If you're looking for a precious metals dealer, Patriot Gold Group is one to consider. The company specializes in precious metals IRAs, which help investors take control of their retirement accounts.
These accounts require careful management due to the various regulatory rules surrounding them, so it's essential to know what you're looking for.
It always makes sense to work with a company with a solid reputation if you set up a precious metals IRA. Patriot Gold Group does a solid job of not only ensuring that you can set up an account but also that you can do so in a faster and easier way than you would expect.
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About The Company
As we said earlier, Patriot Gold Group is a company that primarily focuses on ensuring that its clients can set up and fund self-directed precious metals IRAs. This type of investment account stores physical assets from traditional gold and silver to more exotic metals like palladium and platinum. What’s important about the account is that it allows account owners the same kind of tax benefits that come with a more traditional IRA.
As you might imagine, this type of account isn’t the only investment account used by most account holders. Putting all of your hard earned savings into a single asset isn’t usually a good idea. Still, putting a portion of your retirement funds in a precious metals IRA is generally an excellent way to have a buffer and hedge against unexpected economic conditions.
Given that the average investor will experience a few different periods of economic instability in their lives, it makes sense that most would want a way to hedge against the kind of changes that could deplete their retirement accounts. That’s why these types of IRAs have become so popular in recent years.
So, where does Patriot Gold Group come into this equation? Simply put, the company exists to ensure that individuals can easily set up and maintain precious metals IRAs. The company does the legwork when it comes to setting up a customer’s account and staying in contact with the appropriate regulatory agencies for them. The company even contacts an account custodian to ensure that all of their IRAs are properly set up.
Patriot Gold Group will talk to quite a few people on your account so that you don’t have to. The calls range from those made to the shipping company to the storage company to the custodian, with the company working as a middle man for the entire process. Patriot Gold can also work as a broker on your behalf, ensuring that all of the legal steps are taken so that you can rest assured that your account was set up correctly.
Precious metals IRAs are self-directed, which means that you’re ultimately responsible for all of your own investments. This can be a high bar to entry for many, but Patriot Gold does a solid job of ensuring that anyone can invest. The company does a lot of work to ensure that all of your investments are the right kind of investments to be added to a precious metals IRA.
Patriot Gold Group Fees
It’s always important to look at the costs involved in investing. Luckily, Patriot Gold does an excellent job of finding ways to keep those costs down for many investors, with some exceptions.
One way that Patriot Gold helps investors is with their Investor Direct Pricing. In the world of precious metals investing, fees can get complex. Many use a percentage structure that makes users pay more as their investments grow, which takes away a large percentage of their savings as they try to invest more.
Patriot Gold, on the other hand, has a flat set-up fee. You’ll pay two-hundred twenty-five dollars to set up your account, no more and no less. While this is higher than many other companies charge, it’s also a flat fee that gives you access to everything the company offers.
The fee is waived, though, if you invest more than thirty thousand dollars. This means that Patriot Gold is a solid company to work with if you invest more significant sums, especially since the company will also waive your storage fees for up to three years if you happen to invest above that line.
The company also has a great feature called the No Fee for Life IRA. This feature is available for those who invest at least a quarter of a million dollars, giving them the ability to pay absolutely no fees at all as long as they keep their investments with Patriot Gold.
Your setup fees won’t be your only fees, though, and you’ll want to pay attention to where your money is going. You’ll get to pick your custodian and your storage facilities, all of which have their fee structures. You’ll also pay more for better security options, so make sure that you carefully consider the companies you work with to save where you can.
The good news is that Patriot Gold does work with a pair of companies to help their customers find a good custodian. The fees paid to the custodian will cover all of your costs relating to storage and insurance, which gives you a chance to calculate how much you will pay every year more easily.
So, what are all the fees that you should expect to pay when you work with Patriot Gold Group? The fees include:
- A minimum investment of fifteen thousand dollars
- A set-up fee of two hundred twenty-five dollars if you invest below thirty-thousand dollars
- Custodian fees for every transaction you make, which run an average of forty dollars if you work with a recommended custodian.
- Annual fees for storage and insurance.
Patriot Gold also sells metals that the IRS has approved for storage in precious metals IRAs. The company allows buyers to make purchases during business hours and has gold, silver, platinum, palladium coins, and bullion.
