Latest / The Crest Report / Who's Watching Your Money? Banks, Scams & Your 401(k)

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Who's Watching Your Money? Banks, Scams & Your 401(k) · The Crest Report

• 0:08
  SPEAKER_01: From GoldenCrust Medals.
• 0:09
  SPEAKER_01: Ritz is the Crest Report, where markets meet reality.
• 0:13
  SPEAKER_01: Your weekly briefing on the economy, gold, silver, and protecting what you've built.
• 0:19
  SPEAKER_01: Questions for Ritz?
• 0:20
  SPEAKER_01: Call 888-991-6222.
• 0:24
  SPEAKER_01: And now, here's your host, Rich Jacoby.
• 0:28
  SPEAKER_00: The second biggest bank in America just admitted it willfully broke the law.
• 0:33
  SPEAKER_00: Admitted it.
• 0:34
  SPEAKER_00: More than$1.2 billion in penalties, including the biggest penalty its regulator has ever handed out.
• 0:42
  SPEAKER_00: Then that same regulator says all nine of the biggest banks in this country had policies that cut people off from banking.
• 0:50
  SPEAKER_00: All nine.
• 0:51
  SPEAKER_00: And another bank just told its customers their social security numbers got out.
• 0:56
  SPEAKER_00: Hmm.
• 0:57
  SPEAKER_00: These are the folks holding your life savings.
• 0:59
  SPEAKER_00: Somebody's not telling you the whole story.
• 1:02
  SPEAKER_00: Well, on this show, you're going to get the whole story.
• 1:05
  SPEAKER_00: Hey everybody, welcome to the Crest Report.
• 1:07
  SPEAKER_00: I'm Rich Jacoby.
• 1:08
  SPEAKER_00: I started Golden Crest Metals.
• 1:10
  SPEAKER_00: And for anybody new, I'm not a radio guy.
• 1:13
  SPEAKER_00: I used to be a cop, LAPD.
• 1:15
  SPEAKER_00: So I'm going to talk to you the way I talk to my own family.
• 1:18
  SPEAKER_00: Straight.
• 1:19
  SPEAKER_00: And before we go one more minute, grab a pin.
• 1:22
  SPEAKER_00: Here's the number.
• 1:23
  SPEAKER_00: 888-991-6222.
• 1:29
  SPEAKER_00: One more time.
• 1:30
  SPEAKER_00: 888-991-6222.
• 1:35
  SPEAKER_00: Or go to myfregoldinfo.com.
• 1:38
  SPEAKER_00: When you call, tell them Rich sent you.
• 1:41
  SPEAKER_00: You'll get a free portfolio review, a free investor kit, and on qualifying purchases, up to$25,000 in free silver.
• 1:50
  SPEAKER_00: Call for details.
• 1:51
  SPEAKER_00: And here's something a lot of folks don't know.
• 1:54
  SPEAKER_00: If you want me, ask for me.
• 1:56
  SPEAKER_00: Now while I'm here in the studio, I can't pick up the phone live.
• 2:00
  SPEAKER_00: But somebody on my team will answer, they'll take your info, and if you want me to call you back, I'll call you back.
• 2:06
  SPEAKER_00: I'll be honest with you though, my team is so good, most of the time you won't need me.
• 2:11
  SPEAKER_00: But the doors open.
• 2:13
  SPEAKER_00: That's how we do it.
• 2:14
  SPEAKER_00: Okay, we've got a lot to get to.
• 2:17
  SPEAKER_00: First half of the show, we're talking banks, a record penalty, a government report on debanking, a data breach you need to know about, and how scammers are going after folks like you and me.
• 2:30
  SPEAKER_00: Then after the break, we're going to talk about your 401k and whether it's quietly turned into a bet on about 10 stocks.
• 2:38
  SPEAKER_00: And I'll tell you about the money millions of people left behind at old jobs and what's happening to it while nobody's looking.
• 2:45
  SPEAKER_00: Let's go.
• 2:47
  SPEAKER_00: So let's start with the big one.
• 2:48
  SPEAKER_00: On October 13th, the U.S.
• 2:50
  SPEAKER_00: Treasury announced more than$1.2 billion in penalties against Bank of America.
• 2:56
  SPEAKER_00: That's the second largest bank in the country.
• 2:58
  SPEAKER_00: Treasury's financial crimes office, they call it FinCEN, put a$1.2 billion penalty on the bank.
• 3:06
  SPEAKER_00: The OCC, that's the agency that regulates the big national banks, assessed$750 million.
• 3:13
  SPEAKER_00: And that one is the largest penalty in the OCC's history.
• 3:16
  SPEAKER_00: The largest ever.
• 3:18
  SPEAKER_00: On top of that, the bank settled sanctions violations involving Iran, Russia, narcotics, and terrorism.
• 3:26
  SPEAKER_00: Now, what did they do?
• 3:28
  SPEAKER_00: According to Treasury, Bank of America admitted it willfully violated the Bank Secrecy Act.
• 3:34
  SPEAKER_00: That's the law that says banks have to watch for money laundering and report it.
• 3:38
  SPEAKER_00: Treasury says the bank failed to report more than$5 billion in suspicious activity.
• 3:45
  SPEAKER_00: Five billion! And the OCC said the bank's monitoring system failed to properly watch trillions of dollars in transactions.
• 3:53
  SPEAKER_00: Trillions with a T.
• 3:55
  SPEAKER_00: And who was moving all that money?
• 3:58
  SPEAKER_00: Treasury said the bank failed to deal with what it called priority national security risks, Chinese money laundering networks, illegal money moving along the southwest border.
• 4:09
  SPEAKER_00: Now think about that.
• 4:11
  SPEAKER_00: If you or I deposit a check that looks a little funny, they'll hold it for a week.
• 4:16
  SPEAKER_00: They'll call us, they'll ask us 20 questions about our own money.
• 4:21
  SPEAKER_00: Meanwhile, according to the government, billions of dollars in suspicious activity went by without being reported, the way the law requires.
• 4:30
  SPEAKER_00: One set of rules for you and me, another set for the big boys.
• 4:35
  SPEAKER_00: And it's not the first time.
• 4:36
  SPEAKER_00: Back in 2023, federal regulators ordered Bank of America to pay more than$250 million over junk fees, withheld credit card rewards, and opening accounts without customers' permission, without their permission.
• 4:51
  SPEAKER_00: So when a bank tells you, trust us, we've got it handled, you're allowed to ask a few questions.
• 4:57
  SPEAKER_00: And here's the part that got me.
• 5:00
  SPEAKER_00: The OCC said the bank knew for years it had a problem and didn't fix it.
• 5:06
  SPEAKER_00: Even after it was ordered to clean things up back in December of 2024, the OCC says it still wasn't getting it done.
• 5:14
  SPEAKER_00: When I was on the job, if somebody kept ignoring the same problem week after week after they'd already been warned, we didn't call that a mistake.
• 5:25
  SPEAKER_00: We called it willful.
• 5:26
  SPEAKER_00: And that's the exact word they used here.
• 5:29
  SPEAKER_00: Now look, I'm not telling you Bank of America is going under.
• 5:33
  SPEAKER_00: I'm not telling you to run down and empty your account.
• 5:36
  SPEAKER_00: FDIC insurance is real, up to the limits.
• 5:40
  SPEAKER_00: But I want you to think about something.
• 5:42
  SPEAKER_00: These are the people we hand our life savings to.
• 5:46
  SPEAKER_00: We trust them to watch the door.
