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 below.
Investors know that the diversification of their portfolio gives them more security for the future. However, many need to understand the importance of investing in precious metals.
These investments offer a safe choice against the US dollar's changing value or inflation.
In addition, investors can improve their lifestyle during retirement after investing in precious metals and avoid shortcomings based on dollar values.
When investing in precious metals, investors must choose a gold company from which they set up IRAs or buy precious metals outright.
Goldco and Patriot Gold Group are two options for investors. Examining the two companies helps make a well-informed decision and secures investors' futures.
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.
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Goldco vs. Patriot Gold Group
Company Histories and Their Ratings
Over a decade ago Goldco was established in Los Angeles, California, and has offered precious metals at with a simple phone call and online.
In addition, they offer direct precious metals sales and IRAs for investors and collectors.
According to their Better Business Bureau information, the company became accredited in 2011 and has maintained an A+ rating. The BBB has customer reviews for Goldco that reflect 5-star ratings, and the company has Consumer Affairs accreditation.
In addition, the company has up to 5-star ratings on Google, Trustlink, Trustpilot, and Consumer Affairs. When reviewing the business, you'll see many celebrity recommendations for Goldco, including statements from Chuck Norris and Sean Hannity.
Patriot Gold Group
Patriot Gold Group is also Los Angeles based and opened its doors in 1990. The company offers self-directed IRAs and sells IRS-approved gold and silver products for these accounts.
In addition, they are affiliated with the Numismatic Guaranty Company and have Better Business Bureau and Consumer Affairs accreditation, and the Patriot Gold Group reviews on Google are also numerous.
Starting Precious Metals IRAs
Goldco and Patriot Gold Group provide precious metals IRAs and offer many funding options. To start an IRA, you'd request an IRA kit and submit the documentation to the company of your choice.
Patriot Gold Group offers a No Fee for Life IRA, but you must set up the account with their custodians and use their depository. First, however, you'd have to set up an IRA with an opening value of at least $100,000.
When starting an IRA with either company, you must decide how to fund the account. For example, you could use the cash you have on hand or transfer funds from an existing IRA account.
Before you start, hire an IRS-approved custodian and determine where you want to store your precious metals. Any precious metals in an IRA must stay in a depository meeting the IRS's guidelines.
The custodian manages all documents for the IRA and acts as a liaison between the existing IRA provider and the gold company.
When transferring money from a traditional IRA, there is a 60-day deadline for depositing funds into a new account, and you cannot access the funds directly.
Failure to send funds before the deadline results in a tax penalty and the IRS collects the penalty amount from your IRA funds. Hiring a custodian is critical to this process and helps avoid unnecessary financial losses.
Once the IRA funds transfer to your custodian, you must inform the custodian what precious metals you want to buy. They contact your preferred metals seller and arrange the purchase.
Then, they send the funds to the precious metals dealer to pay for your purchase via wire transfer. The gold company sends the precious metals to your preferred depository once they receive the payment.
When planning to open a precious metals IRA, you should calculate all costs, including maintenance, custodian fees, and storage costs. In addition, there are fees for starting an IRA depending on where you purchase your precious metals and the total value of the IRA.
You'll pay the custodian over the lifespan of your IRA account for documentation services and processing new contributions to the account. Discussing these fees helps determine which custodian, depository, and precious metals seller meet your needs affordably.
In comparison, Goldco offers more decision-making power, and Patriot Gold Group prefers that you use their custodians and depositories. Setting up an IRA requires careful planning and avoiding mistakes that could cost you later.
If you want to maintain more control over your IRA and costs, Goldco may present more freedom.If you commit to using Patriot Gold Group's preferred custodians, you may face difficulties hiring a new custodian later.
However, with Goldco, you choose your custodian and depository, and if you want to make changes later, you could avoid additional fees. Despite which company you use, a careful review of the contract's fine print determines if you face restrictions or limitations that prevent you from making decisions about the IRA later.
Precious Metals IRA Management
Goldco and Patriot Gold Group offer opportunities to increase the value of your IRA annually. Your age determines how much you can add to the IRA, and the IRS has strict guidelines. For example, your total annual contribution to all IRAs is $6,000 if you are under 59, but if you are 60, you can contribute as much as $7,000.
You aren't limited to one precious metals type. Working with either company, you can choose any precious metals from their current inventory if the total purchase price isn't over your yearly limit. Your custodian can set up these contributions according to your preferences.
