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Investing in precious metals IRAs is an excellent strategy to diversify your portfolio, offering a robust hedge against inflation. These self-directed IRAs present unique advantages that traditional IRAs do not, making them a valuable addition to any investment strategy.
Selecting the right metal dealer is a critical decision, given that precious metals IRAs often represent lifelong investments. It's imperative to choose a reputable and trustworthy dealer to ensure the security and success of your investments.
If you're considering a precious metals IRA, you may have come across the Patriot Gold Group. Naturally, you might be curious about the trustworthiness of this dealer and whether they are the right choice for your IRAs or gold investments.
In this comprehensive Patriot Gold Group review, we provide you with the insights you need to make an informed decision when selecting a precious metals dealer. Keep reading to discover if Patriot Gold Group is the right fit for your investment needs.
Before we get started with this review:
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The Benefits of a Precious Metals IRA
A precious metal IRA involves investing precious metals in the form of bullion bars or coins, which Patriot Gold Group store in a facility of your choosing.
There are several reasons why a precious metals IRA is so beneficial.
Here are a few reasons to invest in them:
Precious Metals Are Generally Safer Assets
While no investment is without risk, precious metals are a safer asset to invest in because the value of these assets is relatively stable, so you are a lot less likely to make a loss on them when it comes time to sell.
Because precious metals are not subject to inflation, they are generally used as a safeguard to protect an investor against losses on their investments, should the economy crash.
You Have More Control Over the Investment
Unlike other asset investments, a precious metals IRA is a self-directed IRA, which means that you have control. You can choose the precious metal coins and bars you wish to buy and decide where it is to be stored and with whom.
With Patriot Gold Group, your IRA is managed in a way that allows you to still be in control of the account.
The Higher the Demand, the Greater the Value
As the demand for precious metals increases, so does the value of your investment. This is because precious metals are rare and in short supply.
A gold IRA may be a wiser investment than silver because gold is harder to mine, making it a rarer and ultimately more valuable asset.
Who Is Patriot Gold Group?
Patriot Gold Group is an industry-leading precious metals and gold IRA firm that is based in Los Angeles. As per the Business Consumer Alliance, they are in the precious metal industry for more than 30 years, having first opened their doors to the public in 1990.
In addition, the company provides a Professional Coin Grading Service and is affiliated with the Numismatic Guaranty Corporation.
It claims to have an impressive one-day turnaround and collaborates with its clients' IRA custodians and storage facilities that streamline the investment and resale process, essentially functioning as precious metals brokers.
Transactions can be completed through a telephonic conversation with a Patriot Gold Group representative.
Without this assistance, you would have to spend a considerable amount of time organizing dealings with a broker, custodian, shipping, and storage company yourself.
Patriot Gold Group manages this process seamlessly so that your investment or IRA is processed accurately and efficiently upon receiving orders from you, the client.
The company has also been known to provide outstanding service to customers, with staff taking the time to gladly explain the details of IRAs to potential clients.
Patriot Gold Group Pros and Cons
To understand whether Patriot Gold Group is indeed a trustworthy dealer, it is essential to consider both the positive and negative aspects of their business dealings.
Pros
Cons
The Products the Patriot Group Offers
Patriot Gold sells physical gold and silver in the form of bullion bars, bullion coins, and coins specifically for IRA customers. Like most precious metals brokers, Patriot Group lets you purchase precious metals in the form of bullion bars and coins outside of a precious metals IRA.
Some of these metal products are subject to strict reporting laws, so customers must familiarize themselves with the rules that apply to each precious metal they consider before making the purchase.
Here are some of the leading products you can expect to see when choosing Patriot Gold for your precious metals’ investment, or silver or gold IRAs:
Gold and Silver Coins
Patriot Group offers an impressive range of gold and silver coins. Some examples of gold coins offered by the Patriot Group include:
Gold coins offered as part of a gold IRA include:
The company also offers silver bullion products. Here are some examples:
Silver coins that are eligible for a silver IRA include:
Gold Bars
Patriot Gold does offer gold bars. However, their product range appears to be relatively limited, and the only gold bars on offer are the 10-ounce gold bars from the Royal Canadian Mint.
Associated Costs
Investor Direct Pricing is one of the benefits provided by Patriot Gold Group. The company does not charge a fee as a percentage of the client's precious metals order, as some metal dealers do.
Instead, Patriot Gold Group charges a setup fee of $225 for all new precious metals IRAs, but this fee is forfeited if you make an investment of more than $30,000.
Storage fees for the first three years are also waived and Patriot Gold repays the $260 rollover fee that customers are charged in the first year in these cases.
Accounts with a minimum balance of $250,000 are eligible for its No Fee for Life IRA, which is a great perk.
However, it is essential to remember that facilities that store precious metals, and the custodians set their own independent fees. Before opening an account, double-check the associated costs for the transactions you would like to conduct so you are prepared.
Custodians charge annual fees that they calculate based on several factors, including the balance of the client's account. Patriot Gold works with all custodians.
However, it does have a long history with custodians such as STRATA Trust and Equity Institutional, so if you are unsure of which custodian to go with, they can point you to a trusted partner.
