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Priority Gold is a top-tier precious metal investing firm in the United States. The firm, located in Dallas, Texas (headquarters) and Sherman Oaks, California-based business opened for business in 2015.
The company primarily focuses on serving as a distributor of gold and silver items suitable for long-term investment. There are several rare coins and coins eligible for an Individual Retirement Account (IRA) among its offerings.
Searching for a trustworthy organization to invest in gold, silver, or another precious metal with? You should go to Priority Gold. In this comprehensive Priority Gold Review, you will learn all there is to know about this outstanding precious metals trader.
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About Priority Gold
As previously said, Priority Gold is widely regarded as one of America's best precious metals merchants. It has a perfect TrustLink rating and an A+ rating from the Better Business Bureau. The Business Consumer Alliance even gives them a perfect score of A+.
Priority Gold caters particularly to those looking to invest in precious metals. They achieve this while adhering to the strictest safety measures and providing unmatched ease of use.
Its knowledgeable staff facilitates consumers' access to competitively priced precious metals including gold and silver. In addition, they guide clients in selecting the best precious metals portfolios or IRAs to assist them in achieving their objectives.
It offers rare coins, silver and gold bullion coins certified for IRAs and a 10-ounce silver bar approved for IRAs, among other products. Nevertheless, Priority Gold currently does not have any platinum or palladium offerings.
You may also buy precious metals quickly and easily at Priority Gold. Gold and silver IRAs that meet specific requirements can be held and transferred to a new custodian at no cost. Your actual gold will be sent to you faster.
You can count on the best possible service when you sign up for Priority Gold. Their customer service representatives always act professionally and ethically.
This dealer educates its clientele on all facets of the gold and silver investment process. Its free online guide, blog and dictionary include a wealth of information.
Custodians and Storage
Priority Gold is pleased to have Preferred Trust Company as its trusted custodian and administrator for IRA gold and silver holdings.
Preferred Trust Company is an approved retail trust company for self-directed IRAs. The firm has been operating out of Las Vegas, Nevada since 2007.
The company's dedicated staff treats each IRA owner with the utmost care. The team has extensive experience in the field and they work together effectively to resolve any problems or questions you may have with your investment in precious metals.
Preferred Trust Company abides by the Internal Revenue Service's standards because it is a bank. It entails following the rules established by the Financial Institutions Division of the State of Nevada.
As a result, you can be confident that your Priority Gold gold or silver IRA investments will grow to their full potential. Priority Gold, on the other hand, hasn't announced any collaborations with vaults or depositories.
Priority Gold Products
Rare and IRA-approved gold and silver coins for collectors are available at Priority Gold. The firm also provides an IRA-approved 10-ounce silver bar. Moreover, this gold and silver dealer offers:
Priority Gold does not currently provide any platinum or palladium goods. If you're interested in browsing other items this precious metals merchant offers, you can do so on their website.
Priority Gold Customer Service
Priority Gold is a firm that is known for its excellent customer service. Their commitment to providing customers with the best possible experience starts with their well-trained and knowledgeable customer service representatives.
These representatives are available to assist customers with any questions or concerns and they do so courteously and professionally.
Priority Gold distinguishes itself from its competitors by providing personalized service to its customers. They take the time to understand each customer's unique needs and preferences and work to ensure that their products and services meet these needs.
For example, if a customer is interested in a particular investment product, Priority Gold will provide detailed information about that product and help them make an informed decision.
In addition to its personalized approach, Priority Gold also offers a variety of resources to its customers to help them stay informed and up-to-date on the latest trends in the industry.
They provide regular market updates, investment news and expert insights, allowing customers to make informed investment decisions.
Perhaps most importantly, Priority Gold's customer service team is available 24/7 to assist customers. Customers can reach out to them anytime they have a question or concern and they will receive prompt and helpful assistance. This level of availability and responsiveness is rare in the industry and is a testament to Priority Gold's commitment to its customers.
Pros & Cons of Priority Gold
Why Put Gold in Your IRA?
