Patriot Gold Group Review - Is It a Reliable Gold IRA Company?

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Patriot Gold Group, located in Los Angeles, is a relatively new company, having only been founded in 2016. They’re a precious metals dealer, providing mainly gold and silver coins that can then be used for further investments. They also offer a fee-free IRA account if you can meet the minimum deposit requirement.

Because it hasn’t been around for long, some might question whether it’s a good place for opening a precious metals IRA account. I made it my mission to research and review most gold IRA companies, which is why, below, you will find my detailed Patriot Gold Group review.

Highlights:

Overall Rating Overall Rating 4.5/5

Fees

Investment Options

Ease of Use

Customer Service

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Pros & Cons

Everything has its advantages and disadvantages, and this precious metals dealer is not an exception. Here’s a short summary of Patriot Gold Group’s pros and cons.

Pros

You can choose your own custodian
No fees if you invest more than $100,000
Good selection of gold and silver coins
Good customer reviews
The process of opening an account is quick and easy

Cons

Doesn’t show the prices of the gold and silver coins on the website
Not a lot of information about fees
No online purchases
There is a minimum investment requirement of $25,000
A relatively new company

Quick Summary

Account Minimum: $25,000

Fees: $180/year

Promotion: Invest more than $100,000 and get all fees waived for the whole duration of your IRA account

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Quick Navigation

About Patriot Gold Group Patriot Gold Group Products and Services Patriot Gold Group Fees & Minimum Investment Patriot Gold Group Reviews & 3rd Party Ratings

Compare To Other Companies Patriot Gold Group Promotions How to Open an Account Patriot Gold Group FAQs

About Patriot Gold Group

The company was founded in 2016 by Jack Hanney. As stated on the Patriot Gold Group website, the members of their team have over 50 years of combined experience, so I have to say that they definitely know what they’re talking about when it comes to precious metals.

Contrary to many other precious metals companies that have all four IRS-approved precious metals in their offer, Patriot Gold Group seems to focus on only two of them – precisely gold and silver. At the moment, you can’t invest in other precious metal IRAs aside from those two, which means no platinum or palladium products are available.

Patriot Gold Group Products and Services

There are two main things that Patriot Gold Group specializes in – precious metals IRAs, and physical assets in the form of gold and silver bullion bars, bullion coins, and coins.

Gold and Silver

Just like with most precious metals brokers, you don’t have to have an IRA account to purchase precious metals in a physical form. I have to say that the inventory they offer is definitely impressive.

However, there are no prices anywhere on the site, which means that if you’re interested in purchasing any of them, you need to get in touch with their representative to make it happen.

Some of the gold coins available for purchase are the:

1 oz American Gold Eagle from the United States Mint
1/4 oz Mayflower Gold Bullion Coin from the Royal Mint
1 oz American Gold Buffalo from the United States Mint
1 oz Philharmonic Gold Coin from the Australian Mint

Some of the IRA-eligible gold coins include the:

Gold Gyrfalcon from the Royal Canadian Mint
Gold Polar Bear & Cube from the Royal Canadian Mint
1/4 oz Australian Spotted Eagle Ray 2021 Gold Bullion Coin from the Perth Mint

Now, for the silver coins worth investing in, I would suggest taking into consideration, for example, the:

Silver Maple Leaf from the Royal Canadian Mint
1 oz Silver American Eagle from the United States Mint

Finally, for a silver IRA, you should consider the:

Silver Arctic Fox from the Royal Canadian Mint
1.5 oz 2021 Australian Spotted Eagle Ray from the Perth Mint
1 oz Mayflower from the Royal Mint

Precious Metals IRAs

The second service Patriot Gold Group offers is a precious metal IRA. By keeping your gold investments in a self-directed IRA, you can make sure that your savings are well protected and waiting for you to reach the retirement age that allows you to withdraw the funds without facing a penalty.

Patriot Gold Group acts as a middleman between an IRA custodian, which can be any IRS-approved financial institution (such as a bank or a trust), and yourself.

Knowledge Center

Patriot Gold Group offers their customers constant updates about how gold and silver perform compared to several different currencies, thanks to which you can monitor how your precious metals investments are doing.

They also offer a free RMD calculator, which calculates how much you will be required to withdraw based on your age. All you need to access this information is to input your age and your IRA balance – the calculator will do the rest for you.

