Monetary Gold Review – Is a Monetary Gold IRA a Good Choice?
If you are getting close to retirement age, you may be spending more time than ever thinking about your retirement savings. Even if you still have a decade or more, it’s certainly time to consider a retirement account.
One of the best things you can do for yourself before retirement is to have a diversified investment strategy. Why? Because a lot can go wrong in the economy. There might be economic downturns, the stock market might crash, or inflation could soar. All of these things will affect paper assets like cash, stocks, and bonds. Precious metals, however, tend to rise in price during these times.
We can see throughout history that gold and silver have been hedges against inflation and economic downturns, and if things go south, you want that same level of protection.
One way to do this for your retirement is to invest in gold or silver IRAs. A precious metals IRA can help you diversify, and with the price of gold and silver higher than ever, this can be a great move for investors.
To open a gold IRA, you must work with a gold IRA company. One of these companies is Monetary Gold. Not only does the company offer gold and silver IRAs, it also offers gold, silver, platinum, and palladium coins for investments.
This being said, however, there are a lot of bad companies in the precious metals industry, and some of these companies prey on customers by adding high commissions, higher markups, and exorbitant fees. Is Monetary Gold like those other gold IRA companies, or is it a great company that you can trust? Let’s find out what Monetary Gold offers.
About Monetary Gold – What Makes Monetary Gold Stand Out?
Monetary Gold is a company that is focused on precious metals investing. Gold and other precious metals are the main products here, as well as setting up IRAs.
When we look at reviews, which I will share soon, most people have positive feedback about the company, and it seems like any complaints filed have been taken care of by Monetary Gold’s customer service.
Other than that, there doesn’t seem to be a lot of information about the company. It’s been around for decades, but unlike other companies, there doesn’t seem to be a lot of information about the company leadership or other facts about Monetary Gold.
Gold IRA Services – Gold and Silver IRAs
Monetary Gold offers gold and silver IRAs, though they also offer other precious metal investment options. However, many of these items cannot be added to a gold IRA account due to IRS rules. Many of the physical precious metals available from this company are historical, collectible, or not pure enough to meet the guidelines set by the IRS. Not all physical gold coins or silver proof coins qualify for IRAs.
When you contact Monetary Gold for a self-directed IRA, they will help you by answering any questions you have. They will also explain which custodians they partner with, and you can choose the custodian that is best for you. At this point, they will transfer you to the custodian to fund the account. Generally, this is done by rolling over a 401(k) or transferring from an existing IRA account. Finally, you will be directed back to Monetary Gold to choose the metals you want in your account.
Monetary Gold has several options to fund a self-directed gold IRA (or silver IRA). You can choose from all types of metals from gold bars and gold bullion to silver coins, platinum government bullion, and even palladium options. Foreign coins are also available, like the gold British Sovereign, but this is not IRA eligible.
There is a $5,000 to $10,000 minimum investment with Monetary Gold depending on which custodian you choose for your new self directed IRA.
Monetary Gold seems to be a reputable company and a reliable gold IRA provider. As one of the many precious metals dealers out there, with rare coin offerings and IRA-eligible options, you can find what you need from these precious metals professionals.
Direct Buyer – A Unique Feature Among Gold IRA Companies
There is one thing that really sets Monetary Gold apart from other companies. Monetary Gold is a direct buyer, which means they can buy directly from the US Mint at the lowest possible price. This allows Monetary Gold to offer lower prices than their competitors because they don’t have to work with wholesalers. With many metals for purchase, competitive pricing structure, and good reviews, Monetary Gold’s commitment to helping customers with retirement portfolios is obvious.
Delivery Options – How Does Monetary Gold Work?
Once you buy gold or other metals to meet your financial goals, Monetary Gold has to ship them somewhere. Per IRS guidelines, if you are investing in a gold IRA, you have to use a depository. This is where your metals are kept and maintained while your precious metals IRA is open. You cannot store the metals at home unless you are investing in metals outside of individual retirement accounts.
Those who have an IRA through Monetary Gold will have their metals sent to the Delaware Depository Service company. The IRS requires investors to store their metals in a depository because it is secure and insured storage.
If you buy things like certified graded coins or gold bars from Monetary Gold, the company will ship your metals for a flat shipping fee of $30 per the Monetary Gold FAQ page. Keep in mind that it doesn’t matter if you buy one coin or 20 coins — $30 is the rate. This means that the more you buy and ship, the better the value is.
Storage Options – Keeping Your Metals Safe
There is a reason why Monetary Gold requires its customers to use Delaware Depository. This company is located in the state of Delaware, which doesn’t have sales tax on bullion. The company is insured through Lloyds of London and it has 24/7 monitoring. Secure storage solutions like this ensures that your metals are safe until you need to use them.
Online Workshops – Customer Educational Resources
Monetary Gold holds customer education above other services it offers and it has a comprehensive resource center online that offers extensive educational resources including free monthly workshops. Keep in mind that you don’t even have to be a customer of Monetary Gold. Anyone can sit in and learn about things like gold vs. traditional investments, how to diversify retirement portfolios, and how gold and silver prices are rising or falling. You might also learn about different investment opportunities or how to better diversify existing assets.
Monetary Gold Reviews
The best way to learn about any company is to look at reviews from current and former customers. Overall, Monetary Gold has great reviews and people talk about the personalized service they get as well as how they appreciate the direct purchase options and cash purchases they can make outside of an IRA investment. Since Monetary Gold has many products, it caters to various investment preferences, and these reviews offer valuable insights into the type of company Monetary Gold is.
Better Business Bureau
Monetary Gold is accredited by the BBB. It has an A+ rating. When you look at customer feedback here, the company has 5/5 stars. There have been three complaints in the past three years, but customer service representatives have resolved all of them.
Consumer Affairs
There are more than 200 reviews on Consumer Affairs for Monetary Gold. These customers rate the company with 4.8/5 stars.
TrustPilot
On TrustPilot, Monetary Gold has 20 reviewers and a rating of 4.6/5. There is only one negative review, and the reviewer claims that the company took his money and never sent the product. Considering that we didn’t see any other similar complaints, this might be an issue with the reviewer.
Monetary Gold Fees – What You You Will Pay for a Gold IRA
The fees for Monetary Gold are competitive. The annual storage fee is $100 if you have $100,000 of gold, or less. If you have more than that, it is $1 for every $1,000 in gold.
There is a $50 set up fee and an $80 annual administrative fee. Other fees depend on the custodian you choose.
Is Monetary Gold a Scam?
Monetary Gold is not a scam. It is a direct dealer with the US Mint and it has been in business for more than 20 years. Additionally, customer satisfaction is high. The company has many positive reviews on consumer review sites, and customers seem very pleased with the service they have received from this company.
Pros & Cons of Monetary Gold
Pros
- Many positive reviews on consumer review sites
- Company has been in business for more than 20 years
- Chosen as one of the few direct buyers by the US Mint
Cons
- The $10,000 minimum investment might be too high for some people
While there are many companies out there in this space, this firm has longevity (like Beverly Hills Precious Metals) and you have to respect that.
Is Monetary Gold a Good Company? Final Thoughts
Monetary Gold is a good company to work with for those looking for a gold IRA or to purchase precious metals. The company has a good reputation and a history of success. Keep in mind that you should always speak to a financial advisor for retirement planning advice.
