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How much time do you spend thinking about your retirement? If you're young, maybe you have an account that's passively gaining income, but you don't think much about it. If you're older, maybe you're more concerned with making a plan to live off your assets and the income they generate.
No matter how old you are, it's a good idea to plan heavily for retirement. The earlier you start, the easier it will be to achieve your goals.
One key aspect of a retirement account is diversification. Your investments will only make money as long as the economy is running smoothly. What are you supposed to do when the economy isn't running smoothly? When the stock market crashes? When you don't have the same stream of dividends and distributions to live on?
In times like these, the cost of gold and silver tends to soar. These investments are popular because they are not regulated by the federal government. They are not tied to any bank. They've been used for thousands of years, long before most banks and all digital currencies were created. Economists consider these to be stable investments that "hedge" against volatility.
Another issue is inflation. As time goes on, the value of the US dollar depreciates. Inflation has been the talk of every analyst these days, thanks to the rapidly rising costs of food and shelter in the US. But even when not in a strong inflation period, there's still a natural devaluation of the dollar.
For example, if you entered the workforce in 1965, you might have put $10 into your retirement account. If you fast forward to today, you'd need to put in $95 to have the same buying power that that $10 did back then. If you'd put the $10 into gold and silver, however, the value would have grown alongside inflation. You'd be able to get closer to $95 back, instead of just $10.
Everybody's retirement plan is a little different. Everybody has different considerations about their risk tolerance, the assets they want to invest in, the ways they want to diversify their income, and the kind of budget they want to live off. You have to consider whether you own your home or rent, whether you have a family to support, and whether you'll do any part-time work to supplement your income.
One way that you can diversify your holdings is by buying gold and silver using your retirement funds. You won't be able to do this with a traditional 401(k) or IRA. But you will be able to move some of those funds into a self-directed IRA without any penalties. Self-directed IRAs are entirely controlled by you, and they can hold assets like silver and gold.
The paperwork to do this often seems challenging. There are companies that provide IRA services to help. Monetary Gold is one of these, but they also have a host of other services and products available. The question is, what kind of reputation does this company have, and what should customers consider before they invest?
STOP! Before we continue with this review, we want you to know how seriously we take your investment. We know our research and information may sway your investment decision, so we want to make extra sure you are investing with the right company!
With this said, we do have a list of our top 5 companies (we have found that at least 1 of these 5 companies fits what 99% of our visitors are looking for and all have great reputations & customer reviews):
See if Monetary Gold made our list this year, or continue with this review below to see if they are possibly the right company for your investment needs.
About Monetary Gold
Monetary Gold is a company that focuses on the importance of gold as an investment. Instead of leaving precious metals exclusively to the collectors, they talk about how important it is for the average person to invest in bullion. Doing so is an important step to diversifying your assets so that your account won't suffer too badly during times of economic turmoil.
There isn't very much information available on the Monetary Gold website regarding the company's management. A search of Linkedin does find some employees with management positions at the company, but it's difficult to say exactly who is in charge. This might also make it slightly difficult to know who to contact if you run into issues.
That said, Monetary Gold does have mostly positive feedback from past customers, and it seems that they've tried to resolve complaints. So even though it's difficult to know who to hold accountable, the company does stick to its customer care policies.
According to the official paperwork filed with the Better Business Bureau, Monetary Gold is an American corporation that operates out of California. They do have a primary contact listed, but there is no disclosure about exactly who owns or chiefly manages the company.
They offer gold IRA services. Essentially, they help you fill out your application to create an IRA account, connect you to a custodian, and then help you pick the products that are best for your budget. Since they work directly at the source instead of involving a middle man, they are able to operate with less overhead. That means that they can sell their products for closer to the going spot price than many other competing companies.
Gold IRA Services
Monetary Gold has a strong focus on gold IRAs, although this isn't their only service. Many of their products can't actually be kept in a gold IRA because they are numismatics, historical, collectible, or not the correct purity level. Bullion for an IRA needs to be compliant with IRS guidelines, which means meeting the right purity level and being an approved product.
While the company's main focus is on gold IRAs, you can also buy silver, platinum, and palladium for the account. Since Monetary Gold operates as a direct dealer, you're able to acquire these items straight from their source. The products go right from the mint or refinery where they were made to Monetary Gold's inventory.
When you get in contact with Monetary Gold, their representatives will answer questions regarding these accounts. They'll help you create an account with one of their partnered custodians. Then you'll work with the custodian to fund the account, usually using funds from your other retirement holdings. Finally, you'll talk to a Monetary Gold specialist about which of their products are ideal for you.
Some of the available products include US coins, foreign coins, and historic coins. They have all four IRA-eligible precious metals: silver, gold, palladium, and platinum. Their palladium and platinum choices have some limitations, generally only including American Eagles and Canadian Maple Leaf options. You'll also need to check with your representative to make sure that these options are currently available in the company inventory.