• 5:48
  SPEAKER_00: And the government just said they weren't watching it like they were supposed to for years.
• 5:54
  SPEAKER_00: So let me give you three things to know about money sitting at a bank, because most folks never think about them.
• 6:00
  SPEAKER_00: Number one, FDIC insurance has a limit.
• 6:03
  SPEAKER_00: Generally, it's$250,000 per person, per bank, per type of account.
• 6:10
  SPEAKER_00: A lot of retirees have more than that in one place after they sell a house or a business.
• 6:15
  SPEAKER_00: Ask your bank exactly how you're covered.
• 6:18
  SPEAKER_00: It's a five-minute conversation.
• 6:20
  SPEAKER_00: Number two, look at what your savings is actually earning.
• 6:24
  SPEAKER_00: Then look at what everything costs at the grocery store.
• 6:28
  SPEAKER_00: If prices are going up faster than your account, you're not really saving.
• 6:32
  SPEAKER_00: You're slowly losing, just politely.
• 6:35
  SPEAKER_00: Number three, a bank deposit is a promise.
• 6:39
  SPEAKER_00: When you put money in a bank, it's not sitting in a drawer with your name on it.
• 6:43
  SPEAKER_00: The bank lends it out, invests it, uses it.
• 6:47
  SPEAKER_00: What you've got is their promise to pay you back.
• 6:49
  SPEAKER_00: And most of the time, that promise is good.
• 6:52
  SPEAKER_00: But it's still a promise.
• 6:54
  SPEAKER_00: Physical gold is one of the only things you can own that isn't somebody else's promise.
• 6:59
  SPEAKER_00: It doesn't depend on a bank, a CEO, or a board meeting.
• 7:03
  SPEAKER_00: That's the whole idea.
• 7:05
  SPEAKER_00: And since we're talking about trust, let me tell you why I started Goldencrest in the first place.
• 7:10
  SPEAKER_00: When I got into this business, I saw companies selling folks these fancy collector coins with a big markup.
• 7:17
  SPEAKER_00: Limited edition, rare, a great story attached.
• 7:21
  SPEAKER_00: And when those people went to sell them back, they were worth a whole lot less than they paid.
• 7:26
  SPEAKER_00: That made me sick.
• 7:27
  SPEAKER_00: So at Goldencrest, we stick to widely recognized coins and bars, the kind any dealer in the country knows on site.
• 7:35
  SPEAKER_00: There's no buyback fees, and we show you the pricing up front, what you're paying, and what the spot price is before you buy.
• 7:42
  SPEAKER_00: If any company won't put that in writing for you, us included, that tells you everything you need to know.
• 7:48
  SPEAKER_00: So here's what I want you to do.
• 7:50
  SPEAKER_00: If a big chunk of your savings is sitting at a bank, in a savings account, a CD, a money market, or it's in a 401k, an IRA, a 403B, a 457, a TSP, a ROF, an annuity, call my team and ask one simple question.
• 8:08
  SPEAKER_00: How much of what I've worked for is in something I can actually hold?
• 8:12
  SPEAKER_00: 888-991-6222.
• 8:16
  SPEAKER_00: Again, 888-991-6222.
• 8:21
  SPEAKER_00: Tell them Rich sent you.
• 8:23
  SPEAKER_00: You know, that word trust reminds me of a review one of our clients left us earlier this year.
• 8:29
  SPEAKER_00: Her name's Jacqueline.
• 8:31
  SPEAKER_00: She came to us wanting to learn about a gold and silver IRA.
• 8:35
  SPEAKER_00: And in her review, she wrote, It's so hard to find someone to trust.
• 8:40
  SPEAKER_00: And she's right, it is hard.
• 8:42
  SPEAKER_00: What she said made the difference was that the person she worked with was patient, took the time to actually teach her how it all works before she did anything.
• 8:52
  SPEAKER_00: And that's what I want for every one of you.
• 8:54
  SPEAKER_00: Nobody rushing you, somebody teaching you.
• 8:57
  SPEAKER_00: And another client of ours, Margie, left us a review that said something along the same lines.
• 9:03
  SPEAKER_00: She wrote that everybody she dealt with, including the owner, was friendly, attentive, and trustworthy, and that we always made time for her.
• 9:12
  SPEAKER_00: I'll take that one, because that's the point.
• 9:14
  SPEAKER_00: If you want time, you get time.
• 9:17
  SPEAKER_00: And if you want me, ask for me.
• 9:20
  SPEAKER_00: All right, this next one.
• 9:21
  SPEAKER_00: And I'm not going to get political on you.
• 9:23
  SPEAKER_00: I don't care who you voted for.
• 9:25
  SPEAKER_00: This is about your money.
• 9:26
  SPEAKER_00: On October 14th, the OCC, same agency, put out a report on what's called debanking.
• 9:34
  SPEAKER_00: That's when a bank closes your account or won't open one for you, not because you did anything wrong, but because of who you are or what you believe.
• 9:43
  SPEAKER_00: They looked at the nine biggest national banks: JP Morgan Chase, Bank of America, City, Wells Fargo, US Bank, Capital One, PNC, TD, and BMO.
• 9:58
  SPEAKER_00: And they found that between 2020 and September of 2025, all nine had policies or practices like that.
• 10:07
  SPEAKER_00: All nine.
• 10:08
  SPEAKER_00: According to the government, people got cut off over their political beliefs, their religious beliefs, or because they ran a perfectly legal business somebody at the bank didn't like.
• 10:19
  SPEAKER_00: Firearms, oil and gas, tobacco.
• 10:23
  SPEAKER_00: And the Consumer Financial Protection Bureau says it's going to go after any harm done to customers.
• 10:30
  SPEAKER_00: And you've probably heard the president talk about this himself.
• 10:33
  SPEAKER_00: He told CNBC, and I'm quoting him here, I was informed by my people that we have to get out of JPMorgan Chase.
• 10:41
  SPEAKER_00: He said it wasn't a default, nothing like that.
• 10:43
  SPEAKER_00: Then he said he went to Bank of America, and the answer was, we can't do it.
• 10:48
  SPEAKER_00: He's now suing JPMorgan and its CEO for$5 billion.
• 10:54
  SPEAKER_00: JP Morgan says the claims don't hold up, and it's asked the court to throw the case out.
• 10:59
  SPEAKER_00: So the courts will sort that part out.
• 11:01
  SPEAKER_00: But here's what I keep thinking about.
• 11:04
  SPEAKER_00: Whatever you think of him, he's one of the best known businessmen in the world.
• 11:09
  SPEAKER_00: Lawyers, accountants, a whole team.
• 11:12
  SPEAKER_00: And he says he got shown the door.
• 11:15
  SPEAKER_00: So what happens to a retired school teacher in Ohio, a guy with a little hunting shop in Texas?
• 11:21
  SPEAKER_00: Who's he gonna call?
• 11:24
  SPEAKER_00: So what do you do if it happens to you?
• 11:26
  SPEAKER_00: Here's what I tell my own family.
• 11:28
  SPEAKER_00: If a bank closes your account, ask for the reason in writing.
• 11:32
  SPEAKER_00: Don't let them brush you off on the phone.
• 11:35
  SPEAKER_00: Keep a second account at a different bank, so one bank can't freeze your whole life.
• 11:39
  SPEAKER_00: And think about whether every dollar you've got should depend on the same system that just got caught doing this.
• 11:45
  SPEAKER_00: And that's really the point.