Patriot Gold Group Fees & Minimum Investment

I have to say, it was quite difficult to find information about the fees associated with Patriot Gold’s services, as there’s almost nothing about it on their website – this is something that I definitely wish they would’ve done differently, as cost transparency is very important to me. Still, I managed to find at least some information.

Those opening new precious metals IRAs with Patriot Gold Group need to know that there’s a setup fee of $225. However, if you invest more than $30,000, you won’t have to pay this fee, nor will you have to pay any storage fees for your first three years with them, and you will be reimbursed the $260 rollover fee if you have to pay it during your first year as a Patriot Gold Group customer.

If you invest more than $100,000, the annual fees ($180) will be waived as well.

If your investment exceeds $250,000, you are eligible for the No Fees for Life IRA, although if you want more information about how that works, you need to get in touch with their representative, as they will be able to tell you more about it.

There’s one thing you should remember when it comes to Patriot Gold Group fees – the custodians they work with, as well as the facilities that store your precious metals, can set their own fees for the services they offer, so you might still need to pay for the transactions you wish to complete.

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Patriot Gold Group Reviews & 3rd Party Ratings

So, what are the customers’ reviews of Patriot Gold Group? It seems like most people had a pretty positive experience with the company.

Their average score on Trustpilot is 4.9 stars, based on 93 reviews, 99% of which are five-star ratings. Some of the things they seem to stress out that contributed to the rating they gave include very knowledgeable staff who carefully and in detail answered all the questions they had, as well as the fact that the whole transaction went seamlessly.

They also have a five-star rating on Consumer Affairs – a score based on 134 reviews.

As for ratings independent of what customers think, they cannot complain about them either.

Better Business Bureau gave them a BBB rating of A+, which is the highest you can get – it’s reserved for those who scored 97 or more points during the evaluation process.

Business Consumer Alliance gave them an AA rating, meaning that while there is something that prevents the business from getting the highest AAA rating, it is not of much significance.

Finally, the reviews present on their own website show that if excellent customer service is something you value, you definitely won’t be disappointed by choosing to go with Patriot Gold Group for your precious metals investment.

Patriot Gold Group Promotions

Every once in a while, Patriot Gold Group has special offers for those who qualify. For example, not so long ago, you could get a free silver coin as long as you were eligible for it, which was determined during a phone call with a Patriot Gold representative.

You also have the opportunity to have all fees associated with an IRA account waived, although this is only the case if your investment meets the requirements.

How to Open an Account

As I already mentioned in the pros and cons section, setting up an account is very straightforward, and it’s even easier if you already have a precious metals IRA account with another company. The transfer can be completed via a phone call with a Patriot Gold Group representative, as you can sign all the necessary documents digitally.

The same goes for opening a completely new account. You can decide to either fill out the electronic form that is available on their website, or you can opt for a phone call, calling (877) 583-2399. The information you will need to provide is pretty standard when it comes to this kind of thing and includes your contact details, as well as your Social Security number and bank account data.

Once you submit the form, someone from their team will get in touch with you to complete the process.

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FAQ's

Once you determine that a gold IRA is right for you, it helps to know how to set on up. Though you may not want to rush into anything, you be surprised by how easy it is.

Yes. Despite not being around that long, Patriot Gold Group is definitely a legitimate gold IRAs provider.

There are several reasons why diversifying your retirement investments with precious metals is a good idea, but the most important one is that the value of precious metals isn’t as volatile as that of a dollar.

At the moment, you can choose from two metals to invest in – gold and silver.

When it comes to the question of where Patriot Gold Group stores precious metals, the answer is unclear. From what I saw, they do mention that Brink’s Global Services and the Delaware Depository are popular choices among their customers – however, I couldn’t find the complete list of which ones are available to you to pick from.

Unfortunately, due to IRS regulations, storing your gold and other precious metals that are associated with your IRA account is slightly more complicated than if you buy them separately. That’s because they need to be kept in an IRS-approved depository.

After looking at and comparing the list of precious metal coins available for purchase independently from an IRA and the list of IRA-approved coins, a question might arise about why are those two lists different and not all coins from the first one made it on the second one. That is a very valid question – and let me tell you why that is.

The truth is that the IRS is very strict when it comes to precious metals that they allow to be kept in a gold IRA account. To be eligible, gold coins need to have a minimum purity of .995%, while for silver coins this number is even higher, at .999% pure.

Donny Gamble

I’m Donny. An entrepreneur, world traveler, and active investor that is passionate about navigating through the blockchain by investing in precious metals like gold and silver.