Monetary Gold Review – A Quick Overview
Monetary Gold is a precious metals company that has been in the industry since 2000. They have a positive reputation in the industry and a decent product selection. However, they don’t offer Platinum and Palladium products, which is a huge disappointment. Furthermore, the company charges high fees and there isn’t much information available about their leadership.
- Decent product selection
- A+ BBB rating
- No Platinum and Palladium products
- High markups on products
- Fees are higher than industry standard
- Lack of transparency
What is Monetary Gold?
Monetary Gold is a precious metals firm based in Woodland Hills, California, that specializes in providing clients with gold and silver products that can be held in Precious Metals IRAs or added to portfolios. The company was founded in 2000 and has been helping investors save for retirement and preserve their hard-earned dollars for over 50 years.
The company’s catalog has options of gold and silver IRA-eligible bullion coins, certified-graded coins, and semi-numismatic coins. Monetary Gold also offers free information kits to customers. Also, their website has a “Market News” and “Resources” section.
People Behind Monetary Gold:
Monetary Gold is a corporation that has been in business for 22 years, having started on July 13th, 2000. The company began its operations locally on the same day and was incorporated on October 16th of the same year. Monetary Gold has been accredited since October 24th, 2013. The corporation currently has 37 employees.
The principal of Monetary Gold is Ms. Andrea Powers, who is responsible for managing the business. Ms. Powers is the primary contact for customers who wish to get in touch with the company. There is very limited information available about its founder or management team on the BBB. Whereas on other online rating platforms and on the company’s official website, there is no information available about their CEO and Owner. This can be the biggest drawback of the company.
How to Invest in Monetary Gold IRA?
Investing in a Monetary Gold IRA involves setting up an Individual Retirement Account (IRA) that is specifically designed for investing in physical gold or other precious metals.
Here are the general steps you have to follow to invest in a Monetary Gold IRA:
- Open a self-directed IRA account: Once you have chosen a custodian, you will need to open a self-directed IRA account with them. This type of account allows you to invest in a wider range of assets, including physical gold and other precious metals.
- Fund your IRA account: You will need to fund your IRA account with cash, either by rolling over funds from an existing IRA or 401(k) or by making a direct contribution.
- Purchase physical gold or other precious metals: Once your IRA account has the necessary funds, you can use the cash to purchase physical gold or other precious metals. Your custodian can help you select the type of gold or other precious metals to purchase and will facilitate the purchase on your behalf.
- Store the gold or other precious metals: The final step is to store the physical gold or other precious metals in a secure storage location, such as a depository or vault. Your custodian can help you arrange for storage and ensure that the gold or other precious metals meet IRS requirements for IRA investments.
While a Monetary Gold IRA might seem attractive, it’s not the best option available. Personally, I recommend going with a more specialized company. For starters, you can go to our hand-picked gold IRA companies and find what the industry’s best has to offer.
Monetary Gold Products:
Monetary Gold provides a wide range of products and services to its clients. These include Gold and Silver coins, bars, bullion, numismatic coins, and minted coins. All of these products are backed by physical gold or silver, ensuring that customers receive genuine items when investing in their products. Moreover, they offer a satisfaction guarantee with all of their products, ensuring that customers make sound investments.
Customer Service is a top priority for Monetary Gold. Their knowledgeable and friendly staff is always available to answer any queries regarding their products or services. In addition, their products are covered by a 100% satisfaction guarantee, ensuring that customers receive the best service possible. Monetary Gold offers competitive pricing on all its products, making investing in gold and silver affordable. They also regularly offer promotions and discounts, allowing clients to save even more money on their purchases.
Monetary Gold Fees and Charges:
Monetary Gold offers qualified applicants up to 5 years of waived custodian fees. There is a one-time shipping fee of $30 for delivery of your precious metals. Also, the company can ship your products either to the Delaware depository or to your home via FedEx, UPS, or USPS. Monetary Gold charges an annual custodian fee that starts at $75 and varies depending on the custodian.
Moreover, there is an annual storage and insurance fee of $100 for up to $100,000 worth of gold, with an additional $1 fee for every $1,000 of gold after $100,000. The minimum purchase amount varies depending on your precious metals custodian, typically ranging from $5,000 to $10,000.
Monetary Gold also provides multiple options for storing and accessing your gold. You can choose to store your gold in their secure vaults, self-storage facilities, or at a bank. There is no fee for storing your gold using any of these options, but if you choose to withdraw from your account, there is a withdrawal fee. If you opt for home delivery of your gold, it will need to be delivered to an IRA account and signatures are required upon receipt.
