US Precious Metals is a precious metals dealer based in Texas. It has a decent product selection but has received too many complaints on consumer platforms. Also, the company isn't transparent with its fees.
People Behind US Precious Metals: CEO, Owner, Co-Founders & MoreWho owns US Precious Metals? What is the management team behind US Precious Metals?
No information about the team members is given on the website of US Precious Metals. Only the name of the CEO (Jerry Pane) is given on the Linkedin website. This means that the management group lacks transparency. On its website, there is no mention of the CEO or founders.
The management group, CEO, and founders of US Precious Metals are all unknown to the general public. The company’s website doesn’t include any precise information about the people in charge of the firm or their backgrounds.
When thinking about making an investment or collaborating with a firm, transparency regarding the management team is undoubtedly crucial. It enables stakeholders to assess the skill, reputation, and experience of the people in charge of the organization’s operations.
USPM on the other hand, may have opted not to prominently show such characteristics on their website or in their public communications based on the lack of specific information on the management team. Although it’s impossible for me to guess their precise motives, it is certainly a sketchy practice.
US Precious Metals Products: Bullion Coins, Bars, And Rare CoinsAll products offered by US Precious Metals
USPM sells a number of gold goods. On their website, you may select from a variety of categories, such as US Mint Gold (Modern), US Mint Gold (Pre-1933), Gold From Around the World, Gold Bars & Rounds, and IRA Eligible Gold.
For you to diversify your portfolio, USPM also offers a number of silver products. IRA Eligible Silver, Silver From Around the World, Silver Bars & Rounds, and US Mint Silver (Modern) are a few kinds of silver. There is also US Mint Silver (Pre-1964).
Many platinum goods are available from them. Platinum from all around the world, platinum bar & rounds, and platinum eligible for IRAs are among the categories.
Beware of Gold IRA scams. Recently several scams have been charged by the authorities. Companies such as Regal Assets, Safeguard Metals and Red Rock Secured defrauded hundereds of retirees like you and me. I strongly suggest you learn how to identify gold IRA scams. You can request a free guide using the button below:
On their website, investors may locate a variety of palladium items. IRA Eligible Palladium, Palladium Around the World, Palladium Bar & Rounds, and US Mint Palladium are all categories for palladium.
Products made from precious metals are abundant at USPM. Investors may more easily locate the kind of precious metal that they’re interested in using their category function.
A good addition is displaying things that are IRA-eligible. Investors may distinguish clearly between high-value collectibles and precious metals that have been approved for use in an IRA when transferring metals to a gold IRA.
How to Invest in US Precious Metals IRA?Step-by-step guide for investing in US Precious Metals IRA
To invest in the United States Precious Metals IRA, follow these general steps:
Open a Self-Directed IRA Account: Fill out an IRA form to open a self-directed IRA account with one of their trusted custodian partners. You’ll also need to choose an IRA-approved storage facility for your precious metals.
Fund Your IRA Account: Once your self-directed IRA account is set up, work with your custodian to fund your account with cash, rollover funds, or a combination of both.
Choose Your Precious Metals Products: US Precious Metals offers a selection of IRA-approved precious metals products, including gold, silver, platinum, and palladium coins and bars. Choose the products you want to invest in.
Place Your Order: Place your order with them for the selected precious metals products. You’ll receive a quote with the total cost of your order, including applicable fees.
Direct Your Custodian to Make the Purchase: After placing your order, you’ll need to direct your custodian to make the purchase on your behalf. Your custodian will provide you with the necessary paperwork to complete this step.
Store Your Precious Metals: Once your purchase is complete, USPM will ship your precious metal products to your chosen IRA-approved storage facility for safekeeping.
However, I don’t recommend opening an IRA with them. Why? Because there are plenty of better options available for you.
Opening a precious metals IRA is a major decision. That’s why I suggest checking out our top gold IRA providers list. There, you can find the best precious metals dealer in your state and choose accordingly.
Also, the list will help you understand what the industry’s best has to offer and what you might miss out on.
US Precious Metals Fees and Charges: Do they overcharge?What are their fees? Do they have hidden fees?
USPM has a huge problem with fees. Although the company discloses the prices of the precious metals available on its website, they don’t mention its fee structure on their website.
Certainly, it can be a huge problem for many investors as it exposes you to the risk of hidden fees.
It’s a common tactic among shady investment companies to charge hidden fees which eats away at the returns of the investors.
US Precious Metals Reviews and Complaints: BBB, Trustpilot, SitejabberRead all the US Precious Metals reviews & complaints on US Precious Metals
Better Business Bureau (BBB):
On the Better Business Bureau website, USPM has a 3.86/5 rating. They have received over 100 complaints on the consumer platform and 188 customer reviews.
On the Trustpilot website, US Precious Metals has 3.3 stars out of 5-star ratings based on customer reviews. There is only 1 customer review on the website. The business has average ratings on Trustpilot.
The above person said that the prices of the coins are higher in price than their worth.
He told that they sell genuine coins, but they are at least twice as expensive as they should be. Two 1/2 oz gold Eagles were sold to my 91-year-old father, a Korean War veteran with dementia, for $5,000.
One of their salespeople, with whom he clearly spoke, persuaded him that this is a wise investment. Even though these coins are NGC-certified MS70 grade, they are not worth close to $2,500 apiece at a period when gold was priced at $1,800/ounce.
The owner of USPM promised to buy them back in exchange for a restocking fee, but when I contacted him at the personal number he provided, it went to voicemail, and he hasn’t called me back yet either.
He advised other people to be aware of this company.
The above-mentioned people said that these coins are reliable and easy to do business and they are also secure.
On Google, this bullion dealer has 2.6 stars out of 5-star ratings based on customer reviews. There are only 5 customer reviews on Google, and most of them are positive, with customers praising the company’s excellent customer service, professionalism, and expertise.
The above reviewer says, “Do not do business with this firm. A bait and switch is used. My 90-year-old father was preyed upon by them. He could sell and retrieve his money whenever he pleased, He was informed when he phoned them to find out whether they were a reputable business. We attempted to sell the coins he had purchased after his death, but at first, there was quiet. His father was being sold by an agent who never returned his calls.”
The above two people said that they are scammers and their sales techniques are bad.
This person said that they are staff friendly and are superb at doing business.
As there are many confusing reviews, you might be hesitant to proceed if you are an investor dealing with this firm for the first time.
US Precious Metals Lawsuits: UniCourt & Justia Have any customers sued US Precious Metals?
On 7 September 2017, ACT (Advance Conveying Technologies) Holdings filed a contract lawsuit against US Precious Metals.
Is US Precious Metals Legit? Should You Invest With Them?Is US Precious Metals a scam or legit? Are they worth it?
No, I don’t think you should invest in them
Decent product selection
Over 20 years of industry experience
Lack of transparency
Received too many complaints
Limited online presence
Although US Precious Metals seems like a legitimate company, its lack of transparency raises questions about its reliability.
Transparency is one of the biggest factors to consider when looking for a gold IRA company. While USPM offers a large selection of products, it has received complaints for charging extremely high markups as well.
Due to these reasons, I don’t think they are the best service provider in the industry.
If you’re interested in precious metals investments, I recommend checking out our top gold IRA providers.
Alternatively, you can get a gold IRA guide below: