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|What’s offered||Self-directed gold IRAs & precious metals|
|Annual fee||$175 for accounts under $100,000 & $225 for accounts of $100,000 or above|
|Application process||The application takes about 10 to 15 minutes, and your account can be opened within one business day|
Oxford Gold Group is a precious metal company based in Los Angeles that helps people buy and sell gold, silver, and other precious metals. It also offers gold individual retirement accounts (IRAs), which let investors take advantage of retirement accounts’ tax benefits while investing in precious metals.
If you’re considering investing in precious metals, Oxford Gold Group might be the right company to work with.
In this review:
- What does Oxford Gold Group offer?
- How much does Oxford Gold Group cost?
- Customer ratings
- Where does Oxford Gold Group store my precious metals?
- Can I see how my precious metal investments are performing?
- Pros and cons of Oxford Gold Group
- How to open an account
- How can I withdraw from my account?
What does Oxford Gold Group offer?
In addition to free research and educational resources, the company offers several services to its customers.
Precious metals IRA
IRAs are investment accounts designed for people who want to save for retirement. They offer tax advantages to people who use them to save in exchange for placing restrictions on the money those people contribute to the account.
Oxford Gold Group manages precious metal IRAs on behalf of their clients, allowing them to invest in precious metal in a tax-advantaged account.
If you open a precious metal IRA, all you have to do is contribute money and choose the metals to invest in. Oxford Gold Group manages the purchase and storage of those metals on your behalf. When it comes time to withdraw from the account, the company can directly ship the metal to you.
Silver, gold, platinum, and palladium products
Even if you aren’t opening a precious metal IRA, Oxford Gold Group has various precious metal products that you can purchase.
These products include gold, silver, platinum, and palladium coins and bars from countries worldwide, including the USA, Canada, Austria, Australia, and the United Kingdom.
If you’re interested in purchasing these products, you can fill out an interest form on Oxford Gold Group’s website. The company will contact you to discuss the transaction and details, such as shipping and storage.
How much does Oxford Gold Group cost?
Investing in precious metals can be appealing for many reasons, but it can also be more complicated than traditional investments. One of the most significant complications of investing in precious metals is storage. Gold coins and bars take up space. They can also be damaged or stolen.
Most companies that help investors buy and sell precious metals assist with transportation and storage at a cost. Oxford Gold Group charges a flat fee for its services.
There is an annual fee of $175 for accounts worth less than $100,000. Once your holdings reach or exceed $100,000 in value, the fee becomes $225.
Fees related to maintaining a precious metal IRA are tax-deductible, which may reduce the effective cost of maintaining the account.
When you’re trusting any company with your money, it’s essential that you trust the business you’re working with. There are many scams and fraudulent offers in the world of precious metals, so you should do your due diligence before working with any precious metal company.
Oxford Gold Group is a well-known and trusted business, with strong ratings from many sources. Here are its ratings as of October 14, 2020.
|Better Business Bureau||A+|
Where does Oxford Gold Group store my precious metals?
When you invest in precious metals, the storage of that metal is an important consideration. You want to make sure that your metals are stored safely to prevent theft or damage.
Oxford Gold Group uses two depositories, the Delaware Depository in Wilmington, Delaware, and the Brinks Depository in Salt Lake City, Utah. The company uses insured carriers to transport precious metals to and from these depositories.
Both locations are insured by Lloyds of London, a well-known and respected insurance company, and are secured using state of the art technology and well-trained staff.
Can I see how my precious metal investments are performing?
With any investment, it’s essential to keep track of your portfolio’s performance. Oxford Gold Group will give you access to an online account portal that you can use to track your portfolio, including the value of your metal and recent fluctuations in its price.
You will also receive quarterly electronic statements from your account custodian, giving you regular updates even if you don’t sign in to your account. For a fee, you can sign up for paper statements as well.
Pros and cons of Oxford Gold Group
There are pros and cons to consider before working with Oxford Gold Group.
- Simple fee structure
- Quick account opening process
- Hold different types of precious metal
- The annual fee may be high for accounts with low balances
- Additional fees for paper account statements
How to open an account
There is a four-step process to open an account with Oxford Gold Group.
Open an account
The first thing you have to do is open an account. The application is a few pages long and takes about ten minutes to complete. Most new accounts are open within 24 hours of completing the application.
Once the account is open, you can transfer funds to it. If you have an existing IRA or another retirement account, you can transfer assets or perform a rollover to fund the account. Otherwise, you can fund your new account with a contribution from your bank.
Transfers can take up to five business days.
Once you have funds in your new precious metal IRA, you’re ready to invest. You can work with your account partner to discuss different investment options, including specific coins and bars. Once you’ve designed your portfolio, your account partner will place the orders for you.
Once your account partner orders the metals you want to hold in your IRA, they’ll arrange shipment of those metals to one of Oxford Gold Group’s depositories in Delaware or Utah.
How can I withdraw from my account?
If you open an IRA, withdrawals are restricted until you turn 59 ½. Withdrawals before that age incur a 10% penalty in addition to the taxes you have to pay.
With Oxford Gold Group, you have two options if you want to make a withdrawal from your account.
The first option is to sell the metals in your account. Oxford Gold Group will handle the sale and can transfer the proceeds to the bank account of your choice.
You can also take delivery of your metals. Oxford Gold Group will ship the metals of your choice to your home. Make sure you have a plan for storing your metal once you receive it.
Where to find Oxford Gold Group alternatives
Oxford Gold Group is one good option for people that want to invest in precious metals, but it isn’t the only option out there. It’s worth taking the time to consider the alternatives. You may find a company that will charge fewer fees for your account.
If you’re interested in comparing alternatives, our guide to the best gold IRA companies can be a good start.
Ready to learn more on Oxford Gold Group’s website?
Author: TJ Porter