Patriot Gold Group Review: Gold IRAs & Precious Metals

4.2 _/5

LendEDU Rating

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Gold IRA & Metals

• No fees for accounts over $100,000
• 5-star customer ratings
• Free gold IRA investor guide
• 24-hour account setup

• Doesn’t offer platinum or palladium
• Difficult to get info without submitting contact details
• Can’t opt out of marketing materials

What’s offered

Gold coins and bullion, silver coins and bullion, precious metals IRAs

Patriot Gold Group is a precious metals company with a major benefit for long-term investors: When your portfolio is valued at $100,000 or more, Patriot Gold waives your fees—for life.

Several other gold IRA companies waive fees temporarily, but your savings don’t expire with Patriot Gold Group. Keep reading to learn more about how this gold dealer cares for its customers and helps their dollars go further.

What does Patriot Gold Group offer?

Patriot Gold Group helps investors buy, sell, and store precious metals. You can do that one of two ways: by opening an IRA or through a direct purchase. Here’s an overview of each option:

Product	What it is	Min. investment
Gold IRA	Hold gold or silver in an IRA account	$25,000
Direct purchase	Buy gold or silver outright	$10,000

Precious metals IRA

Patriot Gold Group specializes in gold IRAs. You can fund your gold IRA with cash or roll over another IRA. If you choose the latter, Patriot Gold will work with you to ensure your current IRA is eligible to roll over to a gold IRA.

You’ll also decide what type of gold IRA you want to establish:

• Traditional IRA: Contribute with pre-tax dollars and get taxed on your distributions.
• Roth IRA: Contribute with post-tax dollars and receive your distributions tax-free.

Once your gold IRA is open and funded, you can start investing. You’ll tell your Patriot Gold Group account specialist which metals you want to buy and where you want them stored. 

Patriot Gold partners with several depositories nationwide that can house your metals. The depository you choose will serve as your gold IRA custodian, and your account specialist will work with your custodian to coordinate shipping and delivery on your behalf.

Silver and gold products

Even if you don’t plan to open a gold IRA, you can work with Patriot Gold Group to buy and sell precious metals. The company focuses on gold and silver coins. You can’t invest in other precious metals, such as platinum and palladium.

The coins available for purchase come from around the world, including the following countries:

• Austria
• Canada
• South Africa
• United States

One drawback of Patriot Gold Group is that it doesn’t list actual prices for its coins on its website. You can select an investment amount for each type of coin to generate a quote, but you must work with a Patriot Gold representative to complete your purchase.

The $10,000 minimum purchase requirement only applies to your first transaction. After becoming a Patriot Gold customer, that threshold drops to $1,500. 

How much does Patriot Gold Group cost?

You must consider fees when working with personal finance companies, whether a bank or an investment firm. Companies that help people invest in precious metals are no different. Precious metals investing is more complicated than many other financial services, which adds costs.

Metal is a physical asset. Unlike stocks and bonds, you need to move and store precious metals and keep them safe and secure, so investors in precious metals must pay the costs to store their coins and bars.

We spoke to a representative from the company on August 22, 2024, who outlined the following fee structure:

Balance	Years of waived fees	Annual fee
Under $50,000	0	$250
$50,000 – $99,999	1	$250
$100,000+	All	$0

Patriot Gold doesn’t charge shipping fees; it includes storage costs in your yearly maintenance fee. However, the company charges an opening fee when you first set up your gold IRA. 

The opening fee ranges from $200 to $250, though waiving this is possible.

Patriot Gold customer ratings and reviews

When opening an investment account, working with a reputable business offering stellar customer support is paramount. 

That’s especially true if you’re investing in silver and gold. Scams aren’t unheard of in the precious metals industry, so choosing a company with a proven track record of doing right by its customers is imperative.

Patriot Gold Group is a well-known, trusted metals dealer with strong customer reviews from many sources. Here are the ratings as of August 21, 2024:

Source	Rating	Number of reviews
Better Business Bureau (BBB)	4/5	2
Trustpilot	5/5	512
Google	4.9/5	281

Satisfied customers applaud Patriot Gold representatives’ responsiveness, patience, and expertise. They report not feeling rushed or pressured to invest and have no trouble contacting their account specialist.

Patriot Gold doesn’t have many negative reviews, but customers who gave the company less than five stars did so due to a lack of transparency. Some could not get certain information in writing, while others struggled to get clear answers on Patriot Gold’s custodial partnerships.

Where does Patriot Gold Group store my precious metals?

Patriot Gold Group offers two options for storing your metals, depending on whether they’re part of a gold IRA: 

• IRS-approved depository: For traditional gold IRAs or non-IRA precious metals 
• Home storage: Only for non-IRA precious metals

Gold IRA rules and regulations forbid home storage for precious metals held in a self-directed IRA. Instead, the IRS requires investors to keep these metals at an approved depository. 

Patriot Gold works with several such facilities, each maintaining strict climate controls and tight security. After all, your custodian’s primary task is to preserve your metals’ monetary value and ensure their physical safety.

