I’ve been looking for a way to diversify my portfolio while avoiding any risky investments. That’s when I found precious metals.
One thing I like the most about investing in gold and other precious metals is that these investment types are known to grow in value over time and aren’t influenced by the current value of the U.S. dollar or inflation. That’s what makes a precious metals IRA a solid investment with limited risks.
However, before you begin reaping the investment benefits of these tangible assets, you need to choose the right gold company to facilitate your precious metals investing. I’ve put together this AmeriGold review to help you learn about this gold and precious metals dealer to see if it’s the right solution for your investment goals.
An Introduction to AmeriGold: Company History
AmeriGold was founded in Denver, Colorado. The company has been trading since 1998 and providing investors with many different gold and precious metal products. However, customers are also advised about these different precious metals products, as well as the company’s customer referral program.
Managed by J. Paul Getting, AmeriGold’s customer service representatives overlook every precious metals purchase order. These representatives also work with interested client custodians seeking to create retirement plans.
Moreover, AmeriGold is accredited with an A+ rating by the Better Business Bureau and forms part of the Industry Council on Tangible Assets. There aren’t any negative comments on consumer review sites. AmeriGold also has no complaints on the Better Business Bureau website.
When I looked at AmeriGold to invest in gold and other precious metals, I thoroughly enjoyed that I could buy and sell precious metals through the company’s online platform or at their location.
Creating Gold IRAs with AmeriGold
I’d recommend hiring a custodian before you contact AmeriGold to start your gold IRA. This custodian is responsible for managing your investment affairs. When you hire a custodian, they complete all the necessary documentation to open an IRA.
Using Funds from Your Existing Retirement Account
If you’re planning to use your retirement funds to purchase precious metals, these custodians get in touch with your current IRA provider to facilitate these investment affairs.
When you use your retirement savings to invest in a gold IRA, your custodian is required to withdraw your desired amount. This should be done from your existing IRA and transferred into your new gold or precious metals IRA.
Otherwise, you face tax penalties on this withdrawal if the transaction isn’t completed within the 60-day deadline. You can then decide how much you’d like to invest in your precious metals and gold IRA once your custodian has opened this account.
Funding Your Gold IRA
You can fund your gold IRA with up to $6,000 a year if you’re under the age of 59. However, you can fund your gold IRA with $7,000 a year if you’re above 59 years old. Once your custodian has taken care of the transfer, you can then make your purchase with AmeriGold.
When you buy any precious metals from AmeriGold, you’re required to fill out an investment direction form. This instructs your assigned custodian on what responsibilities they have to fulfill during this purchase. AmeriGold can then complete this purchase order once you’ve made your selections.
After I had completed the necessary documentation and my custodian had managed the transfer, AmeriGold arranged the shipment and sent my new precious metals investment to my preferred depository, which was my approved bank’s safety deposit box.
If you don’t already have a preferred depository, your custodian can set up a depository account based on your specific needs and preferences.
Fees Associated with Setting Up Your Gold IRA
Setting up a gold IRA and buying precious metals through AmeriGold comes with some fees. This includes maintenance, storage, and custodian expenses. All these fees were clearly laid out to me when I started the process of setting up a gold IRA with AmeriGold.
I had the option of choosing some of the best-suited IRA custodians for my specific investment goals. The custodian I ultimately chose provided all the details about these costs during my digital IRA application. With these costs in mind, I was better prepared to manage my capital.
Regulations Regarding Self-Directed IRAs
All IRA investors are required to keep their precious metals in a regulated depository box. IRS regulations state that these investors can’t store their gold or other types of precious metals at home.
Precious metals IRAs need to meet guidelines and rules for these investments to be in regulation by the IRS. This can be an overwhelming process, but my custodian and the excellent customer service I received from AmeriGold helped me understand these requirements.
These custodians provided by AmeriGold can also help you better understand asset protection opportunities that come through an estate plan when setting up gold IRAs.
What Precious Metals Does AmeriGold Offer?
Operating in the gold trade industry, AmeriGold provides potential investments with the opportunity to buy gold, silver, platinum, and palladium.
When shopping in the market for physical gold, AmeriGold provides customers with these gold selections:
- Australian Nuggets
- Accredited Gold Bars with a 0.995 purity level
- Canadian Maple Leaf
- American Buffalo
- American Eagles
- Austrian Philharmonic
Although AmeriGold is predominantly known as a gold company, the company also offers palladium-accredited bars and a platinum selection, which includes:
- Platinum Australian Koala
- Platinum Canadian Maple Leaf
- Platinum American Eagle
You also have a selection of silver when shopping with the precious metals dealer. This includes:
- Silver Canadian Maple Leaf
- Silver Austrian Philharmonic
- American Silver Eagle
- Accredited Silver Bars
AmeriGold is also an authorized dealer for all precious metals bar fabricators.
Purchasing Precious Metals
I called AmeriGold to complete my purchase and start the shipment process, and it was hassle-free. When buying gold, silver, platinum, or any other type of precious metal, I’d recommend browsing AmeriGold’s website and seeing what you’re interested in.
Once you know what you want, a customer service representative can help you get a better understanding of the gold prices based on the market value. This price lock period is only valid for three days, so you’ll need to accept the offer within this period.
AmeriGold then provides a trade number after you’ve accepted the offer. The company can then schedule your shipment once they’ve received your wire transfer.
