As a precious metals dealer, Monetary Gold buys silver and gold directly from the source. However, since it also helps people purchase, sell, and invest in these precious metals, it gives investors unique savings opportunities.
Before working with any precious metal dealer or IRA company, you should understand its reputation and what services it offers. This guide explores Monetary Gold reviews, products, and more.
A Brief History of Monetary Gold
Since 2000, Monetary Gold has helped investors purchase silver and gold coins for investment purposes. What makes this organization different from other gold IRA companies is that it is one of the few that works directly with precious metal dealers. As such, it offers competitive pricing, making buying precious metals significantly easier.
When Monetary Gold opened its doors, it helped people buy and sell silver. Now, you can open silver or gold IRAs through this precious metals company.
Are Your Investments Secure With Monetary Gold?
Regardless of how much your precious metal investment is worth, you need to know you can store it in a safe, secure facility. Monetary Gold understands this and offers many impressive security features to protect your gold and silver, from transportation to long-term storage.
For example, any time Monetary Gold ships precious metals, it fully insures the cargo and requests signatures upon delivery. If you want it to ship your silver or gold directly to you rather than store it for an IRA, you can choose one of the following couriers to bring it to you:
If you want Monetary Gold to store your precious metals, you can rest easy knowing the company uses high-end security measures and facilities. Your precious metals go to the Delaware Depository Service Company, which offers impressive security with high-end vaults, redundant alarms, and monitored security.
To go above and beyond, Monetary Gold provides quarterly updates on market conditions and regulatory risks, so you can have all the information you need to make smart investment decisions.
Is Monetary Gold a Legit Company?
Monetary Gold is a legitimate company with more than high-end security to brag about. It has an A+ rating on the Better Business Bureau website, and many Monetary Gold reviews praise the company for its impeccable customer service.
What Are the Products of Monetary Gold?
As a precious metals dealer with years of industry experience, Monetary Gold specializes in silver and gold products, primarily coins. You can purchase multiple types of coins, including rare coins, bullion, modern proof coins, and foreign coins.
Although it has more options for silver and gold, you can also purchase platinum and palladium coins. Here are some of the most popular coins that Monetary Gold offers precious metal investors:
- Silver coins: Morgan Silver Dollars, Peace Silver Dollars, Half Franklin Dollars, Silver Walking Liberty Dollars, Silver Proof American Eagle, Silver American Eagle, Silver Canadian Maple Leaf
- Gold coins: $20 Saint Gaudens, $10 Liberty, Gold British Sovereign, German Marks, Swiss 20 Franc, French 20 Franc Angel, Napoleon 20 Franc, Italian 20 Lire
- Platinum coins: Platinum American Eagle, Platinum Maple Leaf
- Palladium coins: Maple Leaf Coins
Does Monetary Gold Offer Precious Metals IRAs?
Monetary Gold makes it easy to purchase and sell precious metals, but you can do more than have it ship gold and silver to your home. With this precious metal company, you can also invest in your future by opening a silver or gold IRA.
Precious metals IRAs work much like your regular individual retirement account, but they hold physical gold or silver rather than cash and bonds.
A gold IRA is an individual retirement account in which you store physical gold. You can use bars, coins, or bullion for your gold IRA; however, they must meet IRS purity standards. The IRS requires gold to have a purity level of at least 99.5% to be eligible for a gold IRA.
Similar to a gold IRA, a silver individual retirement account stores physical silver. The IRS has much stricter purity standards for silver, requiring your coins, bars, or bullion to be at least 99.9% pure.
How To Start an Account in Monetary Gold
Monetary Gold reviews from current clients say that opening an account is rather simple. You just need to follow these steps.
Step 1: Fill Out the Application
When starting an account, the first thing to do is complete the application. An IRA professional will guide you through this process and ensure it is as smooth as possible. Once you complete and send in your application, it takes two to three days for the precious metals company to process it.
Step 2: Fund Your IRA
Once Monetary Gold approves your application, you can start funding your silver or gold IRA in one of two ways:
- Roll over or transfer money from another account: You can fund your new silver or gold IRA by moving money from other retirement accounts.
- Pay with cash: You can wire money, write a check, or use a cashier’s check to fund your precious metals retirement account.
Step 3: Purchase Your Silver or Gold
With your new precious metals IRA funds, you can start buying IRS-approved silver and gold. Your IRA specialist makes this process easy by helping you find eligible precious metals, facilitating purchases, and managing the transportation and storage processes.
Monetary Gold Fees and Costs
Before opening a precious metals IRA, you must budget for the associated fees and costs. Since a silver or gold IRA requires storing your precious metals in an IRS-approved facility, you will be responsible for paying storage and delivery fees. Thankfully, you don’t have to worry about paying a set-up fee with Monetary Gold.
Since Monetary Gold uses the Delaware Depository Service Company to store your gold, you are subject to its storage fees. These annual fees are rather meager compared to other facilities, being $100 for precious metals worth up to $100,000. If your precious metals are worth more than this, the fee is a dollar per additional $1,000 of storage value.
The delivery fee for shipping your precious metals is only $30. In addition, the company covers various custodial fees for up to five years for certain clients.
Opening a silver or gold IRA with Monetary Gold requires a minimum investment of $5,000 to $10,000, depending on your custodian. Additionally, you won’t have to pay any fees if you decide to close your account.
Can You Roll Over Your Existing Retirement Account to a Monetary Gold Precious Metals IRA?
While you can fund your precious metals IRA by writing a check, you can also use an existing retirement account. If you have a 401(k) or other retirement account through an employer, you can roll over a portion or all of the funds from that account to your silver or gold IRA. This rollover process is tax-free.
You can also transfer funds from an existing individual retirement account to your precious metals IRA.
Advantages and Disadvantages of Monetary Gold
Monetary Gold is an attractive precious metals company for several reasons. However, before you open an account with anyone, you must weigh the pros and cons.
Monetary Gold’s direct relationship with precious metal dealers is just one of the unique benefits it offers investors. By getting silver and gold directly from these dealers, Monetary Gold can pass those savings on to you, helping you maximize your investment.
Many clients praise the company for having excellent 24/7 customer service that extends well past the purchase and selling processes. Monetary Gold aims to educate investors of all skill levels, so it offers numerous educational opportunities like free monthly workshops that allow you to meet with experts online and learn more about purchasing and investing in precious metals. Vising the company’s website also gives you access to several informational blogs and videos that answer common questions and provide unique insight into precious metal investments.
When it comes to disadvantages, Monetary Gold has two. First, it doesn’t list any prices online, so you must contact them or do additional research to determine how much it will cost to buy precious metals.
Second, it has limited offerings for platinum and palladium. However, it initially only offered silver and gold coins, so we may see an expansion of its precious metals offerings in the future.
Whether you are an avid collector looking for valuable silver coins or want to plan for retirement by opening a gold IRA, Monetary Gold can help. By cutting out the middleman and working directly with dealers, the company allows you to enjoy significant savings along with impeccable customer service and impressive educational opportunities. A quick look through various Monetary Gold reviews shows the company has many satisfied clients.
Although you can’t see its prices online, you can contact representatives 24/7 and have someone guide you through the purchase and investment processes. Overall, Monetary Gold is a valuable resource for those looking to add precious metals to their investment portfolios.