Patriot Gold Group Review

Patriot Gold Group Review

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In today's uncertain times, many people are looking to protect their retirement money. One of the ways to do this is by opening a gold IRA to hedge against inflation and stock market volatility. There are many companies that claim to do this, but how do you determine whether they're legitimate?

Patriot Gold Group is one of the most popular choices for opening a gold IRA. Despite only being founded in 2016, they have since developed a strong industry reputation. What services do they offer, and are they worth it?

  • Product Type: Precious Metals
  • Owner: Jack Hanney
  • Rating: 4.0/5

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Details about this same company:

  • 1,000+ 5 star ratings
  • Protects over $1 BILLION dollars in retirement savings
  • AAA customer rated
  • A+ BBB Rating
  • 5x Inc 500 winner
  • 2021 company of the year

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About Patriot Gold Group

Patriot Gold Group Review

Patriot Gold Group is a gold and silver dealer that has received multiple accolades for customer service. For example, they have been a top rated Consumer Affairs gold dealer for five consecutive years. When you buy from the company, you are able to work directly with the owners.

The goal of the company is to help people safely invest in precious metals. They also provide a great deal of education about precious metals investment, so you can feel confident in your purchases. Despite being founded just a few years ago, the company's experts have over 50 years of combined industry experience.

The senior partners at the company have held management positions at some of the largest precious metals dealers in the nation. While working in the industry, they discovered that there was a big problem with client education, satisfaction, and customer retention.

Reasons for Choosing Patriot Gold Group

When you go to the company website, there are a few reasons listed that you might choose this firm. These are services that can be difficult to find. However, there are many other precious metals IRA companies that do offer similar services.

First is a smooth paperwork process. It takes a lot of complicated paperwork to open and fund a self-directed IRA. That can be intimidating, especially if you're not from a legal or financial background. The professionals at Patriot Gold Group help guide you through the steps to opening a gold IRA so the paperwork isn't a mystery.

Another point is that the account management is very simple. Simple account management is a given if you work with the right custodian. You should be able to log in and view your holdings at any time. Your custodian should ideally also be able to answer whatever questions you have.

Patriot Gold Group offers safe and secure vault storage. There are storage vaults available throughout the US, so you can pick the location that's best for your personal needs. If you make a purchase outside of an IRA, there are also options for safe storage at home.

It's a good idea to store your items in a vault even if they aren't part of an IRA, though. Though home storage might seem the most secure, your home is vulnerable to things like fire, flood, and theft. With a vault account, not only do you get the top security in the world, but your items are also fully insured.

About the Staff

Patriot Gold Group Review

Patriot Gold Group is very transparent about its staff. You can find out about the people who make the company what it is, from the top executives to the basic associates.

Jack Hanney

The co-owner and CEO of the company is named Jack Hanney. He has the most influence over how the company is run. Hanney has been working in finances and the precious metals industry for over two decades. After working with some of the top names in the investment industry, he became a major manager and director at several different commodities brokers.

Jack Hanney has been working with some of his clients for decades, having managed more than $140 million in trades and business. Today, he lives in Los Angeles with his wife, two daughters, and two dogs.

Mike Celano

Mike Celano is a senior partner at Patriot Gold Group. He has an in depth understanding of global economics and currencies. Prior to being part of Patriot Gold Group, he had experience working as an executive manager at Costco.

On top of his Costco job, Mike Celano has worked as a director of trading and manager of client relationships at a few of the largest precious metals dealers in the US. Given his large amount of prior experience with the precious metals industry, he has been very important for clients investing in their future.

Charley Chartoff

Charley Chartoff is a senior partner with Patriot Gold Group. His first experience as an investor was in buying real estate in Southern California. Eventually, he changed his focus on investments into hard assets like gold and silver.

Charley Chartoff worked as the manager of the retirement services division of one of the largest retail precious metals brokers in the nation. He followed this up with the same position at one of the top wholesalers in Los Angeles. As one of the senior partners at Patriot Gold Group, he believes that customers should work with the owner of a firm long term.

Andrew Clay

Andrew Clay is a portfolio manager at Patriot Gold Group, meaning that he helps clients to manage their investment portfolios. After graduating from an Ivy League school, he began working in the finance industry in the year 2000. He also served in the US Marines.