• 11:47
  SPEAKER_00: When every dollar you've got only exists as a number on a bank's computer, somebody else gets a vote on whether you can use it.
• 11:57
  SPEAKER_00: Physical gold and silver are different.
• 11:59
  SPEAKER_00: If you buy it with savings, you can take delivery.
• 12:02
  SPEAKER_00: It's yours.
• 12:03
  SPEAKER_00: You can hold it in your hand.
• 12:05
  SPEAKER_00: And if it's in an IRA, it's held at an approved insured depository in your name.
• 12:11
  SPEAKER_00: So if you've ever had a bank freeze a card, hold a check, or ask you 20 questions about your own money, call my team and ask what it looks like to have a piece of your savings that doesn't live on a bank's computer.
• 12:25
  SPEAKER_00: 888-991-6222.
• 12:30
  SPEAKER_00: One more time.
• 12:31
  SPEAKER_00: 888-991-6222.
• 12:35
  SPEAKER_00: Or text the word report to 638-257 and we'll send you the free investor kit.
• 12:43
  SPEAKER_00: And if you're just tuning in, I'm Rich Jacoby and this is the Crest Report.
• 12:47
  SPEAKER_00: We're talking about who's really watching your money.
• 12:50
  SPEAKER_00: And if you've got a question about your own situation, my team's there for you at 888-991-6222.
• 12:59
  SPEAKER_00: Now, I get a question a lot when we talk about banks like this.
• 13:03
  SPEAKER_00: Rich, should I just pull my money out and keep cash at home?
• 13:07
  SPEAKER_00: And I'll tell you what I tell my own family.
• 13:10
  SPEAKER_00: No, not all of it.
• 13:12
  SPEAKER_00: Cash in a coffee can doesn't earn anything.
• 13:15
  SPEAKER_00: It loses value every year prices go up.
• 13:18
  SPEAKER_00: And I walked into a lot of houses after break-ins.
• 13:21
  SPEAKER_00: The cash is the first thing they find.
• 13:24
  SPEAKER_00: You need a bank for paying your bills.
• 13:27
  SPEAKER_00: That's what banks are good at.
• 13:29
  SPEAKER_00: The question isn't bank or no bank.
• 13:31
  SPEAKER_00: The question is, should everything you've worked for depend on one system?
• 13:37
  SPEAKER_00: For a lot of people, the answer is no.
• 13:40
  SPEAKER_00: A piece of it should be something real, something you can hold, that doesn't need anybody's permission to be worth something.
• 13:48
  SPEAKER_00: Alright, next, this one's about your personal information.
• 13:52
  SPEAKER_00: Citizens Bank just filed a data breach notice with the California Attorney General.
• 13:57
  SPEAKER_00: According to that filing, the bank discovered it back on September 10th.
• 14:01
  SPEAKER_00: And the information that got out names, social security numbers, dates of birth, email addresses, phone numbers.
• 14:10
  SPEAKER_00: And Cyber News reported this is the bank's second security incident this year.
• 14:15
  SPEAKER_00: Now think about that list.
• 14:17
  SPEAKER_00: Name, social, birthday, email, phone.
• 14:21
  SPEAKER_00: That's not a stolen credit card.
• 14:23
  SPEAKER_00: You can cancel a credit card.
• 14:25
  SPEAKER_00: You can't cancel your social security number.
• 14:28
  SPEAKER_00: That list is a starter kit for somebody who wants to pretend to be you or pretend to be your bank.
• 14:36
  SPEAKER_00: So let me put my cop hat on.
• 14:37
  SPEAKER_00: If you bank with citizens, or honestly, even if you don't, here's what I'd tell my own mom.
• 14:43
  SPEAKER_00: Number one, freeze your credit with all three credit bureaus.
• 14:47
  SPEAKER_00: It's free and it takes about 10 minutes.
• 14:50
  SPEAKER_00: Number two, read your statements every month, every line.
• 14:55
  SPEAKER_00: If you see a charge you don't recognize, even a small one, call.
• 14:59
  SPEAKER_00: Small charges are how they test the card.
• 15:02
  SPEAKER_00: Number three, if you get a letter or an email about a breach, don't click the link in it.
• 15:08
  SPEAKER_00: Go to the company's website yourself or call the number on the back of your card.
• 15:13
  SPEAKER_00: And one more, because almost nobody knows about it.
• 15:16
  SPEAKER_00: The IRS has something called an identity protection pin.
• 15:20
  SPEAKER_00: It's free.
• 15:21
  SPEAKER_00: It's a six-digit number that only you know.
• 15:24
  SPEAKER_00: And without it, nobody can file a tax return using your social security number.
• 15:29
  SPEAKER_00: If your social has ever been in a breach and these days whose hasn't, go to the IRS website and look it up.
• 15:36
  SPEAKER_00: It's one of the best free things the government does and hardly anybody uses it.
• 15:40
  SPEAKER_00: And here's another free one: turn on alerts.
• 15:43
  SPEAKER_00: Almost every bank has them now, right in the app or on the website.
• 15:47
  SPEAKER_00: Set it up so you get a text every time money leaves your account, every single time.
• 15:53
  SPEAKER_00: If somebody gets into your account at two in the morning, you'll know before breakfast, not three weeks later when the statement shows up.
• 16:00
  SPEAKER_00: And while you're in there, change your password and turn on that two-step login where they text you a code.
• 16:07
  SPEAKER_00: Yeah, it's a little bit of a pain, but it's a whole lot less of a pain than trying to get your money back.
• 16:13
  SPEAKER_00: And that brings me right to number four, because this is how that stolen information gets used.
• 16:18
  SPEAKER_00: On October 19th, the Federal Trade Commission sent Congress its yearly report on fraud against older Americans.
• 16:26
  SPEAKER_00: Older adults reported losing about$3 billion to fraud in 2025,$3 billion.
• 16:33
  SPEAKER_00: Back in 2020, it was about$600 million.
• 16:37
  SPEAKER_00: That's five times as much in five years.
• 16:40
  SPEAKER_00: And the FTC says the real number is a lot higher because a lot of people never report it.
• 16:46
  SPEAKER_00: They're embarrassed.
• 16:47
  SPEAKER_00: And here's the part that should make you sit up.
• 16:50
  SPEAKER_00: When older folks lost money after a phone call, the most common scam was somebody pretending to be a business you know.
• 16:59
  SPEAKER_00: And the scam texts, the FTC says a lot of them pretend to be Amazon, Apple, and banks.
• 17:07
  SPEAKER_00: They look like a security alert about suspicious activity on your account, your bank.
• 17:12
  SPEAKER_00: That's who they pretend to be.
• 17:13
  SPEAKER_00: Because they know you trust it.
• 17:15
  SPEAKER_00: And here's how it usually goes your phone rings, the caller ID might even say your bank's name.
• 17:21
  SPEAKER_00: Somebody very professional says, this is the fraud department.
• 17:25
  SPEAKER_00: We've seen suspicious activity on your account.
• 17:28
  SPEAKER_00: And they know your name, they know your birthday, maybe the last four of your social.
• 17:33
  SPEAKER_00: Why?
• 17:34
  SPEAKER_00: Because of breaches like the one we just talked about.
• 17:37
  SPEAKER_00: So you think, well, they've got to be real.
• 17:40
  SPEAKER_00: They know everything about me.
• 17:42
  SPEAKER_00: And that's exactly the trick.
• 17:44
  SPEAKER_00: Knowing your information doesn't prove a thing anymore.
• 17:47
  SPEAKER_00: And now it's getting even trickier.
