July 15, 2022

Is Augusta Precious Metals Safe and Legit?

Read more about Augusta Precious Metals
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Augusta Precious Metals is a leading provider of gold and precious metals IRAs. But is it secure and reliable? Read on to find out.

There's a great deal to consider when you're planning for retirement. You need to put money away, but how should you do it?

Lots of people invest in the stock market. And given the stock market's historical trajectory, that's generally a sound strategy.

But the stock market has ups and downs.

On average, the stock market has seen continuous growth. But reality is a bit messier. There are bubbles and recessions. Some years it's up, some it's down.

Most investment pros will tell you diversification is key. When tech is down, maybe healthcare will be up.

This is why many people invest in a gold and silver IRA.

Augusta Precious Metals is a popular provider of gold IRA accounts. But can you trust it with your hard-earned savings?

Read on to answer this question and learn everything you need to know.

Is Augusta Precious Metals Secure?

When you're putting money away for retirement, the last thing you want is for something to happen to it.

Higher-risk investments are one thing. But there's also the fear of having your accounts hacked and your money stolen.

Is there a good reason for this fear? Well, there were 2.8 million fraud reports and $5.8 billion was lost in 2021, according to the Federal Trade Commission.

However, rest assured if you decide to sign up for a precious metals IRA with Augusta Precious Metals, they'll take every precaution to ensure your hard-earned savings stay safe.

To protect your gold and silver, Augusta Precious Metals has secured storage with the Delaware Depository, which is the exchange-approved depository for CME (Chicago Mercantile Exchange) and ICE (Intercontinental Exchange).

Augusta operates depositories around the country in a number of U.S. cities:[1]

  • Los Angeles, California
  • Salt Lake City, Utah
  • Jackson, Ohio
  • Wilmington, Delaware
  • New Castle, Delaware
  • Springfield Gardens, New York
  • Nampa, Idaho
  • Las Vegas, Nevada
  • Shiner, Texas
  • Dallas, Texas
  • South Fargo, North Dakota
  • Bridgewater, Massachusetts

What's more, as a member, you can arrange a visit to one of Augusta Precious Metals' gold storage centers by speaking with your representative.

In addition to physical security, gold and silver holdings are also protected by a $1 billion all-risk insurance policy provided by Lloyd's of London.

So far, their customers appear to be satisfied with the services Augusta Precious Metals offer, as they have consistently high marks from review sites around the web:

How Does Augusta Precious Metals Work?

Augusta Precious Metals is an IRA provider and precious metals dealer. Their primary offering is their Physical Gold and Silver IRA, which allows investors to invest in gold and silver as part of their tax-advantaged retirement plan.

But a minimum investment of $50,000 is required to open an account.

Looking for a gold IRA provider with a lower account minimum? Noble Gold only has a minimum $2,000 and they offer comparable services.

This self-directed IRA is offered in partnership with Augusta's pre-selected custodian, Equity Trust. Equity Trust has over 45 years of experience as a self-directed IRA provider and manages over $34 billion in assets for customers in all 50 states.

The Physical Gold and Silver IRA from Augusta Precious Metals is offered as a potential hedge against a retirement portfolio made up entirely of stocks and similar investments, which may be impacted by the volatile nature of the market.

Since gold and silver historically don't correlate in price with stocks, they offer healthy diversification to help balance out a retirement plan.

By purchasing them as part of an IRA, investors benefit from tax advantages when it comes time to take distributions from the account.

Signing up for an Augusta Precious Metals Physical Gold and Silver IRA is easy. Just follow the steps on their site to create an account, and you can fund it by rolling over dollars from your existing retirement account to buy gold and silver.

Read more: Check out the full review of Augusta Precious Metals and how it compares to its top 3 competitors.

Augusta Precious Metals Features

All of Augusta's features are essentially related to their Physical Gold and Silver IRA in some way. Now that we've looked at the precious metals IRA account itself, let's look at the rest of their services in detail.

Buy Gold and Silver
There are strict requirements on precious metals used as part of a tax-advantaged retirement account, which means regardless of the custodian you ultimately choose, you'll need to find a reputable dealer.

