Disclaimer: Many or all of the companies listed here may provide compensation to us. This is how we maintain our free service for consumers. Compensation, along with hours of in-depth editorial research, determines where & how companies appear below.
Patriot Gold Group is the name of a gold dealership that offers a wide variety of bullion. They serve people all over the United States and specialize specifically in gold IRAs. If you've been interested in opening a gold IRA but haven't been sure how to do so, the experts at the company can help.
But how does Patriot Gold Group compare to other gold IRA companies? Are their fees reasonable? Does their customer service leave anything to be desired? We've analyzed what the company has to offer, along with what prior consumers have had to say.
About Patriot Gold Group
Like many of the companies in the gold IRA industry, Patriot Gold Group operates out of California. The headquarters are located in Los Angeles and were established in 2016. In addition to having a variety of products available for purchase with your cash savings, Patriot Gold Group focuses on gold IRAs.
There are serious regulations when it comes to buying gold for a retirement account. If you want to do it, then you have to file all kinds of paperwork and make sure that you get the right products. Patriot Gold Group's inventory includes some of the most valuable and most easily liquidated IRA-approved gold products in the country.
There are also some coins that aren't eligible to be kept in an IRA. Typically, this is because they are semi-numismatic collectibles, historic rarities, not the right purity level, or simply not created by a sovereign mint. Though you can't put these into a retirement account, many of these coins have appeal for collectors and investors who don't mind extra risk.
If you're looking for platinum or palladium, though, you'll have to go elsewhere. Patriot Gold Group doesn't typically have these offerings on hand. But they do have a free guide that you can download from their website. In it, you'll learn about how precious metals are affected by the economy, how gold IRAs work, and how different products have stood the test of time.
There are some more educational resources available on the website. You can mouse over to the "Knowledge Center" to see some of the company's content. It includes blogs, articles, and commentary about world events. There's also important information about how to protect yourself from scammers.
The Business Consumer Alliance has noted that the company's executives have been part of the gold industry for over 30 years. Originally, the founders worked as gold dealers in 1990. The company boasts a number of other impressive qualifications as well, such as affiliations with the Numismatic Guaranty Corporation and the Professional Coin Grading Service.
Patriot Gold Group's website states that an IRA can be opened within 24 hours and funded within just a few days. When you call to open your IRA, your company rep will collaborate with the other involved individuals. They will talk to your custodian and depository for you, as well as streamlining the rollover between your old custodian and new one.
While this company is a precious metals brokerage, they do have connections to custodians and depositories. You don't have to shop around by yourself. When you get in contact with Patriot Gold Group, they will connect you with an appropriate custodian and answer questions about your storage options. The website does not list price quotes, but you can stay on the telephone with a representative to have a conversation.
This saves quite a lot of hassle. All of the paperwork is lined up for you, so you just have to sign. You have an expert on hand who understands all of the related IRS rules and tax codes. Customer reviews indicate that the staff at Patriot Gold Group are extremely friendly to new investors.
Patriot Gold Group Products
Patriot Gold Group works exclusively with gold and silver products. Though many of their items are available for storage in an IRA, not all of them are. You'll need to talk with your representative about your goals and account so that you can get the right products for your situation.
Unlike some other alternative asset companies, Patriot Gold Group does not deal in things like real estate, cryptocurrency, platinum, or palladium. They focus exclusively on investment grade gold and silver bullion, with the occasional addition of collectible or rare coins.
Your IRA custodian is responsible for reporting your IRA holdings to the IRS. They will double check to make sure that all of the products in your account are compliant. Custodians are subject to strict oversight and regulations since they handle tax-advantaged accounts.
You're likely to find gold and silver coins, though the exact types will vary depending on the day. Patriot Gold Group prides itself on carrying many American coins from the US Mint, like American Eagles and American Buffaloes. They also have coins from places like Australia and Canada.
Patriot Gold Group deals most often in coins, although they do have a few bars available. Rather than having silver bars, they just have gold options. These are limited, and as of writing, the only option seems to be a 10 ounce bar from the Royal Canadian Mint. Many other dealerships have a wider range of gold bar sizes sourced from a variety of places.
Fees and Other Costs
Patriot Gold Group doesn't publish the prices of their precious metals products online. The price of gold and silver fluctuates from minute to minute, so the quote is always changing. If you want to find out what inventory is available and how much it costs, you can call and get a price quote. Make sure to look up the going prices of the same item at other stores before you finalize the sale.