• 17:49
  SPEAKER_00: The FTC's been warning people for a while now that scammers can use artificial intelligence to copy a voice, your grandson, your daughter, a few seconds of video off social media, and they can make a phone call that sounds just like them.
• 18:03
  SPEAKER_00: Grandma, I'm in trouble.
• 18:04
  SPEAKER_00: Please don't tell mom, I need money.
• 18:07
  SPEAKER_00: So here's what I want every family listening to do.
• 18:10
  SPEAKER_00: Pick a family safe word, something only you know.
• 18:13
  SPEAKER_00: If somebody calls in a panic asking for money, ask for the word.
• 18:17
  SPEAKER_00: If they can't give it to you, hang up and call your grandson directly.
• 18:22
  SPEAKER_00: It costs nothing and it works.
• 18:24
  SPEAKER_00: You know, my grandfather got taken by a phone call.
• 18:27
  SPEAKER_00: World War II vet.
• 18:28
  SPEAKER_00: Sharp guy, real sharp.
• 18:30
  SPEAKER_00: Somebody told him he'd want to sweepstakes, just pay a little fee to release it, then another fee, then another.
• 18:36
  SPEAKER_00: By the time the family figured it out, he'd lost almost everything.
• 18:39
  SPEAKER_00: And he wasn't dumb.
• 18:41
  SPEAKER_00: They didn't get him because he was dumb, they got him because he trusted the wrong voice on the phone.
• 18:46
  SPEAKER_00: So here's my rule, and I want you to write it down.
• 18:49
  SPEAKER_00: Verify who you're talking to.
• 18:52
  SPEAKER_00: If somebody calls and says they're your bank, your credit card company, the IRS, anybody, hang up.
• 19:01
  SPEAKER_00: Then call the number on the back of your card or the number on the official website, not the number they gave you.
• 19:08
  SPEAKER_00: If it's real, it'll still be real in five minutes.
• 19:12
  SPEAKER_00: And here's how you spot one, because they almost always look the same.
• 19:16
  SPEAKER_00: Number one, they want you to act right now.
• 19:20
  SPEAKER_00: Number two, they want you to keep it a secret.
• 19:23
  SPEAKER_00: Don't tell your kids, don't tell the bank teller.
• 19:26
  SPEAKER_00: Number three, they want you to pay in a strange way.
• 19:31
  SPEAKER_00: Gift cards, a wire, crypto, cash handed to somebody who shows up at your door, any one of those, and you hang up.
• 19:40
  SPEAKER_00: And remember this: your real bank will never call and ask you to move your money somewhere else to keep it safe.
• 19:49
  SPEAKER_00: Never.
• 19:49
  SPEAKER_00: That's the oldest trick there is.
• 19:51
  SPEAKER_00: So do me a favor, have a conversation with your family this week.
• 19:56
  SPEAKER_00: Tell your kids what the safe word is.
• 19:58
  SPEAKER_00: Tell them which bank you use, and that the bank will never ask you for your password or a code over the phone.
• 20:05
  SPEAKER_00: It's a 10-minute talk at the dinner table, and it might save somebody you love a whole lot of heartache.
• 20:11
  SPEAKER_00: And if you're the one helping an older parent, here's something a lot of folks never hear about.
• 20:16
  SPEAKER_00: A lot of brokerage firms, and some banks too, let you name what's called a trusted contact.
• 20:22
  SPEAKER_00: That's somebody they're allowed to reach out to if they see something on the account that doesn't look right.
• 20:27
  SPEAKER_00: It doesn't give that person access to the money.
• 20:30
  SPEAKER_00: They can't move a dime.
• 20:32
  SPEAKER_00: It just means somebody gets a phone call if something looks off.
• 20:35
  SPEAKER_00: So ask about it.
• 20:37
  SPEAKER_00: Ask about your mom's and dad's accounts too.
• 20:39
  SPEAKER_00: It's one of those little things that matters a whole lot more when you need it.
• 20:43
  SPEAKER_00: And that goes for us too.
• 20:44
  SPEAKER_00: If somebody ever calls saying they're from Goldencrest and something feels off, hang up and call us yourself.
• 20:49
  SPEAKER_00: 888-991-6222.
• 20:52
  SPEAKER_00: A real company will never mind you checking.
• 20:55
  SPEAKER_00: And one more thing from that FTC report, because I'm in this business and I'm not going to skip it.
• 21:00
  SPEAKER_00: Investment scams caused more losses for older adults than anything else.
• 21:06
  SPEAKER_00: So let me say it plain.
• 21:08
  SPEAKER_00: Anybody who promises you a guaranteed return, anybody who says you have to decide right now, anybody who won't put the costs in writing, walk away, including from us.
• 21:20
  SPEAKER_00: You can never guarantee a return to anyone on anything.
• 21:25
  SPEAKER_00: I've said that my whole career and I'll keep saying it.
• 21:28
  SPEAKER_00: You know, one of our clients, a gentleman named Youssef, left us a review after his retirement rollover earlier this year.
• 21:36
  SPEAKER_00: He wrote that it was simple and stress-free, and that it happened, in his words, without any pressure.
• 21:43
  SPEAKER_00: He said the honesty and the patience really stood out.
• 21:46
  SPEAKER_00: And that's the whole thing right there.
• 21:48
  SPEAKER_00: The scammers always need you to hurry.
• 21:51
  SPEAKER_00: Honest people never do.
• 21:53
  SPEAKER_00: And a lot of folks ask me, Rich, can I buy gold with money from my savings, or does it happen?
• 22:00
  SPEAKER_00: To come from my IRA, you can do either.
• 22:03
  SPEAKER_00: If it's savings, you buy the metal and you can take delivery or have it stored for you.
• 22:09
  SPEAKER_00: If it's a 401k or an IRA, it usually goes into what's called a self-directed IRA.
• 22:16
  SPEAKER_00: And the medal is held at an approved depository in your name.
• 22:21
  SPEAKER_00: And if your money's in a CD, ask your bank about any early withdrawal penalty before you do anything.
• 22:27
  SPEAKER_00: Your specialist will walk you through all of it.
• 22:30
  SPEAKER_00: Nobody expects you to know this stuff already.
• 22:33
  SPEAKER_00: So if you want to start the right way on your own time, text the word report to 638-257.
• 22:42
  SPEAKER_00: That's report to 638-257.
• 22:47
  SPEAKER_00: We'll send you the free investor kit.
• 22:49
  SPEAKER_00: Read it at the kitchen table, show it to your kids, and when you're ready, call 888-991-6222.
• 22:58
  SPEAKER_00: Again, 888-991-6222.
• 23:02
  SPEAKER_00: And if you want me, ask for me.
• 23:05
  SPEAKER_00: They'll take your info and I'll call you back.
• 23:08
  SPEAKER_00: All right, stay right there.
• 23:09
  SPEAKER_00: After the break, I'm going to show you why your 401 might be riding on about 10 stocks and why millions of forgotten 401 accounts are shrinking while nobody's looking.
• 23:21
  SPEAKER_00: Don't go anywhere.
• 23:26
  SPEAKER_01: You're listening to the Crest Report with Rich Jacoby, brought to you by Golden Crest Metals.
• 23:31
  SPEAKER_01: For your free portfolio review and free investor kit, call 888-991-6222.
• 23:38
  SPEAKER_01: That's 888-991-6222.
• 23:42
  SPEAKER_01: Stay with us.
• 23:43
  SPEAKER_01: Rich will be right back.
