WEBVTT 00:00:00.000 --> 00:00:02.080 All right, so you're thinking about your retirement 00:00:02.080 --> 00:00:04.780 savings, huh? Yeah. And maybe you're considering 00:00:04.780 --> 00:00:07.660 a gold IRA. A big decision. Yeah. It is a big 00:00:07.660 --> 00:00:09.460 decision. Yeah. We want to make sure you have 00:00:09.460 --> 00:00:13.199 the knowledge you need to do it safely. For sure. 00:00:13.240 --> 00:00:15.220 And that's what we're diving into today. We're 00:00:15.220 --> 00:00:17.699 going to be looking at this piece called Best 00:00:17.699 --> 00:00:22.000 Tips to Avoid Gold IRA Scams and Fraud. By Doug 00:00:22.000 --> 00:00:24.920 Young? By Doug Young, who's got a lot of experience 00:00:24.920 --> 00:00:27.100 with financial investing and precious metals. 00:00:27.280 --> 00:00:29.579 He really does. So we want to kind of distill 00:00:29.579 --> 00:00:32.380 this down to the essentials you need to know 00:00:32.380 --> 00:00:34.600 to protect yourself. Exactly like your focus 00:00:34.600 --> 00:00:37.340 guide. Exactly. Yeah. All right, so what we're 00:00:37.340 --> 00:00:39.479 gonna do in this deep dive is we're gonna give 00:00:39.479 --> 00:00:42.960 you some ways to recognize some red flags. Like 00:00:42.960 --> 00:00:44.939 right off the bat. Right off the bat, yeah. So 00:00:44.939 --> 00:00:46.939 you know, something's not right. Yeah. We're 00:00:46.939 --> 00:00:49.640 gonna talk about some of the common scam tactics 00:00:49.640 --> 00:00:52.159 that people use in the gold IRA market. Yeah, 00:00:52.179 --> 00:00:54.159 those are good to be aware of. And then we're 00:00:54.159 --> 00:00:56.060 gonna talk about how you can protect your investment. 00:00:56.359 --> 00:00:59.200 Some reliable strategies. Exactly. And then by 00:00:59.200 --> 00:01:01.000 the end of this, you should feel informed and 00:01:01.000 --> 00:01:03.159 secure and ready to make some sound decisions. 00:01:03.299 --> 00:01:05.859 Sounds like a good plan. All right. So where 00:01:05.859 --> 00:01:07.280 should we start? Well, let's start with those 00:01:07.280 --> 00:01:09.659 red flags like you mentioned. OK. It's interesting. 00:01:09.719 --> 00:01:13.180 A lot of these scam tactics, they rely on kind 00:01:13.180 --> 00:01:15.799 of pushing your emotional buttons, you know. 00:01:16.959 --> 00:01:20.200 So Doug Young points out a big red flag is if 00:01:20.200 --> 00:01:22.060 someone's trying to pressure you into making 00:01:22.060 --> 00:01:24.519 a decision quickly. Oh, yeah, that makes sense. 00:01:24.579 --> 00:01:27.980 Like that sense of urgency or even using fear 00:01:27.980 --> 00:01:30.280 as a motivator. Oh, for sure. Sure. You know, 00:01:30.379 --> 00:01:32.120 legitimate investments. They'll let you take 00:01:32.120 --> 00:01:35.620 your time. Think it over. do your due diligence. 00:01:35.840 --> 00:01:37.200 Right, it's like if they're rushing you, it's 00:01:37.200 --> 00:01:38.420 probably because they don't want you to think 00:01:38.420 --> 00:01:40.180 about it. Exactly, they don't want you to maybe 00:01:40.180 --> 00:01:42.879 get a second opinion. Like, you have to act now. 00:01:42.959 --> 00:01:44.840 That just always feels a little... Yeah, like 00:01:44.840 --> 00:01:47.579 your spidey sense is tingling. Yeah, yeah, exactly. 