One disadvantage I found about using AmeriGold is that the fully authorized dealer only accepts wire transfers. You don’t have any other options when making a payment.
Minimum Purchase Requirement
When it comes to funding self-directed IRAs, I was surprised to find that AmeriGold has a high minimum amount requirement. If you want to invest in gold, silver, platinum, and palladium, you need to buy at least $5,000 worth of these assets each time you place an order.
Another problematic aspect of AmeriGold is the bank wire transfer. You need to ensure your money arrives before the three-day deadline or else the original price on your order no longer applies. However, many wire transfers can take longer than three days to be processed.
AmeriGold doesn’t account for this and I feel this is part of the company’s high-pressure sales tactics to get you to make a payment almost immediately to align with the three-day deadline.
Additionally, you incur penalties and fees if you decide to cancel your order. This is only if the precious metals you’ve ordered, like silver coins or bullion coins, lose value during the transaction period.
An example of this would be if you buy platinum and silver, and the silver loses value. If this is the case, you lose some of your investment funds in market losses and penalties.
When you make a payment to AmeriGold, you’re provided with the bank account number and information to set up the wire transfer.
This system is problematic because the company can refuse your purchase if there are any issues or delays. You can also no longer make any attempts to buy precious metals from AmeriGold if your account has a history of payment issues.
How Can You Get Discounts on Your AmeriGold Precious Metals IRA Purchases?
AmeriGold showcases the opportunity for discounts when promoting precious metals. However, the dealer doesn’t specify how much or what discounts apply to potential customers.
I found the messaging behind these discounts misleading, especially since AmeriGold implied that larger orders receive the most significant discounts. This only encourages customers to buy more without being given a fixed discount rate.
AmeriGold’s Security and Discreet Packaging
The company can assist clients with discreet packaging through UPS, FedEx, and the U.S. postal service. The shipping method ultimately chosen for your purchase is dependent on what precious metals you’ve purchased and the quantities you got.
Steps After the Accepted Payment
Once your payment has gone through, you’ll receive a tracking number and can expect your shipment within five business days. If these precious metals are for self-directed IRAs, you’ll need to look into your different storage options.
However, if this transaction isn’t part of funding your self-directed IRA, you don’t need to consider setting up a depository account.
Your shipments are also provided with security because AmeriGold offers insurance on all these packages. This is done to prevent any financial losses while allowing you to track your parcels.
The insurance company will file a claim if the package is stolen, so you don’t need to handle this administration process. An investigation is also done to ensure all the right protocols are taken during the package’s shipment.
Taxes and Fees on Your Gold and Precious Metal Purchases
Even if you choose a self-directed gold IRA, you need to pay sales tax on all your precious metal purchases. When you buy through AmeriGold, all Denver sales tax is already applied to your purchase’s total price.
Once your shipment arrives, you need to determine if you’re required to pay additional sales tax to your specific state. If you have local sales tax requirements, AmeriGold handles the tax payable to your local IRS. However, you need to make a request for this beforehand.
What Is the Process of Reporting Your Precious Metal Investments to the U.S. Government?
Like other gold sellers, AmeriGold is required to report any precious metal sakes that are at least $10,000 to the IRS. This is under the Patriot Act.
Because of this, you should discuss any tax liabilities with your financial advisor. This should be done before you make a big investment. When you do this, you can easily find out how much you must pay.
I’d recommend discussing this with your financial advisor because AmeriGold is not legally allowed to discuss these types of affairs with you.
AmeriGold is also not allowed to ship any gold or other types of precious metals outside of the U.S. because the company needs to follow the requirements set out under the Patriot Act.
How Can You Sell Your Gold and Other Precious Metals to AmeriGold?
You need to contact AmeriGold through the company’s toll-free number if you want to sell gold or precious metals. I really liked the added convenience of already having my precious purchases readily available if I wanted to sell back precious metals I’d already bought from AmeriGold.
Because I already had an account with the gold seller, representatives could easily review what I was trying to sell back, which made the process hassle-free.
Another great aspect I liked about the company’s buyback policy is that it provides a buyback quote based on the current market price. You then receive a purchase order number after you’ve accepted the company’s quote.
However, a representative needs to inspect your items and provide a quote if you want to sell metals that you’ve purchased elsewhere. It’s possible to sell your precious metals in person if you live in Denver, but you need to make an appointment.
Shipping the Precious Metals
It’s your responsibility to get your precious metals sent to AmeriGold. You can send this package to the company’s PO box number, which it provides after your sale has been approved.
Picking How You’re Paid
You get to choose how you’re paid. The payment options you can choose from include a check, which the company sends through the mail. Otherwise, the company can set up a wire transfer to your bank account.
Concluding the AmeriGold Review: Final Thoughts
You gain a solid portfolio when you fund self-directed IRAs. However, you need to ensure you’re investing in IRS-approved products. That’s why it’s important to use a credible gold company.
AmeriGold allows customers to make purchases for self-directed IRAs. You can also buy tangible assets outside of an IRA through this company.
Nonetheless, it’s important to adhere to IRS regulations when making these payments. AmeriGold provides good customer service and investment products.
However, if this company doesn’t align with your investment goals, I’d recommend you look elsewhere.
About Tim Schmidt
Tim Schmidt is an Entrepreneur who has covered retirement investing since 2012. He's also a published author, and his views on investing have been featured in USA Today, Tech Times, The Huffington Post, Nasdaq, and many more.
