What is USAGOLD?
USAGOLD is one of the oldest precious metals dealers in the US. They have been in the industry since 1973 and are based in Denver, Colorado. Their contact address is PO Box 460009, Denver, CO 80246-0009. Similarly, their contact number is 800-869-5115.
Initially, the company’s name was Centennial Precious Metals. It changed its name to USAGOLD after getting its online domain and began rebranding itself.
The company offers a large variety of precious metals products to its customers including IRA approved and numismatic, collectible coins.
You will find gold and silver coins and bars in their collection along with many historical collectible coins such as fractional gold coins.
Along with its experience and extensive inventory, USAGOLD puts a lot of effort into client education. They have many free resources available on their website for consumers including a dedicated section for beginners.
People Behind USAGOLD
Michael J. Kosares founded USAGOLD in 1973 when President Nixon had abolished the Bretton Woods system. Since then, the company has come a long way and has established itself as a prominent bullion dealer.
Michael Kosares is the author and publisher of The ABC’s of Gold Investing – How To Protect and Build Your Wealth with Gold. He writes articles on precious metals investing and the US economy regularly on multiple publications such as Gold Eagle and Financial Sense.
In 2002, Jonathan Kosares, Michael’s son, joined the company and the company became a multi-generational family-run business. Jonathan is a graduate of University of Notre Dame and has a degree in finance.
Can You Open a Precious Metals IRA with USAGOLD?
USAGOLD has partnered with Equity Trust Company to offer IRA services to clients. This means it is possible for their customers to open a precious metals IRA with them.
To open a gold IRA with them, you would need to go to their website and submit the IRA application form.
The representatives at Equity Trust will help you in that process.
After you have submitted the necessary paperwork, you can rollover funds from an existing IRA or add funds directly to your new self-directed IRA.
This process takes a few days.
Once the funding is complete, you can begin purchasing precious metals from USAGOLD’s inventory and add them to your IRA.
However, be extremely cautious when purchasing precious metals for your IRA at this place because their catalog has plenty of non-IRA coins. Adding ineligible products to your gold IRA can result in severe penalties.
USAGOLD Products: What Do They Offer?
USAGOLD has a large selection of IRA eligible gold and silver products to customers. They have the following categories on their website for products:
- Modern gold bullion coins and bars
- Modern silver bullion coins and bars
- Historic fractional gold coins
- Historic US gold coins
A positive highlight of their website is that the company maintains complete transparency regarding their prices. Their online order desk shares the prices of every product on its listing.
This is a feature you might not get with some bullion dealers such as Republic Monetary Exchange.
At USAGOLD, you will find many of the popular IRA-eligible gold coins, including:
- American Gold Eagle
- Canadian Gold Maple Leaf
- Austrian Gold Philharmonic
- American Gold Buffalo
Other notable gold products you can find here are South African Gold Krugerrands, Australian Kangaroo and gold bullion bars.
Apart from bullion products, you can also find historic fractional gold here. These include:
- British Sovereign Kings
- German 20 Marks
- Swiss 20 Franc
- Netherlands 10 Guilder
Certainly, their collection offers something to both IRA investors and collectors.
USAGOLD’s silver catalog is just as impressive as their gold collection. You will find many of the IRA eligible silver coins here including:
- Austrian Silver Philharmonic
- Canadian Silver Maple Leaf
- American Silver Eagle
Apart from these IRA approved products, you would also find Pre-1965 silver coins, Silver Morgan dollars and various other silver products in their catalog.
Although this product selection is quite impressive, the lack of any platinum and palladium products can be a bit disappointing for many investors.
Both of these metals have become increasingly popular recently as they allow you to diversify your portfolio.
You can check out the rest of their product selection here.
USAGOLD Fees and Cost:
USAGOLD doesn’t share any fee-related information on its website. This was a little alarming because it makes it difficult to estimate their charges. All the fee-related information I’m sharing below is from other sources.
This bullion dealer works with Equity Trust to offer IRA services. So, your charges would be according to the fee structure of the custodian.
At USAGOLD, you would have to pay a $50 account set up fee for your precious metals IRA. On top of that, you would need to pay an annual account maintenance fee according to your investment value. The minimum annual account maintenance charge is $225.
Additional Highlights of USAGOLD
Apart from having over 50 years of industry experience, there are plenty of qualities which make USAGOLD stand out from its competition. Below is a brief overview of the same:
Free Resources for Consumers:
The experienced bullion dealer offers a large selection of guides and resources to customers. These guides cover the basics of precious metals investing. For example, they have a guide titled “The Six Keys to Successful Gold and Silver Ownership” on their website.
There is also a dedicated guide on how to choose a gold firm.
These resources can be a good read for anyone who is new to precious metals investing and wants to get started.
Latest News and Charts:
You will find many price charts on the website of USAGOLD. These include gold price charts, silver price charts, daily price history, global trading hours, timeline charts and more.
Similarly, they have a Gold News section where they publish industry-relevant articles regularly. The company also runs a free monthly newsletter for those who sign up on their website.
USAGOLD Reviews and Complaints:
Even though they have been in the industry for over 5 decades, there aren’t many USAGOLD reviews available online.
I only found their reviews on the Better Business Bureau. On BBB, they have a 5 out of 5 stars rating based on 9 customer reviews.
The company enjoys an A+ rating from the platform and there aren’t many customer complaints on the platform.
Most of the reviews praise the company for its helpful staff and expertise.
Is USAGOLD Legit?
- Over 50 years of industry experience
- Large collection of gold and silver products
- No platinum and palladium products
- Limited number of reviews
- No fee-related information on the website
Yes, USAGOLD is a legitimate company. They have been in the industry for over 50 years and have a highly experienced leadership team.
The firm provides consumers with a large selection of gold and silver products. They offer both IRA-eligible and numismatic products. The company has partnered with Equity Trust to provide IRA services to consumers.
Their website has multiple price charts and resources available for consumers as well.
However, the company doesn’t have any platinum or palladium products in its catalog, which can deter some investors from investing with them.
Opening a gold IRA can help you hedge against rising inflation and economic downturn. However, the returns of your precious metals IRA would depend largely on the service provider you pick.
Their product selection, fee structure, storage services and all other aspects would have a huge impact on your returns. That’s why I recommend checking out multiple service providers before choosing one.
If you’re interested, you can check out additional gold IRA reviews on our website.