The short version: If a dealer offers free metal, demand the all-in cash price, immediate resale value, recurring fees, and compensation disclosure before moving retirement money.

“Get up to $10,000 in free silver” sounds like a bonus. In a precious-metals retirement pitch, it may be a pricing clue.

Physical metal has a spot price, a dealer spread, custody costs, and an eventual resale price. A promotion cannot erase those economics. If the seller gives away metal, somebody funds it. The buyer should find out whether that cost reappears as a markup, commission, storage charge, restricted product choice, or painful buyback spread.

The four prices that matter

Do not ask only, “What is gold trading at?” Ask for these four numbers in writing:

  1. Spot reference: Which benchmark and timestamp is being used?
  2. Your purchase price: The exact dollars paid per ounce for the exact product.
  3. Immediate liquidation price: What the dealer would pay to buy it back today.
  4. Recurring cost: Custody, storage, insurance, account, and transaction fees.

The gap between numbers two and three is the round-trip spread. If you paid $X and could immediately sell for much less, the investment starts underwater before the metal price moves.

“Free” is not a line item

The CFTC and FINRA warn that some precious-metals IRA victims have lost one-third to one-half of savings through markups, fees, and commissions. Their joint customer advisory specifically tells buyers to ask how the company earns its profit—especially when it advertises giveaways.

That does not mean every promotion is fraud. It means the promotion is not the analysis. A legitimate seller should be able to provide a transparent quote, disclose compensation, explain custody, and show a realistic exit path without a countdown clock.

Bullion and collectible coins are not interchangeable

A second trap is being steered from widely traded bullion into “exclusive,” “rare,” or proof-style coins with much larger margins. Some products may have legitimate collectible value, but that value depends on condition, scarcity, authentication, and a willing resale market. It is not the same exposure as buying metal near its commodity value.

Ask why the proposed product is preferable to a lower-premium alternative. If the answer depends on guaranteed appreciation, secret inventory, confiscation fear, or an urgent regulatory rumor, step back.

A ten-minute pressure test

Before authorizing a retirement rollover:

  • Get the complete fee schedule and product list.
  • Record ounces, purity, unit price, total price, and current buyback quote.
  • Verify the custodian and storage arrangement independently.
  • Search the dealer and principals with state regulators and relevant registration databases.
  • Refuse same-call transfers. A sound transaction will survive overnight review.
  • Compare at least two quotes for the same product on the same day.

Also ask who can change the storage or buyback terms later. “We usually buy it back” is not the same as a contractual market.

Sources and limits

Rules and tax treatment vary by jurisdiction and account structure. Confirm current requirements with a qualified independent adviser; do not rely on the salesperson being paid by the transaction. This article is educational, not legal, tax, or investment advice.

Key takeaway

The giveaway is not the return. The only honest comparison starts with the all-in purchase price, same-day liquidation value, recurring fees, and a clear explanation of who gets paid.

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