Patriot Gold Group is an industry leader in precious metals dealing. They help manage transactions in precious metals IRAs, which are a specific type of retirement investment. Precious metals IRAs are subject to more tax regulation and rules than a typical investment.
If you're interested in setting up a gold IRA, this is one of the most solid companies on the market. They make it easy to get your account put together and even have a turnaround of just one business day. That makes them a lot quicker and simpler than the competition.
The company is based in Los Angeles. According to the Business Consumer Alliance, they have been in business for over three decades, having first started in 1990. The firm is also a member of the Numismatic Guaranty Corporation and is certified as a Professional Coin Grading Service.
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About the Company
Patriot Gold focuses on facilitating the creation and funding of precious metals IRAs. This IRA account holds physical assets in the form of palladium, platinum, silver, and gold. You can get all the same tax benefits and deferrals that you can with a traditional IRA.
Most people don't want all of their retirement investments to be in gold. But a precious metals IRA can offer a layer of security when you face a volatile market. Since precious metals behave opposite to real estate, they're tangible assets that increase in value when the stock market nosedives.
Many people experience economic uncertainty. After seeing the economy go through multiple crashes in just a few decades, a lot of individuals are worried that their retirement is unprotected. The goal of a gold IRA is to mitigate that fear. It can also help you hold out against inflation.
The company helps to smooth the process of setting up and maintaining your IRA. They communicate with the IRS for you, and they also work with your custodian on account setup. Usually your custodian will be an IRS-approved bank, trust, or other financial institution.
In fact, transactions often take just one phone call on your end. Your customer service representative takes care of the rest. That's a far cry from all the shuffling and form-filling and talking you'd need to do if you were managing your IRA completely blind.
Patriot Gold will help you make transactions by talking to everyone including:
They function as the broker themselves. Their process is meant to ensure that every step goes as planned, so that there aren't any legal or financial hiccups along the way.
Companies like this make self-directed IRAs much more accessible to the average person. With a self-directed IRA, you are responsible for choosing your own investments. But making sure those investments are code-compliant can be overwhelming if you don't have a background in finances or tax law.
Costs of Investing
There are a few different features that make Patriot Gold a worthwhile broker to invest your money with.
One is the Investor Direct Pricing feature. There are some dealers that use percentages to calculate consumer fees. The more you buy, the more they charge you. They take a huge cut of the purchase. But that's not the case for Patriot.
With this company, you'll need to pay one fee of 225 dollars to set up your IRA account. This is a larger fee than many competing gold IRA companies on the market, but it makes sense. You're being given access to all of the expertise and convenience that the company has to offer.
In addition, if you invest more than 30,000 dollars, the setup fee is waived entirely. People with smaller investment amounts can still work with the company. For those investing large sums, you might have your storage fees waived for up to three years, and your rollover fee will be reimbursed.
On top of that, for people who invest at least 250,000 dollars, you get access to the No Fee for Life IRA. Patriot Gold will waive all of your company fees for as long as you continue doing business with them.
You will need to pay additional fees to your storage facility and custodian. The exact fee varies depending on the custodian and the facility. You'll also need to choose whether to get expensive security measures like a sectioned vault, which isn't accessible by anyone except you. You can expect all vault contents to be insured.
Your annual custodial fees will cover both your insurance policy and storage. If you don't have a custodian already prepared, Patriot Gold will work with Equity Institutional and Strata Trust. Equity Institutional charges about 180 dollars annually, while Strata Trust charges about 150 dollars.
You might have to pay fees to your custodian for things like processing documents, transferring funds, taking distributions, and closing the account. Depending on what you do, there might also be penalties for actions like early distribution. You can talk to your Patriot Gold representative to find out exactly what you'll be paying.
When you work with Patriot Gold, you can expect to face the following costs:
The company has all IRS-approved precious metals available for purchase through its brokerage. You can get coins and bullion in pure platinum, palladium, gold, and silver. The market is open for trade on weekdays from 7:30 AM to 5:30 PM, Pacific time.
In addition to the IRS-approved metals, there are some products that are available for purchase outside of IRAs. If you want to fund an IRA, you must make sure that your purchase meets the purity requirements set out by the IRS. Collectible coins are not considered a valid contribution to a self-directed IRA.
Precious metals IRAs have only been legal since 1997, when the Taxpayer Relief Act was passed. The purity levels must be as follows:
It's exceedingly difficult to find platinum and palladium that meets these rigorous standards. Because of this, marketplaces are far more likely to have gold and silver available for purchase.
