Scott R. Hillford
Author & Founder Gold Is Money 2
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According to the Better Business Bureau, Priority Gold has been in business for eight years and has held accreditation with the Bureau since 2018. The company is A+-rated, and there are 10 reviews filed with the BBB, all of which are five-star reviews.
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About Priority Gold Review
There is only one complaint registered within the last three years, but the details of the complaint aren't on the website any longer. That could mean several things. The complaint could have been settled to the customer's satisfaction, which could result in the removal of the complaint.
The customer could have chosen to delete it, or the BBB deleted it as no longer relevant. You can't read anything into the fact that the meat of the complaint is no longer on the website.
Products and Services
On Priority Gold's website, they have a variety of gold and silver offerings, but they have neither platinum nor palladium available.
The company also has collectible coins in its inventory, such as Kennedy and Franklin half dollars, gold double eagles, and Morgan dollars. Collectible coins have value based on their rarity, and it's usually far more than the fractions of ounces of silver that make up most of them or even the fractional gold.
Their value tends, however, to be much more volatile than that of gold or silver bullion or bullion coins. Bullion coins, after all, have precisely measured weights and purity levels that mean they'll hold their value even if they're not rare because of the value of the precious metals themselves.
Priority Gold doesn't have in-house folks who can set up a precious metals IRA, but they do partner with Preferred Trust Company to establish those accounts for you. They'll buy any precious metals you have of any type, and they'll help you roll over other retirement accounts into a precious metals IRA if you wish.
The coins that the company offers include:
Speaking of That Precious Metals IRA
Precious metals IRAs are retirement accounts into which only precious metals have been invested. There are rules specific to them that are different than those associated with regular IRAs. For example, any gold or silver that you want to put into such an IRA must be newly bought.
You can't have owned it previously even if you just bought it yourself. All transactions regarding a precious-metals IRA have to be performed by a custodian. Preferred Trust Company is just such a custodian. When you buy your coins or bullion, the custodian will place the order, receive the shipment, and then send your precious metals off to a secure storage facility.
Such depositories can provide much better security than you can at home. Priority Gold works with the Delaware Depository for most of its customers.
Remember, you can only invest bullion and bullion coins into a precious metals IRA. You are not allowed to invest in collectible coins because of their volatility. There are minimum levels of deposits both for creating the account and for adding new precious metals to it later. Just ask Priority Gold when you talk to them, and they'll inform you of everything you need to know.
A precious metals IRA is also called a self-directed IRA. Even though the custodian does all the transactions, that person has to do what you say.
That's how your direct the management of your account. Of course, should you choose an unwise course of action, your custodian will advise you of the risks that go along with anything you plan to do.
The purity levels for the precious metals that you put into your self-direct IRA are 99.5% for gold and 99.9% for silver. There is one exception: Certain American double eagles qualify even if they're only 91.67%, but they are exempted as a legacy.
Remember, too, that you're not allowed to take possession of any precious metals in your self-directed IRA. The Internal Revenue Service counts that as a withdrawal even if you don't plan on taking the precious metals out of the IRA. There are penalties for that and extra taxes.
One of the reasons that the IRS frowns upon the self-possession of precious metals that are slated to be in self-directed IRAs is that many folks handle their precious metals.
That could have disastrous consequences because it could alter the purity of the metals through contact with skin oil. All precious metals that go into one of these IRAs have to be sealed in a proper container to protect their purity.
When it comes to withdrawals, you're prohibited from making any without penalty until you turn 59.5 years old. Thereafter, based on your situation, you can make withdrawals at certain times. Once you turn 72 years of age, then you actually must make at least periodic minimal withdrawals from your self-directed IRA. Not doing so could incur penalties similar to those for withdrawals before 59.5.
What Makes Precious Metals so Safe?
First, they are a tangible asset. When you have "paper" assets, the cost of the paper is mere cents or fractions of cents. The value is imaginary.
For example, gold futures aren't backed by physical metals. Bullion of any precious metal is agreed-upon the world over and has been for thousands of years. Futures are guesses about what the price of precious metals will do in the days and months to come.