00:01:47.799 --> 00:01:49.500 And of course, there's the promises that sound 00:01:49.500 --> 00:01:52.340 just too good to be true. Oh, yeah. Which kind 00:01:52.340 --> 00:01:54.920 of goes back to that emotional trigger. Doug 00:01:54.920 --> 00:01:58.560 Young points out, you know, if someone's promising 00:01:58.560 --> 00:02:01.959 unrealistically high returns... Oh, yeah. Especially 00:02:01.959 --> 00:02:05.359 with gold, which fluctuates... you know, nothing's 00:02:05.359 --> 00:02:07.280 guaranteed. So someone's saying you're gonna 00:02:07.280 --> 00:02:10.300 get huge profits, almost certainly that's a sign 00:02:10.300 --> 00:02:12.580 to really back off and be careful. Yeah, if it 00:02:12.580 --> 00:02:14.860 sounds too good to be true, it probably is. Right, 00:02:14.860 --> 00:02:17.020 exactly. You gotta have that healthy skepticism. 00:02:17.240 --> 00:02:19.340 All right, so we're looking out for the pressure 00:02:19.340 --> 00:02:22.280 tactics, the unbelievable promises. What are 00:02:22.280 --> 00:02:26.319 some specific gold IRA scams that we should be 00:02:26.319 --> 00:02:28.659 aware of? Okay, so Doug Young outlines a couple 00:02:28.659 --> 00:02:31.379 of really common ones. One is this idea that 00:02:31.379 --> 00:02:33.590 you should... put all of your retirement money 00:02:33.590 --> 00:02:36.289 into precious metals. Into gold. Into gold. Yeah, 00:02:36.509 --> 00:02:38.669 like everything. Oh, that's interesting. Which, 00:02:38.969 --> 00:02:41.210 right away, if you think about basic financial 00:02:41.210 --> 00:02:44.129 health, that's a red flag, right? OK. Diversification 00:02:44.129 --> 00:02:46.449 is so important, spraying your risk. Big sense. 00:02:46.569 --> 00:02:48.469 Different assets behave differently. Oh, yeah, 00:02:48.469 --> 00:02:50.729 for sure. So if you put all your retirement savings 00:02:50.729 --> 00:02:53.069 into just one thing, especially something like 00:02:53.069 --> 00:02:56.069 gold, that can be volatile. You're really exposed 00:02:56.069 --> 00:02:58.650 if the market takes a downturn. Oh, I see. A 00:02:58.650 --> 00:03:00.469 reputable advisor is always going to tell you 00:03:00.469 --> 00:03:02.629 to have a balanced portfolio. It's like all your 00:03:02.629 --> 00:03:06.729 eggs in one basket. Exactly. Doug Young says 00:03:06.729 --> 00:03:10.530 that's rarely a good strategy. So don't put all 00:03:10.530 --> 00:03:13.090 your eggs in the gold basket. Right. OK, so what's 00:03:13.090 --> 00:03:16.330 another common scam? So, another one is promoting 00:03:16.330 --> 00:03:19.710 what they call collectible coins. Collectible 00:03:19.710 --> 00:03:21.750 coins? Yeah, so this is a little tricky. Okay. 00:03:21.949 --> 00:03:24.830 The IRS, they have rules about what kind of gold 00:03:24.830 --> 00:03:28.009 can be in a gold IRA. Okay. It has to be bullion 00:03:28.009 --> 00:03:31.169 coins or bars that meet certain standards. They 00:03:31.169 --> 00:03:33.030 have to be pure enough. They have to be from 00:03:33.030 --> 00:03:36.509 a recognized mint or assair. Wow. So, the scam 00:03:36.509 --> 00:03:39.210 is they push these collectible coins. Okay. And 00:03:39.210 --> 00:03:40.389 they say, oh, they're rare. They're going to 00:03:40.389 --> 00:03:43.409 go up in value. Right. But those coins, they 00:03:43.409 --> 00:03:46.449 often have a huge markup over the actual value 00:03:46.449 --> 00:03:48.669 of the gold. Oh, wow. So you're paying a lot 00:03:48.669 --> 00:03:50.969 