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.
There are risks to any investment in the financial world. Most investors know that they'll both lose and gain funds over the years. However, the key to reducing losses is to diversify that portfolio. This strategy can include a mixture of stocks and bonds, but investors have other choices with precious metals too.
These products are readily available from dealers across the nation. It takes some research to find the right company for each investor, however. Learn all about Monetary Gold for possible purchases in the future.
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 Monetary Gold 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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Getting to Know Monetary Gold
MG offers consultation services when it comes to investments in precious metals. They advertise gold, silver, platinum, and palladium products on the site too. However, it appears that investors must contact MG for further information.
Their product line is strictly basic coins sold for gold IRA or Individual Retirement Accounts. If investors are looking for a gold IRA, MG appears to have the expertise in this niche.
The website is laid out in a more informational format than a standard retailer. MG stresses knowledge as power in their text, which means there are many pages devoted to learning about precious metals and investment opportunities.
MG also points out its affiliation with Bloomberg and Fox News on the homepage. Because these are familiar names to many investors, MG may already have a strong reputation in the industry.
Diving Deeper Into MG's History
When it comes to company history, MG doesn't cover any details on its "About" page. It focuses more on its industry standing as a direct dealer of precious metals for optimal pricing.
However, there are a few historical details spelled out on this page with conflicting information. The company maintains that it was founded specifically in July 2000. Scroll a bit further down the page, and investors will read about MG's 50 years of experience.
Presumably, this 50-year description refers to the owners' or employees' experiences in the precious metals industry. The wording is vague. Clarifying these time frames would improve MG's credibility with potential investors.
Going Over Rating and Reviews
This company has a solid number of reviews across several websites, including the Better Business Bureau. Remarkably, nearly every review is five out of five stars. Customers appear to be pleased with the service and are even willing to refer MG to their friends and family.
The BBB reports that MG has had an A+ rating since 2013. It's interesting to note that the company advertises being founded back in 2000. With this fact in mind, investors may want to ask about their accreditation before 2013. The accreditation process takes some effort by the company, but 13 years without the BBB's approval might be a concern to investors.
It's refreshing to read many of these reviews because investors often refer to helpful employees by name. This fact points to solid customer service on MG's part, which reflects positively on the company as a whole.
Knowing MG's Management Team
MG does not include any information about founders or management members. Their website only discusses their team of precious metals experts or agents. Investors might search for owners, managers, or founders on the Internet, however. Their search may be brief because the only employee seemingly connected to MG arises on Linkedin.
Mark Davis pops up on this site as an IRA Director for MG. There is no photo or detailed description of his time at the company. If there are any other figures associated with MG, they don't have a very prominent place on the Internet. Investors might inquire about the founders or management team when they call MG. Otherwise, MG has no real story behind its founding.
Discovering Gold IRA Custodian and Depository Services
MG works as a consultant when it comes to setting up a new gold IRA. These self-directed retirement accounts give investors more control over the type of assets they can use to grow wealth. For example, investors can add precious metals or even real estate to a SDIRA.
Reportedly, this precious metals dealer has a close relationship with GoldStar Trust. This company offers custodial services.
In short, custodians act as account managers for the gold IRA. MG would merely sell the precious metals to the investor as directed by the custodian.
All precious metals placed into a gold IRA cannot be held by the individual investor. They must ship directly from a dealer or mint, and they'll be secured at a depository. MG works with the Delaware Depository, which is a well-known name in the SDIRA industry. Investors can be sure that their investment is safe when it's held at this facility.
Investors who want to be walked through a gold IRA setup process may appreciate MG's services. They streamline the process so that the custodian and depository work as one entity.
Activating a Gold IRA
Setting up a gold IRA takes longer than a traditional IRA. Once it's up and running, investors can add to it with the custodian's assistance. Initially, the gold IRA must be opened. Call MG, and their representative works with GoldStar on account activation.
