Patriot Gold Group Review 2022 | Fees, Complaints & More

You may have heard of the Patriot Gold Group and are considering whether choose their services for your gold investments or IRAs. This review will help you make an informed decision.

What is Patriot Gold Group?

Seal Beach, California-based Patriot Gold Group facilitates transactions involving precious metals IRAs and offers a simple account creation process and a one-day turnaround. 

Jack Hanney is the CEO and Senior Partner. Patriot Gold Group is a registered member of the Numismatic Guaranty Corporation and a Professional Coin Grading Service-certified firm.

Patriot Gold Group Reviews

  • BCA Rating: AAA
  • BCA Complaints: 0
  • BBB Rating: A+
  • BBB Complaints: 0 complaints closed in last 6 years 
  • Trustpilot ⭐⭐⭐⭐⭐ (4.7/5) Based on 33 reviews
  • Consumer Affairs: ⭐⭐⭐⭐⭐ (5.0/5) Ratings - Based on 132 Reviews  
  • Google My Business: ⭐⭐⭐⭐⭐ (4.9/5) Ratings - Based on 188 reviews
  • Facebook:  ⭐⭐⭐⭐⭐ (4.9/5) Ratings - Based on 54 reviews

What does Patriot Gold Group offer?

Patriot Gold Group offers physical gold and silver for sale as bullion bars, coins, and coinage designed exclusively for IRA holders. Like other precious metals brokersthey enable you to purchase metals such as bullion bars and coins apart from a precious metals 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.

Silver and Gold coins

A wide selection of gold and silver coins is available from Patriot Gold Group. They sell gold coins including:

  • The United States Mint: Gold American Eagle
  • United States Mint: Gold American Buffalo
  • South African Mint: Kruger Rand Gold Coin
  • The Canadian Royal Mint: Maple Leaf
  • The Austrian Mint: Gold Philharmonic

The following gold coins are available as part of a gold IRA:

  • Perth Mint: Australian Spotted Eagle Ray 2021
  • The Royal Canadian Mint: Gold Arctic Fox
  • United States Mint: American Buffalo

Silver bullion goods are also available:

  • US Mint: Proof Silver American Eagle Silver Coin
  • US Mint: Morgan Silver Dollar
  • US Mint: Silver Kennedy Half Dollar BU 1964
  • The Royal Canadian Mint: Silver Polar bear
  • The Royal Canadian Mint: Silver Arctic Fox

The following silver coins qualify for a silver IRA:

  • Royal Canadian Mint: Silver Polar bear and Cub
  • United States Mint: Silver American Eagle Proof Coins
  • The Royal Canadian Mint: Silver Arctic Fox
Gold Bars

There are gold bars available from Patriot Gold. It appears they only provide the 10-ounce gold bars from the Royal Canadian Mint, and their product selection is somewhat limited.

How does Patriot Gold Group work? 

Transferring an existing self-directed IRA to Patriot Gold Group is a simple process if you already have one.

Call their call center to schedule the transfer. A representative will walk you through the processes and have you digitally sign the required paperwork.

Your accounts are opened 48 hours after that.

When opening a new account with the business, customers frequently follow a similar process that starts with filling out a registration form on the Patriot Gold Group website or calling a Patriot Gold agent.

Once you have paid the one-time cost and your account has been successfully set up and financed, you may start placing trading orders.

The speed at which the custodian transmits the money is frequently a factor in purchase timelines. We advise discussing the time required for fund transfers with several possible IRA custodians before deciding on one.

After Patriot Gold Group receives the money, trades are executed within two days. Patriot Gold Group ships your order to the storage facility of your choice after you buy the precious metals in compliance with IRS guidelines.

Although Patriot Gold Group is not an IRA custodian, they prefer to associate with Equity Institutional and STRATA Trust. They partner with IRA custodians like the Entrust Group, Kingdom Trust Company, and GoldStar Trust Company. Patriot Gold Group lets customers work with a custodian of their choice.

Storage of Precious Metals

When establishing a gold and silver IRA, secure safekeeping of your precious metal investments is essential.

Due to government laws, you cannot store precious metals related to IRAs at home or in a personal safe deposit box.

Patriot Gold Group collaborates with many depository companies, including Texas Depository, Delaware Depository, and Brinks Global Services USA. They will work with customers to arrange storage at any of these locations.