extra. I see. And they might not even be that 00:03:50.969 --> 00:03:53.050 liquid in an IRA. So you're paying extra for 00:03:53.050 --> 00:03:54.490 something that might not even be worth that much 00:03:54.490 --> 00:03:57.629 in the long run. Exactly. Doug Young says, always 00:03:57.629 --> 00:04:00.870 check the spot price of gold and see what the 00:04:00.870 --> 00:04:03.310 dealer is charging you above that. That's called 00:04:03.310 --> 00:04:07.099 the spread. OK. Those collectible coins? They 00:04:07.099 --> 00:04:10.180 can have really high spreads. Compared to just 00:04:10.180 --> 00:04:12.419 regular bullions. So you're losing money right 00:04:12.419 --> 00:04:13.840 there. So it's like they're making money off 00:04:13.840 --> 00:04:16.399 the rarity. Right. It's like a perceived rarity. 00:04:16.699 --> 00:04:18.779 But not the actual... Yeah. It might not actually 00:04:18.779 --> 00:04:22.160 translate into better returns in your IRA. OK. 00:04:22.300 --> 00:04:24.120 Yeah. So we've got the pressure tactics. We've 00:04:24.120 --> 00:04:26.079 got these collectible coins. Right. What about 00:04:26.079 --> 00:04:28.339 this high pressure sales thing? Oh, yeah. Doug 00:04:28.339 --> 00:04:29.959 Young had a great quote about that. What did 00:04:29.959 --> 00:04:32.920 he say? He said, if a salesperson is pushing 00:04:32.920 --> 00:04:35.379 you to make a quick decision, it's a major red 00:04:35.379 --> 00:04:38.259 flag. Makes sense. Always take your time to research 00:04:38.259 --> 00:04:41.279 and verify the company's legitimacy. Oh, yeah. 00:04:41.459 --> 00:04:43.100 Like, that's so important. You don't want to 00:04:43.100 --> 00:04:45.740 be rushed into a big financial commitment. Right. 00:04:46.019 --> 00:04:48.279 Legitimate advisors, they get it. They know this 00:04:48.279 --> 00:04:50.360 is serious. They'll let you do your research. 00:04:50.480 --> 00:04:52.759 Yeah, you don't get a prize for making a decision 00:04:52.759 --> 00:04:55.480 the fastest. Exactly. There's no benefit to you 00:04:55.480 --> 00:04:58.500 for rushing. Yeah. But there might be a big benefit 00:04:58.500 --> 00:05:00.500 for them. OK, and there's that whole guaranteed 00:05:00.500 --> 00:05:02.660 returns thing. Oh, yeah, that's another big one. 00:05:02.740 --> 00:05:05.259 Which just screams scam to me. Right, it's so 00:05:05.259 --> 00:05:09.100 common, but it's so deceptive. No legitimate 00:05:09.100 --> 00:05:11.279 investment, especially in gold, can guarantee 00:05:11.279 --> 00:05:14.439 returns. The economy is unpredictable. Things 00:05:14.439 --> 00:05:17.220 change. If someone's promising you a guaranteed 00:05:17.220 --> 00:05:20.339 return, They're either clueless or they're lying. 00:05:20.560 --> 00:05:23.079 Yeah, for sure. So focus on realistic growth 00:05:23.079 --> 00:05:26.399 over the long term, not on these promises of 00:05:26.399 --> 00:05:28.500 huge profits that are just not going to happen. 