Not all of the products offered by Patriot Gold are meant to be used in precious metals IRAs. As such, you must spend a little bit of time looking at the requirements for IRA storage before you start making purchases. Collectible coins, for example, might have a great deal of value to you, but they cannot be added to your IRA.
When the Taxpayer Relief Act of 1997 passed, a host of rules were made about the metals that could be added to a precious metals IRA. These rules include:
Must have a rating of at least .995 percent fineness, except for American Gold Eagle coins.
Must have a rating of .999 percent fineness.
Must have a rating of .9995 percent fineness.
Must have a rating of .9995 percent fineness.
Most companies that sell precious metals for IRA investment stick to gold and silver because it’s significantly harder to find palladium or platinum products that meet the IRS standards.
If you want to buy metals, you can buy them in the form of bullion coins and bullion bars through Patriot Gold’s marketplace. You'll also have the option of buying bars and coins that can be used for your personal investment, but those items cannot be put in your IRA. You won’t get the same tax breaks or storage options, but you will get more flexibility with those investments.
It’s important to remember that some purchases that you make must be reported to the IRS. If you’re buying massive amounts of metals, you need to brush up on your federal regulations to precisely determine what you can and cannot do.
Starting an IRA
Not all precious metals IRA brokers are made equally. Some people come to Patriot Gold not to set up an initial account but rather to move an account because they are unsatisfied with the company they are currently working with.
One of the best parts about working with Patriot Gold is how the company simplifies this process. You can usually take care of everything you need to do in a single phone call, with the company sending you all of your relevant documents quickly and guaranteeing that they’ll transfer all of your funds within just two days.
The company is just as efficient when it comes to helping users set up new accounts. It usually takes longer to get everything set up, but the company offers a great online form that can help individuals get some of the work done before they make their initial phone calls.
Patriot Gold is equally good at setting up new accounts and processing rollovers from existing IRAs. The company will help you set up your account, get your funds transferred over, and ensure that you’re able to make purchases as soon as you’ve paid any relevant fees.
How long does it take to make a purchase? Honestly, it depends on the investment. You can talk to various custodians to figure out their average times, with those companies that work the fastest generally being the best fit for those concerned about general efficiency.
One of the most impressive things about Patriot Gold is that the company does promise that your trades will always be finished in forty-eight hours or less. That means that by the end of two days, any purchases you make will be packaged and shipped right to your chosen place of storage.
Company Reviews & Complaints
Patriot Gold Group generally has positive reviews from those with whom they have worked. The company, part of Halt Gold Group, shares its parent group’s A+ BBB rating but does not have its own unique BBB rating. This is slightly concerning but can be overcome.
Consumer Affairs, however, does have over one hundred reviews that give Patriot Gold five stars. More importantly, though, is that the company has very few negative reviews at all. Many of those negative reviews either complain about the company’s fees or dispute the value of the coins for sale.
So, what else do you need to keep in mind about this company?
You’ll absolutely want to remember that the company does allow you to work with many different custodians, for example, so you won’t know exactly what your fee structure will be until you pick a custodian. This means that it’s tough to set up a budget ahead of time, which can be frustrating.
You should also try to remember that the company does have a metals buyback program. When you’re ready to turn your metals into cash, the company will buy your metals from you. Doing so requires filling out a form to get your quote, though, so it might be frustrating to some not to know what they can make on their metals.
It’s also worth remembering that Patriot Gold doesn’t have storage options for your personal investments. This means that if you're going to buy metals for your collection, you will need to find a secure space to keep them stored.
Pros and Cons
So, how do we feel about Patriot Gold Group? All things considered, we think this is a solid company. It's a company that seems to do right by its customers, which is relatively easy to see when you look at the number of good reviews compared to the number of complaints against the company. In short, it's a company that seems to be very trustworthy.
With all of this being said, it goes without saying that you want to work with the best of the best. A sizeable financial decision shouldn't be taken lightly. Suppose you're choosing a restaurant to eat at and will be paying around 40$.
In that case, you don't have to spend hours doing research learning about which restaurant makes the absolute best food. However, when you're investing thousands, tens of thousands, or hundreds of thousands of your hard-earned savings, then having the best company help you is essential.
So is Patriot Gold the best out of all gold dealers? Well, there are thousands of dealers, and we've researched and reviewed most of them. Patriot Gold is definitely in the top 10% but did they make it to the top 5?
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