One of the features that Patriot Gold Group has is direct pricing. It's common for gold dealerships to charge a percentage of the account as a fee. But instead of doing that, Patriot Gold Group gives every customer the same flat fee. That way, you aren't paying more for earning more.
If you want to set up a precious metals IRA, you'll pay a flat fee of $225. While this is slightly higher than the setup fees at a few of the other competing companies, it's also much lower than many percentage based formulas. In addition, if you invest a minimum of $30,000 when you open your account, then Patriot Gold Group will fully waive the setup fee.
There are other benefits to making a large investment as well. For example, Patriot Gold Group will cover your storage fees for the first three years that your account is open. They will also repay any rollover fee that you might be charged. Usually IRAs allow for free rollovers without penalties when you do the transfer within 60 days of opening your new account.
If you open an account with $250,000 or more in it, then Patriot Gold Group has a No Fee For Life program. With this program, they will cover both your custodian and storage fees for your entire life. So you won't have to diminish your account at all by paying your annual fees.
It's also important that you check out the storage fees with whatever depository you choose. These may be charged separately from Patriot Gold Group's setup fees, since storage companies are separate entities. You might also want to make sure there aren't any hidden transaction fees or other financial issues.
Patriot Gold Group is capable of working with any self-directed IRA custodian. But if you don't have one in mind, they most often partner with Equity Institutional or Strata Trust. Both of these companies are well established and have incredible reputations. You can talk to your company rep about which of the firms is the best for you personally.
There are other custodians that Patriot Gold Group sometimes works with like Kingdom Trust Company, Goldstar Trust Company, New Direction Trust Company, or the Entrust Group. If neither of the main partners appeals to you, these might be an option.
While there are hundreds of eligible depositories all over the world, Patriot Gold Group only works with a few of the most popular.
They frequently work with the Delaware Depository, which is among the biggest vaults in the world. They also work with the Texas Depository, a relatively new facility that has given the South its own vault to be proud of. Then there's Brinks Global Services, which has multiple regional and international depositories to choose from.
Many of these depositories have tax advantages due to their locations and jurisdictions. Some have the option to choose between segregated and non-segregated vaults. With a segregated vault, your items are held completely separately from everyone else's. With a non-segregated vault, the price is lower, but everybody's items mingle together.
Starting an IRA
It's very simple to open a new IRA with Patriot Gold Group. They will direct you to the application for your chosen custodian, then walk you through the paperwork. Typically, the account is created within 24 or 48 hours. You'll then roll over funds from another retirement account into the new one.
IRA rollovers can seem like a lot of hassle, and it's true that they involve a great deal of paperwork and communication. But the experts at Patriot Gold Group smooth all of that out. You'll sign the papers with an E-signature, and then your rep will speak with your custodians for you.
After the account is funded, you can narrow down your products of choice with your Patriot Gold Group rep. They'll be able to give you price quotes and make suggestions, as well as answer your questions. Then when the purchase is finalized, they will have the package shipped to your chosen depository.
Is Patriot Gold Group a Scam?
Patriot Gold Group is most certainly not a scam. They have one of the best reputations in the industry, with hundreds of thrilled reviews from verified customers. You can find these reviews across multiple third party websites. Customers often praise the turnaround time and the overall service.
The BBB has given Patriot Gold Group an A+ and an accreditation. The parent company for Patriot Gold Group, Halt Gold Group, also has been given an A+ rating. This rating is given to companies that have a strong commitment to customer service and who respond to all complaints posted about the company to resolve them.
On Consumer Affairs, Patriot Gold Group has 5 out of 5 stars from its past customers. It's extremely difficult to find any negative feedback. The only negative feedback that we've found has been related to occasional minor delays, the initial setup fees being high, and confusion about the value of the client's investments.
On Facebook, Patriot Gold Group has an average of 4.4 stars. There are several Google Business reviews from new investors who say that they've never worked with precious metals before. They were anxious about delving into this new investment area, but the customer service and educational materials helped them to feel significantly more confident.
Pros & Cons of Patriot Gold Group
Patriot Gold Group is an extremely popular choice for people who want to buy gold for an IRA. They have a great reputation in the industry, and they work with companies that also have a good track record. Many customers have specifically noted that they feel safer and more secure having worked with Patriot Gold.
There are a few minor drawbacks, though. One is that there isn't any platinum or palladium available. Another is that the company barely has any gold bars in its inventory, and they don't appear to have any silver bar options. The vast majority of their inventory is made up of a limited selection of high liquidity coins.
While we can recommend working with Patriot Gold Group, we also recommend checking out our top gold IRA recommendations.