• 23:51
  SPEAKER_01: And we're back.
• 23:52
  SPEAKER_01: Welcome back to the Crest Report with Rich Jacoby, brought to you by Golden Crest Metals.
• 23:58
  SPEAKER_00: Thanks for sticking with us, everybody.
• 24:00
  SPEAKER_00: And if you're just tuning in, I'm Rich Jacoby, and this is the Crest Report.
• 24:05
  SPEAKER_00: Let me catch you up because you missed a big one.
• 24:08
  SPEAKER_00: Bank of America, the second largest bank in the country, admitted it willfully violated the law that's supposed to stop money laundering.
• 24:16
  SPEAKER_00: More than$1.2 billion in penalties, including the biggest penalty its regulator has ever handed out.
• 24:24
  SPEAKER_00: Treasury says the bank failed to report more than$5 billion in suspicious activity.
• 24:31
  SPEAKER_00: And a separate government report found all nine of the biggest banks in America had policies that cut people off from banking over their beliefs or their legal businesses.
• 24:42
  SPEAKER_00: So if a big chunk of your savings is sitting at a bank, call my team and ask how much of it is in something you can actually hold.
• 24:50
  SPEAKER_00: 888-991-6222.
• 24:55
  SPEAKER_00: Again, 888-991-6222.
• 25:01
  SPEAKER_00: All right, before the break, I promised you the stock market.
• 25:05
  SPEAKER_00: So let's get into it.
• 25:07
  SPEAKER_00: Some of you are thinking, Rich, I don't keep my money at a bank.
• 25:11
  SPEAKER_00: It's all in the market.
• 25:13
  SPEAKER_00: Okay, let's talk about the market.
• 25:16
  SPEAKER_00: The week ending October 16th, the Nasdaq fell about 4.5%, its worst week since June.
• 25:24
  SPEAKER_00: And what let it down?
• 25:25
  SPEAKER_00: Artificial intelligence stocks.
• 25:27
  SPEAKER_00: The same stocks that have been carrying the whole market.
• 25:30
  SPEAKER_00: Here's one that got a lot of attention: a company called Core Weave.
• 25:35
  SPEAKER_00: It rents out computer power for AI.
• 25:38
  SPEAKER_00: CNBC reported its stock fell 16% in a single day, and the yield on one of its bonds shot up close to 16%.
• 25:46
  SPEAKER_00: Now, when lenders want 16% to lend you money, that's not a vote of confidence.
• 25:51
  SPEAKER_00: That's lenders getting nervous.
• 25:53
  SPEAKER_00: And this is a company that's borrowed tens of billions of dollars and still hasn't turned to profit.
• 25:59
  SPEAKER_00: Oracle shares dropped too.
• 26:01
  SPEAKER_00: And a strategist at Wells Fargo told CNBC, and I'm quoting here, the era of easy money, which we experienced in the first nine months of the year, is starting to disappear.
• 26:12
  SPEAKER_00: That's Wall Street saying that, not me.
• 26:15
  SPEAKER_00: And why does it matter if lenders get nervous?
• 26:17
  SPEAKER_00: Because a lot of this AI building, the data centers, the chips, the power plants is being paid for with borrowed money.
• 26:26
  SPEAKER_00: Hundreds of billions of dollars of it.
• 26:29
  SPEAKER_00: And when borrowing gets more expensive, the math on all those projects gets harder.
• 26:35
  SPEAKER_00: That's all I'm saying.
• 26:36
  SPEAKER_00: It's math.
• 26:37
  SPEAKER_00: Now, to be fair, AI stocks bounce back some after that.
• 26:41
  SPEAKER_00: They usually do.
• 26:42
  SPEAKER_00: And AI is real.
• 26:44
  SPEAKER_00: I'm not telling you it's a fad.
• 26:45
  SPEAKER_00: And I'm not going to sit here and tell you some bubble's about to pop.
• 26:48
  SPEAKER_00: Nobody knows that.
• 26:50
  SPEAKER_00: Nobody.
• 26:51
  SPEAKER_00: But here's what I do know.
• 26:53
  SPEAKER_00: If you've got an S P 500 index fund and a lot of 401k plans are built on them, you probably think you own 500 companies, spread out, diversified.
• 27:05
  SPEAKER_00: But about a third of that fund is riding on roughly 10 AI-related stocks.
• 27:11
  SPEAKER_00: A third.
• 27:12
  SPEAKER_00: The 10 biggest companies make up almost 39% of the whole index.
• 27:18
  SPEAKER_00: Nvidia by itself is around 8%.
• 27:21
  SPEAKER_00: And if you're in a target date fund, the kind that's named after the year you plan to retire, don't assume you're off the hook.
• 27:29
  SPEAKER_00: A lot of those own the same big index funds underneath, same 10 stocks, just with a different label on the box.
• 27:36
  SPEAKER_00: So when somebody tells you you're quote unquote diversified, you might be a lot less diversified than you think.
• 27:44
  SPEAKER_00: If those 10 stocks have a bad month, your whole retirement account feels it.
• 27:50
  SPEAKER_00: Now, I've seen this movie before.
• 27:52
  SPEAKER_00: Back in 2000, everybody was sure the internet stocks would go up forever.
• 27:57
  SPEAKER_00: And the internet was real.
• 27:59
  SPEAKER_00: It changed everything.
• 28:01
  SPEAKER_00: But the NASDAQ still lost about three-quarters of its value from the top to the bottom over the next couple of years.
• 28:07
  SPEAKER_00: The technology was real, the prices just got way ahead of themselves.
• 28:12
  SPEAKER_00: I'm not saying that's what's happening now.
• 28:14
  SPEAKER_00: Nobody knows that.
• 28:15
  SPEAKER_00: I'm saying it's happened before.
• 28:18
  SPEAKER_00: Now, don't get me wrong, I'm not against the stock market.
• 28:21
  SPEAKER_00: Over the long haul, it's been good to a lot of people.
• 28:24
  SPEAKER_00: And for most folks, it belongs in a retirement plan.
• 28:27
  SPEAKER_00: My point isn't get out.
• 28:29
  SPEAKER_00: My point is know what you own.
• 28:32
  SPEAKER_00: Because there's a big difference between choosing to take a risk and finding out after the fact that you were taking one.
• 28:38
  SPEAKER_00: And here's a sneaky one.
• 28:40
  SPEAKER_00: Let's say years ago you set up your account 50-50, half stocks, half safer stuff.
• 28:45
  SPEAKER_00: Then stocks had a great run.
• 28:47
  SPEAKER_00: Now, without you doing a thing, you might be 70, 80% stocks.
• 28:52
  SPEAKER_00: Your plan changed, and nobody asked you.
• 28:55
  SPEAKER_00: That's why it's worth looking at it at least once a year.
• 28:59
  SPEAKER_00: And you can check this yourself.
• 29:00
  SPEAKER_00: Log into your 401k website, click on each fund, and look for something called the top 10 holdings.
• 29:08
  SPEAKER_00: It's usually on the funds fact sheet.
• 29:10
  SPEAKER_00: Write those names down.
• 29:12
  SPEAKER_00: Then do the same for your IRA and any other accounts.
• 29:15
  SPEAKER_00: If you keep seeing the same names over and over, Nvidia, Microsoft, Apple, Amazon, that's your answer.
• 29:23
  SPEAKER_00: You might own five funds and they might all be leaning on the same handful of companies, five different labels, same horse.
• 29:30
  SPEAKER_00: And while you're looking at those funds, look for one more number.
