there were at least two instances discovered thus far where depositories distributed customer Precious Metals IRA boxes of silver Eagles that turned out to contain junk instead of the supposed coins.
In another instance a customer had purchased and put into storage 20,000 1996-dated silver Eagles in sealed U.S. Mint boxes. When it later turned out that 1996 was the low mintage year for silver Eagles, these coins began to trade for double and even triple the value of their silver content. When the customer withdrew the coins to sell them, he received 20,000 current year silver Eagles instead. Apparently, this matter is now in litigation.
Another area of concern is the growing number of counterfeit gold bars of sizes 10 ounces and larger.a crook seeking to bury a customer in counterfeit gold and silver would prefer to sell it to a buyer putting the merchandise into a Precious Metals IRA. The reason for this is that the customer would never have the opportunity to inspect the inventory at time of purchase and the storage facility does not necessarily have the liability of detecting counterfeits it receives to store for such accounts. So long as the storage company returns the exact same items it received for storage on behalf of the customer, which could be years or decades down the road, the depositories claim they have fulfilled all of their legal obligations.
Take this with a grain of salt as the person telling these stories is promoting the use of his own depository. But it pays to be careful
Is Your Stored IRA Gold Genuine?
In another instance a customer had purchased and put into storage 20,000 1996-dated silver Eagles in sealed U.S. Mint boxes. When it later turned out that 1996 was the low mintage year for silver Eagles, these coins began to trade for double and even triple the value of their silver content. When the customer withdrew the coins to sell them, he received 20,000 current year silver Eagles instead. Apparently, this matter is now in litigation.
Another area of concern is the growing number of counterfeit gold bars of sizes 10 ounces and larger.a crook seeking to bury a customer in counterfeit gold and silver would prefer to sell it to a buyer putting the merchandise into a Precious Metals IRA. The reason for this is that the customer would never have the opportunity to inspect the inventory at time of purchase and the storage facility does not necessarily have the liability of detecting counterfeits it receives to store for such accounts. So long as the storage company returns the exact same items it received for storage on behalf of the customer, which could be years or decades down the road, the depositories claim they have fulfilled all of their legal obligations.
Take this with a grain of salt as the person telling these stories is promoting the use of his own depository. But it pays to be careful
Is Your Stored IRA Gold Genuine?
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