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In today's unpredictable economic climate, the allure of precious metals IRAs has surged, captivating the interest of savvy investors over the past twenty years.
However, navigating the complexities and bureaucratic hurdles of these investment vehicles often deters many potential investors.
Recognizing this challenge, numerous companies have stepped up to simplify the process, making it more accessible and user-friendly for everyone.
Among the leaders in this field is Augusta Precious Metals, a name synonymous with gold IRAs. Yet, before entrusting your investments to them, it's crucial to delve into their history, product offerings, and the services they provide.
Are their services truly reliable, and what range of products can investors expect?
Keep reading to uncover the answers and make an informed decision about your precious metals investment strategy.
Before we get started, investing your savings is a serious task. When it comes to adding precious metals to your portfolio, how do you know which companies to trust?
That is why we have researched every company in the industry and selected the very few with the highest customer service standards.
This way you can easily compare the best companies in the business, and choose one that fits your needs and investment goals.
Read the list to see if Augusta Precious Metals passed our strict customer service standards to become one of our top recommendations.
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About Augusta Precious Metals
Augusta's reputation as a top gold IRA provider stands out prominently. According to the Better Business Bureau, the company scored 4.97 out of 5 stars across 100 reviews.
The BBB does not have any listed complaints either. TrustLink also tracked reviews for this company, collecting 278 of them. TrustLink's average review score for Augusta is a perfect 5.0.
If you do a quick search on Google, you will discover 221 reviews, an average of 4.9 out of 5. The Business Consumer Alliance cataloged 85 reviews, and they gave Augusta a AAA. On Facebook, Augusta's score is 4.8 out of 5, and it is based on 79 reviews in total.
In addition to these high scores, Augusta has also earned two Stevie awards. They won them for having great customer service and sales distinction. Originally, the company was founded in 2012 by Isaac Nuriani. Today, the company's main headquarters is in Casper, Wyoming.
Besides precious metals IRAs, Augusta works hard to educate their clients about economics. Furthermore, your account will be assigned a specialist to support your education. If you want to learn about a particular aspect of the economy, they have the resources to teach you that.
When you sign up for an account with them, you get lifetime support from a whole team of people. This family-owned corporation provides webinars and individualized assistance.
There is a compliance department at Augusta Precious Metals. This two-person team ensures company policies are followed. Customers can rest easy, knowing the compliance department's rulings are impartial. The company relays information to a chief administrator from outside the business.
What Products and Services Does Augusta Offer?
Augusta provides multiple services, but they mainly focus on IRAs for precious metals. Interested investors can also purchase IRS-compliant gold and silver. If an investor needs guidance when setting up the account, it can be provided.
Gold and Silver IRAs
In 1997, Congress passed the Taxpayer Relief Act and legalized self-directed IRA accounts. Consequently, the array of assets available to investors expanded dramatically. They could now buy and store precious metals in a retirement account if desired. Since there is such an unstable economy at the moment, people are interested in these accounts.
When you attempt to register for one, Augusta's representatives will guide you. First, they will show you how to do the paperwork. Then, your rep will help you narrow down your precious metal selection. A $50,000 minimum balance is required to invest with this company.
Your precious metals will be sent to a storage facility at no charge once you buy them. Once they receive the order, your custodian will process it. Everything will be stored in a vault after they finish processing it. During this whole process, Augusta communicates with the custodian. Therefore, you can limit the number of discussion partners you have to maintain.
Physical Gold Purchases
If you are a saver who wants to store assets outside of your IRA, this may be for you. Augusta Precious Metals will let you buy gold and silver with cash. You can fund your account with a cash transfer, and they select what you want to buy. After executing the purchase, you must sign for the delivery. You can have the order mailed to your address, or you can send it to a depository.
Gold American Eagle
The famous American Eagle gold coin has been in circulation since 1986. It contains 91.67% gold, 3% silver, and 5.33% copper. As a result, this coin's track record for holding its value is phenomenal. Augusta sells a 0.10-ounce, 0.25-ounce, 0.5-ounce, and 1.0-ounce model. On the obverse, there is an elegant image of lady liberty.
Gold American Buffalo
The Gold American Buffalo is filled with 0.9999 purity gold. It first entered production in 2006, making history. It is the first 24-karat gold of this purity level to enter circulation in the US. The picture on the coin was drawn by James Earle Fraser for the 1913 Buffalo nickel. On the coin's obverse, there is a Native American man.
