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Investing in precious metals is often a clever way to diversify a retirement portfolio. These products don't have the same risk as stocks, bonds, and other paper assets.
However, working with a reputable dealer is critical to an investor's financial success.
Learn more about First Gold Group right now. This information gives investors a critical edge when it comes to deciding on a legitimate dealer.
Before we get started with this review:
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What is First Gold Group?
First Gold Group or FGG is a precious metals dealer based out of Los Angeles, CA. Their website offers a lot of information for investors, which is a refreshing sight. Investors can click on various products to see a generalized image and matching price.
FGG also offers information about self-directed or gold IRAs. If investors want to learn more about investing in precious metals, FGG has plenty of solid information.
A banner at the top of the homepage gives investors real-time pricing on metals in the marketplace. It's reminiscent of a stock market ticker.
FGG is upfront about how pricing can change with this ticker in place. Investors can further their education about precious metals by reading the blog too. There's information about how to invest, current financial news, and more.
In addition, FGG offers charts on several metals, which helps investors understand how the value fluctuates over time.
Shopping with FGG appears straightforward. Investors add products to their cart and check out. Investors should note that some items have limited availability. There may be a phone call to FGG that's necessary to move the sale ahead.
Learning About the Founder
FGG is a bit vague when it comes to its founders. The Better Business Bureau shows a single owner listed with an incorporation date in 2020. This owner may have been running the business before 2020, but there's no clear information stating otherwise.
The website simply mentions that a co-owner and operator is a United States Armed Forces veteran.
The "About Us" page is a generalized section regarding customer service and precious metals sales. If investors want more information about who will manage their money, they may need to call for more information.
FGG is relatively active on Facebook, however. They use the platform as an advertising conduit. Their advertising is often matched with helpful links to financial news. Investors might follow FGG's page to see how they interact with users.
Currently, they have a little over 200 followers. This fact might make investors wary because a more successful dealer could have several thousand followers after only two years of business.
Exploring the Pricing of First Gold Group
This dealer has clear pricing on each item they sell. In fact, they even add specific details to certain products. An expensive bar, for example, may be limited in supply.
The product page clearly says "call for availability," which is helpful to investors as they shop.
Investors can also look at the dealer's charts to see how pricing changes over time. Use this information to verify if a desired item is fairly priced. A dealer will always have some markup, but it should be a minimal amount for profit purposes.
The site doesn't have any negotiation options, such as an offer button. All prices appear set and ready for the shopping cart.
Presumably, the prices may fluctuate over time. Investors may want to visit the website over several different days and compare pricing on one product. If gold's value decreases, the product might be less expensive than before.
An interesting pricing feature involves shipping fees. If investors spend more than $199, they receive free shipping. Many products are priced well above this value, which makes the feature an appreciated perk of buying from FGG.
Discovering Available Services and Products
Investors may appreciate the varied items sold on FGG's website. Gold and silver from various mints across the globe are represented here, such as American Eagles, Australian Silver Kangaroo coins, and more.
Intrigued investors might look at the palladium and platinum available here too. Many dealers stock only coins in their inventory. However, FGG also includes bars and rounds.
Precious metals enthusiasts can find several purity levels within FGG's inventory too, which is unusual across the industry. When it comes to variety, this company delivers.
They also have products at various weights. An investor may not be able to buy a single ounce of gold, for instance, but a 1/10-ounce coin is a manageable cost.
In the end, investors at any level have a chance to buy into the precious metals market with these lighter selections.
FGG offers an attractive service called ACCRUE. It encourages investors to sign up for a subscription. For as little as $25 a month, investors pay into an account that eventually buys chosen products.
As soon as the account has enough to buy a particular coin, for example, it's shipped to the investor. This subscription can be exciting for investors who want to accumulate precious metals at a slower pace than others.
There are several subscription costs ranging from $25 to $100 a month.
Regarding Custodian Duties
FGG advertises precious metals IRAs or Individual Retirement Accounts on their site, which is commonplace for dealers. The site's wording implies that they're the company offering the account.
However, clicking on the IRA sign-in or sign-up button takes investors to an entirely different website.
The GoldStar Trust Company is the actual custodian offered by FGG. Because GoldStar is an entirely different company, investors must research this entity before moving forward with a self-directed IRA.
It's not uncommon for a dealer to work with a separate custodian, but it translates into more paperwork and further research by the investor. Both companies may not have the same business ethics.
The vague wording on FGG's website about the custodian may turn off some investors.
Investors always have the option of hiring their own custodian for their IRA. This individual can then transfer any goods bought from FGG to the IRA for tax purposes.
In the end, it's the custodian who performs most of the account management. FGG merely sells the product for the IRA.
Working With First Gold Group
FGG doesn't have a very large presence on the Internet. If investors search for reviews, they'll only see a couple on Google. It's heartening to see one of the comments is a response from the company's owner, but otherwise, the feedback is minimal.
Ultimately, it's hard to trust a company that doesn't have a lot of positive comments from previous clients.
The Better Business Bureau has not accredited this company either. In FGG's defense, they're a relatively new business. Some companies take a few years to gain accreditation.
However, investors should still research further with this information in mind. A firsthand account from another FGG client would be priceless.
First Gold Group doesn't look like a scam, but it needs more online feedback to calm investors' nerves. A strong Facebook page tells very little about the company's strength in the precious metals industry.
They don't even mention any member organizations, which is typical for most precious metals dealers.
Researching Advantages and Disadvantages
FGG offers several advantages. The website's pricing is set and ready to be bought through standard payment methods. There are no major limitations on payment either. FGG accepts bank wires, credit cards, and checks.
They appear open to discussing self-directed IRAs and how to fund them. There's a chat feature online or investors can still call the office. There's even a texting phone number for investors who prefer this communication method.
Try email or Facebook as alternatives too.
FGG's product varieties are attractive. Investors may not find many of these products anywhere else. However, it's difficult to verify the product's quality. Each pictured item is a general photo.
Investors don't see the actual product being shipped to them until it arrives.
The main disadvantages to FGG are the lack of industry connections advertised on the site. They don't appear to have any associations with numismatic professionals or featured on any media outlet.
First Gold Group is fairly new, which means it may not have the experience necessary to manage investors' funds.
Conclusion
Investors may want to try a small purchase with FGG before investing too much in the company. Take note of how the transaction processes and if any issues arise.
Ideally, investors would have some reviews to rely on for perspective. Testing the waters at FGG as an investor may be the only way to find out about its legitimacy.
To get familiar with FGG, consider following the company on Facebook. It appears to be a main conduit for communicating with FGG aside from calling them.
Look at posts, comment on items, and look at other followers' discussions. Investors can gain a lot of information from a few online interactions.
Alternatively, research other dealers and IRA custodians, like the companies we have written about on this website.
There are other sites with better transparency than FGG. As this dealer gains more clients in the future, there may be more reviews to consider.
Investors can try them at a later date with more confidence.
First Gold Group is an ok company, they are not a scam, but we do not recommend them.
They are not the best option for individual purchases of precious metals, and certainly not the best option for investors looking to protect their savings with a gold IRA.
There are much better companies to work with that we have written about extensively on this website.
You can get a Free Gold Investors Guide from our top gold and precious metals company recommendation by clicking the link above or you can read our article of the top companies we reviewed this year:
>> CLICK HERE to read our list of the Top Gold IRA Companies. <<
Or, if you like what you have read about First Gold Group, you can go to their website below:
I started BMOGAM Viewpoints as a way to compile all my views on investing in one place. I own my home, have some real estate, and own a few stocks like most people, but what really drives my interest in investing is I have a strong love of precious metals, especially gold.