00:05:28.660 --> 00:05:30.879 OK. So don't fall for the guaranteed returns 00:05:30.879 --> 00:05:33.699 trap. Right. All right. What about these suspicious 00:05:33.699 --> 00:05:36.699 websites? Ah, yes. Doug Young warns about those 00:05:36.699 --> 00:05:38.579 two. It's like anybody can make a website these 00:05:38.579 --> 00:05:40.959 days, right? It's true. It's so easy to put up 00:05:40.959 --> 00:05:42.759 a professional looking site, even if you're not 00:05:42.759 --> 00:05:46.759 legitimate. Right. So Doug Young says, Look into 00:05:46.759 --> 00:05:50.180 the domain registration. How long has the website 00:05:50.180 --> 00:05:53.160 actually been around? You can find that out with 00:05:53.160 --> 00:05:56.279 a who lookup. And then look at their contact 00:05:56.279 --> 00:06:00.100 info. Is there a real address? Can you call them? 00:06:00.139 --> 00:06:03.000 Can you find out who runs the company? If they're 00:06:03.000 --> 00:06:05.560 being anonymous or the website's brand new. That's 00:06:05.560 --> 00:06:08.519 a big red flag. So do your research. Look into 00:06:08.519 --> 00:06:10.699 these companies. Exactly. So we've talked about 00:06:11.079 --> 00:06:13.660 how to spot some problems. Now let's talk about 00:06:13.660 --> 00:06:16.899 how to protect your gold IRA investment. Yeah, 00:06:16.920 --> 00:06:20.720 how to be proactive. Proactive. Exactly. What 00:06:20.720 --> 00:06:22.339 should we be doing? Well, the first thing, and 00:06:22.339 --> 00:06:24.860 I can't stress this enough, is research. Research. 00:06:25.100 --> 00:06:27.800 Research. Research. Research. Any company you're 00:06:27.800 --> 00:06:30.420 considering, you've got to dig deep. You have 00:06:30.420 --> 00:06:33.339 to dive. Look into their history. How long have 00:06:33.339 --> 00:06:35.379 they been in business? Who are the people running 00:06:35.379 --> 00:06:39.339 it? Have they had any legal... problems or complaints. 00:06:39.720 --> 00:06:42.040 So many things to look into. Yeah, and Doug Young 00:06:42.040 --> 00:06:45.079 recommends using resources like the Better Business 00:06:45.079 --> 00:06:48.680 Bureau, the BBB. OK, the BBB. Yeah, and the Business 00:06:48.680 --> 00:06:51.920 Consumer Alliance, the BCA. The BCM. You can 00:06:51.920 --> 00:06:54.420 see what other customers have said. Look for 00:06:54.420 --> 00:06:57.180 patterns. I see. Both good and bad. Are there 00:06:57.180 --> 00:06:59.759 a lot of unresolved complaints? Are there issues 00:06:59.759 --> 00:07:02.439 that keep coming up? That's a sign. OK, so you're 00:07:02.439 --> 00:07:05.040 getting the real story, not just their marketing. 00:07:05.319 --> 00:07:08.199 Exactly. You want the unvarnished truth. What 00:07:08.199 --> 00:07:10.540 about their credentials and reviews? Oh, yeah, 00:07:10.540 --> 00:07:12.899 don't just take their word for it Okay, check 00:07:12.899 --> 00:07:15.600 those licenses and certifications make sure they're 00:07:15.600 --> 00:07:17.819 real and those review sites. We talked about 00:07:17.819 --> 00:07:21.220 read them carefully Yeah, are the reviews detailed 00:07:21.220 --> 00:07:24.680 are they specific or are they vague and generic? 00:07:24.910 --> 00:07:27.550 Okay. If you see a lot of complaints that haven't 00:07:27.550 --> 00:07:29.829 been addressed, that's a problem. So really scrutinize 00:07:29.829 --> 00:07:32.009 those? Yeah. Due diligence is key. What about 00:07:32.009 --> 00:07:34.569 the costs involved? Oh, that's a big one. Doug 00:07:34.569 --> 00:07:37.170 Young is really clear about this. Okay. You got 00:07:37.170 --> 00:07:40.540 to understand all the costs. upfront. What kind 00:07:40.540 --> 00:07:42.740 of costs? Everything. The price of the gold, 00:07:42.860 --> 00:07:44.779 the markup, the dealers charging you, that's 00:07:44.779 --> 00:07:47.839 