Other Factors

There are a few other things to consider. You won't know the precise amount you'll be paying until you've chosen your custodian because you have a lot of freedom. Budgeting may be challenging, consequently, and some people may find the process frustrating.

The buyback program is another factor. Patriot Gold promises to buy back your valuables when you are ready to sell them off. To receive a quote, you must complete an application. Because you can't immediately tell how much you'll get paid, some people may find this frustrating.

Regardless, there is no evidence that Patriot Gold Group's buyback program offers unjust prices as per our research. You don't need to be concerned about the difficulty of selling your assets because they purchase gold back at a price close to or equal to market value.

You may weigh your storage choices before making a personal investment in precious metals. 

Unlike IRA contributions, personal investments are not subject to similar IRS requirements. Nevertheless, we advise you to store your metals in a vault to keep it safe, secure, and insured.

Rates and Fees

Investor Direct Pricing is another benefit offered by Patriot Gold Group. While other dealers charge a percentage fee on top of the customer's purchase of precious metals, Patriot Gold Group does not. Additional requirements include a $25,000 minimum investment.

In the case of new Precious Metals IRAs, Patriot Gold charges a $225 startup fee, although this is waived for investments of $30,000 or more. They reimburse the $260 first-year rollover cost. 

Patriot Gold Group does not charge for the first one to three years of storage fees. Participation in their No Fee for Life IRA is open to accounts with a balance of $250,000.

Repayment Terms

It’s crucial to remember that precious metals storage services and custodians determine their independent rates. It’s smart to verify the associated expenses before opening an account.

Annual fees charged by custodians depend on many variables, including the client's account amount. Patriot Gold Group is compliant with all custodians. They can recommend a dependable partner if you are unclear about which custodian to choose. Finally, a $250,000 balance is required to participate in their No Fee for Life IRA.

Pros & Cons 

Pros

  • They are experts in precious metal IRAs and are familiar with the procedure.
  • Reviews on the Better Business Bureau, the Business Consumer Alliance, and Trustlink are incredibly positive.
  • The business has skilled professionals on staff who can assist you in creating a self-directed IRA.
  • A market pioneer with years of collective experience, this company provides direct pricing for investors.
  • No IRA costs on accounts worth $100,000 or more.

Cons

  • To obtain sufficient information, you need to call or complete a form on the website.
  • The setup price of $225 is slightly higher than that of other gold IRA businesses.
  • The minimum investment is high
  • Prices not made clear

FAQs

What is the guarantee on the precious metals prices I purchase for my IRA?

Like any investment, the future value of precious metals cannot be predicted or guaranteed. Various market factors might cause prices to increase or decrease. For instance, the value of gold and silver increased dramatically between 2000 and 2011, underwent a downturn for several years, and then started to peak again. You should see precious metals as a long-term investment, similar to IRA assets.

What are the advantages of Patriot Gold Group's no-fee IRA?

Adding a precious metals IRA to your portfolio is a terrific method to diversify your holdings. Your wealth will get better security from upcoming market crashes through diversification. In addition to providing insurance against inflation and defense against the dollar's declining value, gold and silver also provide... History has proven that the value of precious metals such as gold, silver, and platinum increases over time.

The capacity of investments in precious metals to outperform standard stocks is another advantage. Invest in precious metals if you're trying to build a dependable, no-fees-for-life IRA account. 

Balance your portfolio and protect yourself from potential hazards with this option. Call the Patriot Gold Group customer care to understand how to open your no-fee IRA account.

Do I have to use the companies that Patriot Gold Group suggests, or can I use any storage method?

IRS laws prohibit holding precious metals associated with IRAs at home or in personal safety deposit boxes. All IRA assets must be stored with a bank or an authorized non-bank trustee under conditions that limit access and maintain all precious metals separate from the customer. 

Patriot Gold Group collaborates with Delaware and Brinks Global. They can help customers set up accounts or contact these businesses to make storage arrangements.

Do I have to use Patriot Gold Group's suggested businesses, or may I use any self-directed IRA custodian?

Patriot Gold Group collaborates with any US-based self-directed IRA custodian that has received IRS approval. But they do name STRATA Trust Company and Equity Institutional as two of the options for self-directed IRA custodian businesses.

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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