• 29:34
  SPEAKER_00: It's called the expense ratio.
• 29:36
  SPEAKER_00: That's what the fund charges you every year, whether it goes up or down.
• 29:41
  SPEAKER_00: Some funds charge a tenth of a percent, some charge one percent or more.
• 29:45
  SPEAKER_00: Doesn't sound like much, but on$100,000, 1% is$1,000 a year every year coming out of your account.
• 29:54
  SPEAKER_00: Over 20 years, that adds up to real money.
• 29:56
  SPEAKER_00: So write that number down too.
• 29:59
  SPEAKER_00: You can't control the stock market, but you can know what you're paying.
• 30:03
  SPEAKER_00: And it's not just stocks.
• 30:04
  SPEAKER_00: The 10-year treasury yield has been sitting above 5%.
• 30:09
  SPEAKER_00: When interest rates go up like that, the bonds you already own go down in value.
• 30:15
  SPEAKER_00: So the safe part of a lot of retirement accounts, the bond funds, can lose money too at the same time as the stocks.
• 30:23
  SPEAKER_00: A lot of people found that out the hard way back in 2022.
• 30:27
  SPEAKER_00: Stocks down, bonds down, nowhere to hide.
• 30:31
  SPEAKER_00: That's why some folks like having a piece of their money in something that doesn't move with either one.
• 30:37
  SPEAKER_00: Something that isn't a stock and isn't a bond.
• 30:40
  SPEAKER_00: Back when I was day trading, I watched people pile into whatever was hot.
• 30:45
  SPEAKER_00: Up, up, up.
• 30:46
  SPEAKER_00: Everybody's a genius on the way up.
• 30:49
  SPEAKER_00: Nobody thinks about the ride down until they're on it.
• 30:52
  SPEAKER_00: And I'm not rooting against anybody's 401k.
• 30:56
  SPEAKER_00: I want you to make money.
• 30:57
  SPEAKER_00: I just want you to know what you're actually holding and whether all of it is riding on the same horse.
• 31:03
  SPEAKER_00: So here's your homework.
• 31:04
  SPEAKER_00: Call my team and ask one question.
• 31:07
  SPEAKER_00: How much of my 401k is riding on the same 10 stocks?
• 31:12
  SPEAKER_00: They'll do the free portfolio review line by line and show you.
• 31:16
  SPEAKER_00: And if you look at it and you're fine with it, great.
• 31:18
  SPEAKER_00: At least now you know.
• 31:20
  SPEAKER_00: 888-991-6222.
• 31:23
  SPEAKER_00: Again, 888-991-6222.
• 31:27
  SPEAKER_00: Tell them Rich sent you.
• 31:29
  SPEAKER_00: You know, this reminds me of a review we got from a husband and wife who worked with us, Nick and Jay.
• 31:35
  SPEAKER_00: They had a 401k they wanted to roll over into gold and silver.
• 31:39
  SPEAKER_00: And what she wrote in that review stuck with me.
• 31:42
  SPEAKER_00: She said their specialist took the time to talk with both of them together.
• 31:47
  SPEAKER_00: And she said, Thanks for holding our hand all the way.
• 31:50
  SPEAKER_00: I love that.
• 31:51
  SPEAKER_00: Because if you're married, this isn't one person's decision.
• 31:55
  SPEAKER_00: Bring your spouse on the call.
• 31:56
  SPEAKER_00: Bring your kids if you want.
• 31:58
  SPEAKER_00: The best calls we get are the ones where the whole family's in on it.
• 32:02
  SPEAKER_00: Nobody gets surprised later.
• 32:04
  SPEAKER_00: So where's gold in all this?
• 32:06
  SPEAKER_00: Gold's been trading around$4,125 an ounce.
• 32:09
  SPEAKER_00: Back in January, it closed above$5,400.
• 32:13
  SPEAKER_00: So it's come off its highs about 24%.
• 32:16
  SPEAKER_00: And I'm not going to pretend it hasn't.
• 32:17
  SPEAKER_00: I promised you the whole story.
• 32:19
  SPEAKER_00: But here's what hasn't changed.
• 32:21
  SPEAKER_00: Central banks are still buying.
• 32:24
  SPEAKER_00: The World Gold Council says China's central bank added 23 tons of gold in September, its biggest month since October of 2023.
• 32:34
  SPEAKER_00: 23 straight months of buying.
• 32:37
  SPEAKER_00: So prices came down, and one of the biggest buyers in the world bought more.
• 32:42
  SPEAKER_00: And what are the big banks predicting?
• 32:44
  SPEAKER_00: JP Morgan has talked about$6,300 an ounce by the end of 2027.
• 32:49
  SPEAKER_00: Goldman Sachs,$5,400.
• 32:52
  SPEAKER_00: UBS thinks it can climb from here too, but warned it could dip toward$38.51.
• 32:58
  SPEAKER_00: Will it get there?
• 32:59
  SPEAKER_00: Who knows?
• 33:00
  SPEAKER_00: Honestly, nobody does.
• 33:02
  SPEAKER_00: And anybody who tells you they know for sure, you hang up on that guy.
• 33:06
  SPEAKER_00: But the forces that pushed gold up in the first place, the government debt, interest rates up over 5% on the 10-year treasury, central banks buying, and a whole lot of people losing trust in their banks, they're all still here.
• 33:22
  SPEAKER_00: Every one of them.
• 33:23
  SPEAKER_00: And let me tell you why I think the central banks keep buying.
• 33:27
  SPEAKER_00: Back in 2022, after Russia invaded Ukraine, the US and its allies froze hundreds of billions of dollars of Russia's reserves.
• 33:37
  SPEAKER_00: Just like that.
• 33:38
  SPEAKER_00: Frozen.
• 33:39
  SPEAKER_00: Now, whatever you think about Russia, every central bank in the world watched that happen.
• 33:46
  SPEAKER_00: And a lot of them asked themselves, what if that's us someday?
• 33:50
  SPEAKER_00: Gold sitting in your own vault can't be frozen by somebody else's computer.
• 33:55
  SPEAKER_00: So they buy gold.
• 33:56
  SPEAKER_00: And if that's how the biggest banks in the world are protecting themselves, it's worth asking whether a piece of your savings should be protected the same way.
• 34:05
  SPEAKER_00: And I get calls every week, Rich, I'm going to wait for it to come down a little more.
• 34:09
  SPEAKER_00: I get it.
• 34:10
  SPEAKER_00: Everybody wants a deal, but you don't buy a spare tire because it's on sale.
• 34:15
  SPEAKER_00: You buy it because you drive.
• 34:17
  SPEAKER_00: Gold is for the part of your money you can't afford to lose, not for guessing the bottom.
• 34:22
  SPEAKER_00: And please don't go all in.
• 34:23
  SPEAKER_00: I'll tell you that myself.
• 34:25
  SPEAKER_00: Somebody gets scared by the headlines and wants to put everything in gold, don't do that.
• 34:29
  SPEAKER_00: Gold is the seatbelt, not the whole car.
• 34:31
  SPEAKER_00: For most people, it's a piece of the plan.
• 34:34
  SPEAKER_00: A piece.
• 34:35
  SPEAKER_00: If anybody at any company tells you to put everything you've got into gold, that's not advice.
• 34:41
  SPEAKER_00: That's a sales pitch.
• 34:43
  SPEAKER_00: And gold isn't for everybody.
• 34:45
  SPEAKER_00: If you're 35 and you need every dollar growing as fast as it can, it's probably not your thing.