Precious metals are sold through the company's marketplace in bullion coins and bars. You can also purchase some coins and bars as a personal investment. Personal investments don't have the same storage and maintenance fees associated with an IRA, but it is a good idea to arrange secure storage for them.
Sometimes your purchases will be subject to particular reporting laws. Before you buy any precious metals in bulk, it's good to understand the guidelines regarding different purchases. There are a variety of federal regulations in place that govern the exchange of precious metals.
Starting an IRA
Many people switch to Patriot Gold Group after they open a precious metals IRA, but find themselves unsatisfied with their broker's customer service. If you're one of these people, you can reach out to a company representative. They'll talk you through how to transfer the account.
Since the firm is full service, the representative can get the transfer set up in a single phone call. You'll be sent whatever documents you need to sign to release the account. There's a guarantee that your transfer will be finished within 48 hours of starting the process, significantly faster than with most other companies.
If you don't have an account yet, the process is very similar. It may take a little longer to go through the paperwork and answer all of the questions. But you can fill out the website application to expedite the process, or you can call a sales rep on the phone to talk about your options.
The company can help you create a new IRA or roll over funds from the IRA you already have. Once your account is set up, your funds have transferred, and your fees are paid, you're free to make purchases from the Patriot Gold brokerage.
The timeline of the different purchases will depend on how fast your custodian transfers your funds. If you're concerned about the speed of your purchases, it's best to talk to different custodians before choosing one. You can go with the one that has the most efficient transfer process.
Whenever Patriot Gold receives the funds for your purchase, they guarantee that your trade will be finished in 48 hours or less. The orders will be packaged in a fully insured parcel and shipped to your storage vault.
There are overwhelmingly positive customer reviews of the company from third party watchdogs. Patriot Gold is a subdivision of a parent company called Halt Gold Group. This larger group has a Better Business Bureau ranking of A+. Patriot Gold itself doesn't have its own BBB page.
Consumer Affairs has 128 reviews that show a total score of 5 stars. There have been very few negative reviews or complaints amid the sea of glowing praise. The few complaints that do exist are mostly related to the fees associated with trading, along with disputes over the value of coins.
On Facebook, the company has a combined rating of 4.4 stars based on all reviews. In addition, there are several glowing reviews on Google that go out of their way to talk about how patient and helpful the company representatives were in setting up the precious metals IRA account.
There are a few other considerations to keep in mind. Because of how much flexibility you have when choosing your custodian, you won't know exactly how much you'll be paying until you've done that. This can make it difficult to budget, and some people are frustrated by the process.
Another consideration is the buyback program. Patriot Gold states that it will buy back assets from you once you're ready to liquidate. However, you will need to fill out application forms in order to get a quote. Some people have found this frustrating since you don't know how much you'll be paid right away.
That said, we've found nothing to indicate that Patriot Gold offers unfair prices in its buyback program. It takes your gold back at market price or close to market price, so you don't have to worry about the difficulty of liquidating your assets.
If you purchase precious metals as a personal investment, you'll want to consider your storage options. Personal investments don't need to comply with IRS regulations the same way IRA contributions do. But it's a good idea to hold your metals in a secure, safe, insured vault where they're safe from theft and damage.
Pros and Cons of Patriot Gold Group
Overall, we like Patriot Gold Group. They have a good business model and an excellent reputation with their customers. There have been very few complaints when compared to the glowing reviews from past clients. People find that this company is one they feel safe trusting with their money.
If you've been curious about gold IRAs, the representatives can tell you everything you need to know. They'll explain the benefits and drawbacks, and they'll help you make the purchase that's right for you. Keep in mind that you will need to invest at least 15,000 dollars to open an account.
There's also a lot of freedom. You get to choose your custodian and storage space. If you have a precious metals IRA already, you'll appreciate the ability to keep your existing custodian. You can also shop around to compare custodian policies and prices until you find the right one.
If you're not sure what type of custodian you need, that's okay too. Patriot Gold has trusted relationships with several industry leaders, so they can set you up with one without a problem. You don't need to be a financial expert to get started.
The only real drawback we've found is that the 225 dollar setup fee is a little steep. There are some gold IRA companies that charge only 50 to 100 dollars for account setup. The setup fee doesn't take into account any custodial fees or storage fees.
However, you can get past the setup costs by investing at least 30,000 dollars. Doing so will get the setup fee waived, plus some of the initial storage costs waived as well.
Although we do think that Patriot Gold Group is a solid company, we believe that there are better companies out there to make your investment with.
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