the spread. Right. Storage fees, administrative 00:07:47.839 --> 00:07:50.720 fees, transaction fees, anything they might charge 00:07:50.720 --> 00:07:53.600 you. Oh, wow. There's a lot. There can be. And 00:07:53.600 --> 00:07:55.879 if they offer a buyback program, you'll find 00:07:55.879 --> 00:07:57.819 out what that costs too. What's the difference 00:07:57.819 --> 00:08:00.100 between the price they sell it to you for and 00:08:00.100 --> 00:08:02.589 the price they'll buy it back? Ah, the spread 00:08:02.589 --> 00:08:05.050 again. Exactly. That buyback spread can be a 00:08:05.050 --> 00:08:07.269 big hidden cost if you ever want to sell your 00:08:07.269 --> 00:08:09.410 gold. So you're not getting hit with these surprises 00:08:09.410 --> 00:08:11.589 later on? Right. You want to know exactly what 00:08:11.589 --> 00:08:13.689 you're getting into. OK, so be transparent, be 00:08:13.689 --> 00:08:16.370 upfront. Exactly. All right, so let's say we've 00:08:16.370 --> 00:08:18.509 done our research. We're ready to choose a gold 00:08:18.509 --> 00:08:21.490 IRA company. OK, so Doug Young has some good 00:08:21.490 --> 00:08:23.800 advice for that, too. What does he say? He says, 00:08:24.160 --> 00:08:26.360 start by asking people you trust for recommendations. 00:08:26.560 --> 00:08:28.480 Oh, that makes sense. Friends, family, your financial 00:08:28.480 --> 00:08:30.360 advisor, if you have one, see if they've had 00:08:30.360 --> 00:08:32.860 any experience with gold IRAs and if they can 00:08:32.860 --> 00:08:36.080 recommend a company they trust. Personal recommendations 00:08:36.080 --> 00:08:38.100 are great because they cut through the marketing 00:08:38.100 --> 00:08:39.960 noise. Yeah, they're not trying to sell you anything. 00:08:40.240 --> 00:08:41.700 Exactly. They're just giving you their honest 00:08:41.700 --> 00:08:44.919 opinion. And what about this IRS approval thing? 00:08:45.179 --> 00:08:48.610 Oh. That's absolutely essential. Okay. The IRS 00:08:48.610 --> 00:08:51.850 has very strict rules about who can be a custodian 00:08:51.850 --> 00:08:55.190 for a gold IRA. So you got to make sure any company 00:08:55.190 --> 00:08:59.110 you're considering is either on the IRS's list 00:08:59.110 --> 00:09:02.370 of approved custodians. Okay. Or they can show 00:09:02.370 --> 00:09:04.330 you proof that they're approved. I see. That 00:09:04.330 --> 00:09:06.950 way you know your gold IRA is legit. Okay. And 00:09:06.950 --> 00:09:08.669 you won't have any problems with the tax man. 00:09:08.909 --> 00:09:11.029 So make sure they're on the up and up. Exactly. 00:09:11.370 --> 00:09:13.929 Dot your I's and cross your T's. And what about 00:09:13.929 --> 00:09:17.330 customer service? Oh, that's a good one. Doug 00:09:17.330 --> 00:09:19.889 Young says customer service is a really good 00:09:19.889 --> 00:09:23.509 indicator of a company's overall quality. Interesting 00:09:23.509 --> 00:09:27.110 how so. Think about it. Yeah. If a company... 00:09:26.960 --> 00:09:30.379 treats its customer as well, it probably means 00:09:30.379 --> 00:09:33.080 they care about doing things right. So call them 00:09:33.080 --> 00:09:35.799 up, ask them some questions, see how they respond. 