When investing, you’ve got to do your due diligence, because numerous scam artists are counting on your ignorance. Always remember that nobody cares how hard you worked for your funds or how much you’ve had to sacrifice. That said, it’s great that you’re reading this review if you’re trying to invest with Patriot Gold Group.
You’re probably wondering whether the company is legit… Should you invest your precious metals with them? Are they the real deal? Is Patriot Gold Group a phony company?
Well, it may seem absurd to pose such a question about a company that has been around since 1997, but some are labeling this place a hoax. There have been lawsuits brought against the corporation for fraudulent practices, among other things.
It, therefore, begs the question, is the company legitimate and trustworthy? Should you be concerned? Don’t fret!
In this Patriot Gold Group review, I’ll cover everything you need to know about the firm, including what services they offer, who runs it, whether their rates are competitive, fees, complaints, and more.
Patriot Gold Group: An Overview
Patriot Gold Group is a full-service precious metals dealer that sells numismatic rare coins and bullion. The most popular metals are gold and silver, but they also sell platinum. It also offers precious metals individual retirement accounts.
The company was formed by Kevin Demeritt who is the company’s chairman. He has a background as an investment analyst. As a financial analyst, Demeritt has given over 1,000 radio appearances and is a big believer intangible assets like precious metals.
He’s also an author, having written a book by the title “The Bulls, The Bears, and The Bust”. The book focuses on economic cycles, trends, debt, and financial diversification tactics.
The company is headed by John Ohanesian, who is the acting CEO. He’s a businessman who formerly served as President and CEO of Bosley, Inc for two decades, during which time he helped the company grow from a modest start-up to a leading hair restoration brand.
Patriot Gold Group customers can buy physical precious metals and have them delivered to their home, or they can use one of their storage alternatives, which you must use if you want to form a precious metals IRA.
The company also offers some free investment resources, such as the Lear Learning Center, a library of information on precious metal investments as well as a “Free Gold Kit” to complement it. This is a kit that contains vital information on gold investing, price notifications, and market charts.
Yet another resource that is particularly vital to investors is the Smart Tools Suite that includes an RMD estimator, inflation calculator, spot prices, and more.
According to the Better Business Bureau’s website, Patriot Gold Group has a relationship with themetalexchange.com, which is listed as one of the company’s website addresses. Although this doesn’t account for much, we can appreciate that the website was developed by a group of “senior American precious metals veterans” who also deal in precious metals.
Can Patriot Gold Group Be Trusted?
Sure, they are BBB accredited and a member of the Business Consumer Alliance (https://www.checkbca.org/)
, and the company leadership appears to be of high quality, but there are a lot of concerns about them, as I’ll explain, so I wouldn’t buy anything just yet.
The majority of complaints center on severe charges for coins, not being able to sell them back to Lear for a reasonable price, and generally losing money by investing in precious metals with Patriot Gold Group.
What They Have to Offer
If you want to invest in precious metals with Patriot Gold Group, you have two choices:
1.) buy precious metals and store them yourself.
2.) open a precious metals IRA account and enjoy a tax-free investment while having them safely housed in a vault.
Buying Precious Metals
When you buy gold, silver, or platinum from Lear, you may have it transported to whatever address you like. I’ll go over the security of their shipping technique after explaining the process of purchasing their metals.
You’ll find a variety of gold coins and bars in this section. Many of their coins have patriotic American motifs, but they also offer designs from throughout the world.
IRAs for Gold and Precious Metals
Lear’s IRAs are all self-directed. This means you can diversify your portfolio as you wish, e.g. by investing in precious metals. Setting up an IRA account is simple; all you have to do is fill out an IRA account form and fund your account.
If you have an existing retirement account, such as a 401(k) or IRA, you may be qualified for a rollover, which is a tax-free way to transfer your retirement funds to a Patriot Gold Group precious metals IRA. I’m not going to delve into the specifics right now. If you decide to go ahead with it, the specialists at Lear can assist you.
However, the first step is always the same: you must complete the IRA account form. The precious metals you invest in with this option are kept in an IRS-approved depository vault, which the IRS states as a prerequisite before you want to invest in precious metals in an IRA account.
Selling Back to Patriot Gold Group
If you’re a customer, you can also sell your precious metals back to the company. This, however, is not assured, and if you are interested, you must contact customer care.
When Lear buys precious metals back, it does so at spot prices, therefore it’s best to just sell bullion back to them. If you buy numismatic coins, you’ll pay a premium for the design and other features, but you’ll only be able to sell them for the quality and weight of the metals at spot pricing.
The best part about selling back to them is that anyone who has invested with them, whether you own an account or bought precious metals remotely, can sell back to them. And at spot prices.
Final Verdict: Is Patriot Gold Group Worth Investing In?
Well, looking at the fundamentals, it is. It is a registered, insured, and accredited company. It has also been around for a long time, not to mention its good leadership. Nevertheless, where there is smoke, there is fire. As long as people have complained about them, it’s best to ask previous clients and even research to find out which terms make them unfavorable.…