Education, not advice. We do not rank, review or take money from gold companies. Everything here comes from public guidance by the Commodity Futures Trading Commission, the Securities and Exchange Commission, the Financial Industry Regulatory Authority, the North American Securities Administrators Association and the Internal Revenue Service.
Search for "gold IRA companies" and you will find hundreds of rankings, many of them paid. This guide does something different: it gives you the questions regulators say to ask, the red flags they have seen in real cases, and the public places where you can check a company yourself.
The stakes are real. In a 2024 joint warning with the Financial Industry Regulatory Authority and the North American Securities Administrators Association, the Commodity Futures Trading Commission said that over the past decade it had brought numerous cases against precious metals dealers alleging they collectively sold over $500 million of overpriced metals (Commodity Futures Trading Commission, release 8881-24). Two examples of the kind of allegations involved:
- In 2020 the Commodity Futures Trading Commission and 30 states charged a dealer with a fraud that took in more than $185 million, including more than $140 million in retirement savings, from at least 1,600 people, many of them elderly. The complaint alleged overcharges averaging from 100 percent to more than 300 percent over the market price (Commodity Futures Trading Commission, release 8254-20).
- In 2023 the Securities and Exchange Commission alleged that a dealer told investors it charged a markup of 1 to 5 percent when it actually charged as much as 130 percent, keeping more than $30 million of over $50 million received (Securities and Exchange Commission, release 2023-93).
These were allegations in complaints at the time of each announcement. They are listed to show the patterns regulators look for, not to describe any other company.
Understand who regulates whom
This is the part most people get wrong. According to the Commodity Futures Trading Commission, retail metal dealers are not regulated at the federal level (Commodity Futures Trading Commission). A dealer selling you coins is usually a salesperson; the regulator's 2020 advisory says precious metals dealers often are not licensed or registered to give investment advice and are typically paid commissions on what they sell (Commodity Futures Trading Commission).
A gold IRA custodian is a different kind of business. Custodians may be banks, trust companies or other entities approved by the Internal Revenue Service (Investor.gov). But a legitimate custodian does not make an investment legitimate. The joint investor alert from the Securities and Exchange Commission, the North American Securities Administrators Association and the Financial Industry Regulatory Authority says self-directed custodians do not verify the accuracy of financial information provided for an investment, that most custodial agreements state the custodian has no responsibility for investment performance, and that fraudsters often falsely claim custodians investigate and validate investments (Investor.gov).
Step 1: Check the custodian is real
The same alert warns that fraudsters may use a fake custodian. To check one:
- Look it up on the Internal Revenue Service list of approved nonbank trustees and custodians. The alert notes this list is not complete, because banks and trust companies can also act as custodians. If a custodian is not on it, do more research and consider an independent professional or attorney (Investor.gov).
- Ask which depository will hold the metal, whether storage is segregated or commingled, and who insures it.
- Ask how the custodian values metal on statements. The Commodity Futures Trading Commission says an IRA statement shows the "melt" value: bullion weight times spot (Commodity Futures Trading Commission).
Step 2: Check the dealer and the salesperson
The Commodity Futures Trading Commission suggests starting with well-established local dealers and checking with local consumer organizations, your state attorney general and your state securities regulator for complaint histories. If you shop online, verify the dealer's physical address and how long it has operated, and search the names of owners and salespeople for complaints or criminal allegations (Commodity Futures Trading Commission).
If a salesperson tells you what to buy, how much or when, the regulator says that is advice and they might be required to register with the Commodity Futures Trading Commission, the Securities and Exchange Commission, the Financial Industry Regulatory Authority or a state regulator. Ask directly whether they are registered, then verify it and look at any disciplinary history (Commodity Futures Trading Commission). The regulator's 2020 advisory lists lookup tools: the National Futures Association's BASIC database for commodity professionals, investor.gov for investment advisers, and cpaverify.org for accountants (Commodity Futures Trading Commission).
Step 3: Get the fee schedule in writing
The Commodity Futures Trading Commission's advice is direct: ask for all fees, costs, commissions and the agreed retail price in writing before signing anything or handing over money, and treat it as a red flag if fees are not available in writing before purchase (Commodity Futures Trading Commission). The investor alert adds that self-directed account fees may be significantly higher than for other accounts and can include account opening, annual, administrative and asset-specific fees (Investor.gov).