Monetary Gold ensures that all home deliveries are fully insured to guarantee safe and secure transportation of your gold. It is crucial to follow the proper procedures when retrieving your gold, and Monetary Gold’s experts are available to guide you through the process.
Monetary Gold Reviews and Complaints:
Better Business Bureau (BBB):
On the Better Business Bureau website, Monetary Gold has an A+ rating and 5 stars out of 5-star ratings based on 34 customer reviews. There are only positive reviews. Also, the company has been in the industry for 22 years. A total of only 1 complaint have been closed in the last 3 years. This company is also a BBB-accredited business on Better Business Bureau website. They have had the accreditation since October 24th, 2013.
On Yelp, Monetary Gold has again 5 stars out of 5-star ratings according to only 1 customer review. The review is totally in favor of the company and its services.
On Consumer Affairs, Monetary Gold has 4.9 stars out of 5-star ratings according to 68 customer reviews. Almost all the reviews are favorable and positive, with customers commenting on the company’s customer service, knowledge, and prompt delivery.
Business Consumer Alliance (BCA):
On BCA, Monetary Gold has again no customer ratings and reviews. There they have an A company rating on the BCA website.
On the Trustpilot website, Monetary Gold has 3.2 stars out of 5-star ratings according to only one customer review. Also, the reviewer has rated the company as “average”.
On Google, Monetary Gold has 4.3 stars out of 5-star ratings based on customer reviews. There are only 6 customer reviews on Google, and most of them are positive, with customers praising the company’s excellent customer service, professionalism, and expertise.
On TrustLink, Monetary Gold has 5 stars out of 5-star ratings based on 12 customer reviews. Most of the reviews are positive, with customers praising the company’s customer service, expertise, and quick shipping.
Are There Any Monetary Gold Complaints? Should You Be Concerned?
Monetary Gold has a relatively low number of complaints on various online rating websites. A few complaints that they have received are as follows:
#1. According to Mark Swope, it has been about three months and the scam is still ongoing. He advises not to do business with this company, as they have held onto his money for weeks without delivering the product or resolving the issue. Furthermore, the price quoted did not match what was supposedly being sold.
#2. George Lance Akrey reports that despite informing this company multiple times that he is not interested in their services, they continue to call him and avoid giving specific numbers when he asks for them. As a “numbers guy,” he has found their evasiveness frustrating and not suitable for his needs. Despite asking to be removed from their call list on five separate occasions, the company continues to call him. While they may be a great company for some, he does not feel they are the right fit for him.
Some Positive Customer Reviews from various online rating websites:
#1. David Schroeder shares that his first purchase of precious metals was an exhilarating experience. He expressed his reasons for wanting to invest in metals to Neil, who promptly understood his needs and took excellent care of him. Despite it being a small purchase, David still felt like he was a top priority to the team, which was a pleasant and welcoming experience.
#2. According to Alan S, he acquired gold bullion and gold proof sets within a custodial IRA in 2020. He has been extremely satisfied with their services. He highly recommends them based on his positive experience. Additionally, I have personally invested time in educating myself on gold and have not regretted my decision to do so.
Is Monetary Gold Legit?
Yes, Monetary Gold is a legitimate company that has been in business for over a decade and has a good reputation in the precious metals industry. They have an A+ rating with the Better Business Bureau.
In addition to its BBB accreditation, Monetary Gold is also a member of industry organizations. These include the Industry Council for Tangible Assets and the Numismatic Guaranty Corporation. These affiliations demonstrate their commitment to upholding ethical standards and providing quality products and services to their customers. Monetary Gold offers a variety of products and services. Including gold and silver coins and bars, precious metal IRAs, and numismatic coins.
However, the company has several drawbacks I must highlight. For starters, the company doesn’t offer any Platinum or Palladium products. This can be quite disappointing for investors looking to create a safe and diverse portfolio.
Furthermore, the company’s fees is way higher than the industry standard. There are plenty of more specialized companies that offer better services with less fees. You can check out our top recommended company to learn more.
Wrapping it up: Should You Invest with Monetary Gold?
While Monetary Gold is a great company, it’s not the best.
There are other companies with much better reputation, experience and facilities in the precious metals industry.
Surely, Monetary Gold is a reputable company with over 20 years of experience in the precious metals industry. They have received high ratings and positive reviews from various third-party sources.
However, the company has also received complaints from its consumers for poor practices. Also, their fees and pricing are on the higher-end.
The additional charges can eat away at your savings quite heavily.
Interested in a gold IRA? Check out our top gold IRA companies and find what the industry’s best has to offer.