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When you're saving for retirement, one of the most important things you can do is diversify your assets. It's possible to secure some of your funds in precious metals through a self-directed IRA. This allows you to have a hedge against inflation and economic turbulence.
Oxford Gold Group is one of many companies that claims to offer precious metals IRA services. In addition, they have bullion available to purchase as a personal investment. But what's their reputation in the industry? Can you trust that their services are legitimate?
We've broken down all the basics that you should know before you decide who to invest with.
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):
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See if Oxford Gold Group 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 Oxford Gold Group
Oxford Gold Group has operated out of Los Angeles, California since launching in 2017. Though they are one of the newer businesses in the industry, they have garnered a solid reputation from their past customers. In addition to serving the Los Angeles area, they also ship precious metals to customers throughout the US.
When you work with Oxford Gold Group, you have the option to buy precious metals like platinum, palladium, gold, and silver. You also have the opportunity to sell your own precious metals to them, if you're looking to liquidate your holdings. If you make a purchase from the company for a retirement account, you can sell it back to them when the time comes to take distributions.
IRA Services
There are IRA services available for those who want to buy gold and silver for their retirement account. When you fill out the paperwork and open your account, you'll be able to transfer money from your current retirement fund into your new IRA without any penalties.
As part of the process, you'll work with a customer service representative to create an investment strategy. They will talk with you about different types of diversification, along with the benefits and risks of investments. Then they will ask you questions and help determine which investments are most ideal for your specific needs.
On top of this, the staff at the company is constantly doing research and staying up to date on the precious metals industry. They want to learn about the global factors that might affect not just the price of precious metals, but also the economy at large. If you have questions about how specific current events affect your account, you'll be able to ask them.
Available Resources
Oxford Gold Group has a number of different resources available to their customers. They believe that it's important for clients to be educated about their decisions. That way, no matter which precious metals dealer you buy from, you can be confident that you're making the right choice for your future.
You can receive an investment guide for beginners for free. This has all of the basic tips that you'll need when you're getting involved with precious metals for the first time. In addition to explaining the basics, it also includes the company's biggest recommendations for precious metals products. There's a lot of information about opening a precious metals IRA as a hedge against economic turbulence.
Those in charge of the company have over two decades of prior experience with working in the investment industry. They have handled many products and basic investments, including precious metals.
When asked why they founded this company, the founders said that it was because their previous brokerages charged too many high fees for clients. Oxford Gold Group doesn't have these kinds of fees.
Is Oxford Gold Group a Scam?
Oxford Gold Group is not a scam. In fact, this is one of the most positively reviewed companies on the market. The vast majority of customers seem to have good things to say about their experiences. On the BBB website, the company has 4.91 out of 5 stars with 56 reviews. Consumer Affairs has 55 reviews with 4.8 out of 5 stars on average. Trustpilot shows an average of 4.9 stars with 170 reviews.
Customers have left reviews discussing their representatives by name. They report being extremely happy with the service, saying that the employees are very helpful and knowledgeable. Multiple customers have praised the patience of the employees, noting that they've done their best to answer all of the customer's questions.
As with any large company, there have been a few complaints. But the BBB has accredited the business and gives them an A+ rating. To achieve this rating, a company must make an effort to respond to every complaint.
There have been five complaints in the past three years, four of which were filed in the past year. Let's take a look to see what people had to say and how they were resolved.
Customer Complaints
Of the five complaints, four were related to delivery issues, while one was related to an issue with a product or service.
It's important to note that over the past year, there have been supply chain issues throughout the precious metals industry. Sometimes this has resulted in shipping delays for large companies. It's common for precious metals dealers to have more complaints now than they did before, not necessarily through any fault of their own.
This happens when the company doesn't keep their full inventory on hand. If a customer orders something that isn't in the store, then the company has to backorder it. This can lead to significant processing delays. Some companies are better at communicating about this with their clients than others.
