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For years, many people have looked to precious metals as a way of storing wealth without interference from governments or global events. Today, many companies have come up to make this easier by providing access to gold and other precious metals from trusted sources that even governments work with.
One such company, Paradigm Gold Group, has been around since 2012 and offers a variety of services for those interested in investing in gold.
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 Paradigm Gold Group passed our strict customer service standards to become one of our top recommendations.
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About Paradigm Gold Group
A group of venture capital veterans founded an investment firm with a mission to build, protect and grow wealth by offering a safe and secure gold investment option.
So, towards the end of July 2012, they established their base in Ventura Boulevard, Woodland Hills, CA.
The company's foundation is trust. They understand how challenging it is to find a dependable and credible advisor with vast experience in the precious metals markets. That is why they only partner with companies that have been in the industry for many years and are recognized as reliable sources by governments, investors, and other market participants.
About the Team
Paradigm Gold Group prides itself on being an industry leader with decades of collective experience in tackling complex financial and economic settings. To achieve this feat, the people behind the company have built a team of experienced business professionals with multiple industry experiences and backgrounds.
This includes people with expertise in capital markets, financial services, finance, investment banking, business analysis, asset management, compliance, risk management, and more.
The team's mission is to provide continued protection and preservation of their client's assets for prosperity. As a result, they've been able to build long, trusting relationships with their clients.
Paradigm Gold Group Products
Paradigm Gold Group just don't deal in gold coins, bars, and billions; they have almost all precious metals that their clients might need. The best part is that their products meet all the IRS regulations, i.e., they are brand new, uncirculated, and very pure (99.9% for silver and 99.5% for gold, palladium, and platinum).
Some gold products investors can find include:
Silver products include:
Common platinum and palladium products are:
Paradigm Gold Group Services
The main service that Paradigm Gold Group offers is helping their clients to create precious metals IRAs. This means that they will help in the account opening process and even provide an IRA-approved custodian, which makes it easier for individuals to access their gold investments.
The company also has a Learning Center that provides information on how investors can start investing in gold as well as explanations of the different products and terms associated with precious metal investments. There is also an online guide for their clients to make sure that their investments are kept safe and secure.
Moreover, they help their clients with portfolio management, physical storage, insurance coverage, transfers from other custodians, and online access to accounts. In other words, their clients don't have to worry about looking somewhere else for any precious metal investment services.
Why Precious Metals?
On March 2019, a law known as Basel III went into effect. It is aimed at regulating the banking industry and strengthening global financial stability. One important change that it made was classifying gold as a Tier-1 Asset. This basically means the Bank of International Settlements now considers gold as a reserve asset equal to cash. Previously, it was a Tier-3 Asset, which was marked at 50% of its value.
This change has made gold investments more attractive for investors, as it is now much easier to access and use their assets in more efficient ways. Furthermore, other precious metals have also become an interesting investment option due to the Basel III law. Investors can now confidently diversify their portfolios and gain returns from these metals.
Another reason is that, unlike fiat currencies, precious metals have a history of holding value regardless of political or economic turmoil. As observed through recent events, the U.S. dollar, even though it is still the world's most important reserve currency, is falling against other currencies. In case things get worse, having assets in gold or silver can be a safe bet.
Lastly, precious metals have actual industrial applications that are very important, yet they continue to be rare. Gold, for example, is used to make jewelry, electronics, and certain medical treatments. Silver is used in making industrial components and has antibacterial properties. Platinum and palladium are used in catalytic converters, jewelry, and other industrial products.
Setting up a Paradigm Account
Paradigm Gold Group doesn't appear to have an online application; however, on their website paradigmgoldgroup.com, they have provided their contact information for people interested in working with them. One of their experts will reach out to an interested investor and assist them in filling out paperwork and any other steps needed to open an account.
Fees and Costs
Paradigm Gold Group doesn't expose its fees or costs on its website. When a client calls, their fees will depend on the type of service they need.
