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Saving for retirement can be overwhelming, especially in today's volatile economic times. Recent events have left many people feeling uneasy about the stock market and other traditional investments. They want to invest in assets that can offer some relief if the economy ever suffers again.
That's where precious metals IRAs come in. You can secure some of your assets in precious metals through a self-directed IRA. But there are dozens of companies that claim to offer IRA services, and not all of them are legitimate. Even the ones that are legitimate aren't always good.
Patriot Gold Group is a popular precious metals dealer that focuses largely on gold and silver IRAs. But the question is whether they manage to provide the services that they claim to. What do past customers have to say? And are they a better company to work with than their competitors?
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 Patriot 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 Patriot Gold Group
Patriot Gold Group is a company that has received numerous accolades while in business. It was voted the top gold IRA company by Consumer Affairs for five years in a row. In addition, the employees have a total of more than 50 years of experience in the precious metals and finance industries.
The company's approach is simple. They want to make it easy for people to invest in precious metals. To do this, they have created a host of educational resources to teach people about the benefits and drawbacks of precious metals investment. On top of this, the employees are always prepared to answer whatever questions a customer has.
Patriot Gold Group also has a very hands-on approach. Despite being such a popular company, they retain the air of a smaller business. One of their biggest goals is to make sure that every customer works directly with one of the company's owners, so you always know that you're getting the opinion of someone who really cares.
The senior partners at the company have a long history acting as managers in wholesale and retail precious metals companies. All of them eventually realized that there were major problems with retaining, educating, and satisfying clients. So they came together to form Patriot Gold Group with the intention of offering a different experience.
Reasons to Work with Patriot Gold Group
When you go to the Patriot Gold Group website, you'll be able to see a variety of different information about the company and about the available investments. As you click around, you'll learn about precious metals IRAs, different precious metals products, and how Patriot Gold Group sets itself apart from other companies.
The company has a strong set of values that they abide by, and they adhere strictly to their customer care policies. While some companies just talk a big game, Patriot Gold Group has the positive reviews to back it up. It seems like past customers are genuinely pleased with their service.
One of the advantages of working with Patriot Gold Group is how smooth the paperwork is. This is far from the only company to streamline the paperwork process, but multiple customers have praised the convenience.
Once you fill out your application, you'll be guided easily through all of the subsequent paperwork. Your customer representative will check in with you throughout the process to make sure that you're comfortable with the purchase. They'll explain every step of the process as they go.
After you open your account, another advantage is that the account management is simple. It will be managed by professionals with the company to make sure that you always have access to information. If you have questions about the status of your holdings, you can easily ask your account representative. This takes a lot of the stress out of managing a self-directed IRA.
Another advantage is the secure storage options. Most precious metals IRA companies have some storage services, generally offered through partnerships with other companies. Patriot Gold Group allows people to store their items in depositories located throughout the US.
They can also connect you to home safe storage. It's important to note that you cannot keep an IRA in the home. But if you make a purchase for your personal portfolio using cash, then home storage is an option. Home storage is inherently more risky than storing your things with a bank or depository. Because of this, Patriot Gold Group works with each individual client to help them create a custom solution for their needs.
Patriot Gold Group's main focus is on providing IRA services to clients, although they will also offer gold and silver for cash purchase. One of the key takeaways for the IRA services is that there are no fees for life. The website states that you don't need to worry about paying any fees for the account, unlike the steep fee structures of the competitors.
Precious metals tend to perform inversely to the stock market, and they rise in price with inflation. This means that they provide a hedge against both inflation and against stock market fluctuations. If the economy struggles in the future, a precious metals investment might give you the cushion that you need while waiting for it to recover.
Of course, there are some drawbacks to investing in precious metals. Since these are a stable asset, it's difficult to turn a profit unless you hold them for years. There tends to be a semi-large spread between your purchase price and sale price. In addition, you have to pay fees to store these assets. Except that Patriot Gold Group claims you can set up an IRA with no fees for life.
If you want to get started with an IRA through Patriot Gold Group, you can fill out the application form on their website. Soon after this, someone will get in contact with you. There's also the option to call the company's phone number and talk to one of their experts about how to fill out the application information.
Steps to Get Started
The Patriot Gold Group website has listed out the steps necessary to set up a gold IRA. In order to take advantage of the no fee setup, you will need to meet a minimum account requirement. While the website doesn't explicitly state the minimum, other sources indicate that it's at least $15,000. That's a little more than some of the competition, but much less than some others.
Once you fill out the form on the website, you'll be sent a free investor guide for gold IRAs. You'll also be contacted by a company representative to talk about your future options.
From there, you will work with the company's IRA Rollover department. This department specializes exclusively in helping people roll over funds from their existing retirement accounts. You can do this without incurring any penalties. All you have to do is fill out the paperwork that you're given. The department will walk you through every document step by step, explaining what it is and what you need to do.
This is a process that usually has some fees. There are companies that charge a percentage of your holdings, while others charge flat fees of anywhere from $50 to $200. But with Patriot Gold Group, as long as you meet the investment minimum, these services are totally free. That's a great perk for people who want to save a little extra cash.