A complete written schedule should let you fill in every line of this table:
| Cost | Who charges it | Ask |
|---|---|---|
| Premium over spot on each product | Dealer | Price per item and the spot price used |
| Same-day buy-back price | Dealer | What would you pay me tomorrow? |
| Account setup | Custodian | One-time amount |
| Annual administration | Custodian | Flat or a percentage of value? |
| Storage | Depository or custodian | Segregated or commingled? |
| Insurance | Depository or custodian | Insurer and coverage |
| Selling, shipping, transfer-out and closing | Dealer and custodian | Every exit cost |
Then do the arithmetic. Multiply the fine gold weight by the current spot price and compare it with what you are being charged, as the regulator suggests (Commodity Futures Trading Commission). Our guide to spot price versus premium walks through the formula.
Step 4: Ask about the buy-back policy
Every dealer sells above spot and buys below it. The Commodity Futures Trading Commission says the bigger the spread, the more the price has to rise before you can profit, and that in most frauds the spread is so high that buyers can never profit (Commodity Futures Trading Commission). Questions to ask:
- Do you guarantee to buy back what you sell, and at what price relative to spot?
- Is that in the written agreement?
- How quickly would I be paid, and are there fees to sell?
- If the coins are "rare" or "collectible", what would you pay for them today?
Red flags regulators keep seeing
Each of these comes from the sources above.
- Cold calls and ads. Never respond to cold calls, unsolicited emails, junk mail, late-night commercials, social media posts or pop-up dealers (Commodity Futures Trading Commission).
- Pressure to move retirement money. The investor alert warns about unsolicited offers that push you to move money from existing retirement accounts into a new self-directed one (Investor.gov).
- Free gifts, limited-time offers and a "lead trader". The regulator describes boiler-room sellers who size up a caller, offer a gift or limited-time deal, then hand over to a special expert (Commodity Futures Trading Commission).
- "Semi-numismatic" or "rare" coins at big premiums. The Commodity Futures Trading Commission calls "semi-numismatic" a made-up term and says extra charges for such coins are likely a scam (Commodity Futures Trading Commission).
- Political, religious or celebrity appeals. The 2024 joint release says scams target people with specific political and religious beliefs through social media groups, and steal images of religious leaders, pundits and celebrities to create fake endorsements (Commodity Futures Trading Commission, release 8881-24).
- "Store it at home" pitches for retirement metal. The bullion exception requires a trustee to hold the metal; see how a gold IRA works.
- Promised or "guaranteed" returns. The investor alert says to question any so-called guaranteed return and be wary of anyone promising a high return with little or no risk (Investor.gov).
- Fees only available after you sign. A red flag in the regulator's own words.
If something has gone wrong
The Commodity Futures Trading Commission takes fraud complaints and tips at cftc.gov/complaint. You can also report possible securities fraud to the Financial Industry Regulatory Authority or your state regulator, and seniors can call the FINRA Securities Helpline for Seniors at 844-574-3577 (Commodity Futures Trading Commission).
Frequently asked questions
Are gold dealers regulated?
According to the Commodity Futures Trading Commission, retail metal dealers are not regulated at the federal level. Your state attorney general and state securities regulator are the places to check complaint histories.
Does using an approved custodian mean my investment is safe?
No. The joint investor alert says using a legitimate custodian does not make an investment legitimate, and that self-directed custodians do not verify the information provided for an investment.
What should a gold IRA fee schedule include?
At minimum: the premium on each product, the buy-back price, setup, annual administration, storage, insurance, and every fee to sell, ship, transfer or close. Get it in writing before you sign.
Where can I report a gold scam?
At cftc.gov/complaint, to the Financial Industry Regulatory Authority, or to your state securities regulator. Seniors can call the FINRA Securities Helpline for Seniors at 844-574-3577.
Sources
All accessed October 26, 2026.
- Commodity Futures Trading Commission and Financial Industry Regulatory Authority, 10 Things to Ask Before Buying Physical Gold, Silver, or Other Metals (issued March 20, 2024).
- Commodity Futures Trading Commission, release 8881-24 (March 20, 2024) and release 8254-20 (September 25, 2020).
- Commodity Futures Trading Commission, Beware of Gold and Silver Schemes Designed to Drain Your Retirement Savings (2020 advisory).
- Securities and Exchange Commission, release 2023-93 (May 15, 2023).
- Securities and Exchange Commission, North American Securities Administrators Association and Financial Industry Regulatory Authority, Investor Alert: Self-Directed IRAs and the Risk of Fraud (updated February 7, 2023).
- Internal Revenue Service, Approved nonbank trustees and custodians.
Education, not advice. Inclusion of a case here is not a statement about any other company.
Not financial advice. This checklist summarizes public guidance from United States regulators. It is not investment, tax or legal advice, and it does not rate or recommend any company. If you think you have been defrauded, contact the regulators listed at the end. Read the disclaimer.