Tip

Buying gold or silver outright without opening an IRA? You can store your metals at home with no penalty.

While Patriot Gold Group describes a potential workaround to IRA storage requirements, we discourage pursuing this option. 

For starters, it’s complex, requiring you to create an LLC and then shuffle your investments between your gold IRA and newly formed LLC. It could also put you in hot water with the IRS. 

Keeping your metals at an insured, approved facility is the only way to protect your investment. It’s also the only way to avoid litigation, back taxes, and penalties should the IRS find out about your home storage.

Can I see how my precious metals IRA is performing?

With any investment, it is essential to track your portfolio and its performance. This allows you to adjust your portfolio and investing strategy.

The custodian you are matched with after working through Patriot Gold Group is responsible for providing you with an online account to see your portfolio.

The company’s website includes up-to-date pricing information for gold and silver. These charts can inform your investing strategy.

Pros and cons of Patriot Gold Group

Pros

• No fees for accounts over $100,000

• Positive customer ratings

• Free gold IRA investor guide

Cons

• Platinum and palladium can’t be included in your IRA account

• Some sections of the website are unclear or incomplete

How to open an account

To open a precious metals IRA with Patriot Gold Group, you’ll work closely with a Patriot Gold representative. Here’s how it works:

1. Reach out to an account specialist by calling 877-530-7477, emailing, or using Patriot Gold’s live chat. Whichever method you choose, make sure you jot down your representative’s name—you may need it later.
2. Provide your identifying information. You’ll share your name, phone number, address, and Social Security number. 
3. Designate your beneficiaries. If you’re not yet sure who you want to inherit your gold IRA when you pass, you may be able to complete this step later.
4. Decide how to fund your IRA. Your specialist will help facilitate this process, whether you’re opening a brand new IRA or rolling over an account.
5. Select your metals and depository. Once your IRA is funded, you’re ready to invest. Just tell your account specialist what metals you’d like to buy and where to store them, and they’ll take care of the rest.

You can complete this process by phone or on Patriot Gold’s website. If you apply online, you must include your account specialist’s name on your application.

To purchase additional metals, reallocate your investments, or buy gold or silver outside of an IRA, call your account representative, who can help you place the order and transport the coins and bars to your storage location of choice.

How can I withdraw from my account?

When you’re ready to withdraw from your self-directed IRA, you have two options:

1. In-kind distribution: Patriot Gold Group can help transport the precious metal from your storage location to your home. Once you have the silver or gold coins and bars in your possession, you’re free to do with them as you please.
2. Cash distribution: Your account representative can help you sell your metals and deposit the cash proceeds to your bank account. This is the more convenient option if you need money to spend.

Tip

Per IRS rules, you can’t take distributions until you turn 59½. Any withdrawals before that age incur a 10% penalty in addition to any taxes you owe.

Where to find Patriot Gold Group alternatives

Patriot Gold Group is just one of many companies that help people invest in precious metals. Before you open a gold IRA account, you should take the time to consider alternatives. You may find another company that better meets your needs.

Check out our guide to the best gold IRA companies for more on these companies.

Read More

Best Online Gold Dealers

Patriot Gold Group FAQ

Is Patriot Gold a good company?

Patriot Gold is a reputable company in the precious metals industry. Customers have given it positive reviews for its customer service, transparency, and product quality. However, as with any investment, it’s essential to compare your research with other companies to ensure it meets your specific needs.

How long has Patriot Gold been in business?

Patriot Gold Group has been in business since 1990, providing services related to purchasing and selling precious metals, including gold and silver. Its long-standing presence in the industry suggests a level of experience and stability.

Does Patriot Gold sell physical gold?

Yes, Patriot Gold sells physical gold. It offers a variety of gold products, including coins and bars, that can be delivered to you or stored in a secure depository.

Is owning physical gold a good idea?

Owning physical gold can be a good idea for those looking for a tangible asset that has historically held its value. It’s often seen as a hedge against inflation and economic uncertainty. However, when investing in physical gold, it’s essential to consider storage, insurance, and liquidity.

Is it better to buy physical or digital gold?

Whether buying physical or digital gold is better depends on your investment goals. Physical gold offers the security of a tangible asset but comes with storage and insurance costs. Digital gold, on the other hand, provides convenience and ease of transaction and often lowers costs but lacks a physical presence. 

Investors seeking long-term wealth preservation might prefer physical gold, while those looking for convenience and lower entry costs might opt for digital gold.

How we rated Patriot Gold Group

LendEDU evaluates gold dealers to help readers find the best precious metal IRAs and inventories for direct purchase. Our latest analysis reviewed 550 data points from 25 dealers, with 22 data points collected from each. This information is gathered from company websites, public disclosures, customer reviews, and direct communication with company representatives.

These star ratings help us determine which companies are best for different situations. We don’t believe two companies can be the best for the same purpose, so we only show each best-for designation once.

Product	LendEDU Rating
Patriot Gold Group gold IRA	4.2/5