00:09:35.860 --> 00:09:37.539 Are they helpful? Are they knowledgeable? Are 00:09:37.539 --> 00:09:39.799 they quick to get back to you? I see. If they 00:09:39.799 --> 00:09:42.720 are, that's a good sign. OK. But if they're slow 00:09:42.720 --> 00:09:46.220 or evasive or rude, that's a red flag. That makes 00:09:46.220 --> 00:09:47.740 sense. You want a company that's going to be 00:09:47.740 --> 00:09:49.379 there for you, especially when it comes to your 00:09:49.379 --> 00:09:51.200 retirement savings. Right. You want to feel supported. 00:09:51.700 --> 00:09:54.159 OK. So we've talked about choosing a company. 00:09:54.350 --> 00:09:56.929 Right. What about some general financial tips 00:09:56.929 --> 00:10:00.929 for making a safe gold IRA investment? Yeah. 00:10:01.710 --> 00:10:04.610 Some broader advice. Yeah, exactly. Well, Doug 00:10:04.610 --> 00:10:06.830 Young says the first thing is to be realistic 00:10:06.830 --> 00:10:09.789 about your expectations. OK. Gold can be a good 00:10:09.789 --> 00:10:12.549 part of a long term investment strategy. Right. 00:10:12.669 --> 00:10:16.210 But it's not a get rich quick scheme. All right. 00:10:16.570 --> 00:10:19.029 The price of gold goes up and down for sure. 00:10:19.250 --> 00:10:21.509 So don't get caught up in the hype about making 00:10:21.509 --> 00:10:25.090 a ton of money fast. So no Lambos. Probably not, 00:10:25.309 --> 00:10:27.909 no. Okay. Focus on slow and steady growth over 00:10:27.909 --> 00:10:30.289 time. Okay. And remember diversification. Yeah, 00:10:30.389 --> 00:10:32.370 don't put all your eggs in one basket. Exactly. 00:10:32.669 --> 00:10:34.289 And it's important to understand the gold market, 00:10:34.429 --> 00:10:36.769 right? It is, yeah. Take some time to learn about 00:10:36.769 --> 00:10:39.850 how gold prices work. Okay. What affects them? 00:10:40.009 --> 00:10:43.230 Things like the economy, global events, supply 00:10:43.230 --> 00:10:45.629 and demand. Yeah, all that stuff. Exactly. The 00:10:45.629 --> 00:10:47.330 more you know, the better decisions you can make. 00:10:48.009 --> 00:10:50.730 So don't be in the dark. Right. Knowledge is 00:10:50.730 --> 00:10:52.669 power. And this is something we keep coming back 00:10:52.669 --> 00:10:55.289 to. Yeah. Don't rush into anything. That's so 00:10:55.289 --> 00:10:58.789 important. Yeah. Take your time. Do your research. 00:10:59.190 --> 00:11:01.830 Understand the risks. Understand the fees. Yeah. 00:11:02.289 --> 00:11:04.970 Don't let anyone pressure you. This is a big 00:11:04.970 --> 00:11:07.350 decision. It is. It's your future. Right. So 00:11:07.350 --> 00:11:09.750 don't rush it. All right. What about the legal 00:11:09.750 --> 00:11:12.909 stuff? Ah, yes. Doug Young talks about that too. 00:11:13.289 --> 00:11:15.620 What does he say? He says, make sure any company 00:11:15.620 --> 00:11:17.879 you're considering is following the rules. Oh, 00:11:17.879 --> 00:11:20.460 yeah, of course. There are organizations like 00:11:20.460 --> 00:11:23.980 the SEC, the Securities and Exchange Commission. 00:11:24.100 --> 00:11:27.259 Right, the SEC. And the CFTC, the Commodity Futures 00:11:27.259 --> 00:11:30.179 Trading Commission. Oh, OK. The SEC. They set 00:11:30.179 --> 00:11:32.899 rules to protect investors. Makes sense. Now, 00:11:32.899 --> 00:11:36.480 not all gold IRA companies are directly regulated 00:11:36.480 --> 00:11:38.980 by them. OK. But it's still a good idea to see 00:11:38.980 --> 00:11:41.460 if the company has had any problems with regulators 00:11:41.460 --> 00:11:44.340 in the past. OK, so. Check their record. Exactly. 