Gold has been a valuable asset for centuries and used as a currency, a store of value and a hedge against inflation. Here are eight reasons why you should consider putting gold in your IRA.
Gold is a safe-haven asset that can protect against economic and geopolitical uncertainties. In market volatility, gold performs well as investors seek to diversify their portfolios and reduce their exposure to riskier assets. This can help to mitigate losses and preserve your wealth.
Gold is a tangible asset you can hold in your hand, unlike stocks and bonds, which are paper assets. This means you have direct ownership of the gold and can access it anytime. You can also store your gold in a secure vault, which provides added protection and peace of mind.
It has a low correlation with other asset classes such as stocks and bonds. This means that gold can provide diversification benefits, as it can reduce the overall risk of your portfolio. In addition, gold has historically provided a hedge against inflation, which can erode the value of your investments over time.
Gold has a long-term track record of holding its value and even appreciating over time. This is due to the limited supply of gold and its high demand, particularly in emerging markets such as China and India. As a result, gold can provide a reliable store of value and a potential source of capital appreciation.
Gold is also a globally recognized asset that can be easily bought and sold in markets worldwide. This provides liquidity and flexibility, as you can quickly convert your gold holdings into cash if needed.
Unlike many other types of investments, it is not subject to counterparty risk. This means that you do not have to worry about the issuer's creditworthiness, as in the case of bonds, or the company's solvency, like stocks.
Also, gold can be used to diversify your retirement savings, particularly if you have a large portion of your portfolio invested in stocks and bonds. Adding gold to your portfolio can reduce your overall risk and provide a potential source of capital appreciation.
Types of Gold IRA Accounts
Gold IRA accounts are becoming increasingly popular among investors who want to diversify their retirement portfolios with precious metals. These accounts allow investors to hold physical gold, silver, platinum and palladium as part of their retirement savings.
There are three main types of gold IRA accounts. Each type has unique features and benefits, making it essential for investors to understand the differences between them to choose the best option for their needs.
❑ Traditional Gold IRA
This account allows investors to make tax-deductible contributions to their retirement savings, which can help reduce their taxable income. The funds in this account can then be used to purchase physical gold, which is held in a secure vault on behalf of the investor.
One of the main benefits of a traditional gold IRA is that it allows investors to defer taxes on their contributions until they withdraw the funds in retirement. This can help investors save money on taxes over the long term.
❑ Roth Gold IRA
This account allows investors to make after-tax contributions to their retirement savings, meaning they won't receive a tax deduction for their contributions. However, the funds in this account can be withdrawn tax-free in retirement, which can benefit investors who expect to be in a higher tax bracket when they retire.
The Roth gold IRA also allows investors to hold physical gold as part of their retirement savings, providing an additional layer of diversification for their portfolio.
❑ SEP Gold IRA
This type of gold IRA account is designed for self-employed individuals and small business owners. This account allows these individuals to make tax-deductible contributions to their retirement savings, which can help reduce their taxable income. The funds in this account can then be used to purchase physical gold and other precious metals, providing a hedge against inflation and currency devaluation.
The SEP gold IRA also allows investors to contribute more to their retirement savings each year than traditional and Roth gold IRAs, making it a popular choice for those who want to save more aggressively for retirement.
What Type of Gold or Precious Metals Can Be Included in an IRA?
Not all types of gold or precious metals are eligible for this type of investment and it's essential to understand the rules set forth by the Internal Revenue Service (IRS) to make informed decisions.
The IRS allows certain types of gold and precious metals to be included in an IRA, including gold, silver, platinum and palladium bullion. Bullion refers to coins or bars made of these metals that are at least 99.5% pure.
Additionally, the coins or bars must have been produced by a recognized government mints or a reputable private mint such as the Royal Canadian Mint or the Perth Mint.
However, not all coins or bars are eligible for inclusion in an IRA. For example, collectible or rare coins are not allowed, as they are not considered to have sufficient investment value. Additionally, gold or precious metal jewelry, even if made of pure gold or silver, is not eligible for inclusion in an IRA.
