The more that we deal with economic turbulence in our daily lives, the more people are interested in precious metals. Precious metals are a tangible asset that performs well in times of stock market volatility and inflation. Many investors consider gold and silver to be an essential part of a diversified portfolio.
Whether you're investing in precious metals for your personal portfolio or for retirement, you want to work with the right company. Monetary Gold is a precious metals dealer that offers many products at low prices. They also have gold IRA services, meaning that they can help you set up and maintain an IRA.
But is it worth it to work with them? Are they actually a legitimate dealer? We've taken a look at exactly what this company offers, as well as what former customers have been saying about them.
About Monetary Gold
Monetary Gold is a precious metals dealer that offers precious metals IRAs, along with investment grade bullion for cash purchases. It has been in operation since 2000, meaning that it has over two decades of experience. Most of the competing firms have much less experience than that; keep in mind that precious metals IRAs have only been legal since 1997!
But a long history in the business doesn't always mean that a company is the most competent. Over time, Monetary Gold has grown its clientele, now serving customers all over the US. This is one of the most highly rated companies providing precious metals IRAs, but it also only has a few dozen reviews from past customers online.
The biggest advantage that Monetary Gold has is functioning as a direct dealer. This gives the company a major edge over the competitors.
The majority of precious metals dealers are middle men. They help to create a transaction between the main dealer and the investor. Once they purchase the metals from the dealer, they mark them up in order to turn a profit. So the individual investor ends up paying more.
But Monetary Gold is a direct dealer, meaning that they receive their items directly from different sovereign mints and refineries. There is no middle man. Investors are given access to these products at the kind of prices you'd expect to find with a wholesaler. It's this setup that has made Monetary Gold so enduringly popular, as they can offer products at lower prices than other dealers.
Some gold IRA companies only offer IRA-approved products. But that isn't the case with Monetary Gold. They also offer semi-numismatic collectibles, foreign coins, and other offers depending on the inventory. Numismatics cannot be held in an IRA, and foreign coins can only be held in an IRA if they are very specific pre-approved types.
So Monetary Gold is also a compelling choice if you're looking for collectible coins. But keep in mind that collectibles tend to be priced more highly than pure bullion. That's because the price is speculative, based on the potential demand in the future. This makes the investment a much bigger risk than pure bullion, which is considered relatively stable.
Monetary Gold operates out of multiple locations, all of which have positive feedback on third party websites like Consumer Affairs and the Better Business Bureau.
Since 1997, it has been legal to store part of your retirement funds using precious metals. But there are stringent requirements about the account. You need to purchase precious metals that meet a certain purity rating, and you can only buy certain coins from sovereign mints.
In addition, you must store your items in an approved depository. In order to be approved, the depository must meet certain standards of security. You can expect that a depository will also have an insurance policy to cover your precious metals in case of damage, disaster, theft, or other loss.
You also need to have a custodian that maintains your account. A precious metals IRA is self-directed, meaning that you have total control over the holdings. But the custodian will make sure that your items are kept in the vault and that audits and reports are completed. There are many financial institutions that are licensed to act as custodians for self-directed IRAs.
Putting together the paperwork to open a self-directed IRA can be overwhelming. In addition to the initial application process, you also have to open your depository vault and complete the paperwork to roll over funds from your existing retirement account. If you don't have a tax or financial background, this can easily become overwhelming.
The team at Monetary Gold specializes in IRAs. They know everything about the paperwork and the regulations. As such, they can help you to streamline the paperwork process. They'll walk you through each of the forms, explaining them and having you sign where necessary.
Unlike many of the competitors, Monetary Gold doesn't charge any fees to set up an IRA with them. The staff will walk you through the paperwork and the process completely for free. But you do need to meet a minimum investment requirement to open an account. This depends on the custodian and could range from $5,000 to $10,000, which can be a hefty sum.
Home Delivery Options
If you're making a purchase for an IRA, you must store it in a depository. There is no legal way to store precious metals in your home if they are part of a retirement account. But if you make a precious metals purchase with cash, rather than with your tax-advantaged retirement savings, then you can store the metals wherever you want.
Many people prefer to have full control over their own assets. You can have a cash purchase shipped directly to your home, or to any address of your choice. Each of the packages is shipped with a full insurance policy for the time that it's in transit. That policy lasts until you sign for the package.
The package will require a signature, which means that someone needs to be home to sign for it. Delivery is done with flat rates of $30. While this may seem pricey, it's actually a great deal if you're buying in bulk. Precious metals can get heavy fast, which can seriously add to the strain with shipping.
Whether you're investing in a precious metals IRA or a personal portfolio, you have the option to use the Delaware Depository for storage. This is one of the most highly regarded depositories in the US. They have partnered with multiple gold IRA dealers to offer inexpensive storage at a secure facility.