How to Start an IRA with Patriot Gold Group
If you have an existing self-directed IRA, transferring this account to Patriot Gold can be done quite easily.
This transfer can be scheduled by calling the Patriot Group's call center, and a representative can talk you through the process, having you sign all the necessary documentation electronically.
Accounts are opened 48 hours thereafter.
Clients often follow a similar procedure to set up a new account with the company, which begins with completing a registration form on the Patriot Gold Group website or speaking to a Patriot Gold representative telephonically.
You may begin executing trade orders with Patriot Gold Group once you have paid your once-off fee and your account has been successfully set up and funded.
Purchase timeframes are often determined by how quickly the custodian transfers the funds. Before choosing an IRA custodian, we suggest discussing how long fund transfers would take with several potential custodians before you settle on one.
Trades are completed within two days after Patriot Gold receives the funds. Following the purchase of precious metals, Patriot Gold Group ships your order to the storage company of your choosing in accordance with IRS regulations.
What Do Customers Have to Say About Patriot Gold Group?
Client ratings for Patriot Gold Group are incredibly high, and people seem to be very impressed by the company's service and turnaround time. There is a wealth of online reviews posted by happy customers.
Below are some of the overall reviews we were able to find online.
The Better Business Bureau, or BBB, is a non-profit organization that helps users determine how trustworthy a company is.
Patriot Gold Group's parent company, Halt Gold Group, has an A+ BBB rating, providing a good indication of how trustworthy the company is.
Additionally, Patriot Gold Group received an outstanding five-star rating on ConsumerAffairs, having only received a few minor negative reviews out of 128, which is impressive.
These complaints are primarily about the high initial fee and disagreements with regard to the value of coins.
Facebook reviews average 4.4 stars and Google reviews reveal praise of the company's representatives' patience when clarifying the details of a gold IRA. The company also received a 4.7-star rating from TrustPilot after 32 client reviews.
Customer Reviews
"I worked for nearly 40 years as a scientist and as a result I am meticulous in following current events from only verifiable news sources with impeccable credentials. This led me to seek other avenues for my retirement income which included investments in Traditional IRA's. Accordingly I conducted extensive research on top rated firms specializing in both Cryptocurrency and Precious Metals IRA's. After numerous phone calls, emails and careful consideration I contacted Patriot Gold Group. This has proved to be one of the best financial decisions I have ever made."
- Jean of Neptune, NJ on Consumer Affairs
"I would like to say that the Patriot Gold Group is one of the best Gold IRA dealers in the USA. I was stressed over putting resources into valuable metals through the Gold IRA. Patriot Gold Group showed restraint in responding to every one of my inquiries. I inquired about a few valuable metals agents and IRA caretakers. I felt quiet with the choice to put resources into this sort of benefit class."
- Robert B. of Indiana on Trustpilot
"I've heard and researched about Patriot Gold Group, and I was completely unaware of this type of investment when I contacted them. But they took the time to inform the in's and out's of this investment and made sure that I was comfortable at every phase of the way. I'm very excited to do business with them for a secure future."
- Andrew S. on BBB
Why Put Gold in Your IRA?
Individual Retirement Accounts (IRA) protect your retirement as well as your family's financial security.
These special accounts allow you to set aside tax protected savings that you can use in the future.
With these long term accounts it's important to allocate a significant portion to assets that are solid and reliable, so you have a secure and comfortable retirement.
You can have cash in an IRA, but that is devaluing at a rapid pace and inflation is out of control.
You need an asset that's dependable, retains it's value, and even increases in value over time, and there is no better asset for this than gold.
With the world's economy struggling through lockdowns, shortages, wars, and inflation, uncertainty has never been higher and investors are protecting themselves by placing physical gold in IRA's.
A gold IRA investment prospers from these crisis that negatively affect most other assets.
Risk is knowing the economic dangers and doing nothing to protect yourself and your family.
Safety is knowing the economic dangers and taking action to protect your financial future, and this is easy to do with a gold IRA.
Final Thoughts
Choosing a company to oversee your individual retirement accounts must not be done without due research.
This is why we have taken the time to provide a detailed Patriot Gold Group review to help you determine whether Patriot Gold is the right fit for you.
When you take into consideration the excellent reviews from previous clients, the outstanding customer service, and fast turnaround times, there is no reason why you should not trust this company to handle your silver or gold investment or IRA.
There is also a great deal of freedom given to clients, allowing them to be in charge of their own IRAs while still receiving the help they need to facilitate the process.
You have the option of selecting your storage space and custodian and need not change custodians if you wish to switch to Patriot Gold.
It is also okay if you are not sure what kind of custodian you require. Patriot Gold Group has trusted relations with many industry leaders, so they can easily connect you with one.
The only drawback is the more significant initial fee, but it may just be worth the additional spend with so many benefits.
While we think that Patriot Gold Group is an ok company, they are not the best if you're looking for a metal dealer to invest in precious metals or to set up an IRA with them, there are much better options for investors.
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 Patriot 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.