All but one of the complaints has been resolved, with the final complaint being answered but not marked as resolved.
Delivery Issues
The complaints about delivery issues all seem to follow the same basic pattern.
One complaint was filed regarding items that were purchased in February of 2022. Despite being told that they would be delivered in about four weeks, the customer still hadn't received them in June. Both times that the customer had contacted the company, they'd been told that the items would be delivered in ten more days, only for that to fall through.
The customer followed up to say that the company owner called immediately after the report was filed. He sent the shipment, and the customer received it a little over a week after filing the complaint.
Another complaint was filed around the same time by a customer who'd made separate purchases in March and April. At the time of purchase, the customer was told that the high demand might cause shipping delays of up to six weeks. But in June, eight weeks after placing the second order, neither shipment had arrived.
The customer followed up again to say that the company had contacted them right after filing the complaint. The representative had apologized, and the customer had received their products about two weeks after the complaint was filed.
Another customer said they were having issues with having their precious metals shipped to their IRA depository. They were especially disappointed because Oxford Gold Group had been very friendly and easy to work with up until that point.
But it had been almost 12 weeks since placing the order, and the customer had not received any indication that the package was being sent to the depository. In addition, they said that they were having trouble getting in contact with the people in charge.
They followed up to note that the company had called in less than three hours after the complaint was filed. The owner himself explained everything that had happened and reassured the customer that everything would be made right. The customer said that they were completely satisfied with the resolution and would keep working with Oxford Gold Group in the future.
The final delivery complaint is from June of 2021, but it doesn't have much detail. The customer just said that Oxford Gold Group had their money and wouldn't return it. But they followed up on the following day to note that they'd finally been given the product that they'd paid for.
Answered Complaint
There is one complaint that hasn't been marked as resolved, but has been answered. Though it's labeled as an issue with the product, it's actually another delivery complaint. The customer had placed an order four months prior, but hadn't ever gotten their metals. They were writing the complaint in February of 2022.
Oxford Gold Group responded to say that they had gotten in contact with the customer and discussed the issue with the order. The order was scheduled for shipment and would be sent out on February 11, about ten days after the complaint was filed. The customer had been contacted prior that week.
The reason that this is labeled "answered" rather than "resolved" is because the customer never followed up to indicate whether they accepted the resolution. But given that every other customer reported satisfaction, it seems likely that this one also received their products shortly after the package was shipped out.
Pros & Cons of Oxford Gold Group
Pros
Cons
Final Thoughts
Oxford Gold Group is a precious metals dealer that has grown significantly since getting started. Much of this growth has been related to their reputation. They are favored by hundreds of people, with tons of positive reviews on websites like Trustpilot and Consumer Affairs.
There are a few things to keep in mind before you decide whether you want to invest with this company, though.
One is the handful of complaints filed with the BBB. There's nothing inherently wrong with a few complaints, particularly with a company of this size. But all of the complaints are related to the same thing. People say that they had to wait months for their products to be delivered, much longer than the wait time they were told. When they tried to contact the company, they had trouble getting a straight answer.
In all of these cases, the company owner personally called and talked to the complainants. He made an effort to apologize and to solve the issue. All of the products were eventually delivered, and some customers even said that they were so satisfied that they'd keep doing business with Oxford Gold Group in the future.
Another thing to keep in mind is that this might not be the most streamlined IRA company. It's true that their employees have been praised for providing excellent customer service. And there are good educational resources available through the website. But there are also other companies that may be quicker and more efficient when walking you through paperwork and answering questions.
All in all, though, there are no major red flags with regards to Oxford Gold Group. The company has a good reputation and seems to operate well. Despite the occasional delivery issues, there have never been complaints about malice or underhanded sales tactics. People report feeling very relaxed and secure when working with them, which is what you want when investing for the future.
Don't forget to checkout our top 5 companies before investing!
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We hope that we were able to help you determine where or where not to put your investment!