An advantage of the Delaware Depository is that Delaware doesn't have any taxes regarding the storage or shipping of precious metals. So you don't have to worry about huge expenses being added to your purchase.
As can be expected, all of the vaults with this depository are insured. The insurance company is Lloyd's of London, which is among the largest insurers in the world. They will cover vaults for up to $1 billion against all kinds of loss and damage.
The Delaware Depository has excellent security systems. In addition, it is monitored by a team of security guards 24/7. Even if that wasn't the case, the insurance policy should be more than enough to grant you peace of mind.
One of the more unique offers that Monetary Gold has is online workshops. These workshops are hosted for free on a monthly basis. In addition to serving current investors with the company, the workshops are free to anyone who wants to attend. Many people have invested with the company after attending a workshop because of the instructor's expertise.
These workshops will teach you the basics of precious metals investment. They will teach you about why these investments are important, what the risks are, how they work in retirement accounts, and what you should keep in mind before starting. They will also teach you about how to determine which dealers are ideal to work with, versus which dealers might be running a scam or dishonest operation.
The monthly workshops are also a great way for you to get to know the people behind the company. If you haven't settled on a dealership yet, you can pop into one of the webinars to see whether you like the vibe. You can register to be invited to the next one of these webinars through the Monetary Gold website.
In addition to the basic monthly workshops, Monetary Gold also offers a free gold guide. This is a guide that you can peruse at your leisure, rather than worrying about adhering to a workshop schedule. It can be downloaded straight from the website without any obligations.
Like the workshops, the guide goes into the most important details about the precious metals industry. It discusses the questions that people have, how you can use precious metals to plan for the future, and how the economy affects the value of your holdings.
Monetary Gold is far from the only company to offer this type of guide. But the information included is good. Free gold guides are a good sign that a company actually cares about educating its clients. Rather than tricking you into making deals that you don't want to make, they give you the information you need to make confident decisions for the future.
Hours of Operation
Monetary Gold has a full team of IRA experts ready to help new investors with creating their precious metals retirement account. When you're ready to invest, you can give them a call. They're also available to answer questions about the process, even if you haven't committed to making a purchase yet.
This team has received positive reviews from past clients, with customers saying that they're professional and patient.
There are slightly limited hours to get in contact, though. The staff is available Monday through Thursday, from 6 AM to 4:30 PM. While that is a tough limitation, they're available for a longer portion of the day than many competitors. On Fridays, the company's office closes at two in the afternoon.
Since they open early, they are able to service customers on the East Coast, even though they are located on the West Coast. If you're on the East Coast, Monetary Gold opens at the typical 9 AM.
It's also important to note that the hours of operation are very similar to those of the New York Stock Exchange. The exchange trades from 9:30 AM to 4 PM EST. Part of the reason for these hours may be that the price of precious metals fluctuates when the market is open.
Is Monetary Gold a Scam?
Monetary Gold is not a scam. The business has multiple locations and a high level of transparency regarding its operations. Though there aren't many reviews on the BBB website, the feedback tends to be positive, and there has been only one complaint filed in three years. No complaints have been filed in the past year.
On the Consumer Affairs website, Monetary Gold has 4.9 out of 5 stars based on 37 reviews. On Trustlink, the rating is 5 out of 5 stars based on 9 reviews. Again, this isn't as much feedback as you get with much larger companies. But a few dozen positive reviews do a lot to cement the reputation of a company.
Monetary Gold is accredited with the BBB and has an A+ rating. The single complaint against the company is not displayed on the website, indicating that it was resolved. Complaints are removed when the customer requests that they be taken down. Apparently the complaint was related to an issue with a product, but there's no further information than that.
Pros & Cons of Monetary Gold
Monetary Gold is a solid precious metals dealer that offers a wide range of services. Whether you're looking to invest in an IRA, figure out a secure storage option, or make a cash purchase for your home portfolio, the company has you covered.
This is also a company that has received largely positive reviews. The feedback from past customers has been great, with the company averaging 4.9 or 5 stars on trusted third party sites. Though there aren't as many reviews as you might find with a huge dealer, there are a few dozen. That's definitely enough for credibility.
It's similarly difficult to find any negative feedback. No complaints have been filed in the past year, and the one complaint within the last three years has been peacefully resolved. Since it is no longer available to view, we can't judge how it was handled. But the end result was positive enough for the customer to ask to remove the details from the BBB website.
Overall, there's nothing stopping you from investing with Monetary Gold. They operate transparently and honestly, and they're able to provide pricing that most other companies can't match.
The one thing to keep in mind is that there are a few other gold IRA companies that outcompete them when it comes to customer service. So if you're specifically looking for a gold IRA, we'd recommend working with one of those.