Monetary Gold Review

Monetary Gold Review

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Monetary Gold is one of many precious metals companies that offers IRA services. Since they've been serving the community since 2000, they are one of the oldest precious metals IRA companies. But does longevity actually equal competence? What should you know about their reputation before you get started?

  • Product Type: Precious Metals
  • Owner: Mark Davis (IRA Director)
  • Rating: 4/5

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About Monetary Gold

Monetary Gold Review

When you go to the Monetary Gold website, you can find a variety of information about the company. Not only can you learn about their history and policies, but you can also learn how they set themselves apart from the crowd. Since the reviews online are so positive, it seems that these policies have been working well for them.

The people at Monetary Gold believe that owning gold is essential for everyone's financial security. Gold protects against inflation, so it won't depreciate like your normal savings. At the same time, it performs well during times of economic turbulence, so it gives you a cushion if the stock market is volatile.

Many precious metals dealers charge high commission fees and markups for their products. In addition, they are often dishonest about the value of their items. Monetary Gold was founded on the principle that people should be able to access precious metals without paying a high commission.

In addition to offering IRA services, Monetary Gold also serves collectors. They have an extremely expansive inventory that includes rare numismatics as well as IRS-approved coins. If there's a rare coin that you want, you might be able to call and find out whether they can get it.

The company is one of the only Direct Dealers in the entire country. This means that they are able to buy directly from the US Mint and other sources without a third-party markup. From there, they can sell the precious metals back to you at a much lower cost than the competition.

Who Monetary Gold Is Right For

Monetary Gold Review

Some people might be wondering whether this company is right for them. While they don't make our list of the top five experts, they are very close. That's because of their excellent reputation and high level of expertise.

If you are interested in investing in precious metals, you can call a company representative to talk. You can ask whatever questions you have and get answers without any high pressure sales tactics or coaxing. The goal of the salespeople isn't to sell as much as possible. Instead, the goal is to educate clients and help them make decisions that they're confident in for their future.

Monetary Gold boasts a great deal of experience. As mentioned, the company was founded in 2000, just three years after the IRS legalized the holding of precious metals in IRAs. They were one of the first to offer a streamlining of the IRA paperwork. In addition, their experts have over 50 years of combined experience in the precious metals industry.

The company also states that they value protection. Precious metals investments are a way to safeguard your holdings. While they don't grow as quickly or exponentially as other investments, they do offer you protection against market volatility. In addition, they offer tax-advantaged benefits regardless of what the political landscape looks like.

Monetary Gold Review

A huge selection of products is available. This includes both IRS-approved items for your IRA and numismatic collectibles. Some categories of item include:

  • Government bullion from government mints
  • Foreign currency and coins
  • Semi-numismatic collectible coins

The company's inventory includes items in gold, platinum, and silver. They don't seem to have many palladium items available, but it's possible that palladium is occasionally in stock.

Another advantage of the company is that they offer free shipping if you're a new client. Whether your items are being sent to your house or a registered depository, you won't have to worry about paying for it. Packages are also insured for their full value, so you can be reimbursed if they are lost or stolen.

Finally, Monetary Gold hosts a variety of free workshops about precious metals investing. You can join one of these to learn about the industry, about the global economy, and about the benefits and risks of investment. During the workshop, you'll be able to speak with one of the company's experts one-on-one and have all of your questions answered.

These workshops are a solid way to educate their client base. Even if you don't have the time for a workshop, you can peruse different educational resources on their website. And as mentioned, people are also encouraged to call with their questions, even if you aren't sure yet whether you'll invest with the company.

IRA Services

Monetary Gold Review

The available IRA services are one of the main focuses of the company. There is a great deal of information available on the website about why precious metals IRAs are worthwhile.

If you decide that you do want to get started, Monetary Gold has a basic step by step process.

The first step is to create a precious metals IRA. This will involve opening a self-directed IRA with a custodian. Rather than working with a financial advisor or attorney to set up the account, Monetary Gold's experts can walk you through the application. Once the application is being processed, your account should go live within 72 hours.

After the account has been created, you can fund it. You'll do this either by making a contribution from your savings or rolling over the funds from your existing retirement account. There aren't penalties for a funds rollover. You will work with your custodian to make this happen.

As soon as the funding goes through, your company representative will contact you to determine which precious metals you want. You'll discuss your needs, concerns, and budget. Once you've confirmed your order, the metals will be shipped to the precious metals depository of your choice.

Your custodian will then inspect and process the metals. Every account in the depository will be insured for its full value, so you don't have to worry about damage or flooding.

Then your custodian will manage the account by sending you statements, updating you about your holdings, and managing any future transfers once the time comes to take distributions. You'll also have an online account that will allow you to monitor your holdings and see their growth over time.

Storage and Delivery Options

Monetary Gold Review

When you make a purchase with Monetary Gold, you will have the option to store your metals in a depository or have them shipped to you. If you make a purchase for an IRA, you will need to have your metals stored in the Delaware Depository. This is because the IRS requires that your metals be stored in a depository that meets certain security guidelines.