Gold Canadian Maple Leaf
Even though its face value is only $50, this coin contains an ounce of 0.9999 purity gold. The coin gained the fourth nine in 1983 when the coins upgraded from 0.999 purity. Since these coins are so pure, they can scratch more easily than some competitors. Queen Elizabeth II is on the front side of the coin, and there is a maple leaf on the back.
Austrian Philharmonic BU
Each coin ordered will be shipped with a protective plastic flip. Investors can store these eligible items in their precious metals IRAs if they want. The Great Organ of the Golden Hall graces the coin's obverse. On the reverse, there is an instrument assembly of cellos, violins, and harps.
South African Gold Krugerrand
This coin's composition includes 91.67% gold and 8.333% copper. The South African Mint first began producing this coin series in 1967. Paul Kruger, South Africa's president, urged the mint to produce these, and his face is on the front. On the backside, there is a galloping antelope running on top of a small patch of grass.
10 Ounce Gold Bar
Investors can pick up a massive gold bar if they want to hedge against inflation. If you want to pick up a gold bar from Augusta, it could come from several different mints. The gold itself would be of 0.9999 purity, but it could feature different stamps and inscriptions.
Silver 90% Bag - $100 Face Value
Before 1965, US dimes and quarters were composed of 90% silver and 10% copper. A $100 bag of silver contains 71.5 troy ounces of silver. This product is a literal bag of coins, and it is worth more than its face value because of the precious metals.
Canadian Silver 5 Blessings
This item is an IRA-eligible coin with one ounce of silver from the Royal Canadian Mint. It contains 0.9999 purity silver, and it has a diameter of 38 millimeters. This coin's reverse features a celebration of the five blessings of Chinese culture. Like all Canadian coins, the reverse showcases a picture of Queen Elizabeth II.
American the Beautiful - 5 Ounces Effigy Mounds
This brilliant uncirculated coin is eligible to go in your IRA, and it has 0.999 fine silver. Each year, there are five new releases of this quick-selling series. The reverse side of this coin has an image of the mounds by the people of the Woodland Cultures. On the other side, there is a fairly standard-looking picture of George Washington.
American Silver Eagle 1 Ounce
The silver American Silver Eagle is identical to its golden counterpart. There is a pic of lady liberty on the front and an eagle on the back. The coin's composition contains 99.93% silver and 0.07% copper. If you place an order, you will get a coin minted after 1986.
Lifetime Support
Buyers get access to a ton of valuable educational resources. Once the time comes and you want to sell, they also help you with buybacks. Besides your account representative, Augusta has a 24-hour online assistance center too.
Augusta Precious Metals promises to give each of its clients a lifetime of support. You do not need to buy anything from them again, and you can still talk to your representative. If you want to ask them a question, they will answer it for you. The customer support team can also assist with processing fees and paperwork.
Pricing, Fees, and Charges
Regardless of the company you choose, you will spend some money. Understanding the fee structure is the most important thing to do before starting. Otherwise, you will be surprised after ordering something, which is not a good feeling. Since Augusta has a strong focus on education, you can look up product prices quickly.
Augusta, set a minimum account balance before you can open an IRA. To start an account, investors must fund it with at least $50,000 first. Although this makes Augusta unobtainable for some investors, their service quality is worthwhile. They do not have any maximum investment limits. You need to verify your identity on larger purchases, so remember to ask your rep for help.
Augusta's account setup fee is only $50. On the contrary, many of their competitors charge upwards of $150 or more. For accounts with balances below $100,000, there is an annual maintenance fee of $125. Once your account surpasses the $100,000 mark, this drops to merely $75.
Custodian and storage fees depend on the company and depository that you select. In general, you should anticipate paying about $100 per year for custodianship. Then, the storage fee is an additional $100 charged annually. If you want to hold precious metals in your IRA, they must be held at an accredited storage facility. You also are required to have a custodian to manage the account.
Augusta's pricing on their gold and silver bullion is quite reasonable. Many of their coins require a phone call to get accurate prices. Since the market fluctuates so quickly, updating the prices on the website can be difficult.
A price protection program is one of Augusta Precious Metals' most interesting advents. This 7-day guarantee lets you lock in a price when you are shopping.