Prior to joining Patriot Gold Group, Andrew Clay worked in the upper management of some national precious metals retailers. He manages a vast portfolio for a huge number of different people. He was also part of a team that created a technology platform for guest services by the Four Seasons Hotel chain.

Frank Johnson

Frank Johnson is the company's main retirement specialist, meaning that he knows the ins and outs of IRA regulation. In fact, he had thirteen prior years of experience with IRAs before joining Patriot Gold Group.

Because he knows a lot about the markets and how the economy affects retirement, he is considered the main expert on retirement solutions. In the past, he has worked in management for some of the largest precious metals dealers in the US.

Company IRA Services

Patriot Gold Group Review

Patriot Gold Group focuses mainly on being a precious metals IRA dealer. Rather than just selling any kind of gold and silver, they sell items that can be invested into a precious metals IRA. They also have experts on staff that can walk you through the paperwork and teach you about different retirement solutions.

One of the things that Patriot Gold Group claims to offer is a no fees IRA account. In order to use this service, you must meet the minimum account purchase threshold. It's also possible that not every customer will qualify. There are other sources that indicate that the usual fee for opening an account is $225, which is somewhat higher than with a lot of the competitors.

You also need to keep in mind that there will be some ongoing maintenance costs, no matter what. Typically, you'll pay a fee to the custodian for sustaining your account. You'll also pay a fee to the storage company for holding your items. These fees often vary depending on the exact custodian and storage company.

You can fill out the initial inquiry about opening an account right on the website. Alternatively, you can call the company if you're interested in opening an IRA but have questions first.

Steps to Opening a Gold IRA

According to Patriot Gold Group, there are just three steps to opening a precious metals IRA with them. As long as you meet the right account qualifications, the website says that you can have a fee free account for life.

The first step is to get in contact with the experts at Patriot Gold Group. That means filling out the online form or giving the company a call directly. Once your form is processed, you will be sent a free investment guide for precious metals. A member of the company's team will also contact you.

The next step is to roll over or transfer funds into your account. The most common way to do this is by using the existing funds in a 401(k) or traditional IRA. As long as you do the paperwork correctly, you can roll over your existing funds without incurring any penalties or extra taxes. The people at the company will walk you through the paperwork.

After the money has been transferred into the new account, the final step is to buy the precious metals. You'll work with one of the people at the company to decide which precious metals are right for you. You can ask whatever questions you have and consult your investor guide as well.

Storage Services

Patriot Gold Group Review

According to the website, Patriot Gold Group offers storage in a variety of vaults throughout the US. However, the main one that they have listed on the site is the Texas Depository. As the name implies, this depository is located in Texas. It is compliant with all IRS regulations regarding the storage and protection of precious metals IRAs.

With this vault company, there aren't fees for setting up your account. There also aren't any fees to make deposits or withdrawals, which many other depositories have. But there are ongoing quarterly or annual fees to keep your account open.

Every account with this depository is fully segregated. This means that your items are kept separate from everyone else's, so only you and your custodian can access them. There are annual audits of every account to make sure that your digital holdings are backed up by the physical currency they claim to be.

This jurisdiction doesn't have any taxes related to the shipping of precious metals, so you don't have to worry about being charged extra. The underground facility setup adds an extra layer of security. Private security personnel are hired, without any outsourcing to other companies.

All of the accounts are also insured for their full value through Lloyd's of London. This is fairly typical in the precious metals world. A full insurance policy helps to secure your assets. Should anything happen to them, you can receive compensation for the full amount of your investment.

IRA Custodians

Patriot Gold Group Review

Unlike the storage services, Patriot Gold Group does list quite a few different IRA custodians on their website. They work with all of these custodians, so you'll be able to choose the right one for you. Your choice may just depend on the custodial policies, like how they handle fees and requests for information.

The main custodial partners listed on the Patriot Gold Group website are:

  • The Entrust Group
  • New Direction IRA
  • Goldstar Trust
  • Kingdom Trust Company
  • Strata Trust Company
  • Equity Institutional

Most gold IRA dealers only have two or three custodians that they work with regularly, so the variety here is interesting. The website doesn't provide much information about how clients are encouraged to choose their custodian. If you call the customer service team, you can probably find out about the different available options.

Fees for Investing

Patriot Gold Group Review

With any precious metals IRA dealer, there will be some fees for investing. Those fees just depend on the company.

