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Are you considering investing in gold? If so, you have likely come across two popular companies in the industry: Goldco and Patriot Gold Group.
While both companies specialize in gold iras and precious metals, there are significant differences between their offerings that could have an impact on your investment strategy.
In this comprehensive comparison, we will delve into the different aspects of each company to help you determine which one is the right choice for your investment goals.
Before we get started:
Inflation and rising interest rates has destroyed many people's savings. Many investors feel defeated and helpless, but you can fight back.
Gold and other precious metals have been used to protect against inflation for thousands of years. And when you hold physical in a tax-protected savings account, it gets even better.
Opening a gold IRA can sound complicated, but it's really not.
That is why we created a list of our most trustworthy investment companies, to make comparing and choosing the company best suited to your needs as easy as possible.
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Protect Your Retirement Savings from Inflation & Taxes!
Goldco was founded in 2006 with a focus on providing customers with a safe alternative to traditional investments such as stocks or bonds.
The founders recognized that in times of economic instability, gold and other precious metals have a history of retaining value while other investments may falter. Today, Goldco is a leading provider of precious metal iras, offering customers access to gold, silver, platinum, and palladium.
Patriot Gold Group
Patriot Gold Group was established in 1986 by an experienced team of experts with the aim of helping customers protect their wealth through diversification into tangible assets like precious metals.
Over the years, Patriot has built a reputation as a trusted provider of gold and silver iras, and other physical precious metals. They prioritize excellent customer service throughout the investment process.
Products and Services
Goldco offers a wide array of products for investors looking to diversify their portfolio with physical metals. Their offerings include gold, silver, platinum, and palladium coins and bullion bars suitable for ira rollovers.
Amidst all these options, their expertise lies particularly in offering specifically tailored ira accounts that allow clients to hold IRS-approved gold coins or bars within them for tax-deferred retirement savings.
Patriot Gold Group
Like Goldco, Patriot provides physical precious metals such as gold and silver but also offers a diverse range of coins, bars, and other forms of precious metals (including platinum and palladium).
For people already holding an ira account, Patriot Gold Group provides retirement account transactions to convert their paper investments into a tangible resource that can offer better protection against economic volatility.
IRA Setup Process
Setting up a gold ira with Goldco is simple and hassle-free. The company aims to simplify the onboarding process by providing clients with a dedicated account representative to walk them through the investment process step-by-step.
To open an account online or over the phone, you need to start by simply filling out an application form. Then your account executive will handle all crucial steps from there, including funding, accessing fees associated with various types of purchases for precious metals, and tracking precious metal prices.
Patriot Gold Group
Unlike some of their competitors who require investments in bundles or packages, the setup process for Patriot's gold ira is straightforward.
Once you enter your details online or over the phone, you will receive assistance in filling out the necessary paperwork (which includes rollover requests from your previous retirement account), selecting your preferred IRS-approved metals, and then funding your new account.
Fees and Expenses
Gold iras at Goldco attract charges that are relatively low compared to other providers. Precious metal storage fees are around $150 per year regardless of initial contribution amounts - which is more than reasonable given that segregated storage facilities are reputable high-security ones like Delaware Depository.
There may be certain types of individual administrative fees depending on investors' investment preferences. As such, these may be more tailored and vary across client-to-client, but these fees remain standard throughout each investor's period.
Patriot Gold Group
While there are no additional annual flat costs associated with opening an ira at Patriot Gold Group, their storage fees could be higher than some competitors. These charges depend on client purchase orders: hence customers needing lesser storage space could travel better with Patriot.
Goldco has various storage options, although customer preferences vary. With their segregated storage option, the customer's assets are stored separately from others in a high-security facility outside the banking system.
Other clients may prefer to have entirely separate storage facilities so their assets will never commingle. Pending your unique preferences, you can opt to store your gold, platinum, or palladium coins or bars in at least one location within each of their recognized repository facilities.
Like Goldco, Patriot Gold Group provides a segregated and secure storage option through a reputable partner (Delaware Depository).
Additionally, separately charged line items are available for other clients with specific preferences regarding co-storage and single-location facility provisions.
Goldco guarantees buyback offers for any precious metal sold to them, offering up-to-date market rates regardless of whether original purchases were made through gold-backed iras. Such offers usually depend on specific performance metrics and inventory thresholds however.
Patriot Gold Group also guarantees repurchases at current market rates when clients sell any metals bought through them within the prior two days. Their policy is irrevocably one day beyond that of most comparable competitors who conduct IRS-approved precious metals sales transactions.
Goldco is committed to providing exceptional customer service throughout the investment process. They provide an extensive knowledge base on their website that investors can browse to find answers to common questions or concerns.
By prioritizing communication channels that include live chat support and phone based support-, customers can easily get invaluable information from agents on everything from initial ira setup application processes to investing strategies as time goes on.
Patriot Gold Group
Patriot will assign personal account representatives to each client committed to purchases over $25k worth of physical metals. These customer service reps play a crucial role throughout the investment process and are readily available via email or phone when there are questions regarding precise accounts.
Education and Resources
Investing in precious metals can be a daunting task, especially if you're new to the market. That's why Goldco and Patriot Gold Group offer their own unique sets of education and resources to help you make an informed decision. Let's take a closer look at both companies and what they have to offer.
Goldco provides investors with a beginner's guide to precious metal investing. This guide covers all the basics, from the benefits of investing in gold and other precious metals to strategies for managing risk and maximizing returns.
Additionally, Goldco offers a collection of blog articles that cover current market trends and news to help keep investors informed about fluctuations in the market. Lastly, they provide an investment calculator tool so you can calculate the potential value of your gold or silver ira.
Similarly, Patriot Gold Group has its own set of resources geared toward educating prospective investors on the value of precious metals. They provide their Investing in Precious Metals 101 Guide, which includes information on popular investment options like gold iras and silver iras.
In addition, Patriot Gold group offers The Gold IRA Handbook to help navigate through some of the complexities around setting up an account. Lastly, there is also a section on market updates and analysis blogs so potential investors can stay up-to-date with any fluctuations in the market.
Account Management Tools
Goldco and Patriot Gold Group both make it easy for investors to manage their accounts online through dedicated account management tools and portals. Here's what you can expect from each company:
When working with Goldco, customers will have access to an online account management portal that allows them to easily monitor their portfolios, statements, and transactions. This platform is designed to be straightforward and user-friendly so that you can access all your information quickly.
Patriot Gold Group provides clients with a dedicated client portal designed specifically for managing transactions, account balances, and storage information. The platform is highly secure and user-friendly, making it easy to manage your account information and monitor your ira assets.
The Patriot Gold Group client portal is designed to be intuitive and easy-to-use so that you can stay informed about your investments without having to worry about any complex technical issues.
Overall, both companies offer similar features when it comes to account management tools, making it easier for you to keep track of your precious metals investments.
Ratings and Reviews
Goldco boasts an A+ rating from Better Business Bureau (BBB), while Trustpilot awarded them 4.8 out of 5 stars based on over 1,000 reviews.
Many reviews praise Goldco's knowledgeable account representatives, secure storage options, and low fees.
Patriot Gold Group
Patriot has an A+ BBB rating- the same as Goldco's.- with around 70 customer comments from Trustpilot at an average score of 4.7 out of five possible.
The most common commendations regarding Patriot add trust to its already excellent customer service offerings and high-quality precious metals provided.
Pros and Cons
Patriot Gold Group
Can I transfer an existing IRA to a gold IRA?
Yes, both Goldco and Patriot Gold Group offer options to transfer existing IRAs to a gold IRA without tax penalties.
What are the tax implications of a gold IRA?
There are no immediate tax implications when setting up a gold IRA; taxes will come into play when you decide to make withdrawals from your account.
How do I liquidate my gold IRA assets?
You can choose between selling your precious metal back to the provider, rolling them over to another retirement plan, or liquidating through your chosen custodian.
How long does it take to set up a gold IRA?
The setup time varies depending on the provider. However, typical wait times span two weeks or less once all details regarding your account have been received by your account representative.
Can I add physical gold and silver to my existing IRA?
Yes, an individual wishing to add physical gold or silver can meet specific regulations provided by either company without any difficulties.
In the competitive world of precious metals investment, Goldco and Patriot Gold are both well-respected companies that cater to the needs of investors.
Although both companies have their merits, Goldco has consistently emerged as the preferred choice for investors seeking a secure and profitable investment experience.
Goldco excels in offering a wide range of investment options, including gold and silver IRAs, as well as the ability to buy physical gold and silver. This versatility allows investors to tailor their investment strategies according to their risk tolerance and financial goals.
Patriot Gold, while also providing gold and silver IRAs, has a more limited selection in comparison.
In conclusion, while both Goldco and Patriot Gold have their strengths, Goldco's comprehensive investment options, exceptional customer service, rich educational resources, and transparent pricing make it the preferred choice for investors seeking a reliable and profitable precious metals investment experience.
Remember to read our list of the Best Gold Investment Companies to work with, before investing your hard-earned savings!