Jeremy B. Merrill

NEW FROM ME: Ads hawking gold coins as a retirement investment are a constant on right-wing media. Customers, regulators have sued 14 such firms alleging a massive fraud.

https://www.washingtonpost.com/business/2023/07/25/gold-ira-conservative-media/

How right-wing news powers the ‘gold IRA’ industry

Ads for gold coins have become a mainstay on Fox News, Newsmax and other conservative outlets, even as regulators have accused some companies of defrauding elderly clients.

The Washington Post
Jul 25, 2023 at 1:14pmWeb
Show threadJeremy B. MerrillJul 25, 2023

This is the product of a long dig by me and @hannakozlowska that all started with some weird Facebook ads I saw in 2018.

Here's our original 2019 investigation into one gold IRA company: https://qz.com/1749695/facebook-ads-targeted-fox-news-fans-for-shady-silver-coin-scheme/

A precious-metals scheme used fear and Facebook to trick older conservatives out of their savings

A Quartz investigation found that dozens of older conservatives drained their retirement savings into a silver coin scheme supercharged by fear-mongering Facebook ads.

Quartz
Show threadJeremy B. MerrillJul 25, 2023
Here's a gift link to today's article in the Washington Post: https://wapo.st/3rJtR6s
How right-wing news powers the ‘gold IRA’ industry

Ads for gold coins have become a mainstay on Fox News, Newsmax and other conservative outlets, even as regulators have accused some companies of defrauding elderly clients.

The Washington Post
Show threadJeremy B. MerrillAug 1, 2023

update: the CFTC and a gold IRA company called Safeguard Metals "have reached a settlement in principle" on liability.

The CFTC had sued Safeguard for allegedly defrauding its customers out of many millions of dollars of retirement savings.

Show threadWillJul 25, 2023
@jeremybmerrill I continue to have the conversation with my dad that RW news #1 goal is to continue an outrage cycle to keep their viewers watching so that they can be marketed on snake oil supplements and fraudulent financial schemes. I put it very bluntly, "you're the mark", and this is yet another thorough investigation backing that up.
Show threadJason Petersen (he)Jul 25, 2023
@jeremybmerrill victimless
Show threadMichael ClaybergJul 25, 2023
@jeremybmerrill Hawking gold to older marks has been a thing my entire lifetime. Seen it myself since the late 70s. It used to be Krugerrands.
Show threadJeremy B. MerrillJul 25, 2023
@whiskey the roots stretch way way way back
Show threadThe TurtleJul 25, 2023

@jeremybmerrill i love frying the brains of RWNJs by explaining carefully that gold has nearly zero intrinsic value and would be almost entirely worthless in the real end-times they all seem to think is imminent.

"Can't eat it, can't burn it, can't make shelter or a decent weapon out of it, fuck I want with this shiny rock?"

"Bubbubut other people will want it?"

"They won't be able to eat it, burn it or make with it either. Fuck they want with this shiny rock?"

Perceived value!=intrinsic.

Show threadBeeksJul 25, 2023

@jeremybmerrill Gold = Bitcoin For Boomers™

#ChangeMyMind

Show threadJoe BodnarJul 25, 2023
@jeremybmerrill This article makes me think that grifters and conspiracists are behind the gold coins that family members keep giving me at Christmas. But that can't be right.