Is Patriot Gold Group a scam? Thank god you have found your way here to My Own Admin. Otherwise, you may not know whether Patriot Gold Group is a scam or not. As an individual writing review for a living, it’s in my best interest to give you an unbiased and fair review coming from a third party point of view to help you in deciding whether you should engage in a business or not.
There are loads of scams lurking the Internet nowadays, and you can never be too careful. Good thing product reviews exist to draw the line between legit make money online opportunities and outright scams! I am here to help you do just that. You can thank me later! It’s always best to research a product before fully committing to it, especially if it’s something that concerns your hard-earned money.
In this Patriot Gold Group review, let me walk you through it by informing you first what it’s all about, how it works from the inside, and if it’s a scam you should stay away from as far as possible.
Without further ado, let us scratch the surface on Patriot Gold Group.
What is Patriot Gold Group?
Patriot Gold Group is a precious metals dealer offering IRA eligible metals in the form of bullion bars and coins ranging from gold, silver, platinum, and palladium enabling you to add these as assets and a portfolio diversifier to your Individual Retirement Accounts (IRAs). Just like other precious metal IRA specialists, the company is responsible for overseeing all the transactions concerning your precious metals.
This company is founded back in 1986, making it one of the long leading competitors in this niche for a long span of at least 33 years by the time of this review. The current CEO of the company goes by the name of Jack Hanney. Patriot Gold Group is currently based and headquartered at 12121 Wilshire Blvd., Suite 208, Los Angeles, California 90025.
It’s alternate business name is Halt Gold Group LLC, considering that it’s the parent company of Patriot Gold Group. The company is certified by the Professional Coin Grading Service (PCGS).
Is Patriot Gold Group a scam? We’ll go moreover that later on, but for now, let’s first understand how this company works from the inside before jumping to conclusions.
How Does Patriot Gold Group Work?
The reality with the dollar is that it could lose its value in the future. Patriot Gold Group states, “America faces unprecedented economic uncertainty.” That’s why people have started considering incorporating precious metals to their retirement planning due to their secured value in the future, protecting you from inflation rates and other economic uncertainties.
Thankfully, companies like Patriot Gold Group are in the market to help you choose the best pieces of precious metals which would be of optimal and maximum benefit to your IRAs in the long run. The company offers precious metals available in bullion bars and coins in which you can add as retirement assets. It’s a good thing that Patriot Gold Group does all the transactions for you, from the custodian, broker, the shipping company, and even to the vault company.
First things first. I want to discuss with you how to open up a precious metal IRA with Patriot Gold Group. What you want to do is fill out the IRA application form on their website to obtain your free Gold IRA investor guide. You will then be prompted to speak with one of their company representatives.
There are two options you can choose from. One, if you already have an existing precious metal IRA, you can transfer this account over to Patriot Gold Group. Two, you can set up a new precious metal IRA. Either way, all it takes is to call a representative. Every transaction can be processed electronically, taking out the hassle of physical forms from the equation. Just within 48 hours, everything is done!
You may be asking “How much would it cost to roll over or start a precious metal IRA with Patriot Gold Group?” Well, there’s a one-time setup fee of $225. On the other hand, if your investments are over $30,000, setting up an account is free of charge! Patriot Gold Group also removes the storage fees for the first three years of opening a precious metal IRA. Moreover, if you have invested more than $250,000, the company offers a No Fee for Life IRA.
Now that you have your precious metal IRA established, you can start owning IRA eligible precious metals. Just like what I have mentioned before, Patriot Gold Group has all the goods ranging from gold, silver, platinum, or palladium. Whether you prefer bars over coins or the other way around, you can trust this company to provide you with only high-quality metals.
Take note though, some of the bullion coins and bars may not be accepted as IRA precious metals since the IRS maintains a list of accepted forms of precious metals.
These pieces can either be bought and delivered to your house or to the vault company. Though, you are not allowed to receive the metals first hand and store it inside a private security box within your home if it’s an asset of your precious metal IRA. IRS regulations prohibit this, therefore access is restricted and your precious metals shall be segregated from you.
IRA related precious metals shall be delivered to the vault company for storage. Otherwise, if your precious metals have nothing to do with your IRA, you can opt to have these delivered to your house. It’s up to you how you want to keep it safe. Shipping and delivery time usually depends on the rate in which the custodians transfer funds. But most of the time, it wouldn’t take more than 48 hours.
While it’s true that Patriot Gold Group handles everything from custodian, broker, shipping, to the vault company, there are separate fees for these. The problem is I have not found any information on how much these fees are. You would have to speak with a representative to know more about it. Be sure to request for the prices first since some companies tend to add massive fees on top of your orders without you knowing. What I do know is that these fees depend on the balance you have in your account.
Patriot Gold Group has established relationships with some custodians and vault storage companies. Though they work with any IRS approved self-directed IRA vault storage companies and custodians, the company still recommends STRATA Trust Company and Equity Institutional as custodian companies; Delaware and Brinks Global Services as vault storage companies.
The fees for storage and insurance at Strata Trust would whop to an estimated $150, while Equity Institutional charges you with $180, approximately. If for some reason you want to sell your precious metals, Patriot Gold Group realizes the first right of refusal by buying back.
Is Patriot Gold Group a scam? You may find the answer to this question once you have read the next section below.
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What I Don’t Like About Patriot Gold Group
Call Me Maybe
Not every piece of information about Patriot Gold Group can be easily found on their website. Most of the time, you would have to speak with a company representative if you want to know about the separate fees for the custodian, shipping, and storage. While I understand that it is also in their interest to gather email addresses for their own purposes, this gives me the impression of opacity.
Of course, for clients to able to fully trust the company means transparency should be above anything else. I’m not saying Patriot Gold Group is a scam based on this. I just wish they would be more transparent both for the sake of convenience and client trust.
What I Like About Patriot Gold Group
Investor Direct Pricing
Other precious metal dealer companies tend to add hidden fees on top of other fees. Thankfully, Patriot Gold Group supports investor direct pricing, meaning that they don’t add a percentage of your precious metal purchase as fees. Even if the company is not transparent in every aspect, it’s a good thing that they disclose this information to you beforehand.
33 Years in Business
This business has been up and around ever since 1986. Patriot Gold Group is definitely one of the top competitors when it comes to this niche. In light of that, it has lead a peaceful and flourishing business all throughout the years. It kept up with the times and is now operating electronically. The website also looks professionally made. These I have to applaud.
Positive Ratings on Different Platforms
Based on 75 ratings, Consumer Affairs rated Patriot Gold Group with a shimmering 5 stars. Trustpilot, on the other hand, rated the company with 5 stars based on 16 reviews. Facebook also rated it with 4.9 stars.
Here are some of the customer reviews. As you will see, the public trusts Patriot Gold Group.
Accredited by The BBB
Patriot Gold Group is accredited by the Better Business Bureau just this April of 2019. On top of that, they are also accredited with a BBB rating of A+. Of course, being accredited by the BBB is a big deal since it’s a seal of legitimacy. You’d usually know that a business is legit and trustworthy if they are acknowledged by the Better Business Bureau. Plus, the company also scored 5 stars, though it’s only based on 1 customer review. Thankfully, there are no complaints as of the time of this review.
My Final Thoughts! Is Patriot Gold Group a Scam?
From all the information I have presented you, I can say with full confidence that Patriot Gold Group is not a scam. It’s definitely a legit company offering precious metals and you can put your trust in them that they will help you select the best precious metals whether it be gold, silver, platinum, or palladium for your retirement planning. I highly recommend Patriot Gold Group for your precious metals needs.
It’s obvious the public trusts this company, considering how this business has been in the same industry for 33 years now. Even the Better Business Bureau acknowledged Patriot Gold Group which honestly just seals the deal. On top of all that, they don’t add hidden fees on top of your precious metals purchase, unlike other companies. Only scams do that.
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