However, when setting up a precious metal IRA, investors should know that there are purchasing costs, storage fees, custodian fees, and other transaction costs associated with the process.
Understanding Precious Metal IRAs
A precious metals IRA is a type of retirement account that lets people hold physical gold, silver, platinum, or palladium while still enjoying the tax benefits of a regular IRA. Gold IRAs are the most popular of these, but investors should do their research to identify which metals are best for them, depending on their specific needs.
Eligibility Requirements for Opening a Precious Metal IRA
Any citizen or resident of the U.S. that has earned income is eligible to open a gold IRA at any age. Earned income (taxable compensation) includes self-employment income, wages, salaries, tips, bonuses, dividends, and distributions from an IRA or qualified retirement plan. The IRS could also consider alimony and separate maintenance payments as earned income.
The IRS also looks at tax filing status when determining eligibility for precious metal IRAs. If you are single, married filing jointly, or married filing separately, and your work covers your retirement plan, the IRS may not allow you to deduct any contribution.
However, if you are a head of household, or your spouse doesn't work and is not covered by another retirement plan, then you may be eligible for deductions.
Types of Precious Metals IRAs
The first one is the traditional gold IRAs. These are funded with pre-tax dollars, and withdrawals are taxed as income.
The second type of precious metal IRA is the Roth gold IRA, which uses after-tax dollars for contributions and withdrawals that are tax-free. Additionally, they have no limit on contributions and no required distributions.
The last type is the self-directed gold IRA, which allows investors to save for retirement on their own terms. It works just like a traditional IRA but gives investors more control over which metals are held in the account and how they can be used.
How to Open a Precious Metals IRA
Precious-metal IRAs are an alternative investment, so the process of opening one is much more involved and requires more research than that of a traditional IRA. To get started, an investor will need to open a self-directed IRA.
In other words, an IRA account that allows for alternative investments, in this case, gold and silver.
The next step is finding a custodian who will manage the account. This is where Paradigm Gold Group comes in.
Their team of professionals can guide clients through setting up their gold IRAs and provide important advice on which metals are best suited for each individual's needs.
If the investor is happy with the way Paradigm Gold is planning to help them manage their account for success, they will then need to fund their gold IRA account. The distribution limit for younger workers as of writing this is $6,000 (or $7,000 for individuals over 50 years old).
With a funded account, Paradigm Gold Group will help the investor select an IRA-approved precious metals dealer to purchase the gold and other metals that make up their portfolio. These precious metals will need a place to be stored.
The IRS doesn't allow people to store their gold or silver in their homes or any other personal storage area. An investor will need an IRS-approved depository that's insured, safe, and secure.
The final step is maintaining the account, which includes paying annual storage fees, monitoring the market trends, and making sure the account isn't falling below the minimum allowable value. Paradigm Gold Group can help with this, too – they have a team of professionals that provide helpful advice on how to make sure an investor's gold IRA is working for them in the most effective way possible.
Making Withdrawals
When it's time to reap the benefits of the long-term precious metals IRA investment, an investor can make withdrawals using two ways: cash and in-kind. With a cash withdrawal, the depository is essentially buying the metals from the investor and paying them via bank transfer, wire transfer, or check.
In-kind withdrawal, on the other hand, involves the physical delivery of the metals. The depository will ship the investor's precious metals to an address they designate, which could be a secure storage facility or a P.O. Box.
Either way, one must reach the age of 59 1/2 years to avoid a 10% tax penalty. If the investor opened a traditional gold IRA account, there's also a required minimum distribution (RMD) that they must take each year starting at 72 years old.
Conclusion
Investing in precious metals with a gold IRA offers multiple benefits, including diversifying a retirement portfolio and protecting against inflation. Paradigm Gold Group is one of the many companies that help investors open an IRA and manage it for success.
Remember to read out list of the Top Gold Companies to see if Paradigm Gold Group made the cut.
>> Click HERE to read our Best Precious Metals Investment Companies list <<
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