Scott R. Hillford
Author & Founder Gold Is Money 2
Disclaimer: Some or all of the companies reported here may provide compensation to us, at no cost to our readers. This is how we keep our reporting free for readers. Compensation and detailed analysis are what determines how companies appear on this website.
If you've been looking to invest in gold and other precious metals, you've probably seen hundreds of companies offering to buy gold and silver coins and bars. Did you know that you can invest in certain precious metals for your IRA?
Investing in a gold IRA can have a lot of moving pieces, and with companies like the Midas Gold Group, you can get a better understanding of the gold IRA process so you can make an informed decision on your investment future.
Let's take a look at Midas Gold Group to see if it's the right company for you.
Prior reading further, it is important to acknowledge that investing your savings is a not easy. When it comes to incorporating precious metals into your investment portfolio, how can you tell which companies are reliable?
After devoting extensive time and effort, we have conducted thorough research within the precious metals industry and compiled a selection of the most trustworthy companies.
Take a moment to read our list and determine if Midas Gold Group has what it takes to make the list this year!
This lets you to quickly compare the leading companies in this field and select the one that aligns with your specific requirements and investment objectives.
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What is Midas Gold Group?
Midas Gold Group is a company that buys and sells gold and other precious metals for investments in IRAs and personal investment options.
They partner with custodians and depositories to provide a wide range of options for customers to invest in a gold IRA and can help you through the entire process.
The Midas Gold Group was established in 2007 and has offices in both California and Arizona. They offer gold IRA services along with buying and selling gold, silver, and other precious metals for retirement accounts and personal investment. They work with customers from all 50 states, US territories, along with international customers as well.
Ratings and Complaints
On Google, the Midas Gold Group has a 4.5-star rating for their Phoenix location and a 4.8-star rating at their California location.
Most of the reviews talk about the friendly and knowledgeable team that takes the time to educate customers about investing in gold and other precious metals.
Some customers have expressed dissatisfaction with the customer service and communication on transactions, but overall the company has a positive rating.
The management team at the Midas Gold Group is a second-generation family with over fifty years of experience in the precious metals industry.
Kenneth Russo is the Senior Vice President of the Midas Gold Group. The management team is headquartered in Phoenix Arizona and also has a client service office in Los Angeles, California.
Custodian and Storage Options
Midas Gold Group has a list of preferred companies to provide you with a range of options to choose from. Their number one preferred company is Equity Trust Company based in Ohio.
This custodian has over $25 billion in assets under custody and administration and has over 45 years of experience in the industry.
In terms of costs, they charge $50 for an account setup fee and have an annual fee of $80. If you want to terminate your account, there is a $225 fee.
When it comes to storage options, Equity Trust has partnered with Delaware Depository, Brink's, and IDS.
Annual Precious Metals Storage fees can vary between $100 to $150 annually depending on if you want segregated or non-segregated storage.
Other fees include a $40 annual fee if you prefer paper statements, but they don't have an asset purchase fee. You can check out their website for a full breakdown of all of the possible custodian fees with Equity Trust Company.
Other preferred custodians include the following:
Kingdom Trust Company
This custodian was founded in 2010 and has over $15 billion in assets under management and they are the custodian for over 100,000 accounts.
Their headquarters is in Kentucky and is a chartered trustee in the state of South Dakota.
Their account setup fees range from $25 to $50 depending on if you choose online or paper setup. They also have a $75 asset purchase fee. Their annual fee is $225 and their account termination fee is $100.
Kingdom Trust Company also assesses an account Holding Fee of 0.25% of the total account value on an annual basis. For Precious Metals Storage options, they've partnered with Delaware Depository, A-M Global Logistics, Brink's, First State Depository, and IDS. Their storage fees range from $100 to over $225 depending on the value of the deposited assets.
Strata Trust Company
Strata Trust Company is a subsidiary of Horizon Bank SSB and was founded in 2008. They currently have over $1.8 billion in assets under custody and are regulated by the Texas Department of Banking.
Their account setup fees vary between $25 for online and $50 for paper. There is a $95 annual fee with Strata Trust and they have a $250 account termination fee. For storage, they partnered with Delaware Depository and Brinks with fees ranging from $100 to $150 per year.
New Direction Trust Company
Based in Colorado, New Direction Trust Company was founded in 2003 and has over $2 billion in assets. For fees, New Direction charges $50 for an account setup fee and has a tiered annual fee depending on your account value.
