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Patriot Gold Group Review: Pros, Cons, Is It Legit?

Precious metals are a great way to diversify your investment portfolio and hedge against inflation, but you need the right company to guide you in your purchases. So the question is: Is Patriot Gold Group the best?

We work hard to research gold companies and provide the facts, whether they are good or bad. In this Patriot Gold Group review, we promise to give you all the details so you can make an educated decision for your financial future.

Is Patriot Gold Group the right precious metals dealer for you? Continue reading to find out.

Article Table of Contents show

What is the Patriot Gold Group?

Patriot Gold Group has been in business for over 30 years, making it one of the oldest precious metals brokers in the industry. The company is affiliated with the Numismatic Guaranty Corporation and partners with a professional coin grading service.

Who Owns Patriot Gold Group?

Some impressive names run Patriot Gold Group. Jack Hanney is the co-founder of the company and current CEO. Jack graduated from the University of Vermont and has over 30 years of experience working in the finance sector.

The company is headquartered in Los Angeles, California. Patriot Gold Group has worked to provide a smooth experience for its customers consistently.

Ratings, Reviews, & Complaints

We consistently review gold dealers and brokers to determine if they will be a good fit for our readers. As we begin researching a company, we first want to know what consumer rating sites and customers are saying. What are the Patriot Gold Group reviews saying?

Reviews can be very telling for a company like Patriot Gold. Although no company can fulfill customers' needs, many poor reviews should be a red flag.

At the time of this writing, the Better Business Bureau has awarded Patriot Gold Group an A+ rating. The company has a 5-star rating, with only three customer reviews. There have been zero customer complaints filed on the Better Business Bureau website.

On Business Consumer Alliance, the company has an AA rating, with a five-star rating, based on 17 customer reviews. There have been zero complaints to the BCA in the last three years.

We scoured the Internet and could not find any major complaints for Patriot Gold Group. Most customers seem to be happy with the company's services and give them a glowing review.

Patriot Gold Group Pros & Cons

As we continually say, no company is perfect. If you are expecting perfection from the Patriot Gold Group, you will likely be disappointed when you start your precious metals IRA. The following are some of the top pros and cons we discovered in our research for this Patriot Gold Group review.

Pros

The turnover and response rate for Patriot Gold Group is lightning fast.
The company offers a high level of customer service, with a team of friendly representatives.
The company has been in operation for over 30 years and has developed a solid and respectable reputation in the industry.
Patriot Gold Group makes the process of setting up new precious metals IRAs simple.
Patriot Gold Group partners with some of the top gold custodians and depositories in the industry.

Cons

Is Patriot Gold Group a Legit Company?

Patriot Gold Group is a legit company. In our research, we have come across many scam companies. We hate discovering these but are always anxious to warn our readers about the dangers.

As we researched for this Patriot Gold Group review, we dug as deeply as possible in the recesses of the Internet. We could not find any major red flags for the company.

Just because a company is legit does not mean they are the best. As you continue to read this Patriot Gold Group review, you will have to decide for yourself if the company is right for your precious metals IRA. We will give you our final verdict at the end of this article.

What Precious Metals IRA Products Does Patriot Gold Group Offer?

Patriot Gold Group sells gold and silver bullion bars and coins. You cannot purchase platinum or palladium products from them at this time. Below, we will discuss some of the gold and silver available on the Patriot Gold Group website.

Gold and Silver Coins

American Gold Eagle Coins
Gold American Buffalo Coins
Gold Krugerrand Coins
Gold Maple Leaf Coins
Gold Philharmonic Coins
Australian Spotted Eagle Ray Coins
Gold Artic Fox Coins
Silver Arctic Fox Coins

These coins are available from different institutions, including the Royal Canadian Mint. Patriot Gold works to ensure they have a full inventory of coins and bars that meet the IRS regulations for purity. They also receive new inventory regularly for personal investment or retirement investments.

Patriot Gold Group also offers gold and silver bars. When browsing their selection, it is important to remember which coins are approved by the IRS for a self-directed IRA. An account representative can help you through the process of purchasing from the Patriot Gold Group store.

They offer a wide selection of Gold American Eagle Coins and other precious metal IRA options. A Patriot Gold representative will be happy to help if you need assistance with your purchases. They can also help you understand the storage fees involved.