As soon as the funds have been transferred into your new account, you can purchase precious metals. Your account representative will walk you through the purchase, answering your questions and making product recommendations. The right products for your needs will vary depending on the market and the circumstances.
They will then set up a storage account and have the metals shipped to the depository of your choice, where your custodian will receive and audit them. If you need any information about your account, you can either reach out to a Patriot Gold representative or to your custodian directly. Both should have the answers that you're looking for.
When you want to liquidate your assets, Patriot Gold Group states that they will offer a buyback price. But they don't have very much information available about their buyback program, such as how they decide on their price quotes. It's possible that there are other companies that will offer better buyback prices for fast liquidation.
When you invest in a precious metals IRA, you need to hold the metals in an IRS-approved depository. In order to meet IRS standards, these depositories must abide by strict regulations and security measures. There are hundreds of depositories fitting these standards all over the world, but precious metals dealers typically only partner with a few.
The main depository that Patriot Gold Group uses is the Texas Depository. Unlike other companies, they don't seem to have a huge number of alternative options. If you have a different depository you'd like to use, it's possible that you still can. But the default option for your application will be the Texas Depository.
There are multiple major benefits to the Texas Depository. As long as you don't mind the region, it's a good storage option. Sometimes people on the East Coast or further north prefer the Delaware Depository, which has similar advantages.
Some of the advantages of working with the Texas Depository through Patriot Gold Group include:
The Texas Depository adheres not just to the IRS standards of security, but also goes above and beyond. See: the fact that the entire facility is underground. That's not something that you'll find with most other storage options!
Unlike the depository options, there is actually a large number of custodian options for your IRA. Patriot Gold Group has partnered with several reputable companies to give you the widest range of possibilities. All of the partnered companies have positive feedback from past customers, but their fees and policies may vary.
One option is the Entrust Group, which is headquartered in California. Or New Direction IRA, which has headquarters in Colorado. There's also Goldstar Trust, located in Texas, or Kingdom Trust Company, located in Kentucky.
The final two options are Strata Trust Company, operating out of Texas, or Equity Institutional, which operates out of Ohio. These are two of the most popular choices for a precious metals IRA. Both have managed billions of dollars in assets for thousands of customers over the years. Both have excellent reputations, and both work with some of the top industry IRA competitors.
Who Should Invest?
The question of who should invest in a precious metals IRA is a good one. Many investors believe that precious metals are an essential component of a balanced investment portfolio. But it can be difficult to decide whether this option is right for you.
These days, more people are worried than ever before. There have been several major economic downturns in the past two decades alone. Some people have lost their trust in the stock market and traditional investments. They have turned to precious metals as a source of protection when the economy seems completely incomprehensible.
Some people have also chosen to invest in precious metals now that they're of retirement age. By putting some of their savings into gold and silver, they have a "nest egg" if anything goes wrong with their regular income. Given the volatility of today's economy, that seems like a good idea.
The next question is who should invest with Patriot Gold Group. While this company does have excellent reviews and a solid approach, their services won't be for everybody.
These are some qualifications that might indicate that Patriot Gold Group is a good match for you:
On the other hand, these are indications that Patriot Gold Group might not be an ideal match for you:
Is Patriot Gold Group a Scam?
Patriot Gold Group is not a scam. In fact, the company has an excellent reputation. Past customers almost unanimously give the service top marks. There are over 120 unanimous 5-star ratings on Consumer Affairs, a 4.7-star rating on Trustpilot with over 30 reviews, and a 5-star rating with the Better Business Bureau.
Patriot Gold Group is accredited with the BBB and has an A+ rating. There have not been any complaints filed against the company in the past three years. It's very difficult to find negative feedback, given how satisfied everyone seems.
Past customers have praised the ease and smoothness of the transactions. One reviewer said that Patriot Gold Group was the best company they'd worked with for precious metals IRAs. This customer said that they received such solid advice that they felt totally comfortable with their purchase, even though they were a beginner.
Another customer said that they recommended working with Patriot Gold Group based on their expertise. The company was helpful in setting up an investment portfolio and helping the client to figure out which investments had the best profit potential. The customer said that they felt much more knowledgeable about the market after working with Patriot Gold.
One customer said that when he contacted Patriot Gold Group for the first time, he didn't even know that investing precious metals in an IRA was possible. But even though he was a total beginner, they took the time to explain everything. They made sure that he was comfortable with his purchase and that he felt like he'd made the right choice for his future. He said that he would definitely recommend them to anyone wanting to make a similar purchase.
Pros & Cons of Patriot Gold Group
Patriot Gold Group is one of the top companies offering precious metals IRAs today. They have a commitment to customer service and streamlined approach that's difficult to beat. In fact, there are several hundred positive online reviews from past customers, and it's almost impossible to find any negative feedback.
Despite being a smaller company, Patriot Gold Group does stand up to the competition. At the same time, you get the kind of benefits that you might expect from a smaller operation. For example, the company owner works directly with every new customer.
Overall, we do recommend Patriot Gold Group if you want to invest in a precious metals IRA. The company is staffed by extremely qualified experts, and they have a great deal of educational material available. Past customers have universally stated that they've felt happy and comfortable with the service they received at this company.