Hucksters Target Right-Wing News Consumers
"Buy Gold!" Frequent consumers of right-wing news are inundated ads containing this message, and those who fall for the scam lose much of their retirement savings as a result.
A Washington Post analysis found "gold IRA" ads to be a frequent presence on right-wing news channels, such as Fox News and Newsmax, but none of the ads were found on left-wing news channels. The ads also appear on the podcasts of right-wing figures, such as Glenn Beck, Ted Cruz, and Rudy Giuliani, who referred to one of these companies as "the experts I trust most."
The ads tell viewers that their pensions or retirement savings are in danger, so instead they should invest their retirement savings in the companies' gold or silver-based investments. While the price of gold can certainly go up, the companies take such a large commission, investors are unlikely to see any growth in their investment. Lear Capital, for instance, charges a whopping 33%. One person WaPo interviewed for the story invested $100,000, which bought $53,000 worth of gold and silver. He sold when the price of gold was up 32% and still lost money. The wife of one man who lost $80,000 said her husband trusted the company because he trusted that Fox News "wouldn’t take a commercial like that unless it was legitimate."
Do you have friend or family member who lost money to one of these companies? This could be an opportunity to speak to them about the trustworthiness of their sources of news and information. But keep in mind, it's difficult for any of us to admit when we've been conned. It's humiliating. But falling for a con doesn't make you stupid, it just makes you human. Recall that the largest financial scam artist in the history of the world, Bernie Madoff, was able to con the heads of some of the largest banks in the world — an intelligent, well-educated group. So, if you have a conversation with someone who fell for a right-wing scam, approach them with empathy and understanding.
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