You can choose to have your metals shipped to you through UPS, USPS, or FedEx. No matter what company you choose, your package will be insured while in transit. When it arrives, you'll need to sign for it. There are flat fees of $30 to ship your metals to you personally.

The storage fees for the metals only apply if you aren't storing them at home. It's estimated that your annual fee for storage and insurance will be about $100. Once you reach $100,000 worth of precious metals, however, there will be an additional $1 for every $1,000.

For example, if you had $200,000 worth of precious metals, the storage fee would be $200. If you had $175,000 worth of precious metals, the storage fee would be $175.

This kind of sliding scale fee isn't necessarily ideal, since you'll pay more once you have more in your account. However, the fee remains flat until you've accrued over $100,000 in precious metals. In addition, even the additional fees are much lower than with many of the other storage solutions offered by the competition.

The Delaware Depository is the main depository that Monetary Gold works with. They are based in Wilmington, Delaware. The depository is compliant with all IRS regulations and has state-of-the-art security. In addition, every vault is insured through Lloyds of London, one of the largest insurance companies in the world.

The company's security is monitored at all times by a variety of security guards. The entire campus is captured on video. There are also alarms and high tech locks that keep people from exiting with items that don't belong to them. A huge number of different services are available if you want to store your items with this company.

The Delaware Depository is also prioritized for its tax advantages. Delaware has some unique tax benefits that you won't find in any other state. It's a great way to store your metals on the East Coast without being subject to the tax laws in places like New York or Massachusetts.

Delaware doesn't have any state sales tax, inventory tax, or personal property tax. They also don't have any taxes on depository fees, unlike New York.

Is Monetary Gold a Scam?

Monetary Gold Review

Monetary Gold is not a scam. Most reviews of the company online are positive. On Trustlink, there is a 5 out of 5 rating based on nine reviews. Consumer Affairs gives the company 4.8 out of 5 stars based on 46 reviews. On the Better Business Bureau website, Monetary Gold has 5 out of 5 stars based on 28 reviews.

The BBB has also accredited the business and gives them an A+ rating, indicating that they have one of the best customer service policies. There has only been one complaint filed against the business in the past three years, and no complaints filed in the last year.

That's very impressive. Usually when a company has dozens of reviews, there are bound to be a few complaints. But it looks like Monetary Gold has had almost universally positive experiences with customers. That indicates that not only do they provide the services they claim to, but they also have a customer care team that's willing to make things right.

The BBB complaint was related to an issue with a product or service. However, the text of the complaint is no longer available on the website. It's possible that this is because the customer chose not to have their complaint listed publicly, or it might be because the complaint was resolved.

Negative feedback about the company is very difficult to find. The positive reviews state that the employees are extremely professional, respectful, and knowledgeable. Several mention their customer service representatives by name so that they can heap praise upon them.

One customer said that she had been shopping around with several different precious metals IRA companies before finally settling on Monetary Gold. She spoke with a senior account executive named Brandon and felt a sense of peace. Brandon didn't rush or pressure them, and he seemed to be genuinely interested in making sure the customer's well-being was looked after.

The customer said that she looked into other companies before making the decision to work with Monetary Gold. But she never found another representative that she connected with as much as Brandon. She said that his friendliness, respect, and openness were all things that she appreciated.

She opened an account with the company and was extremely happy to do business with them. In addition, she said she would recommend the company to her friends and family.

This is just one of many similar positive reviews. Several customers stated that they chose Monetary Gold after investigating multiple different available companies.

Pros & Cons of Monetary Gold

Pros

  • Unanimously positive reviews with almost no negative feedback.
  • Multiple customers praise the respect and care of the customer service team.
  • Variety of products available to invest in both for IRAs and for personal portfolios.

Cons

  • Not quite as streamlined as some IRA options.
  • Prices are not listed online.

Final Thoughts

Monetary Gold is one of the most positively-reviewed companies in the precious metals industry. While they appear to be a medium-sized operation, they do still have dozens of pleased customer reviews. In addition, it's difficult to find negative feedback, and it seems that the company makes a strong effort to resolve any problems.

Multiple customers have stated that they chose Monetary Gold after comparing a variety of different options. The customer service is frequently cited, with several representatives being thanked by name. Most customers say that they're happy with the service and that they would recommend the company to others.

Overall, we can recommend Monetary Gold. It seems like a company that has the customer's needs in mind. Many customers have stated that they felt cared for and that their representative was extremely attentive regarding their needs. Everything indicates that you will have a positive experience at Monetary Gold.

One thing to keep in mind, though, is that their process might not be quite as streamlined as with the competition. In addition, their prices might not be quite as low as you get with a few of the competitors. But they are very transparent, and you can call to ask any questions you have.

We hope that you enjoyed this review of Monetary Gold.

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