00:11:44.440 --> 00:11:46.840 And then there's the IRS, right? Oh, yes. The 00:11:46.840 --> 00:11:50.000 IRS has specific rules for gold IRAs. What kind 00:11:50.000 --> 00:11:51.480 of rules? Well, for one thing, they say what 00:11:51.480 --> 00:11:53.559 kind of gold you can have in your IRA. OK. It 00:11:53.559 --> 00:11:55.740 has to be certain kinds of bullion points or 00:11:55.740 --> 00:11:58.490 bars. It has to be pure enough. And you can't 00:11:58.490 --> 00:12:01.210 just keep it at home. Oh. It has to be stored 00:12:01.210 --> 00:12:04.350 in an approved depository. So there's rules about 00:12:04.350 --> 00:12:07.090 where you keep your gold. Yeah. The IRS is very 00:12:07.090 --> 00:12:09.090 specific about that. OK. And if you don't follow 00:12:09.090 --> 00:12:11.690 their rules, you could get hit with penalties 00:12:11.690 --> 00:12:14.409 or have to pay extra taxes. And make sure you're 00:12:14.409 --> 00:12:16.389 following the rules. Exactly. Don't mess with 00:12:16.389 --> 00:12:18.210 the IRS. All right. So where can we learn more 00:12:18.210 --> 00:12:20.669 about all this? Well, Doug Young has some good 00:12:20.669 --> 00:12:22.929 resources for that. What does he recommend? He 00:12:22.929 --> 00:12:25.990 recommends checking out some websites like Investopedia. 00:12:26.399 --> 00:12:29.340 Oh yeah, Investopedia? Yeah, and the IRS website 00:12:29.340 --> 00:12:31.879 itself. Okay. They have a ton of information 00:12:31.879 --> 00:12:34.659 about IRAs and investing in precious metals. 00:12:34.820 --> 00:12:37.620 Awesome. And he also recommends some books. Okay. 00:12:37.679 --> 00:12:40.679 Like The New Case for Gold by James Rickards. 00:12:40.940 --> 00:12:43.100 The New Case for Gold? It gives you a bigger 00:12:43.100 --> 00:12:45.519 picture view of how gold fits into the economy. 00:12:46.039 --> 00:12:48.539 Okay, interesting. Yeah, it's a good read. And 00:12:48.539 --> 00:12:51.279 what about financial advisors? Oh yeah. Doug 00:12:51.279 --> 00:12:53.679 Young definitely recommends talking to a financial 00:12:53.679 --> 00:12:56.220 advisor. Makes sense. A good advisor can give 00:12:56.220 --> 00:12:58.919 you personalized advice based on your situation, 00:12:59.200 --> 00:13:01.940 your goals, your risk tolerance. Yeah. They can 00:13:01.940 --> 00:13:03.980 help you figure out if a gold IRA is right for 00:13:03.980 --> 00:13:06.440 you. I see. And how it fits into your overall 00:13:06.440 --> 00:13:09.720 investment plan. OK, so get some expert advice. 00:13:09.919 --> 00:13:12.779 Exactly. A professional can really help. And 00:13:12.779 --> 00:13:14.919 what about these online forums? Oh, those can 00:13:14.919 --> 00:13:17.360 be helpful too. How so? Well, you can connect 00:13:17.360 --> 00:13:19.799 with other investors. Okay. Share experiences, 00:13:19.960 --> 00:13:22.090 learn from each other. I see. There are some 00:13:22.090 --> 00:13:24.190 good ones on Reddit and the Bogleheads forum. 00:13:24.370 --> 00:13:27.090 You can find out about different companies. Stay 00:13:27.090 --> 00:13:28.809 up to date on what's happening in the market. 00:13:28.909 --> 00:13:31.110 Oh, that's interesting. Yeah. And sometimes people 00:13:31.110 --> 00:13:33.590 will share warnings about scams they've encountered. 