Augusta Precious Metals customers can avoid that search by buying their gold and silver from Augusta directly.

Augusta sells a range of gold and silver coins and bullion:

  • American Eagles
  • American Eagle Proofs
  • Canadian Maple Leaves
  • Gold Canadian Eagles
  • Canadian Silver Eagles
  • Gold American Eagle BU 1 oz, .5 oz, .25 oz, .10 oz
  • Gold American Buffalo 1 oz BU
  • South African Gold Krugerrand 1 oz
  • Gold Bar 10 oz, 1 oz
  • American Eagle Silver 1 oz
  • Silver Bar 100 oz, 10 oz and more

Per regulations, except for the American Gold Eagle coin, which is 91.67% pure, all IRA-approved gold coins are 99.5% pure, and silver coins are 99.9% pure.

As prices aren't listed on their site, you'll need to call and speak to an Augusta Precious Metals representative to learn more.

Read more: You have plenty of options for buying precious metals. JM Bullion has reasonable rates and a larger selection than Augusta. Vaulted claims to make buying gold easier than "ordering a pizza."

If you are interested in buying gold and silver, but not opening a precious metals IRA account, you can do so with a cash account from Augusta.

When you make cash purchases of precious metal coins and bullion, you'll get free delivery, free shipping and transit insurance, and direct assistance from professionals at Augusta Precious Metals.

Gold Buy-Back Program
You may not plan to sell your gold anytime soon, but there's always the chance you might find yourself in the position to do so.

Whether you're looking to liquidate your gold, or taking an RMD (required minimum distribution), Augusta Precious Metals' Gold Buy-Back Program ensures you'll always have a buyer if you need to sell.

The option of finding a buyer of your own is still there, but you can do it with the comfort of knowing Augusta will offer you competitive rates too.

Gold and Silver Secure Storage
As mentioned above, Augusta Precious Metals offers secure storage of your gold and silver in partnership with Delaware Depository.

They also have depositories around the U.S., where you can visit your gold after making an appointment through your custodian.

Augusta further protects your holdings through a $1 billion all-risk insurance policy secured from Lloyd's of London.

Ongoing Support
Opening an IRA account is often a decades-long commitment, and Augusta Precious Metals offers continuing service throughout the lifetime of your account.

This service includes:

  • Access to their team to answer any questions you might have
  • An Education Department to keep you up-to-date about your IRA
  • An IRA Processing Department to complete custodial paperwork
  • Assistance purchasing gold and silver for your account

What Does Augusta Precious Metals Charge?

Pricing and fees are an important consideration when opening any investment account, and it's no different when it comes to your retirement.

Let's look at the costs associated with opening a Physical Gold and Silver IRA with Augusta Precious Metals.

Account Minimum: Augusta Precious Metals requires a $50,000 minimum investment to open an account.[2]

Commissions and Transaction Fees: $0

Bid/Ask Spread: The spread, charged on purchases, varies by product type. According to their Transaction Agreement, spreads are generally as follows:

  • Common Bullion Products: 5%
  • Premium Products: 33%

The following fees are covered by Augusta for the first 10 years for members of Silver Account level and higher:

Account Setup Fee: $50 (covered by Augusta)*
Annual Custodian Fee: $80 (covered by Augusta)*
Annual Storage Fee: $100 (covered by Augusta)*

Bottom Line

Augusta Precious Metals is a popular gold and silver IRA provider with high ratings from its current users. It offers secure storage with well-respected companies in the industry. There's lifetime customer support and competitive pricing, though users might appreciate a more transparent display of gold and silver prices.

The biggest drawback of using Augusta Precious Metals to open a gold and silver IRA account is the high initial investment. Many of the best gold IRA companies will let you open an account with $10,000 or less. Still, if you can afford it, the company is worth your consideration.

References

  1. ^ Augusta Precious Metals. Where are the private storage facilities located?, Retrieved 6/3/2022
  2. ^ Augusta Precious Metals. Are there minimum and maximum orders?, Retrieved 6/3/2022
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Jeremy Harshman is a creative assistant at CreditDonkey, a personal finance comparison and reviews website. Write to Jeremy Harshman at jeremy.harshman@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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