Gold IRA Scams to Avoid in 2026

6 types of gold IRA scams to avoid

Gold IRAs allow you to invest in gold and other precious metals within a self-directed IRA. But there are several ways that sketchy gold IRA companies can take advantage of you. And there are different tactics that these scammers can use to rip you off.

Here are a few common gold IRA scams to watch out for:

1. Unlicensed IRA ‘experts’

While gold IRA companies might be licensed to help you open an IRA, many of their employees are not licensed financial advisors. That means they shouldn’t be giving you any financial advice. Giving unlicensed financial advice is a violation of the rules set by the U.S. Securities and Exchange Commission (SEC) and should result in fines, but that doesn’t stop some gold IRA companies from doing it anyway.

The Commodity Futures Trading Commission (CFTC) reports that some gold IRA “experts” showcase themselves as an advisor, but they are simply salespeople trying to get you to open an IRA and buy as much gold as possible.

2. High-pressure sales tactics

Since many gold IRA companies don’t employ licensed financial advisors, the sales team can earn commissions for opening accounts and selling a certain amount of product. This may result in high-pressure sales tactics to push unsuspecting customers to open an account or buy gold.

“When it comes to gold IRA scams, I often find that the companies may be operating within the law but are using fear tactics,” said Nathan Mueller, a financial planner and financial coach at BlackBird Finance.

“You hear radio or TV advertising explaining how there are all kinds of threats to the current state of life, and the only way to protect yourself is to invest all your money in gold,” Mueller said. “It's tough to hear [about] financial advisor[s] who [...] are misleading people. I recommend talking to a licensed financial advisor before moving forward with any investment.”

» MORE: Best Financial Advisors

3. High markups

Most gold IRA companies include a markup from the spot price of gold to make a profit. While this markup is usually around 5% to 10% of the spot price of gold, some gold IRA companies charge far higher markups to unsuspecting investors. And some companies promise low markups while charging much higher amounts in reality.

It’s important to always look up the spot price of gold to make sure you’re not being ripped off. In most cases, the spot price is set by the London Bullion Market Association (LBMA).

4. Leveraged accounts

Some gold IRA companies have used leveraged accounts to allow customers to make a purchase with as little as 20% to 25% down, and “finance” the rest of the investment. In cases like this, it could turn out to be outright fraud and you never get your money back. If it’s a legitimate company, this is still a violation of the Commodity Exchange Act and is considered fraud.

5. Shady custodians

According to the Internal Revenue Service (IRS), all gold IRAs must hold your physical gold or precious metals investments with an IRS-approved custodian. But some gold IRAs may not do this, and your gold or other investments could be at risk. If the custodian is not reputable, it could take your money and disappear. The SEC even warns of fake custodians that attempt to steal your money.

6. Unapproved ‘collectible’ coins

The IRS regulates what coins and bullion are allowed to be held in a gold IRA. However, some gold IRA companies violate this law by recommending that consumers invest in “collectible” or “rare” gold coins.

Often, these “collectible” coins are only available from the gold IRA company and don’t offer the same liquidity of an approved coin. And these coins violate IRS regulations for what’s allowed to be held in an IRA account.

Tips for avoiding gold IRA scams

Gold IRA scams are scary, but there are some ways you can avoid them. Be sure to:

• Work only with a reputable gold dealer
• Verify the gold dealer’s licensure
• Ignore unsolicited emails, texts or phone calls
• Check the IRS’s website to make sure the gold custodian is approved
• Make sure your account contract and terms and conditions are in writing
• Only invest a small amount to start to ensure everything is above board
• Walk away if there are high-pressure sales tactics or fear-based selling

What to do if you’re a victim of a gold IRA scam

If you believe you’ve been a victim of a gold IRA scam, there are steps you can take to try to get your money back.

1. File a police report. Contact your local authorities and file a police report if you suspect fraud. This is the quickest way to get an official investigation started.
2. Withdraw remaining funds. If you’ve been scammed, it’s important to get your money out of your affected account(s). You can withdraw your remaining funds or roll the funds over into a standard IRA.
3. Contact the CFTC. You can submit a tip to the CFTC if you suspect fraud or deceptive practices from a gold IRA company.
4. Report to regulators. In addition to the CFTC, you can file a complaint with the SEC and with the Federal Trade Commission (FTC).

The process for getting your money back may take a while, but it’s important to take these steps to even have a chance at gaining restitution.