IRS regulations – this could mean that up to 10% of your whole IRA gets taken by the IRS as a penalty. For a $400,000 IRA, the penalty owed to the IRA could be $40,000. Additionally, the IRS has issued an alert on storing precious metals at home or safe-deposit box – metals are required to be held at a qualified storage firm to follow tax rules. You’ve paid taxes your whole life – why let the IRS take more simply because you put your trust in an unscrupulous “expert”?
To date several of the leading precious metals investment firms have been involved in lawsuits from government regulators in relation to their sale of precious metals-based retirement investments. Below are some stories from recent years, including one from Texas in summer 2019.
In the News
November 18, 2019: Mining for Silver on Facebook, qz.com
June 28, 2017: Think Twice Before Opening A Gold Or Silver IRA, forbes.com
September 2016: Older Americans lose millions through coin scams, aarp.org
How We Can Help
If you have invested in precious metals like gold and silver coins and bullion with private investment firms, your retirement could be worth much less than you were told it would be. You may have a claim and we can help you understand your legal options and potential compensation possibilities.
If you are interested in learning if you are affected, or would just like to talk with a lawyer experienced in consumer protection cases, please fill out the Free Case Review Form below or call us at 1.800.887.8029. We will review your investment documents to determine if you have a claim, at no cost to you.