This is a detailed report prepared for gold investors. It looks into Midas Gold Group and is based on my and my team’s analysis of 20+ factors.
You’ll find out whether they are a reliable comapny or not. Furthermore, I have shared my own personal experience with this gold IRA firm.
Let’s jump into it:
Before you begin investing in precious metals, I suggest getting this gold IRA scam checklist. It will help you identify the red flags of a potential scam and figure out whether they are worth your money or not:
What is the Midas Gold Group?
Midas Gold Group, also known as MGG, was created in 1970, began operations in 2007, and incorporated in 2010 to offer services for gold IRA deposits.
With nearly two decades of experience, MGG is a prominent player in the precious metals sector. Their dedication to preserving and expanding consumer wealth sets them apart from profit-driven organizations. Midas Gold Group’s BBB rating is 3.67 out of 5 stars.
The Midas Group’s roots in precious metals may be traced back to the 1970s, when it was founded with the goal of providing alternate methods of wealth preservation. In 2010, they focused in gold IRAs, assisting clients in developing varied portfolios of precious metals, such as coins and bullion.
Their website offers numerous educational information and price charts to help you make informed investing selections, cementing their reputation as a reliable IRA supplier in the United States. Midas Gold Group, an international corporation, operates in all 50 states and is based in Phoenix, Arizona.
Who Runs Midas Gold Group? How Experienced Are They?
I was disappointed to find no information about the leadership of Midas Gold Group.
To be honest, I expected a bit more transparency.
However, in today’s age of privacy risks, I understand why MGG owners might have refrained from sharing their names and details online.
I’m a private person myself so I can see where they are coming from.
Furthermore, in the age of AI, there are new risks arising regarding our privacy.
However, some investors might prefer a more transparent company. I suggest you check out our best gold IRA companies to see which companies are transparent.
Is There a Midas Gold Group Lawsuit Investors Should Worry About?
No.
There isn’t any lawsuit against Midas Gold Group. However, there is a legal battle going on involving a company called “Midas Gold Corp”.
However, that’s a different entity.
While Midas Gold Group is a precious metals company, Midas Gold Corp is a mining firm.
Midas Gold Corp, involved in a significant environmental lawsuit, faces allegations related to pollution at its Stibnite Gold Project in Idaho. The lawsuit centers around accusations that the company, through its operations, contributed to water pollution in the area, violating environmental laws.
The legal contention primarily focuses on the release of arsenic and antimony into local rivers and streams, substances that pose serious environmental and health risks. These pollutants are believed to stem from the mining activities at the Stibnite Gold Project, which aims to extract gold while also planning to restore the site that has a legacy of historical mining impacts.
Environmental groups and possibly government agencies have raised concerns about the company’s adherence to environmental standards and regulations, leading to legal actions. These actions seek to address the environmental harm caused and ensure compliance with laws designed to protect natural resources and public health.
Midas Gold Group is not involved in any lawsuits. And that’s a relief.
One of the major signs of a company’s reliability is their legal history. In this regard, the Midas Gold Group is a successful company.
They haven’t faced any lawsuits.
How do you Open a Midas Gold IRA?
Midas Gold Group is devoted to providing its clients with the knowledge they require to make informed decisions. When it comes to gold IRAs, Midas Gold offers detailed information on why investors should open one and how to get started.
Midas Gold Group can assist you with a gold IRA rollover. Midas Gold Group will assist you in selecting the appropriate IRA custodian for your needs. They will give you a pre-filled paperwork to start your new IRA or retirement account with your new custodian.
Once this is completed, they will assist you with a tax-free direct transfer or rollover from your current IRA custodian or plan administrator. Then, they’ll assist you in selecting your preferred insured depository for safely storing your gold.
Finally, you’ll be able to buy gold with the assistance of Midas’ IRA specialists. The metals will then be shipped to the precious metals IRA depository of your choosing.
They work with some of my favorite custodians: Equity Trust Company and Kingdom Trust Company.
What Products Does Midas Gold Group Offer?
