Capital Gold Group Review 2022 | Fees, Complaints & More

Investing in precious metals is an excellent way to start diversifying your portfolio. Before embarking on your precious metals investment journey, you must first find a trustworthy and dependable service provider.

This review will focus on Capital Gold Group, their services, product fees, reputation, and more.

What is Capital Gold Group?

Woodland Hills, California-based Capital Gold Group was founded by Jonathan Rose in 2000 with the company going online in 2003. 

Several reviews claim that Capital Gold Group has declared bankruptcy, although there has been no official confirmation for this to date.

Access to its website is presently unavailable, and diverts to Gold IRA, a division of Midas Gold Group. As such, Capital Gold Group now identifies as Gold IRA.

Before we continue...

We have worked very hard to review, research and reveal the most important pieces of information that investors need to know before investing their money. We have been able to narrow a list down to the top 5 gold IRA companies.

I recommend you check the list before proceeding with any IRA transfer.

Quick answer: Goldco is our #1 recommendation for multiple reasons, including their A+ BBB rating and their special offer of up to $10,000 in free silver.

What services does Capital Gold offer?

Capital Gold Group offers gold, silver, platinum, and palladium bars and coins in addition to precious metals. Some metals they offer are IRA-approved. Capital Gold Group assists investors in increasing their holdings of gold or silver. 

Company professionals assist potential investors in opening an account and addressing customer inquiries and account issues. You can feel secure knowing your precious metals are stored securely at a third-party depository. The turnaround time is typically quick and dependable, and they also store precious metals upon clients' requests.

  • Bullion Bars and coins
  • Numismatic Coins
  • Retirement and investment vehicles

The Capital Gold Group performs IRA rollovers in addition to being an investment firm. This may cause problems for some consumers looking for an investment firm specializing in IRA rollovers. On the positive side, this also demonstrates the company's reliability and trustworthiness in securing investors' gold IRAs. 

However, Capital Gold Group is not a custodian; instead, they provide IRA custodian partners who can meet the needs of their clients.

How does Capital Gold Group work?

Capital Gold Group offers gold IRA accounts to investors. An outside custodian manages the accounts on behalf of the business. Although using an external custodian for IRA accounts can have benefits, doing so can also increase costs for investors because of the extra administrative charges.

Nevertheless, because Capital Gold Group doesn't currently have a website, all transactions are carried out through Gold IRA, a division of Midas Gold Group. As a result, you can choose to open an IRA with Gold IRA.

Traditional IRA's basic features

  • A Traditional IRA may be started or contributed to by any US taxpayer or spouse under the age of 70.
  • Before you take IRA distributions, you are not taxed on any contributions you make to a traditional IRA.
  • For those under 50, the Traditional IRA contribution cap for 2022 is $6,000 per year.
  • For people 50 and over, the 2022 Traditional IRA contribution cap is $7,000 per year.
  • Early withdrawal penalties do not apply to traditional IRA distributions until age 59+. Instead, withdrawal taxes apply.
  • You must pay ordinary taxes on top of a 10% penalty if you “withdraw early” from a Traditional IRA before age 59.
  • Traditional IRA owners must begin receiving distributions known as Required Minimum Distributions (RMDs) of Traditional IRAs at age 72.
  • If you have a Traditional IRA, you can designate one or more beneficiaries to receive your account’s assets after you pass.
  • If the plan permits, many other retirement accounts can be rolled into a Traditional IRA without incurring any taxes or penalties.
  • A few more IRAs that can be converted into a Traditional IRA include SEP-IRAs, SIMPLE IRAs, (spouse) inherited IRAs, and Rollover IRAs.
  • You cannot convert a Traditional IRA from a Roth IRA.
  • Simply paying the taxes allows you to convert a traditional IRA to a Roth IRA.

Physical gold, silver, platinum, and palladium are all permissible investment options for Traditional IRAs (though a change of custodian may be required).

Setting up an Account

Moving the IRA account from another financial institution to Capital Gold Group will take around 21 days. 

You have to pay a setup charge and an ongoing IRA management fee.

  • Setup fees are upfront.
  • You have to pay an annual admin fee.
  • There are yearly storage fees.
  • The amount required at minimum
  • You can opt for your depository of choice.

Midas Gold Group claims they are pleased to provide Capital Gold Group customers with no-fee evaluation services if they have already set up an IRA or a Home Storage. 

They can also buy back (repurchase) any assets in any IRA that Capital Gold Group has set up.

Because the websites are vague and some reviews online indicate the company may be defunct, it's unclear whether the business has just changed its name to Gold IRA. As such, we advise you to do thorough research on Capital Gold Group and look for alternative products to invest your hard-earned money.

Rates and Fees

The usual delivery period for purchases of gold and other precious metals is 21 days. Investors have the option of storing their metals in the Delaware Depository's storage amenities. Segregated storage costs $200, while pricing for storage starts at $100.

  • They have non-disclosed annual admin fees.
  • $10,000 is the minimum purchase amount.
  • They use Delaware Depository storage facilities.

Repayments Terms

Website and online information are not available. There are no payment terms to check. The buyback policy is also debatable.

The resale value from current clients' investments does not meet expectations. The gold they purchased from the firm was only offered half of what they initially spent. It implies that a minimum of 30% to 50% premium was deducted from the gold wholesale price.

Pros and Cons of Capital Gold Group

Pros

  • Provides various precious metals
  • The company "Gold IRA" now handles customer support (Midas Gold Group Division)

Cons

  • Complaints and unfavorable testimonials
  • Not a direct provider of IRA services
  • No clear policy regarding buybacks
  • Price and Resale value have challenges
  • Confusion in websites and point of contact

FAQs

What are Capital Gold Group's ratings?

Capital Gold Group has a mix of positive and negative ratings and reviews. Nevertheless, some of them are alarming:

·       BBB - F rating, 11 reviews, with 5stars, not BBB accredited.

·       Business Consumer Alliance has one feedback and a AAA rating.

·        Ripoff has 10 reports.

·       Trustpilot has 3.2 ratings based on 11 reviews.

·       Yelp has 10 reviews with a 3.5 overall rating.

·       Trustlink has a 4.5-star rating based on 206 reviews.

The positive scores are only from a few reviews, and don't seem that impressive. Its F rating from BBB, however, is concerning. It also lists 10 reports on Ripoff Report. What's more, most comments date back from 2016 to 2018. Therefore, we advise caution before investing in Capital Gold Group.

Does Capital Gold Group pose a fraud risk?

Since Capital Gold Group has offered legitimate goods and services for many years, we do not believe it to be a fraud risk. Regardless, there are now too many complaints and a lack of clarity around its brand and website.

Given these worries, we would advise you to check reputable precious metal dealers, such as Augusta Precious Metals which is highly recommended by many investors.

How much gold or silver should you own?

If you ask how much gold or silver is enough, the conventional response is between 5% to 10% of your portfolio. The figure comes from research in the 1980s. The most efficient ratio balance of stocks, bonds, properties, and precious metals were examined in the same study. However, the study is outdated. Today the markets are more erratic, and the risk is high.  

The ownership stake in gold should be at least 20%. Mike Maloney and James Rickards are two of the most well-known proponents of gold.

What is a Custodian for a Gold IRA?

Self-Directed Gold IRA's gold or silver should be under the charge of an IRS-approved custodian or trustee as per the tax code.

The IRS-approved IRA custodian is a licensed, bonded, and insured asset protector as a trusted firm with these licenses and insurances.

Dependable businesses will cooperate with the majority of well-known and reliable IRA custodians. The service provider will be your primary point of contact for starting sales, future rollovers, and any distributions you may order. The service provider will function as your dealer of record.

What to expect from Gold IRA Custodians?

  • Your investment is safeguarded in insured storage space managed by a professionally licensed custodian.
  • IRA valuation reports and quarterly statements
  • Quick response to requests for distributions and Required Minimum Distributions (RMDs)
  • Compliance with all laws and regulations. 

What is an IRA rollover?

Traditional IRAs and Roth IRAs are set up to receive a transfer of money from an employer-sponsored plan like a 401(k), 403(b), or 457 are examples of rollover IRAs (b). Any amount can be transferred to a rollover IRA. It’s possible to transfer money from an employer-sponsored plan upon retirement or termination of employment. The same laws and guidelines which apply to Traditional or Roth IRAs also apply to Rollover IRAs.

About the author Greg Lorenzo

Greg is a financial expert who has been advising his audience on loans for over 10 years. He has a wealth of knowledge and experience in the area, and he is passionate about helping people get the best possible deal on their loans. Greg is an expert in negotiating loans, and he has a proven track record of getting his clients the best possible terms. He is also a strong advocate for financial literacy, and he regularly gives workshops and seminars on the topic.

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