Discount Gold Brokers Review
We are going through a period here in the US where the economy is brutal and unforgiving. Many people have worked all their lives only to see their retirement savings vanish overnight.
The good news is that protecting your savings is as easy as investing in a gold IRA. Not only does it keep everything you worked hard for safe, it also tends to increase in value even if the economy gets worse.
In this Discount Gold Brokers review we’re going to take a close look at this company and find out whether or not you should consider using their services.
Services and Products
Discount Gold Brokers is, as their name implies, a gold and precious metals broker. But are they an official IRA custodian? I’m not sure; this is what their website says:
“No cost for the first year on all new IRA accounts
No storage, rollover transferee or administrative fees”
However, I could not find any other info on their IRA services.
More importantly at the top of the website it said this:
“The company is no longer taking orders”
This seemed really odd and after doing a little digging I discovered that Discount Gold Brokers has recently been involved in a lawsuit. Could this be why they aren’t taking any more orders right now?
Normally this would be the part in this Discount Gold Brokers review where I go over customer feedback but since the company isn’t taking orders anymore as of this writing, let’s take a closer look at this lawsuit that they were involved in.
Essentially back in February 2014 Michael Berman and his company Discount Gold Brokers was accused in a lawsuit of running a nationwide Ponzi scheme. Thomas Hendrix, the man suing the company, claimed that Discount Gold Brokers defrauds its victims by either failing to deliver large orders of precious metals or by sending partial orders and keeping the difference.
Here is an excerpt from CourthouseNews.com that elaborates a bit:
“According to the 12-page lawsuit, the Better Business Bureau has received 60 complaints against the brokers.
“Defendants use the U.S. Postal Service, wire transfers and television and radio advertising to perpetrate their criminal scheme to defraud buyers,” the complaint states.
On April 15, 2013, the California Department of Corporations ordered Discount Gold Brokers to desist and refrain until it complied with a state requirement to deliver coins within 28 days.
Hendrix claims he bought 2,560 coins for $175,973 on Dec. 12, 2012 and was promised delivery within 8 weeks.
Months later, Hendrix says, he received the first of four partial deliveries, but by the end of 2013, the defendants were still 1,500 coins light.
And, by the time he took the first delivery in April 2013, Hendrix says, the value of the coins had decreased.
For that reason, Hendrix says, he canceled his contract, called Berman and told the company that he would no longer accept the coins and wanted a refund.
Though the refund was confirmed in writing, the gold brokers never returned his money, Hendrix says.” – from CourthouseNews.com
My final score for this Discount Gold Brokers review should come as no surprise to you:
While this lawsuit seemingly hasn’t been resolved at the time of this writing, Discount Gold Brokers isn’t accepting orders right now making them useless as an IRA option.
Whether or not Discount Gold Brokers really is guilty of running a Ponzi scheme has yet to be determined but for the time being it is best you look elsewhere for your IRA needs.
My most highly recommended choice for a gold IRA custodian that will help you protect your savings is Regal Assets, located in Burbank California.
Regal Assets is an official Gold IRA company that is endorsed by big names such as Dennis Miller, Lars Larson, Jerry Doyle, and Alan Thicke.
Regal Assets is also accredited by the Better Business Bureau and has a rating of 5 stars (the highest rating possible) on TrustLink based off of over 180 reviews.
Click Here to receive your FREE gold investing kit from Regal Assets that contains the following:
– Documentation on buying and selling precious metals
– How precious metals IRA can protect against inflation
– Coupon for free FedEx shipping on your next order
There is no obligation to buy anything, Regal Assets is here to help you, not sell you.
Click Here for more information on how to get your FREE gold investing kit from Regal Assets today.