It's worth noting that some additional rules and regulations apply to investing in gold or precious metals through an IRA. For example, the metals must be held by a custodian, who is responsible for storing and managing the assets on behalf of the account holder. This custodian must be an IRS-approved entity such as a bank, a trust company, or a brokerage firm.
Furthermore, there are rules around distributing these assets from an IRA. For example, if an account holder wishes to take a distribution of the metals, they must be taken as a physical distribution, meaning that the coins or bars must be physically transferred to the account holder.
Additionally, if the account holder wishes to sell the metals, they must do so through an approved dealer rather than a private sale.
Opening a Gold IRA
If you're interested in opening a gold IRA, here are the steps involved.
Choose a Custodian
The first step in opening a gold IRA is to select a custodian. A custodian is a financial institution that will hold and manage your gold IRA on your behalf. Choosing a reputable and experienced custodian specializing in precious metals IRAs is essential. You can research online or seek recommendations from financial advisors to find a reliable custodian.
Fund Your Account
Once you have selected a custodian, the next step is to fund your gold IRA. You can transfer funds from an existing IRA or 401(k) account or make a new contribution to your gold IRA. You can also roll over funds from other retirement accounts such as a pension plan or a 403(b) account.
Choose Your Investments
After funding your gold IRA, you will need to choose the specific investments you want to hold in your account. You can invest in various precious metals, including gold, silver, platinum and palladium.
Purchase Your Investments
Once you have chosen your investments, you will need to purchase them through your custodian. Your custodian will handle the transaction and securely store your investments in an approved depository. You can also take physical possession of your gold, which will require additional fees and storage costs.
Monitor Your Investments
Finally, it's essential to regularly monitor your gold IRA investments to ensure that they are performing as expected. You should also stay up-to-date on market trends and changes in the precious metals industry. Your custodian can provide regular statements and reports on your account performance.
When Can You Withdraw from an IRA?
Many people often need clarification about the rules surrounding withdrawals from their IRA accounts. The rules for traditional and Roth IRAs are quite different and it's essential to understand them to avoid any penalties or taxes.
You can withdraw money penalty-free for traditional IRAs starting at age 59 ½. However, withdrawing money before this age may be subject to a 10% early withdrawal penalty. There are some exceptions to this rule such as using the money for certain medical expenses or buying your first home.
Additionally, you are required to start taking required minimum distributions (RMDs) from your traditional IRA by April 1st of the year following the year in which you turn 72.
Roth IRAs have more flexibility when it comes to withdrawals. You can withdraw your contributions at any time, tax and penalty-free. If you withdraw earnings before age 59 ½, you may be subject to taxes and a 10% penalty unless you meet one of the exceptions such as using the money for a first-time home purchase or qualified education expenses.
There are no RMD requirements for Roth IRAs, which means you can let your money grow tax-free for as long as you want.
It's important to note that some additional rules and exceptions apply to both traditional and Roth IRAs. For example, if you inherit an IRA, the rules may be different than if you opened the account.
Additionally, there are certain situations where you may be able to withdraw money penalty-free from either type of IRA such as if you become disabled or pass away.
After conducting thorough research and analysis of Priority Gold, we can confidently say that it is a reputable company for investing in precious metals and IRAs. However, we cannot recommend it as the ultimate investment choice. Other top companies in the market offer superior services and benefits to their clients.
For instance, our highly recommended companies specialize in providing personalized investment strategies based on the needs and goals of individual investors. They offer a wide range of investment options, including gold, silver, platinum and palladium and provide comprehensive guidance and support throughout the investment process.
Moreover, they offer competitive pricing, transparent fee structures and secure storage facilities for precious metals. They also have robust online platforms that enable investors to track their investments and make informed decisions based on market trends and analysis.
If you are looking to invest, don't forget to checkout our highest recommended companies!
Currently our #1 recommendation is offering up to $10,000 in free silver!
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