00:13:33.850 --> 00:13:36.070 Oh, that's helpful. It is. It's like tapping 00:13:36.070 --> 00:13:39.029 into a network of knowledge. All right. So Doug 00:13:39.029 --> 00:13:41.830 Young also answers some frequently asked questions 00:13:41.830 --> 00:13:45.570 in his article. He does, yeah. One is, how can 00:13:45.570 --> 00:13:49.250 I verify the legitimacy of a gold IRA company? 00:13:49.440 --> 00:13:51.480 Oh, that's a good one. And we've touched on this, 00:13:51.559 --> 00:13:54.860 but let's recap. Doug Young says, start by checking 00:13:54.860 --> 00:13:57.039 their credentials and reviews on those third 00:13:57.039 --> 00:13:59.500 -party websites we talked about. The BBB and 00:13:59.500 --> 00:14:02.120 the BCA. Exactly. Look for a good track record 00:14:02.120 --> 00:14:05.639 and make absolutely sure they're an IRS -approved 00:14:05.639 --> 00:14:08.659 custodian. That's crucial. You can also check 00:14:08.659 --> 00:14:10.600 to see if they've had any problems with regulators, 00:14:10.779 --> 00:14:13.860 like the SEC or the CFTC. All right, so do your 00:14:13.860 --> 00:14:17.730 homework. And the other FAQ is... are guarantees 00:14:17.730 --> 00:14:20.730 of high returns on gold IRAs credible? Oh, that's 00:14:20.730 --> 00:14:23.210 a big one. Yeah. And Doug Young's answer is a 00:14:23.210 --> 00:14:25.950 hard no. A hard no. Hard no guarantees in the 00:14:25.950 --> 00:14:28.629 gold market are just not realistic. OK. Gold 00:14:28.629 --> 00:14:31.129 prices go up and down. You can't predict the 00:14:31.129 --> 00:14:33.919 future. Right. So. Any company making those kinds 00:14:33.919 --> 00:14:36.580 of promises is not to be prested. So be wary. 00:14:36.799 --> 00:14:39.340 Yeah, be very wary. All right. So as we wrap 00:14:39.340 --> 00:14:42.279 up this deep dive, what are the key takeaways 00:14:42.279 --> 00:14:45.320 from Doug Young's advice on avoiding gold IRA 00:14:45.320 --> 00:14:48.200 scams? OK, so the big things are watch out for 00:14:48.200 --> 00:14:51.679 high pressure sales tactics. Yeah. Act now. Exactly. 00:14:52.039 --> 00:14:55.220 And any promises of huge guaranteed returns. 00:14:55.480 --> 00:14:57.519 Yeah, that's a red flag. Those are big red flags. 00:14:57.799 --> 00:14:59.940 Huge red flags. Do your research on any company 00:14:59.940 --> 00:15:01.899 you're considering. Check their credentials. 00:15:02.279 --> 00:15:05.779 Check their IRS approval status. OK. And understand 00:15:05.779 --> 00:15:08.419 all the fees and costs before you commit to anything. 00:15:08.580 --> 00:15:11.379 Be informed. Be informed. Yeah. Transparency 00:15:11.379 --> 00:15:13.580 is key. All right. So on that note, here's a 00:15:13.580 --> 00:15:15.840 final thought for you to consider. OK. Given 00:15:15.840 --> 00:15:19.799 all this information, what concrete steps are 00:15:19.799 --> 00:15:21.820 you going to take to further investigate and 00:15:21.820 --> 00:15:24.500 secure your financial future as you consider 00:15:24.500 --> 00:15:27.000 gold IRAs? Yeah, it's about turning knowledge 00:15:27.000 --> 00:15:29.539 into action. Exactly. Protecting yourself. It's 00:15:29.539 --> 00:15:31.600 about protecting yourself, your peace of mind, 00:15:31.659 --> 00:15:33.799 and your financial security. Absolutely. Thanks 00:15:33.799 --> 00:15:35.500 for joining us for this deep dive. It's been 00:15:35.500 --> 00:15:37.539 a pleasure. We'll see you next time. Sounds good.