The company carries most of the classic coins that people put into their IRAs. They have traditional offers like American Eagles and American Buffalos, as well as offerings from global mints like the UK Mint or the Perth Mint located in Australia. Many of these have been specifically approved to hold in an IRA, so the right one for you might just depend on pricing and availability.
On top of these IRA purchases, there is a giant inventory of non-IRA coins. For example, there are international currencies like Belgium francs, Swiss francs, and British sovereigns. There are silver coins like Morgan silver dollars and half dollars. While these have a face value of $1 or 50 cents, they are actually worth much more due to the price of silver.
One of the most unique aspects of Monetary Gold is how they function as a direct buyer. There are only a couple of precious metals companies in the entire US that have been given this designation. They are able to buy directly from the US Mint at the lowest possible price, rather than getting their products from a wholesaler who marks them up.
Monetary Gold uses this advantage to offer lower prices than the competition. Rather than only dealing to wholesalers, they sell products to any individual who wants to make a purchase. There are many reviews from past customers saying that the company does indeed operate with little enough overhead to make a difference.
Direct buyers are ideal since they are only one step removed from the mint itself. The more companies you have in the chain, the higher the prices will be. They become marked up every time the coins are sold so that the company can turn a profit.
If you're using the IRA services, you must create an account with a depository. This is where your items will be kept and maintained. It's not legal to hold these items in a home storage safe, no matter how secure you believe it is. Your depository vault will have a full insurance policy and 24/7 security.
But not everybody will be looking to make an IRA purchase. You might want to invest in the non-IRA products, or even buy IRA-eligible products for a cash portfolio. As long as you're not using your untaxed retirement holdings, you can do whatever you want. That includes having your items shipped to your house.
Monetary Gold will ship packages to your home with private companies for a flat fee of $30. That can be pricey if your purchase is small and not traveling far. But if you've bought a lot of heavy metals that are going across a far distance, the shipping rate is very reasonable.
Every delivery will be insured, no matter what type of delivery system you use. You will need to sign for it at the door. If the package is being sent to a depository, either your custodian or the person in charge of the depository will sign for it. It will then be in the care of the depository and protected under their insurance policy instead.
Some companies work with many different storage facilities in order to give their customers a wide range of potential options. But Monetary Gold most chiefly uses Delaware Depository. This massive depository is located in Delaware, which has no sales tax on bullion. But it might not be an option that appeals to people in regions outside of the East Coast.
The Delaware Depository is among the largest and most popular picks for IRA storage. It has full insurance policies through Lloyds of London, as well as excellent security that includes 24/7 monitoring of the vaults. All of the holdings are audited frequently by third parties, so you can be sure that your account statement is backed up by actual gold and silver.
The Delaware Depository company has recently opened up a new depository in Nevada. However, it's unclear whether Monetary Gold ever works with this specific location. You can ask your representative about this, or about whether they ever work with other companies that have locations closer to your region.
Another unique aspect of Monetary Gold is that they host free workshops on a monthly basis. While these workshops have the most benefit for gold investors, you don't actually need to be a customer to attend. You can come to learn about the precious metals industry and how these investments are different from various traditional assets.
What's great is that these webinars give you a chance to see Monetary Gold's team in action before you decide whether to make a purchase. That's especially helpful given the lack of information available online about the company's management. You can get a sense of their expertise, ask your questions, and become more confident about your own investment choices.
You can go to the Monetary Gold website and register for an invite link to learn when the next workshop is happening.
Some of the topics that might be discussed include:
That's just a bare handful of the issues at play. If there are relevant global events happening, those might be discussed as well.
Is Monetary Gold a Scam?
Monetary Gold isn't a scam. As mentioned, they are a direct dealer with the US Mint. They have earned that designation by being a legitimate business that's operated for over 20 years. The US Mint only works directly with a tiny number of gold dealers, all of whom have been extensively vetted.
There are also many positive reviews and compliments from the company's past customers. When you go to websites like Trustlink and Consumer Affairs, you'll find that the majority of the feedback is pleased. Customers say that Monetary Gold is a good company to use if you're a smaller or first-time investor, because they make the process so easy.
Customers even say that their company representative helped to ease their nervousness about making a purchase. They say that they ended up feeling more confident because of the answers they were able to get for their questions.
Monetary Gold has unanimously positive reviews on the Better Business Bureau website, averaging a perfect 5 out of 5 stars. They are also accredited and have been rated A+ for their customer satisfaction.
Pros & Cons of Monetary Gold
Monetary Gold is a well-established direct dealer with the US Mint. They have a good reputation in the industry and a long history. However, we believe that there are a few competitors that outshine them in terms of customer service and streamlining. Because Monetary Gold focuses on more than just IRAs, they don't have the most robust process.