Then, if the price drops within seven days, Augusta will refund you the difference. Most other companies will not provide similar offers to their customers. Since this puts the company at risk, Augusta could lose money doing it. However, it entirely benefits the customer, so it is a great deal for you.
You could return it if you order something and do not want to keep it. Augusta will issue a 100% refund, and you can get back everything you spent. Review their return policy on their website if you want to send them a return.
Custodians & Storage
IRS regulations control each aspect of precious metals IRAs. The IRS limits what you can buy and requires strict paperwork to open an account. Plus, they restrict where you can store precious metals.
A licensed custodian must oversee your account after setup. They play the same role as a traditional investment manager for a normal IRA. Yet, they do not choose the investments for you. Instead, the custodian takes care of what you have invested in yourself.
In addition to being a custodian, you must work with an accredited depository. Depositories must meet stringent criteria concerning insurance and security to receive IRS approval.
Storage Options
Thousands of approved storage facilities in the US, and there are more of them around the world. Augusta has built partnerships with several options, so you can find one that works. Their facilities include options in every major region of the US. Investors can choose a facility in Nevada, California, Utah, Texas, or Delaware. On the other hand, you may want to select one in Massachusetts, North Dakota, and Idaho.
Whether you are in the south, midwest, or northeast, options are available. Additionally, there is a depository located in Toronto, Canada. If Augusta Precious Metals had a choice, they would prefer to work with the Delaware Depository. Delaware's unique tax provisions benefit investors, so they flock to the state. Their facility is insured for up to 1 billion dollars, so you would always be compensated if there is a loss.
Custodian Choices
Augusta Precious Metals is equipped to work with any custodian you can find. If you already have a particular company in your head, there is no reason to fret. Nevertheless, most buyers want to work with one of Augusta's custodial partners. These corporations have close ties with August, and their reputations are solid.
Visit Augusta Precious Metals
Equity Trust Company
Equity Trust Company is the top choice for self-directed IRAS, and other dealers use them too. With more than three decades worth of experience, they have been around for a while. Currently, they manage over $20 billion in customer funds. Customers from all 50 states are welcome to work with Equity.
GoldStar Trust Company
Happy State Bank in Texas owns this company, and they manage approximately 38,000 IRAs in total. The BBB has given them an A+, and they work hard to satisfy their clientele.
Kingdom Trust Company
Kingdom Trust Company is the third partner choice, managing about $12 billion. Over 100,000 individuals utilize their services. Their main specialty is custody solution creation.
How to Make a Purchase
Augusta will handle custodian communications for you when you buy from them. When you execute a purchase, they ship the metals to your depository at no cost. Once they receive your package, the custodian will add it to your vault. Transit typically requires somewhere between seven and ten days. At the most, your metals should arrive in less than two weeks from the initial ship date.
You can visit the facility in person if you want to view the assets. However, they may request that clients book appointments before viewing. All the depositories will be secure, but a choice must be made. Segregated and non-segregated storage handles how your money is kept differently.
Non-segregated storage is less expensive, but you mix your stuff with other peoples'. If you opt for segregated storage, your belongings will be held away from everyone else's. Since these facilities are regulated, the likelihood of fraud is low. Even if you choose a non-segregated account, your funds will be secure, safe, and protected. Plus, your account will be fully insured, so even if something happens, you are covered.
Is Augusta Precious Metals a Scam?
Augusta Precious Metals is among the industry's top players and are not a scam. They streamline the whole process, and their customer service approach is impressive. Each client is given an account manager to help them with all they need.
On the BBB website, there is one major thing of attention. A notice says that government action was taken against the company in 2019. This issue was not related to dishonesty, fraud, or deception. Minnesota brought a consent order against Augusta for not obtaining a license. They are the only state with registration requirements for bullion selling.
As a result, Augusta had to pay a $3,000 fine to the state and stop violating laws. This incident occurred a little over three years ago, and there has not been any issue since then.
Verdict
Augusta Precious Metals Bottom Line
Augusta Precious Metals has a long track record and are an established company. They have great reviews at institutions like the BBB and TrustLink. Plus, they offer a great deal when it comes to customer service. The only real downside is that you must come up with $50,000 to work with them.
Remember to read our list of the Top Gold Companies to see if Augusta Precious Metals made the cut.
>> Click HERE to read our Best Precious Metals Investment Companies list <<
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