Thoughtful Money with Adam Taggart

Common Gold Scams To Avoid | Andy Schectman

Jun 4, 2025
Andy Schectman, a precious metals expert and co-founder of Miles Franklin, dives into the murky waters of gold and silver scams. He warns listeners about deceptive practices targeting IRA holders and shares real-life testimonials of financial loss. The discussion highlights the importance of proper custody and reputable storage solutions for precious metals. Schectman also sheds light on navigating taxation and the intricacies of silver transactions, encouraging vigilance while investing in these valuable assets.
Ask episode
AI Snips
Chapters
Transcript
Episode notes
ANECDOTE

Elderly Client's Gold Scam Tragedy

  • Andy Schectman recounts an 85-year-old client distraught about losing his retirement to a gold IRA scam.
  • These scams have caused deep personal and family distress for many elderly investors.
ADVICE

Safe Gold Purchasing Guidelines

  • Buy gold sovereign coins and one-ounce sizes to avoid excessive premiums on fractional coins.
  • Stick to recognized mints and consult reputable dealers for numismatic investments.
ADVICE

Act on Gold IRA Scams

  • If caught in a gold IRA scam, reach out for help without shame, as these con artists are professional.
  • Challenge the company aggressively to improve your situation.
Get the Snipd Podcast app to discover more snips from this episode
Get the app