Midas Gold Group provides gold, silver, platinum, palladium, and rhodium. After studying the inventory, it is easy to conclude that Midas offers a wide range of products that will fulfill the needs of investors and collectors. Let’s take a look at some of Midas’ offerings in each category:
Gold
Gold is one of the most popular precious metals. Midas Gold Group claims to help you buy gold coins, gold bullion, or unique coins.
The company sells a wide range of gold products at reasonable costs. All you have to do is select one of the available options and begin the buying process. A few of them are:
- Gold American Eagle
- Proof Gold American Eagle
- Gold American Buffalo
- Proof Gold American Buffalo
- Gold Canadian Maple Leaf
Silver
Silver, like gold, has long been viewed as a private and tangible means of preserving riches. In today’s unstable economic environment, there is no better way to protect your wealth than to invest in silver and other precious metals.
The use of silver as legal money dates back to 600 BC. Global empires such as the Romans, Chinese, and Greeks created silver coins and utilized them to exchange goods and services. Some of MGG’s silver items include:
- Silver American Eagle
- Proof Silver American Eagle
- Silver American Buffalo
- Silver Canadian Maple Leaf
- Silver Vienna Philharmonic
Platinum
Platinum is also known as “rich man’s gold” at times. It is a highly valuable metal when compared to gold and silver.
Throughout history, platinum has cost more than gold. It’s a soft, hefty metal. It is well-known for its catalytic properties, which allow it to accelerate chemical processes while maintaining its structure.
Some of the MGG’s Platinum items include:
- Platinum American Eagle
- Platinum Vienna Philharmonic
- Platinum Canadian Maple Leaf
- Platinum Australian Platypus
My Experience with Midas Gold Group
My personal experience with Midas Gold Group was impressive. While I found the lack of transparency a bit disappinting, the easy navigation of their website removed my doubts about their credibility.
They have been in the indsutry for multiple decades and it shows.
I discovered that their team is made up of real experts who understand the nuances of precious metals.
Overall, I found MGG to be quite a friendly company.
What I Like About Midas Gold Group
Great Product Catalog
Midas Gold Group distinguishes out for having a broad assortment of precious metals and unusual coins. Whether you’re an investor or a collector, Midas Gold Group offers a wide and extensive product catalog for clients to consider.
Extensive Assistance
Midas Gold Group appears to provide substantial assistance with all things precious metals. If you need help rolling over an IRA, starting a gold IRA, or purchasing precious metals, Midas Gold Group has you covered.
The company’s website is highly informative and has a wealth of information to assist clients in making the best option for their specific needs.
Prompt Team
Another advantage of Midas Gold Group is the company’s prompt payment. Even basic payments will be initiated within a few days, which is very impressive. If rapid payments are a high priority for you, Midas Gold Group is certain to exceed your expectations.
What I didn’t Like About Midas Gold Group
Limited Online Presence
While Midas Gold Group is an accredited corporation with an A+ rating, it does not have much traction overall. Compared to its competitors, Midas Gold Group is a lesser-known firm.
What do Midas Gold Group Reviews Say?
Midas Gold Group received a 3.86 rating out of 5 on the Better Business Bureau (BBB) website based on customer reviews and complaints. Moreover, the company has a total of 7 customer reviews and in the last 3 years, 1 customer complaint has been closed. There are both positive and negative customer reviews. Also, the business has been BBB accredited since 2021 and has been in the industry for 12 years.
Midas Gold Group has a 4.8 rating out of 5 on Google based on numerous customer reviews. There are 51 customer reviews in all. The majority of the reviews are positive, with customers appreciating the good customer service and product prizes.
Sentiment Analysis of Midas Gold Group Reviews
Due to the small number of reviews available, I wasn’t able to get enough data for our algorithms. Hence, I can’t share a detailed sentiment analysis of their reviews.
If you want to see an example check out my sentiment analysis of Preserve Gold reviews.
However, based on my own experience with Midas Gold Group, I can tell you one thing: they are a legit company.
Conclusion
Midas Gold Group, a precious metals company established in 2007, has garnered a mix of reviews from customers and industry analysts. The company offers a variety of products, including gold, silver, platinum, palladium, and rhodium, aiming to help investors in wealth preservation and diversification.
If you want to be certain of whether you’re investing with a trustworthy company or not, I recommend getting this free checklist. I use this checklist myself: