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Precious metals like gold and silver have been recognized as valuable metals for ages. That might encourage you to invest in precious metals.
And why not? Unlike stock investments, they hedge against inflation, have a high degree of liquidity, are excellent options for portfolio diversification, and hold their intrinsic value.
That said, you may be considering investing with Money Metals Exchange. It is a full-service precious metals investment firm whose headquarters are in Eagle, Idaho. The company has an extensive precious metal portfolio and can help set up your Precious Metal IRA.
Should you invest with them though? Here is an unbiased review:
Before we get started with this review:
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Table of Contents
Money Metals Exchange: Company Background Information
Money Metals Exchange: Management Team
Money Metals Exchange: Custodians and Storage
Money Metals Exchange Products
Vault Metals Storage Program
Self-Directed Gold IRA
Setting up a Gold IRA
What are IRA Approved Precious Metals?
Should You Just Purchase Bullion Goods That Are “IRA Approved”?
Why Do Financial Advisors Not Suggest Gold and Silver IRAs?
Can You Invest in Gold With Your 401(k)?
Is Money Metals Exchange a Scam?
Conclusion
Money Metals Exchange: Company Background Information
money metals homepage
It is a gold IRA company that also deals in other precious metals. It was established in 2010 and is situated in Eagle, Idaho. The firm’s inventory is comprehensive and features a wide variety of precious metals.
These are in coins and bars and include gold, silver, palladium, and platinum. The company’s inventory also includes copper and rhodium for prospective investors. Currently, however, their website lists most of these items as “Out of Stock.”
The company has a partnership with the New Direction Trust Company which acts as their preferred IRA custodian. Money Metals Exchange however remains in charge of running its own precious metals storage repository.
Nonetheless, customers have the option of storing their precious metals in the International Depository Services Group, Dakota Depository, CNT Depository, Loomis International, or the Delaware Depository, thanks to the relationship with New Direction Trust Company.
Their website comes in handy when identifying available metals to invest in. It particularly comes with an extensive “News/Resources” section that offers consumers a wealth of educational resources, including an education center, precious metals charts, podcasts, and a FAQs section.
Money Metals Exchange: Management Team
This nationwide precious metals investment firm and news service have over 500,000 readers and 250,000 customers. It is led by Stefan Gleason.
He served as the president of a national newsletter publishing company that assisted readers to safeguard their liberties, assets, and privacy. In his endeavors, he discovered that most people over-marketed their precious metals, misleading innocent customers.
For example, people would market their coins as “rare,” “collectible,” and “numismatic” and mark them up by 50%, 100%, or even more than their real worth.
In reaction to the deceptive practices of national marketers, therefore, Gleason established Money Metals Exchange in 2010. Today, the Money Metals mantra is that the typical investor should never buy precious metals that are not priced as per their actual value.
Gleason continues to run the company to date, with the help of Clint Siegner. He co-manages the business with Mike Gleason and is in charge of its internal systems, personnel development, loan underwriting, and compliance issues.
He is also a prolific author and writes extensively about sound money and the markets for precious metals. Along with co-manager Clint Siegner, Mike Gleason oversees day-to-day operations at Money Metals.
Gleason focuses his efforts especially on recruiting and managing sales and customer service professionals to achieve the highest level of service and integrity because of his significant history in sales and logistics.
He also oversees the organization’s operations for product pricing and inventory management, and he presents Money Metals’ weekly podcast.
Money Metals Exchange: Custodians and Storage
As mentioned before, Money Metals Exchange offers custodial services to its clients through a partnership with New Direction Trust Company. That shouldn’t however imply that they have no depository facilities of their own. Money Metals Exchange indeed operates a reputable depository facility.
Customers also have access to a variety of alternative facilities, such as those operated by Dakota Depository, Loomis International, Delaware Depository, CNT Depository, or International Depository Services Group.
Money Metals Exchange Products
The company has a sizable selection of platinum, silver, gold, and palladium products. There are also additional products made of rhodium and copper in the catalog for those innovators who have an interest in those metals.
Some of the IRA-Approved bars and coins include the Silver American Eagle, Gold Australian Kangaroo, Gold Canadian Maple Leaf, Gold American Eagle, American Gold Buffalo, Gold Austrian Philharmonic, Platinum Australian Kangaroo, Platinum Britannia, and Palladium American Eagle.
Vault Metals Storage Program
gold, silver, and platinum bars
Money Metals has developed the most effective way to own and store actual precious metals in the form of Vault Gold, Vault Silver, and Vault Platinum through its Vault Metals program.
The vault metals program offers benefits that were previously only accessible to royalty, bankers, billionaires, and other mega-rich savers. Having said that, customers cite three key reasons for signing up for the Vault Metals storage program:
1. They get the most value for their money
Vault metals incur the lowest premiums per ounce of any kind of bullion because of their cheap minting expenses when compared to coins, rounds, and smaller bars.
2. Good storage
Vault Gold, Vault Silver, and Vault Platinum are stored in insured Class 3 vaults in Massachusetts and Delaware, therefore highly regarded by customers. You can never have any security issues, unlike home storage.