How to Open Precious Metals IRAs With Patriot Gold Group

If you already have an existing self-directed IRA, you can easily get started with Patriot Gold. Even if you do not have an IRA, opening one is fairly straightforward because Patriot Gold Group handles much of the work. The steps are as follows:

Complete the registration form or speak with a Patriot Gold Group representative who will help you through the process of setting up your new precious metals investment account. If you have questions about the tax benefits, ask for help.
You will need to pay the one-time setup fee, which we will discuss later in this article.
You can then fund your account with a rollover or wire transfer for your precious metal IRA.
You can then start purchasing precious metals for your traditional IRA account. Make sure you understand the storage fees when you invest in precious metals.

In our research, we discovered Patriot Gold Group is very good at taking the hand of new customers and walking them through setting up their gold IRA. This precious metals dealer is also good about answering questions regarding your precious metals investment.

What are the Fees Charged By Patriot Gold Group?

Patriot Gold Group is a little different than some of the others we have seen regarding fees. Some companies charge a premium charge for all premium gold and silver coins. Instead, they charge a setup fee. This charge is a one-time fee of $225.

Patriot Gold Group waives the charge if you invest over $30,000. The company will also waive the first three years of storage and pay the $260 rollover fee on qualifying accounts.

If you have an account valued at $250,000 or more, you can take advantage of Patriot Gold Group's No Fee For Life IRA. Most precious metals brokers do not offer this kind of deal.

You should also remember that the partnered custodians and depositories charge various fees. When we contacted Patriot Gold Group, we learned they work with STRATA Trust and Equity Institutional as their preferred IRA custodian options. They will also send your gold to the IRA custodian of your choice.

You will be responsible for paying the IRA custodian fee that is charged annually. You will also pay annual fees for the storage of your gold and other precious metals. Inquire about the fees for silver coins before you get started.

What are the Benefits of Precious Metals IRAs?

Are you still on the fence about investing in precious metals IRAs? We understand it can be a little overwhelming to get started, but gold investments offer many benefits.

Investing in precious metal is investing in your future. The following are some of the top benefits of investing in a silver IRA:

Investing in precious metals is generally safer than other physical assets. Gold bars, coins, and rounds typically hold their values, even when the economy is crashing or Fiat currencies are losing value. Remember that when you invest in precious metals, they are not subject to inflation.
Investing in gold and silver gives you more control. Although there are IRS rules in effect, you still control the gold and silver coins, bars, and rounds you purchase. You will receive guidance through the process but will always remain in ultimate control.
Because the demand for precious metals continues to rise, you will likely get a great investment return. The greater the demand, the greater the value, which is something to keep in mind when deciding on a gold IRA.
Unlike Fiat currencies, precious metals do not begin to fall with the stock market. Precious metal coins offer a hedge against inflation, giving you greater peace of mind in knowing your retirement account is better protected.
There are many options for investing in precious metal IRAs, as long as you follow the rules. For instance, you can invest in the coins Patriot Gold Group offers, like the Kruger Rand Gold Coin, the Silver Polar Bear, American Gold Eagle, and many others from the Royal Canadian Mint.

As you can see, there are many benefits to getting started with a precious metals investment. Once you know the rules for storing precious metals and the fees involved, the rest will be simple.

FAQ About Patriot Gold Group

We have tried to be as thorough as possible with this Patriot Gold Group review, but we understand you may have further questions about investing in gold and silver coins. The following are some of the top questions people have about Patriot Gold Group and their services for precious metals IRAs.

Is Patriot Gold a Good Company?

Patriot Gold is a good company, but they are not the best. Patriot Gold Group is a trustworthy company, and they have good ratings from customers. You can trust them with your precious metals, but there are better precious metals IRA companies in the industry.

Who Holds the Gold in a Gold IRA?

A gold depository holds your gold in a gold IRA. You cannot store precious metals in your IRA at home when you invest in a precious metals IRA.

The IRS requires investors to place their precious metals in an approved depository. Companies like Patriot Gold Group partner with depositories, but you are always free to choose your own as long as it is IRS-approved.

What Is the Best Company From Which to Buy Physical Gold?

The best company to buy physical gold from is Goldco. We recommend them because they have such a high level of customer service. Goldco goes above and beyond what Patriot Gold Group offers if you are looking for guidance for your IRA account.

Can I Hold Gold Coins in My IRA?

You can hold gold coins in your IRA as long as they are IRS-approved. Gold coins must meet the purity requirements set forth by the IRS. Patriot Gold Group ships your coins directly to your depository or your home, depending on your preferences.

Our Final Verdict

We could not find much wrong with this company, but we do feel you should consider all your options. While Patriot Gold Group offers good services for precious metals IRA guidance, companies like American Hartford Gold or Goldco are also extremely competitive. American Hartford Gold has a low price guarantee.

If you are new to investing in gold and silver coins, you will need a lot of guidance and you will find that with American Hartford Gold and Goldco.