How 'gold IRA' industry ads became a 'mainstay of right-wing media': report

25 July 2023

For many years, right-wing media outlets have been aggressively promoting gold as a safe haven for retirees. Anyone who has spent a lot of time consuming right-wing media, be it Fox News, Fox Business and Newsmax TV or AM talk radio, has likely come across gold commercials.

In a report published by the Washington Post on July 25, journalists Jeremy B. Merrill and Hanna Kozlowska stress that the "gold retirement investment industry" has "become a mainstay of right-wing media."

"An analysis by The Post of political newsletters, social media, podcasts and a national database of television ads collected by the company AdImpact found that pitches to invest in gold coins are a daily presence in media that caters to a right-wing audience and often echo conservative talking points about looming economic and societal collapse," Merrill and Kozlowska explain. "The Post found no similar ads for gold retirement investments in mainstream or left-wing media sources in the databases."

Lawsuits against "gold IRA" companies, according to Merrill and Kozlowska, are not uncommon. One of the companies that has been sued is Lear Capital, a Fox News advertiser that sells gold and silver coins.

The Washington Post reporters note that "over the past decade, more than 30 customers in 20 states have sued a dozen gold IRA companies."

Terry White, a disabled retiree, told the Post he invested $174,000 in gold coins with Lear and found out the company charges a 33 percent commission. White said he lost almost $80,000.

"For years," Merrill and Kozlowska report, "gold IRA industry advertising has echoed accusations against Democratic politicians commonly found in news segments on conservative outlets. The ads tout the coins as a safe haven from economic uncertainty and social upheaval. Most of the coins are manufactured by the Royal Canadian Mint, which says they're bullion — a kind of coin whose value is determined by the underlying metal. As such, they meet IRS rules for retirement investments."

According to Merrill and Kozlowska, an "analysis of ad data and financial records" shows that the "gold IRA" industry "spends millions of dollars a year to reach viewers of Fox, Newsmax and other conservative outlets."

"Former Fox News host Bill O'Reilly and former New York Mayor Rudy Giuliani have promoted the coins," the Post reporters observe, "while ads for Lear's competitors have appeared on a podcast hosted by Sen. Ted Cruz (R-Tex.) and Newsmax broadcasts of former President Donald Trump's political rallies."

Find the Washington Post's full report at this link (subscription required).

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