Ask Becca: Are Gold IRAs a Scam? Let’s Talk About It.

Let’s be honest—trying to navigate the world of Gold IRAs can feel like walking through a minefield of paid endorsements, flashy headlines, and marketing gimmicks. You Google “Gold IRA” and suddenly you're bombarded with celebrity testimonials, offers of “free silver,” and articles shouting “Get out now!” It’s no wonder people feel overwhelmed.

A client recently sent me a video titled “Gold IRAs Are a Legal Scam”—complete with warnings to “unwind your IRA and get out immediately.” That kind of fear-based content spreads fast, and while it might rack up views, it leaves a lot of people confused and anxious. So, I want to clear the air—not with hype or scare tactics, but with facts, first-hand experience, and a healthy dose of common sense.

Let’s clear this up right away: Gold IRAs are not a scam.

They are 100% legal and recognized by the IRS. In fact, the IRS has specific guidelines about how physical gold and silver can be held in a retirement account—right down to the types of metals allowed and how they must be stored. This isn’t a loophole or a gimmick—it’s in the tax code.

That said, like many industries, precious metals has its share of bad actors. And unfortunately, they make it harder for honest firms like ours to gain trust.

One of the biggest challenges in this industry is that some firms rely heavily on flashy, high-profile celebrity endorsements. These endorsements—whether from politicians, news anchors, or actors—can create a false sense of trust. But let’s be honest: these familiar faces are often paid a lot to promote companies they’ve likely never investigated. They show up, say the lines, and collect a paycheck. Meanwhile, the companies they’re promoting may be pressuring everyday investors into overpriced or obscure products with high premiums that can be difficult to recover from and take longer to regain full value compared to more straightforward bullion options.

We’ve seen it. I’ve personally spoken with clients who were pressured into proof coins, collector sets, or non-standard sizes. While 1 oz coins are the most commonly traded, there can be valid reasons to purchase smaller or larger pieces. The real issue arises when clients are placed into high-premium products—such as proof sets or collectibles—where recovering the upfront cost becomes a much steeper climb. One client came to us well after her purchase with another company and was completely overwhelmed to learn that the value of her holdings was nowhere near what she had invested, even though gold prices had increased since her original investment. The premiums had been so inflated that she had no idea how long it would take to break even. She didn’t sell the metals—after all, bullion still holds value—but when it came time for her next investment with us, she chose everyday, widely traded metals that don’t carry those same high premiums. What added to her frustration was the sense of trust she had in the company, in large part because a favorite TV personality was endorsing them—someone she never expected would steer her wrong. It became a live-and-learn experience, and we share it because it’s one that others can learn from too. The good news is that her second purchase—this time with us—has already seen growth based on market increases over the past few months. She now has a solid allocation to metals, and when the time comes to take distributions, we’re confident her strategy will serve her well.

But it doesn’t have to be that way.

Let’s talk for a moment about something many people misunderstand—premiums.

When someone sees the spot price of gold or silver online, they often assume that’s what they’ll pay to buy it. But that’s not how it works. You can’t buy physical metals for spot price. There’s always a premium—and that’s true with every dealer in the industry.

No dealer, including us, pays spot price when acquiring metals. The premium exists because it includes multiple real-world costs: refining, mining, minting, manufacturing, transportation, and insured storage before it even reaches us. At St. Joseph Partners, the majority of our premium goes toward sourcing from approved mints and wholesalers, insured shipping, secure handling, and ongoing support before, during, and after your purchase.

We are a for-profit company—but our margins are minimal compared to many of our competitors. We’d rather earn your trust for the long haul than make a quick profit.

That’s why we’re transparent in our pricing and offer personalized quotes that break everything down clearly. It’s just one more way we try to set ourselves apart in an industry that doesn’t always reward transparency.

You may have also seen companies offering $10,000 to $20,000+ in “free gold or silver.” Let me be direct—free is never truly free. That metal is being paid for one way or another, often baked into the pricing structure or product markup. The unsuspecting investor may not even realize they’re footing the bill. It’s a marketing strategy, and it works—but it doesn’t mean it’s in your best interest.

It’s also worth noting how many of the top search results for Gold IRAs are actually sponsored listings. A quick Google search will show a handful of “review” or “ranking” sites—often with familiar logos and friendly ratings. But read the fine print: “The listings featured on this site are from companies from which this site receives compensation. This may influence where, how and in what order such listings appear on this site.” In other words, these aren’t unbiased rankings—they’re paid placements. It’s just one more reason to look past the surface and ask deeper questions.

Another point of confusion I hear often? Website badges like “BBB Accredited,” “Trusted on Trustpilot,” or review sites like ConsumerAffairs. These can look reassuring, but most of them are paid placements. For example, ConsumerAffairs openly states: “Partners pay us to help them gather reviews and attract customers. This may influence the companies we feature or the order in which they appear.” Just because a company uses these features doesn’t mean they’re a bad company—but it is more smoke and mirrors that adds to the confusion and frustration of trying to find someone trustworthy to work with. It’s a reminder to dig deeper, ask questions, and not be swayed by polish alone.

There’s so much noise and misinformation online that it’s easy to feel paralyzed. But let me say this clearly: Gold and Silver IRAs are a legitimate way to diversify your retirement savings.

And yes—you should be protecting a portion of your nest egg outside the dollar. With today’s economic volatility and talk of possible currency resets or central bank digital currencies, it’s wise to have real, tangible assets backing your future.

As always, I’m here to answer your questions honestly and without pressure. If you’ve been confused or discouraged by what you’ve seen online, reach out. You deserve clarity.

Have a question for a future Ask Becca? Send it my way at info@stjosephpartners.com—I’d love to hear from you!

—Becca

Past performance is not indicative of future results.