Disclosure: Some of the links in this article are from sponsors. The review below is an honest review gathered from thorough research, experience, and consumer-based feedback.
Quick Summary
Patriot Gold Group is a decent USA company that deals with precious metals. Their professionals manage transactions relating to precious metals IRAs (a particular kind of retirement investment.
However, there are a lot of tax regulations and rules controlling precious metals IRAs than a regular investment.
Patriot Gold Group is one of the most reliable and reputable companies on the market. Therefore, they can be a suitable dealer to set up a gold IRA.
Important to mention before going further into this interview!
We understand that choosing a company to invest with is an extremely important financial choice; good news for you, we have done all the research and digging in this field for years.
That being said, through our rigorous review process, we have compiled a list of our 5 top gold investment companies for 2022.
>>>Check out our top 5 precious metal investment companies list here (for IRAs and Non-IRAs)<<<
Check if 7k Metals made our top 5 list in 2022!
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Stats about this company offering free silver:
- Over 1,000 5-star ratings from past clients
- Protects over $1 billion dollars in retirement asset savings
- AAA rating with the BCA
- A+ Rating with the BBB
- 5x Inc 500 winner
- 2021 company of the year
Or keep reading the Patriot Gold Group review below...
The company allows for easy registration and setting up of an investment account. They do so in just a single business day.
As a result, many people like Patriot for its quick turnaround and simpler operation than its competitors, unlike the many complaints from Allegiance Gold, Acre Gold, and Goldline International.
Patriot Gold Group is situated in Los Angeles. According to their Business Consumer Alliance membership information, this company has been in the business since 1990.
PCGS (Professional Coin Grading Service) certifies this company. It's also one of the members of Numismatic Guaranty Corporation.
About Patriot Gold Group
Patriot Gold Group mainly aims to facilitate the creation and financing of precious metals IRAs. The IRA account often holds precious physical assets in gold, silver, platinum, and palladium.
With this account, you'll enjoy the tax benefits and deferrals as you would with a traditional IRA. Many people prefer not to keep all of their retirement investments in gold due to the unstable economic conditions.
Thankfully, a precious metals IRA comes as an additional layer of security in case of volatile markets. Precious metals are tangible assets, and their value increases when the stock market booms.
Lots of people and investors undergo economic uncertainties. After witnessing the economy crash several times over the past few decades, most worried that their retirement wasn't safe.
So the main objective of Patriot Gold Group is to provide its customers with gold IRA to help eliminate the fear. The gold IRA can also retain its value and overcome inflation.
Patriot Gold Group comes to smoothen the whole process of creating and maintaining your precious metals IRA. They act as mediators between your IRS and yourself.
Besides, they work together with your custodian on account creation. In most cases, an IRS-certified trust, bank, or other financial institution will act as your custodian.
Transactions are usually fast and occur in just one phone call, and your customer service representatives will do the rest for you. Therefore, expect no forms to fill, shuffling, and pep-talks to manage your IRA.
Patriot Gold Group will enable you to conduct transactions by communicating to everyone involved, including the following:
•Custodian
•Shipping company
•Vault company
In short, the company serves as a broker. Patriot Group always ensures that every transaction and operation takes place as planned. Therefore, expect no legal or financial issues at any stage.
Patriot Gold Group offers self-directed IRAs to all average persons. This special IRA gives you all the freedom of choosing the investments you want.
However, ensure that the investment you select complies with the required codes. The process will only be overwhelming if you have no basic information about tax or finances law.
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Pros & Cons
There are several pros associated with this company, but it needs to be mentioned that there are some cons.
The good news is that the cons are not severe enough to harm your interests.
Pros:
Cons:
Services Offered
Patriot offers a wide range of precious metals to buy from their representatives. But not all of these metals are for IRAs.
If you intend to fund an IRA, ensure that you get a precious metals IRA that meets the purity requirements set by ISR. Collectible coins are not a fit contribution to a self-directed IRA.
The 1997's Taxpayer Relief Act restricts the number of metals allowable for alternative asset IRAs or self-directed to gold, silver, platinum, and palladium.
- Gold: Only gold bullions with a minimum fineness of .995% are included in an IRA account. However, the only exception is the American Gold Eagle.
- Silver: Silver coins and bars with a minimum fineness of .999% qualify to be included in an IRA account.
- Platinum and Palladium: These must have the lowest fineness of .9995%.
Finding platinum and palladium that fulfill such rigorous standards is extremely hard. As such, marketplaces are much likely to have silver and gold available for purchase from the best gold IRA companies on the market currently.
Our current top recommended gold investing companies include Goldco, Augusta Precious Metals, Birch, Noble Gold, and JM Bullion.
Patriot Gold Group sells precious metals in the form of bullion coins, bullion bars, and coins for IRA customers.
Like most precious metals brokers, this group deals with bullions and coins that the customers can buy as physical metals that aren't a part of an IRA as well.
Certain reporting laws regulate some of these investment products. As such, you need to understand the regulations on their purchases.
In addition, know what rules govern the kind of precious metal(s) you intend to invest in.
Fees & Pricing
The price for gold, silver, platinum, and palladium are listed on their website.
Their fees are listed on their website.
They charge $40/month for storage of gold and $80/month for Silver (0.295% of the value per month).
Also, note a one-time storage fee of $325 for gold and $200 for Silver.
Precious Metal Investing Questions
The company holds gold and silver in specific customers' custody fully-insured accounts. These accounts are distinct from the assets and liabilities depository.
Yes.
You must pay a sales tax on the purchase of gold and silver for your self-directed IRA. The law stipulates that you must pay a sales tax if the sale is from a broker-dealer to an investor who is not registered with the state as a broker-dealer.
Sales would then get taxed in the state where you reside. Even if you are buying this for your IRA, it is still taxable.
What you ought to know about gold and silver investing
Gold and silver investing isn't a new thing in the U.S. It dates back to 1977 where the Taxpayer Relief Act came into existence.
This act since then has legalized investments involving precious metals, where gold investment companies have sprung into existence: these include Oxford Gold Group, Monetary Gold, JM Bullion, SD Bullion, 7k Metals, and more.
Since gold and silver items have been there for centuries, they're worth investing in.
A gold or silver IRA allows investors similar benefits as a regular IRA, including fewer taxes.
You can use IRAs to gain full control of the assets you've invested in.
The value of gold and silver is incredibly stable.
Therefore, investment materials can retain their value for years.
So don't be afraid that your gold and silver investment will lose value due to inflation and market fluctuations.
Investing in gold and silver offers many benefits.
Final Words
Patriot Gold Group is a decent gold IRA firm, but they didn't make our top 5 list.
They boast a simple business model that allows them to be an average competitor on our list.
The company has many good reviews from customers as it is trustworthy and reliable.
Many users find this company a haven for their investments.
In case of any issue, Patriot customer representatives offer the needed guidance.
Setting up an IRA account is super fast and easy.
Be sure to invest from as little as $15,000 with a few additional fees depending on your operations.
Patriot Gold Group offers you all the freedom you can ever ask for in a precious metal dealer.