When you go to the Patriot Gold Group website, you'll find that they are offering a "No Fee for Life" account setup. However, they do mention that you need to meet a minimum account requirement first. What exactly is that account requirement? You must invest at least $250,000 in order to meet these qualifications.

When you invest a minimum of $30,000 for the first time, you will have the setup fee for the account waived. Then you will have to pay the regular account fees for the future. For those who invest less than $30,000, the typical setup cost is $225.

Many of the competitors do offer to help people set up their IRA for less than $200. These competitors also often have the same level of streamlined expertise as Patriot Gold Group. So if you have less than $250,000 to invest, and you want to pay a relatively low upfront setup cost, then Patriot Gold Group might not be the best company to work with.

While Patriot Gold Group works with six different custodians regularly, their default partners are Strata Trust and Equity Institutional. If you do not have a custodian in mind already, then you will likely be referred to one of these. The annual maintenance cost for Strata Trust is around $150, while Equity Institutional's maintenance cost is about $180 per year.

In order to open an account through Patriot Gold Group, you must have a minimum investment of $15,000. This is a higher minimum investment than with many of the competitors, especially since the setup fee isn't waived until you reach $30,000. Other competitors waive or reduce their setup fees at a much lower threshold.

Another thing to keep in mind is that different custodians charge for different things. Many custodians have fees for printing reports and making transactions. For example, Strata Trust charges about $40 every time you make a transaction that involves removing precious metals from your account. You will also be expected to cover the cost of shipping.

Available Products

Patriot Gold Group Review

Unlike many of the competitors, Patriot Gold Group does not appear to sell platinum or palladium. Most of their products are gold and silver. There are strict regulations regarding which precious metals can be held in an IRA, so Patriot Gold Group aims to make IRA-eligible materials available.

For example, gold and silver coins and bars must meet certain purity standards. Coins must be approved pieces that come from a sovereign mint. Rounds are not allowed. You also can't hold collectible coins or other numismatic rarities in your IRA. The only things you can hold are true investment-grade bullion.

Whether you're looking for gold or silver, the website is divided into four categories: bullion, exclusive items, proof coins, and IRA eligible coins.

If you're shopping for an IRA, you'll want to look at the IRA eligible category. For people making an individual purchase for their personal portfolios, it doesn't matter what section of the website you peruse.

Proof coins can sometimes be held in an IRA, depending on what type they are. A proof coin has a special quality that the regular minted coins don't. All of the coins sold by Patriot Gold Group have been independently graded by organizations like the PCGS and the NGC.

There also do seem to be buyback opportunities, according to customer reviews. There isn't much information about this program on the website. However, past customers have said that when you're ready to liquidate your items, you can contact Patriot Gold Group for a buyback quote.

Apparently the process to get a quote can be somewhat frustrating. This is because it's difficult to find reliable information on how the company calculates its quotes. You won't know how much you'll be offered until you have an extensive conversation with someone at the company.

There's also the investment guide, which is available for free if you fill out the information request form on the website.

Is Patriot Gold Group a Scam?

Patriot Gold Group Review

Patriot Gold Group isn't a scam. The company is accredited with the BBB and has an A+ rating. Most of their online reviews from past customers are positive, with very few customers having complaints. When complaints have come up, Patriot Gold Group has made an effort to resolve them.

The company has been in business since 2016 and earned its BBB accreditation in 2019. Though they are a relative newcomer in the precious metals industry, having been in business for less than a decade, they have gained a solid reputation so far.

Pros & Cons of Patriot Gold Group

PROS

  • Solid reviews from third parties like the BBB, Trustlink, and the BCA.
  • Full service firm helps with setting up self-directed gold IRAs.
  • Have gained a strong reputation despite being newcomers in the industry.

CONS

  • Fee to get set up can be a little steeper than the competitors.

Final Thoughts

Patriot Gold Group is a solid company with a strong reputation. They have received consistently positive reviews since being founded in 2016. In addition, they have been accredited with multiple top watchdog organizations, like the BBB and the BCA.

All in all, there's nothing stopping you from using Patriot Gold Group's IRA services. However, there are other companies that have somewhat lower setup fees for their IRAs. If the setup fee is a big concern for you, then you might want to look elsewhere.

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