3. Narrow bid-ask spread
The difference between the price you pay when you buy and the price you receive when you sell is the smallest of any bullion type. As such, transactions with Vault Metals can be finished quickly.
All of this means that you can directly and personally possess real physical gold, silver, or platinum in the form of allotted sections of 100, 400, and 1,000 oz commercial bars stored in vaulting facilities that are insured by a third party.
Self-Directed Gold IRA
Precious metals cannot be substituted with any other form of investment in your IRA. Unlike traditional IRA paper assets such as mutual funds, bonds, stocks, and cash, metals hold their value.
Even exchange-traded funds that are centered on gold, silver, or mining stocks cannot give investors the security they require in uncertain times.
Furthermore, brokerages and banks can and do fail. As if that’s not enough, the purchasing power of the dollar is always falling. But you know what? – Physical bullion remains.
With a tax-advantaged Self-Directed Precious Metals IRA account, you can not only buy, hold, and sell actual precious metals, but you can also withdraw your bullion and take direct physical possession of it by standard IRA distribution guidelines.
Very few Americans are even familiar with all these, all because their brokers have never informed them.
Setting up a Gold IRA
Step 1: Select a custodian, then deposit money into your tax-free self-directed IRA account.
Your IRA shouldn’t be restricted to investing in paper assets for any valid reason. Unfortunately, traditional banks and brokerages are well compensated for trading paper, therefore they restrict the options available to their clients.
With a self-directed IRA, however, you can exit and take back control of your financial decisions. Because this trustee company has the lowest fees and the greatest client care, Money Metals suggests New Direction IRA.
They can however cooperate with any business that offers self-directed accounts.
Step 2: Set a price cap on the bullion you want to store in gold, silver, platinum, or palladium.
A variety of bullion coins, rounds, and bars may be kept in your IRA. No slabbed/graded “rare” coins are permitted, which is not a cause for concern given how dangerous and generally bad investments they are.
After selecting your price cap, Money Metals Exchange will send you a payment confirmation, and you may follow your cargo to the depository.
Step 3: Finish the transaction.
After locking your pricing, Money Metals Exchange will give you a confirmation and any other forms that require your signature. Simply sign the documents and return them via fax or email.
Money Metals Exchange will then transfer the metals to the depository of your choice for safekeeping after receiving payment from your custodian on behalf of your IRA.
What are IRA Approved Precious Metals?
According to IRS regulations, gold kept in IRAs must be at least.995 pure (.999 or higher for silver). The organization however established an exemption to also permit gold American Eagles minted at the U.S. Mint which is usually .9167 pure or 22 karats purity.
Precious metals backed in Individual Retirement Account at Money Metals Exchange may be “IRA Approved,” but others are not.
The criteria for this designation derive from two different sources: the IRS code that governs IRAs directly, and the companies that offer storage and IRA custodial services.
Should You Just Purchase Bullion Goods That Are “IRA Approved”?
Only if you’re purchasing something particularly to put in an IRA. There are excellent items like Krugerrands and Pre-1965 90% silver U.S. coins that don’t qualify for IRAs but are a cheap method to get the metals.
There are also additional products that frequently lack a mint stamp, particularly 1 oz silver rounds. Selecting a trustworthy vendor will be your best guarantee of quality.
Why Do Financial Advisors Not Suggest Gold and Silver IRAs?
It should not be surprising that so few American investors have even a single ounce of gold or silver bullion. Fewer are even aware of the different ways to hold precious metals in an IRA account.
And why not?
Financial professionals—the very people whose job it is to educate investors—typically make the lack of awareness worse.
Most financial advisors promote “diversification” as the best investment strategy while restricting their clients to traditional IRAs with just equities, bonds, and mutual funds as available investment options.
That’s primarily because brokers would lose out on management and/or transaction fees if they advocated for actual diversification away from these phony assets.
Can You Invest in Gold With Your 401(k)?
Investors have the option of converting all or a portion of their 401(k) assets into the self-directed IRAs required to store actual gold and silver.
Generally speaking, if you are no longer employed by the 401(k) sponsor, you may perform this “rollover” (k). If you’re still employed though, you can only invest in the alternatives that the company that sponsors your plan allows.
Is Money Metals Exchange a Scam?
Based on all customer reviews from websites like the BBB website, we don’t think the company is a scam. It appears fairly improbable that they could be frauds. Could a company with an “A Plus” rating from the BBB continue to operate for ten years if they were a fraud?
We will let you be the judge.
Having said that, you must conduct your study before choosing a precious metals partner. You must do your research and never move forward with somebody unless you are completely confident in both your choice and theirs.
Conclusion
No precious metals company will ever be “perfect.” Some may fit more comfortably than others. In the end, it usually just boils down to choosing the business with which you are most at ease.
Money Metals Exchange offers direct storage options and prefabricated portfolios for new buyers in addition to selling a range of precious metals.
However, limitations on payment methods and transaction costs could affect your checkout procedure, and customer service isn’t offered on the weekends. The choice is up to you and what matters most to you.
Money Metals Exchange is not a scam, but they are not the best option for investors looking to purchase gold and silver and certainly not the best for investors looking to protect their wealth with a precious metals IRA, like other companies we have written about extensively.
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