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Welcome to an in-depth review of First Gold Group. First Gold Group is a relative infant in the precious metals industry having only been founded in February 2020.
First Gold Group, has carved a niche for itself as a leading provider of precious metals and related services. With a commitment to integrity, transparency, and customer satisfaction, the company has gained recognition as a trusted name in the industry.
Our objective is to provide an unbiased overview that captures the essence of First Gold Group's operations, products, and reputation.
Join us as we look into First Gold Group, examining its range of services, investment options, and its standing within the precious metals market. Discover the factors that set First Gold Group apart from its competitors and determine whether it aligns with your investment goals.
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That is why we have researched every company in the industry and selected the very few with the highest customer service standards.
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The company also specifically says in its "About Us" section on its website that it will advise people against certain purchases and strategies that will hurt them in the long run even if it means a lesser profit for First Gold Group. It is refreshing, to say the least, to see a company take such a stand.
From First Gold Group's website, it seems that you can deal in gold, silver, and platinum. First Gold Group offers gold and silver coins of various weights from different countries.
There are only three platinum coins currently available. The company also provides bars of different weights. The purity level of all offerings meets Internal Revenue Service standards.
What Is a Self-Directed IRA?
There are two kinds of regular IRAs: traditional and Roth. One you pay taxes on the funds when you put them into the account, and with the other, you pay the taxes at the end. A self-directed IRA that is designed only to hold precious metals is different.
There are separate rules regarding what can and cannot be included, and the tax implications differ based on your particular situation. First Gold Group will explain everything to you if you call them to ask.
You're allowed to put precious metals into such an IRA if two things are true:
Aside from the required purity levels of 99.5% for gold, 99.9% for silver, and 99.95% for platinum, there are other requirements for the coins you buy. First, they cannot be collectible coins. Because the value of such coins lies mostly in their rarity rather than in their material content, their value is too volatile to be relied upon.
As an example, in the 1980s, Morgan Dollars were roughly five or six times more valuable than they are today. Other coins, such as pennies with rare mint marks, two-cent pieces, three-cent pieces, and the like, have suffered the same drop in value.
Second, they must not be any precious metals that you already own in any capacity. It's easier to maintain a chain of custody through third parties, which is why this rule exists.
When you have a self-directed IRA, despite the name, you have to have a custodian to do all of the transactions for you. That custodian can be an entity like a bank or other financial institution, or it can be a single person who performs the duties on behalf of an institution.
First Gold Group doesn't provide custodian services, but it maintains strong, honest partnerships with several third parties that do act as custodians. When you buy your precious metals, you tell the custodian what you want to buy, and that person secures them for you.
Although you're allowed to own precious metals at home in some capacities, if the precious metals are to be part of a self-directed IRA, then they have to be stored in a secure, third-party depository instead of at home.
A custodian will send the precious metals you buy to such a depository on your behalf. Remember, taking possession of any gold that is slated for deposit into a self-directed IRA will count as a withdrawal, which will result in penalties.
As with any other IRA, you're not allowed to make withdrawals at all until you're 59.5 years old. Doing so will incur those penalties. After you turn 72 years of age, then you have to start making withdrawals, and there are rules about how much you have to take out of your self-directed IRA. First Gold Group will be able to answer your questions on the matter.
What's on Offer
First Gold Group conveniently lists all of the coins that you can put into your new self-directed IRA. They are from the United States, Australia, Canada, Austria, and China.
The company recommends diversity in your precious metals, but because these coins are fashioned from measurable troy ounces, or parts thereof, of the applicable precious metal, they are roughly akin to the bars of similar weights.
The list of approved coins will sometimes change, so it's important for you to ask the right questions when you're buying coins to put into your self-directed IRA.
The reviews are undeniably scarce. There are only two registered with the Better Business Bureau and none on Trustpilot. Indeed, the company has only been around since February 2020, but you would expect more reviews. The lack of bad press is encouraging, but the near lack of any press at all is slightly troubling.
There is one industry review, and the reviewer panned the company because of the lack of online presence. Interestingly, that same reviewer did say that First Gold Group has a strong presence on Facebook but then backtracked by saying that there are "only 200 followers."
It is true that the company does not have a significant online presence, but that is not the company's only attribute.
The ACCRUE Program
First Gold Group has created this program, which is so far unique in the industry.
Unlike other companies that have minimum purchase requirements of thousands of dollars, investors with First Gold Group can choose to pay as little as $25 per month to acquire minuscule amounts of gold until they have the required amount accrued, hence the name of the program.
The $25 monthly cost will eventually get you 1/20 of a troy ounce of .9999 gold, which exceeds the required purity level for gold bars.
At current prices, 1/20 of a troy ounce of gold is equivalent to $98.25, which means that you'll have your amount of gold in about four months. In that part of the program, you have to accrue two amounts' worth to have it shipped. Once you accrue the prescribed amount, First Gold Group will ship it to you for free.
The website is not clear on whether or not you can use the ACCRUE program to fund a self-directed IRA, so you'll have to ask when you talk to the company. There are $50 and $100 levels of ACCRUE investment that will eventually net you 1/10 and 1/4 of a troy ounce of gold, respectively.
It is not clear on the website if you can combine the ACCRUE program with putting gold into a self-directed IRA, but it's best to ask before proceeding with either process. It would do no good to create such an IRA and not be able to put anything in it.
These are the "collectible" coins that aren't allowed in self-directed IRAs. You can, however, buy them to own outright at your home or in another secure location that you provide. Currently, the coins available are 1964 Kennedy $0.50 pieces, walking liberty $0.50 pieces, and Mercury dimes.
You have the option of buying single Kennedy coins or buying bags of the other coins that total $100 of face value. The coins are 90% silver, and the bags will total somewhere between 69 and 72 troy ounces of silver.
While the single Kennedy half dollars are in brilliant uncirculated condition, the bags contain coins of all grades. The singles are worth more, currently than the cost of the silver, but the cost of the coins in the bags is that of the silver itself.
First Gold Group provides legal-tender coins from the following mints:
Additionally, there are Krugerrands, Rose Crown coins, and other varieties from around the world that are not legal tender.
The Final Word
To discount a company completely because of a lack of online presence is unfair to the company. Of course, investors should be cautious, but First Gold Group has much to recommend it. Its attitude of transparency and honesty regarding its business practices is front and center for all to see.
The ACCRUE program allows folks with not a lot of money to invest at once to take advantage of the stability of precious metals investments.
The terms and conditions are exact and specific and will answer many of your questions. Prospective customers are strongly encouraged to read the entire terms and conditions thoroughly and also to ask questions about anything they don't understand.
This reviewer was going to recommend First Gold Group cautiously, but this webpage on the company's website is extremely disquieting. The webpage says that First Gold Group does not verify that there is, was, or will be any slavery or human trafficking in its supply chains.
It also doesn't audit its interactions with other companies to determine if those companies have slavery or human trafficking in their supply chains. First Gold Group also does not, by its declaration on this webpage, practice internal accountability regarding such associations with either slavery and human trafficking themselves or companies that have those things in their supply chains. Because of these declarations by First Gold Group, this reviewer does not recommend the company in any way.
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