Once you turn 65, you can set up distributions from the self-directed precious metals IRA. Most estate attorneys and financial planners recommend creating an estate plan and including your IRA.
Your heirs can receive distributions from the IRA after you die through an inherited IRA, or they can liquidate it for the cash value. Your heirs must set up the distributions before five years pass. If not, the custodian must liquidate the account.
An estate plan will help with these issues and transfer ownership to your heir when you die. For example, if you use a trust, your successor gets the balance of the precious metals IRA, and the account is separate from your estate and doesn't go through probate.
Precious Metals Products
As you review the Goldco gold inventory, you'll find American Eagle, Wright Flyer, Washington Monument, Lucky Dragon, Australian Striped Marlin, American Eagle proofs, Canadian Maple Leaf, Independence Hall, First Moon Landing, Freedom, and Hope, Valor, and Australian Sea Turtle.
Their silver inventory includes Canadian Grizzly Bear, Franklin Half Dollars, Canadian Polar Bear, Kennedy Half Dollars, American Eagle proofs, Canadian Arctic Fox, Guinea Rose Crown, and North American Bald Eagle. In addition, they offer platinum selections such as Austrian Philharmonic, Canadian Maple Leaf, Bottlenose Dolphin, and American Eagles.
Patriot Gold Group offers precious metals sales through its customer service representatives only, and the company doesn't display its products on its website. Their products come from the US, Royal Canadian, and Perth Mints.
They provide precious metals such as American Eagles, Canadian Maple Leaf, and Australian Kangaroos. According to their website, they offer a one-day turnaround for precious metals purchases. They do not provide any precious metals purchases outside of IRAs.
Buying Precious Metals
Goldco offers straightforward precious metals purchases. To buy precious metals from Goldco, call a precious metals specialist and set up a customer account.
If the precious metals are separate from an IRA, you'll provide a list of products you want to purchase, and the precious metals specialist offer a quote. Price quotes reflect the current market price for each metal.
Your precious metals arrive in discreet packaging, and Goldco offers insurance for all shipments. They file an insurance claim if your shipment is lost, stolen, or damaged.
Goldco ships the precious metals after they receive your payment via wire transfer if dealing directly with them or your preferred payment method via their website.
Track Precious Metals Prices
Goldco offers updated charts reflecting the current market price for gold, silver, platinum, and more. You can find the charts on their website and examine the costs of your precious metals investments.
The charts offer invaluable details if you sell your precious metals or liquidate your entire investment. Unfortunately, as of 2023, Patriot Gold Group doesn't provide market price tracking on its website.
Sell Precious Metals to Gold Sellers
With Goldco, you request a kit that the company mails to you. Inside the kit, you'll find instructions on how to package your precious metals and send them in for a quote. Discreet packaging improves security for the metals and prevents outsiders from determining what is inside.
After Goldco receives your package, a precious metals specialist will call you via your contact information. Then, they present an offer that you can accept or refuse. If you decide not to sell your precious metals, the company will send them back to you immediately.
All precious metals you purchase through Goldco present you with a buyback opportunity. Through the buyback, a precious metals specialist can review your account and identify what metals you have and how much you purchased previously.
Then, you explain what metals you want to sell back to them, and the representative offers a quote. If you accept the offer, you send the metals to their Los Angeles location.
After Goldco receives your precious metals, they inspect the products and ensure they are in the condition you indicated.
Once the metals pass the inspection, Goldco sends your payment via a wire transfer or direct deposit to your bank account. As of 2023, Patriot Gold Group has no buyback opportunity and doesn’t purchase any precious metals from parties outside their refineries.
By comparing Goldco and Patriot Gold Group, it's clear that Goldco is the best choice for investors and anyone who wants to purchase precious metals for an IRA or separately.
The business has impeccable ratings among Consumer Affairs and the Better Business Bureau. They have 5-star ratings on Trustlink, Trustpilot, and Google, with many positive customer reviews.
Sean Hannity and Chuck Norris also recommend Goldco. Most Goldco products are IRA-approved and available for starting an IRA.
In addition, the company allows investors to create IRAs without high fees or restrict clients to their custodians or depositories for cheaper costs. Overall, Goldco is the best choice for investors and anyone who wants to purchase precious metals without limitations.
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