• 34:52
  SPEAKER_00: But if you worked 30, 40 years, you saved, you did it the right way, and now you just want to know some of it's going to be there no matter what Wall Street or the banks do, then it's worth a conversation.
• 35:05
  SPEAKER_00: That's all I'm asking, a conversation.
• 35:07
  SPEAKER_00: And here's one our team hears all the time.
• 35:10
  SPEAKER_00: Rich, I'm 72.
• 35:12
  SPEAKER_00: Isn't it too late for me to be making changes?
• 35:15
  SPEAKER_00: No.
• 35:16
  SPEAKER_00: It's not too late to know what you own.
• 35:19
  SPEAKER_00: It's never too late to make sure the money you've got is set up the way you want and that your family knows where it is.
• 35:27
  SPEAKER_00: Now, the older you are, the more it matters what you can't afford to lose, and the less time you've got to wait out a bad market.
• 35:35
  SPEAKER_00: So if anything, it's a better reason to take a look, not a worse one.
• 35:40
  SPEAKER_00: And if our team looks at what you've got and says you're set up just fine, they'll tell you that.
• 35:46
  SPEAKER_00: I'd rather you hang up happy and never buy a thing than buy something that's wrong for you.
• 35:52
  SPEAKER_00: Because that's not how I'd want my grandfather treated.
• 35:55
  SPEAKER_00: And it's not how I'm going to treat you.
• 35:58
  SPEAKER_00: Now let me tell you about the money a lot of folks don't even know they have.
• 36:03
  SPEAKER_00: When you leave a job and leave a small 401k behind, generally$7,000 or less, your old employer can move it out of the plan without asking you.
• 36:14
  SPEAKER_00: It gets rolled into what's called a safe harbor IRA.
• 36:17
  SPEAKER_00: Sounds nice, right?
• 36:19
  SPEAKER_00: Safe harbor.
• 36:20
  SPEAKER_00: Here's the problem.
• 36:21
  SPEAKER_00: A lot of that money just sits in cash, earning next to nothing, while fees chip away at it every month.
• 36:28
  SPEAKER_00: Pension Bee, a retirement company, just put out research on this.
• 36:32
  SPEAKER_00: They found 68% of these left-behind accounts shrink after just one year.
• 36:38
  SPEAKER_00: 68%.
• 36:40
  SPEAKER_00: The average account is only about$2,700.
• 36:43
  SPEAKER_00: So a few bucks a month in fees takes a real bite.
• 36:46
  SPEAKER_00: And they estimate that by 2030, about 13 million accounts holding 43 billion dollars will be sitting in these things.
• 36:55
  SPEAKER_00: 43 billion dollars, people's money shrinking, and a lot of them don't even know it's there.
• 37:01
  SPEAKER_00: So here's your homework.
• 37:03
  SPEAKER_00: Think about every job you've ever had.
• 37:06
  SPEAKER_00: The plant, the hospital, the school district, the government job.
• 37:10
  SPEAKER_00: Did you leave a 401k behind, a 403B, a 457, a TSP?
• 37:17
  SPEAKER_00: If you're not sure, here's how to start.
• 37:20
  SPEAKER_00: Dig out your old W-2s.
• 37:22
  SPEAKER_00: They'll have the name of every employer you've had.
• 37:25
  SPEAKER_00: Call each old HR department and ask if you left a plan behind.
• 37:29
  SPEAKER_00: And the Department of Labor has a free online database called the Retirement Savings Lost and Found.
• 37:36
  SPEAKER_00: It can help you look.
• 37:37
  SPEAKER_00: And while you're at it, check your state's unclaimed property office.
• 37:41
  SPEAKER_00: There's a free website run by the states called missingmoney.com.
• 37:46
  SPEAKER_00: Old bank accounts, old paychecks, insurance refunds, you'd be amazed what people find.
• 37:52
  SPEAKER_00: Takes five minutes.
• 37:53
  SPEAKER_00: And once you find them, think about pulling them together.
• 37:57
  SPEAKER_00: A lot of folks have three, four, five little accounts scattered around from old jobs, different logins, different statements, different fees.
• 38:05
  SPEAKER_00: Nobody's watching any of them.
• 38:07
  SPEAKER_00: When they're in one place, you can actually see what you've got, and so can your family if something happens to you.
• 38:13
  SPEAKER_00: And trust me, your kids will thank you for that someday.
• 38:16
  SPEAKER_00: But whatever you do, don't make the most expensive mistake there is with an old 401k.
• 38:22
  SPEAKER_00: Cashing it out.
• 38:23
  SPEAKER_00: If you just take the check, it's generally taxed as income.
• 38:27
  SPEAKER_00: And if you're under 59 and a half, there's usually a 10% penalty on top.
• 38:32
  SPEAKER_00: People do it all the time because they think, ah, it's only a few thousand bucks, and they lose a big chunk of it.
• 38:39
  SPEAKER_00: Talk to somebody first, your specialist, your tax person, before you sign anything.
• 38:45
  SPEAKER_00: And one more thing on those old accounts, check who's listed as your beneficiary.
• 38:50
  SPEAKER_00: If you set that plan up 20 years ago, the name on there might not be who you want anymore.
• 38:56
  SPEAKER_00: It takes 10 minutes and it can save your family a world of trouble.
• 39:00
  SPEAKER_00: And here's something I want every one of you to do, whether you ever call us or not, sit down and make one list.
• 39:07
  SPEAKER_00: Every account you've got, the bank, the 401k, the IRA, the life insurance, the old pension, where it is, the phone number, and who to call.
• 39:18
  SPEAKER_00: Not your passwords, just where everything is.
• 39:21
  SPEAKER_00: Then put it somewhere safe and tell your spouse or one of your kids where to find it.
• 39:27
  SPEAKER_00: You'd be amazed how many families spend months trying to track down what mom and dad had.
• 39:32
  SPEAKER_00: One sheet of paper can save them all of that.
• 39:36
  SPEAKER_00: And once you know what you've got, call my team.
• 39:39
  SPEAKER_00: We'll help you sort out your options even if gold isn't part of it.
• 39:42
  SPEAKER_00: 888-991-6222.
• 39:46
  SPEAKER_00: Again, 888-991-6222.
• 39:50
  SPEAKER_00: And this one means a lot to me.
• 39:52
  SPEAKER_00: One of our clients left us a review and signed it CS.
• 39:56
  SPEAKER_00: And CS first heard me right here on the Crest report.
• 40:00
  SPEAKER_00: CS had a TSP and wrote that trying to move it was confusing and frustrating until talking to our team.
• 40:10
  SPEAKER_00: And CS said our team walked through everything step by step.
• 40:14
  SPEAKER_00: That's exactly what I want.
• 40:16
  SPEAKER_00: You don't have to figure this out alone.
• 40:19
  SPEAKER_00: And if you've got an old 401k or a TSP and you want a piece of it in gold or silver, here's how it generally works: you open a self-directed IRA with a custodian.
• 40:32
  SPEAKER_00: That's just a company that holds the account and handles the paperwork for the IRS.
• 40:37
  SPEAKER_00: Then the money moves from the old account to the new one, custodian to custodian.
• 40:43
  SPEAKER_00: It never touches your hands.
• 40:45
  SPEAKER_00: Done as a direct transfer like that, it's generally not a taxable event and there's no penalty.
• 40:52
  SPEAKER_00: But please check with your own tax professional on your situation because I'm not your accountant.
• 40:58
  SPEAKER_00: Then you pick IRS approved coins or bars and they go into a secure insured depository in your name.