Of course, you can make much more of a killing with paper assets because their value goes up and down so much. If you guess right and sell your futures at an all-time high, then you'll be set. However, if you guess wrong, you could be left with nothing. When you buy physical precious metals, you own the asset itself.
Precious metals tend to increase in value the worse the economy does. That's called being a "hedge against inflation." You'll never make "the big score," but you won't wind up in the poor house either. Precious metals are for the long term.
Buy them, put them into your self-directed IRA, and forget about them until you reach 59.5 years of age. Talk to Priority Gold, a tax attorney, or both to find out all of your liabilities before, during, and after buying your precious metals. Being well-informed just makes good sense.
Buying Your Coins and Metals
The one thing you have to remember is that when you sell, Priority Gold will give you the price of whatever you're selling as of that specific time on that day. If gold, for example, is $100 lower per troy ounce than it was when you bought it, then you'll get the $100 lower price per ounce.
The same holds with collectible coins. If something drops a lot, you'll only get the "dropped" price and not what you paid for it. This is not a scam; this is simply how it works.
If you resell stuff that you bought from Priority Gold, then you might have to pay additional fees. Not every situation is the same, so it's a good idea to discuss any sales you wish to make with someone from Priority Gold before closing the deal.
Experts also recommend that you have 10% or less of your overall portfolio in precious metals. They're safe, but they don't grow a lot, so to build for retirement, you need more than just gold and silver.
Owning Precious Metals at Home
Just because any precious metals that you own at home aren't eligible to be put into self-directed IRAs doesn't mean that they're worth less than IRA precious metals. As long as you keep the metals and coins sealed in their respective containers, they'll keep the same value.
The Online Reviews
Trustpilot lists 24 five-star reviews for Priority Gold. All of them are 2021 or older, however, and the ones from five years ago may not any longer be relevant. The aforementioned 10 reviews on the BBB website just go back to 2021.
The Business Consumer Alliance lists 35 five-star reviews, most of which compliment the company on its customer service. Many of them also mention the ease of working with Priority Gold, and the consensus is that the company gladly does what's best for you in a, "Your success is our success," kind of way.
The Price Protection Plan
This is only available to certain customers, and you can't ask for it. Priority Gold will let you know if you qualify when it confirms your order. The program only applies to purchases that total more than a quarter of a million dollars.
It lasts for 30 days, and you can pick one of two benefits. You can either secure the price you paid or buy more precious metals at the price you paid if the price goes up during the 30-day window. The program is more complicated than that, so it's a good idea to read it thoroughly before joining the program.
It's also a good idea to read the company's terms and conditions, risk policies, and any other information and policies that it provides. Priority Gold's website is comprehensive and clear. One point of special note is that the services and products are geared toward U.S. customers.
The terms and conditions spell out that Priority Gold doesn't guarantee that its products or services will be available outside the U.S.
Like many other gold companies, Priority Gold has no refund policy other than in a situation where coins that you buy turn out to be counterfeit. In the case of counterfeit coins, Priority Gold will refund the actual price you paid rather than any change in the price of the coins in question.
It does say in its terms and conditions, however, that that is the only redress you have. Check the online policy for further information.
Regarding the grading of coins, the company makes sure to note that its grading is merely the opinion of its graders. It doesn't guarantee that another grader will make the same assessment of the coin or coins in question. Collectible coins are, by their very nature, prone to sudden changes in value even if their grade remains the same.
The Final Word
Priority Gold is a reputable company with a slew of good reviews online. There are no active complaints against the company on any of the monitoring websites, such as Trustpilot, the Better Business Bureau, and Sitejabber.
The services it offers are equivalent to or better than those offered by its competitors. A skim of Google results doesn't yield any outstanding negative occurrences regarding Priority Gold. For these reasons, this reviewer recommends the company for American customers.
Customers from other countries should be cautious, however, and verify everything with Priority Gold during the process of creating an account.
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