For accounts less than $100,000, the fee is $75 and accounts larger than this are $125 per year. There's also a $40 asset purchase fee and a $10 fee for paper invoices. New Direction has partnered with Delaware Depository, A-M Global Logistics, CNT Depository, IDS, Brinks, and First State Depository.
These companies range in offerings for segregated and on-segregated accounts. Fees range from $125 up to $175 with some going higher depending on the value of your assets.
Goldstar Trust Company
Goldstar Trust Company is a part of Happy State Bank in Texas. It was originally founded in 1989 and they are the custodian for more than 37,000 IRA accounts.
Goldstar Trust Company has a $50 account setup fee along with a $75 annual fee.
They charge an additional $1 for each $1,000 over $100,000 to a max of $275 annual fee. They partner with Delaware Depository for gold storage and charge a minimum of $100 per year. They offer non-segregated storage and charge $1 per $1,000 of the account value. There's also a $100 account termination fee.
To sign-up for a gold IRA with Midas Gold Group, you simply need to talk with their team. Their specialists will work with you to select from one of their partner custodians and can go over the different options available. It's a good idea to compare the benefits and fees that each custodian offers so you can find one that best fits your situation.
Once you've selected a custodian, the Midas Gold Group specialist will provide you with a pre-filled form to help open the account and will work with you to initiate a transfer or rollover from your existing custodian to your new IRA.
They'll also help you select an insured depository and once it's completed, their experts will help you with purchasing the gold and other precious metals for your account. Once the purchase is made, the assets will be securely sent to the depository until you want to make a withdrawal from the gold IRA.
Midas Gold Group offers products in gold, silver, platinum, palladium, and rhodium in coins and bars. They carry coins from the US, Canada, UK, Australia, South Africa, and other government and private mints. They also have a wide selection of pre-1933 coins for collectors.
Midas Gold Group IRA-Approved Gold Bullion Coins
The Midas Gold Group offers a range of IRA-approved gold coins such as:
Midas Gold Group IRA-Approved Silver Bullion Coins
You can also find IRA-approved silver coins:
Midas Gold Group IRA-Approved Palladium Bullion Coins
Midas Gold Group offers IRA-approved palladium coins:
Midas Gold Group IRA-Approved Platinum Bullion Coins
There are also IRA-approved platinum coins available for purchase:
Midas Gold Group Buyback Policy
With a gold IRA, they can arrange for the assets to be sent directly from your depository so you don't have to take direct possession of the precious metals.
For no-IRA sales, they will arrange delivery from a fully-insured courier to pick them up from your home and payments will be processed after the gold is received. You have the option of getting paid via wire transfer, check, or bank check. Their buyback guarantee states that they will repurchase your precious metals at the prevailing market rate.
Midas Gold Group Fees
The Midas Gold Group doesn't directly assess fees for your Gold IRA. Their Gold experts aren't on commission and can help customers find the right products for the account. They also state on their website that they don't collect sales taxes on precious metals purchases since the company is headquartered in Arizona.
You will pay fees depending on which custodian and depository that you select and this can vary between the companies. Your Midas Gold Group expert can go over the different partner custodians to help you better understand the fees for your unique retirement portfolio.
Midas Gold Group Final Thoughts
Midas Gold Group can be a good option if you're looking for a precious metals dealer with a wide selection of products to choose from. They offer gold, platinum, silver, palladium, and other precious metals with a good selection of IRA-eligible products.
Their no-commission experts also mean that they won't be pressured to steer you to a particular type of coin or product making their advice more trustworthy. Their buyback program can also be helpful if you have an unexpected expense that comes up and you need to make a withdrawal from your gold IRA.
Ultimately it will come down to which custodian and depository you choose from Midas Gold Group's list of partners. They do offer numerous options to choose from and are transparent on their website about the various fees that the custodians and depositories charge.
Not all investments will be the same for each investor, so it's a good idea to research the different custodians and depositories offered so you're getting the right benefits and not overpaying for services and account features that you don't need.
If you're unsure about what precious metals to invest in, Midas Gold Group offers plenty of resources and their experts can provide some assistance as well.
Overall, Midas Gold Group may be an option if you're looking for a precious metals dealer that can help you through the entire gold IRA process thanks to their network of partner custodians and depositories, but it's always a good idea to do your additional research and check out reviews first-hand to get a full picture.
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