• 41:07
  SPEAKER_00: Our team handles the heavy lifting.
• 41:09
  SPEAKER_00: Most of what you do is sign a couple of forms.
• 41:12
  SPEAKER_00: And I think a lot of people don't call because they don't know what's going to happen when they do.
• 41:17
  SPEAKER_00: So let me just tell you: you call 888-991-6222.
• 41:23
  SPEAKER_00: A real person picks up, not a robot, not a menu with 14 options, a person.
• 41:29
  SPEAKER_00: They'll ask you a few questions: what kind of accounts you have, roughly what's in them, what keeps you up at night, and then they listen.
• 41:37
  SPEAKER_00: That's the most important part.
• 41:39
  SPEAKER_00: And don't worry about asking a dumb question.
• 41:42
  SPEAKER_00: There's no such thing.
• 41:43
  SPEAKER_00: One of our clients, Bach, left us a review about this.
• 41:47
  SPEAKER_00: It was their first time buying gold and silver.
• 41:49
  SPEAKER_00: And they wrote that what they appreciated most was that we didn't make them feel dumb like other companies did when they asked questions.
• 41:58
  SPEAKER_00: That's the way it should be.
• 42:00
  SPEAKER_00: Every question's a good question when it's your money.
• 42:03
  SPEAKER_00: And ask us the hard questions too.
• 42:05
  SPEAKER_00: What's the total cost all in?
• 42:07
  SPEAKER_00: How does the buyback work?
• 42:09
  SPEAKER_00: Who's holding my medal?
• 42:10
  SPEAKER_00: And is it in my name?
• 42:12
  SPEAKER_00: A good company answers every one of those in plain English, without getting squirrely.
• 42:17
  SPEAKER_00: We'll answer every one of them for you happily.
• 42:20
  SPEAKER_00: If you want, they'll do the free portfolio review.
• 42:23
  SPEAKER_00: And then you decide, not us, you.
• 42:26
  SPEAKER_00: And if you want to talk to me, ask for me.
• 42:28
  SPEAKER_00: I can't pick up while I'm on the air, but they'll take your info and I'll call you back.
• 42:33
  SPEAKER_00: Nobody's going to pressure you.
• 42:34
  SPEAKER_00: If anybody ever does, you tell me and I'll take care of it.
• 42:38
  SPEAKER_00: Have your most recent statements handy, your 401k, your IRA, your bank statements, whatever you've got, even just the last page with the balance.
• 42:48
  SPEAKER_00: And if you're not ready to talk yet, text report to 638-257, and we'll send you the free investor kit.
• 42:56
  SPEAKER_00: Not tech savvy, no problem.
• 42:58
  SPEAKER_00: We'll mail you a hard copy.
• 43:00
  SPEAKER_00: Alright, let me run through it one more time, real quick, in case you missed anything.
• 43:04
  SPEAKER_00: Treasury, Bank of America, more than$1.2 billion in penalties, and the bank admitted willful violations.
• 43:12
  SPEAKER_00: The OCC, all nine of the biggest national banks, had debank policies between 2020 and 2025.
• 43:20
  SPEAKER_00: Citizens Bank, names, social security numbers, and birthdays exposed in a data breach.
• 43:26
  SPEAKER_00: The FTC, older Americans reported about$3 billion lost to fraud last year, and a lot of those scammers pretend to be a business you trust, like your bank.
• 43:37
  SPEAKER_00: On Wall Street, the NASDAQ had its worst week since June, led by AI stocks, and about a third of the S P 500 rides on roughly 10 of them.
• 43:47
  SPEAKER_00: Gold, around$41.25, with China's central bank buying 23 tons in September.
• 43:53
  SPEAKER_00: And pension B, 68% of forgotten 401k accounts shrink in their first year.
• 44:00
  SPEAKER_00: And here's what I tell my own family this week.
• 44:02
  SPEAKER_00: One, freeze your credit.
• 44:04
  SPEAKER_00: Two, verify who you're talking to every time.
• 44:08
  SPEAKER_00: Three, find out how much of your 401k is riding on the same 10 stocks.
• 44:14
  SPEAKER_00: And four, track down the money you left at old jobs.
• 44:18
  SPEAKER_00: And let me be straight with you about what gold won't do, because you deserve both sides.
• 44:23
  SPEAKER_00: Gold doesn't pay a dividend, it doesn't pay interest.
• 44:26
  SPEAKER_00: It goes up and it goes down.
• 44:28
  SPEAKER_00: We just watched it come down about a quarter from its high.
• 44:32
  SPEAKER_00: Anybody who tells you gold only goes up, walk away.
• 44:36
  SPEAKER_00: Its job isn't to make you rich.
• 44:38
  SPEAKER_00: Its job is to be there when other things aren't.
• 44:42
  SPEAKER_00: And if what you want is a lottery ticket, I'm not your guy.
• 44:45
  SPEAKER_00: But if you want a piece of your savings you can actually hold and a little more peace of mind, then let's talk.
• 44:52
  SPEAKER_00: And before I let you go, one last thing.
• 44:55
  SPEAKER_00: I know it's not easy to pick up the phone about your money.
• 44:58
  SPEAKER_00: It feels personal, because it is personal.
• 45:01
  SPEAKER_00: That's your whole working life sitting in those accounts.
• 45:04
  SPEAKER_00: Every early morning, every overtime shift, every time you said no to something so you could put a little more away.
• 45:12
  SPEAKER_00: You earned every dollar of it.
• 45:13
  SPEAKER_00: You deserve somebody who will actually watch it.
• 45:16
  SPEAKER_00: So I'm not going to rush you.
• 45:18
  SPEAKER_00: Nobody on my team is going to rush you.
• 45:20
  SPEAKER_00: But I'd hate for you to be one of those people who meant to look at it and just never got around to it.
• 45:25
  SPEAKER_00: Like my grandfather.
• 45:26
  SPEAKER_00: Don't let that be you.
• 45:28
  SPEAKER_00: Make the call, even if it's just to ask a question.
• 45:31
  SPEAKER_00: And if you want me, ask for me and I'll call you back.
• 45:34
  SPEAKER_00: 888-991-6222.
• 45:38
  SPEAKER_00: Again, 888-991-6222.
• 45:43
  SPEAKER_00: Or text report to 638-257 or go to myfreegoldinfo.com.
• 45:52
  SPEAKER_00: Free portfolio review, free investor kit, and on qualifying purchases up to$25,000 in free silver.
• 46:00
  SPEAKER_00: Call for details.
• 46:01
  SPEAKER_00: And when you call, tell them Rich sent you.
• 46:04
  SPEAKER_00: All right, I'm Rich Jacoby.
• 46:05
  SPEAKER_00: This is the Crest Report.
• 46:07
  SPEAKER_00: Let's take care of what you've built.
• 46:08
  SPEAKER_00: See you next week.
• 46:17
  SPEAKER_01: The Crest Report is brought to you by Golden Crest Medals.
• 46:21
  SPEAKER_01: For your free portfolio review and free no obligation investor kit, a cost up to$25,000 in free silver on qualifying for discount.
• 46:30
  SPEAKER_01: Call 888-991-6222.
• 46:34
  SPEAKER_01: Or text the word report to 638-257.
• 46:37
  SPEAKER_01: Or visit myfreegoldinfo.com.
• 46:40
  SPEAKER_01: Call for details.
• 46:41
  SPEAKER_01: Join us again next week, right here on the Crest Report.