How to Check a Gold IRA Company and Spot a Scam

Regulators have brought cases against a number of precious metals dealers that sold to retirement savers, while other companies have clean records. From the outside they can look alike, and the safeguards people assume are in place often aren't. This page explains who does and doesn't oversee gold IRA companies, the red flags regulators list, what recent enforcement cases actually found, and where you can check a company's record yourself.

Who Oversees Gold IRA Companies

Less oversight exists than most people assume:

• The dealer. The CFTC and FINRA say plainly: "Retail metal dealers are not regulated at the federal level." They point consumers to their state's attorney general or securities regulator.
• The IRA custodian. The custodian is regulated, but regulators say it doesn't check the dealer. NASAA's 2024 advisory: "IRA custodians do not vet precious metals dealers or their sales practices." Our guide to gold IRA custodians covers what custodians do.
• The metals. The tax code sets which metals can go in an IRA, but no one checks the price you pay for them.

That leaves the most important check, whether the company and its prices are fair, to you.

Red Flags Regulators List

NASAA's 2024 advisory on precious metals and coin investments lists warning signs, including a seller that:

• Uses cold calling or unsolicited emails
• Runs advertisements designed to instill fear about the economy
• Touts political or religious affinity
• Creates a false sense of urgency by claiming limited supply
• Advises investors to liquidate their existing retirement investments
• Fails to disclose commissions and fees in writing

The FTC adds that in precious metals scams, "whether the market is up or down, they'll tell you that there's no better time than now to invest." And the CFTC and FINRA note that if someone "suggests what to buy, how much, or when, that's advice and they might be required to register."

The single most useful check comes from the same CFTC and FINRA advisory: "Ask for all fees, costs, commissions, and agreed retail price in writing BEFORE signing… If fees are not available in writing before your purchase, that is a red flag."

What Enforcement Cases Found

Regulators have brought several cases against metals dealers that targeted retirement savers. Some ended in court findings; others are allegations that haven't been proven. This table keeps the two apart:

Two patterns stand out. The central problem in these cases was price: markups far above what customers were told or could see. And several involved moving retirement money: the March 2024 joint warning from the CFTC, FINRA, and NASAA says fraudulent dealers "often push the idea of retirement plan rollovers," because "that's where most people have the bulk of their investing dollars."

Where to Check a Company's Record

None of these checks is complete on its own. Together they take an hour or two:

1. Your state securities regulator and attorney general. Federal regulators direct consumers here for metals dealers. NASAA's site has a directory of state securities regulators.
2. CFTC enforcement actions and the NFA's BASIC database. The CFTC's check page links to NFA BASIC for registration and disciplinary history, and the CFTC publishes its enforcement actions. Many retail metals dealers aren't registered with the CFTC at all, so a missing registration isn't a finding on its own; an enforcement action is.
3. Federal court records. PACER charges $0.10 per page, capped at $3 per document; court opinions are free, and you're only billed if you run up more than $30 in a quarter. CourtListener, run by the nonprofit Free Law Project, offers a free archive of many federal records, though it may not be complete or current.
4. BBB and BCA complaint files. The Better Business Bureau and Business Consumer Alliance are private organizations, not regulators. Read the complaints themselves and how the company responded, not just the letter grade.
5. Written costs. Before you sign, get the account fees, the price over melt value on each product, and the dealer's current buyback price in writing.
6. The custodian and the metals. Confirm the custodian with its regulator, and confirm the products qualify. See our guides to gold IRA custodians and IRA-eligible gold and silver.

What a Clean Record Does and Doesn't Tell You

A company with no complaints, actions, or lawsuits on record has cleared a meaningful bar, and it's worth knowing. But a clean record doesn't make a specific price fair, and a single complaint or lawsuit isn't proof of wrongdoing. Even the CFTC notes that inclusion on its RED List of unregistered foreign firms "does not mean that the CFTC or a court has concluded that a violation… has occurred." Weigh the whole record, and rely most on what the company is willing to put in writing.

For an example of this process applied to one company, see our research on Augusta Precious Metals' complaint record.

The Bottom Line

Retail gold IRA dealers aren't federally regulated, and custodians don't vet them, so the checking is yours to do. Look the company up with your state regulator, in CFTC and court records, and in its BBB and BCA complaint files. Watch for fear-based pitches, urgency, and advice to liquidate your retirement investments. Above all, get every cost in writing before you sign. For how money moves into a gold IRA once you've chosen a company, see our 401(k) to gold IRA rollover guide.