Before buying any precious metals, the gold IRA must be funded. Investors typically roll over funds from a 401(k) or established IRA for this step. A rollover can be in nearly any amount the investor desires. The gold IRA custodian can work with the investor's administrator to facilitate the financial move.
These funds are now ready to be converted into precious metals. Investors work with MG to select IRA-approved products. With the transaction complete, the precious metals ship from the dealer and over to the depository.
Investors receive paperwork on the purchase details and a tracking number. They'll be able to see the products moving from one location to another. The depository will officially receive and secure the products too. At this facility, the precious metals remain under lock and key until the investor retires.
Investors may take withdrawals from the gold IRA after age 59-1/2. The precious metals can be liquidated, or investors may want to physically possess the products. This choice is often made when precious metals are passed down through the generations.
Sizing Up MG's Product Line
Under MG's "Precious Metals" tab, investors will find a subcategory called "Investment Products." This page offers a long list of products further categorized into precious metals types. Gold, silver, platinum, and palladium products appear with clear images and reverse views available as investors move their cursor over them.
There are only basic descriptions of each product on this page, however, and they don't have clickable links. Investors who want more information about each item may need to search online for third-party descriptions or call MG directly.
MG's website has a layout that encourages a call to their experts. As a result, this lack of product information may turn some investors off. Thorough descriptions tell investors that these products are worth the money.
Selecting IRA-Approved Products
Beginning investors may be frustrated with MG's website because they don't clearly distinguish between IRA-approved products and precious metals for private collections. MG does have a "Choosing the Right Investment Metals" page, which covers some details about IRA-approved items. However, the specific products are lost in a large paragraph.
Generally, IRA-approved products include the American Gold Eagle and Canadian Gold Maple Leaf coins. They must be uncirculated coins sold directly from a dealer or mint and shipped to a depository.
Investors who're unfamiliar with IRA rules might buy the wrong investment metals. MG can improve its site by adding bold categories that are dedicated to only IRA-approved precious metals.
A phone call to MG might clear up any discrepancies about investment-grade precious metals. However, investors shouldn't need to clarify anything if the website is properly categorized.
Selling Back to MG
As investors read over MG's website, they won't find any information about a buyback program. There is no mention of this service. If investors are interested in selling precious metals back to a dealer, they might call MG about this possibility. As a dealer, MG doesn't have to provide this service. Many other dealers do advertise it, however, because it's a feature that's appreciated by investors.
Listing MG's Fees
As investors look through MG's website, it's difficult to find information about fees. Because MG doesn't offer custodial services, investors must ask their custodians about their fees. MG won't have this information.
This company does offer information about storage and delivery, however. If investors ship precious metals to their homes, the delivery charge is a flat rate of $30. This amount covers the delivery and insurance.
They also describe fees regarding storage at the Delaware Depository. Investors' annual fees will start at $100 for $100,000 in gold. Any amount above this value will be charged $1 per $1,000 of precious metals. In the precious metals industry, this amount is minimal and reasonable for most investors.
In addition, MG does not list any fees or pricing for their products. Presumably, investors must call for these costs when they're ready to buy precious metals. The costs are always changing in the marketplace.
Finalizing the Investment Strategy
It's truly the investor's decision on working with MG or selecting another company. This company has many positive reviews, which isn't common in the precious metals industry.
Investors may be turned off by MG's lack of transparency, however. Calling for more information is how MG encourages new sales and IRA signups. Investors don't have any pricing or fee references for comparison before they call.
At this point, the investor already feels committed to working with MG. Additional costs and product descriptions would improve the site and give more control to the individual investor.
Other precious metals dealers can serve investors who're questioning MG's business practices. Researching these companies can give investors a well-rounded view of the precious metals industry. Some companies list prices and fees before any phone call must be made.
Every investment strategy requires research and preparation. Working with MG may or may not be the best choice for all investors. With some knowledge of the precious metals industry, investors can diversify portfolios and achieve success over time.
Let our expertise and analysis help you before you invest your savings by reading our list of the best companies!
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