Augusta Precious Metals Review (2022 Update)

August 21, 2022

Augusta Precious Metals Review

Augusta Precious Metals Review

We'll start this review by stating that the United States Securities and Exchange Commission has advised retirement investors to take measures needed to diversify their portfolios to mitigate risk.

Augusta Precious Metals have a team that works alongside investors, mainly opening tax-advantaged retirement accounts funded with a gold IRA.

Precious metals IRAs are generally known to enjoy the same tax-deferred states as self-directed IRAs. Furthermore, they offer an excellent way to diversify your investment portfolio.

As an investor, you should be aware that precious metal IRAs generally have an element of risk associated with them.

Free Gold IRA Guide from Augusta Precious Metals

That's why any business or individual claiming that mega returns are to be enjoyed with minimum risk is probably worth staying away from, at least, that has been our experience.

Like any investment, there is the possibility of losing money, with past performance not necessarily a guaranteed or surefire indicator of future performance. It is also essential to understand all the fees associated with any investment you make.

Keeping the above in mind, when we created this Augusta Precious Metals review, we began by examining the company from every angle, apart from the only website. In addition, we've scanned through dozens of reviews online to get a complete picture of the company's performance.

If you are going to invest with Augusta Precious Metals, make sure to read the entire review. By the end of the review, you will know if this company is the right choice.

To be blunt, Augusta Precious Metals is not a scam and may be the ideal gold IRA company for some investors. The company certainly has many positives associated with them, which we will go into later in this review.

As with all our reviews, it is essential to state that this shouldn't be considered financial advice and so it is up to you to carry out additional research or contact the company before making any investments. After all, these are the golden years we're talking about, so it's serious business.

Introduction to Augusta Precious Metals

Augusta Precious Metals is an Award-winning company and is a strong proponent of having physical gold and silver as part of retirement portfolios. However, unlike many other gold companies, Augusta Precious Metals works with customers for as long as they maintain their physical precious metals portfolios with the company. (Related: Gold ETF vs Physical Gold)

The company has a slightly different way of operating from other gold companies, starting with having a separate department for each step to streamline the process. The result is a significant cost saving, passed down to the customers via competitive pricing.

The official website states that Augusta is strongly committed to offering an entirely transparent operation assuring simplicity and lifetime account service to customers and their metals portfolios.

Interestingly, Joe Montana, a Hall of fame quarterback, also happens to be the company's corporate ambassador.

According to Mr. Montana, he used the service and found them to be amongst the best in the business. We're not claiming that you should take his word for things, but clearly, someone with this much clout wouldn't be the brand ambassador of a company they thought wasn't up to snuff.

Augusta Precious Metals' Commitment

One of the features of Augusta Precious Metals that sets it apart from the competition is its superior understanding and unique experience with gold and silver.

The company's gold IRAs are well known as opposed to many other companies that provide what may seem to be a similar gold IRA product.

Let their reviews speak for themselves!

Here are a few more things that set Augusta Precious Metals apart from the competition:

Committed to Transparency

One of the first things that caught our attention about Augusta's policy is its commitment to transparency.

The company is surprisingly forthcoming with information that others don't easily give. In addition, the website answers most of your questions in a language that's easy to understand, even without a finance background.

Furthermore, there are no hidden fees, and the company will continually update a transaction status while answering questions.

That's one of the reasons why the IRA Gold Advisor voted Augusta "The Most Trusted in the US," followed by TrustLink which has consecutively voted the company "Best Of" for many years.

Excellent Customer Service

When researching a company like Augusta, one of the first things we do is call them up.

In fact, we call up the companies multiple times to gauge their response time and quality.

We found that the customer service team gave us an amazing amount of time, even when we asked tough questions.

The person on the other end (we spoke to many) gave us answers in an easy-to-understand manner and without a sales pitch.

Augusta's team handles 95% of all the work to get your account set up with the IRA or set up a cash account. In addition, they set up the most common precious metals available at competitive prices.

Just to cover all bases, we checked Augusta Precious Metals reviews at the Better Business Bureau (BBB), and the company does not have any complaints… impressive for a company this established.

In fact, it was easier to come across positive reviews than negative ones.

Industry Knowledge

During our time working with the company, it wasn't hard to see that the gold or silver IRA agents had the expertise and knowledge needed to guide clients correctly. The company has a team of economic analysts, led by none other than a Harvard-trained professional, who can help when needed for as long as you have an account.

Excellent Customer Retention

Our research also showed that Augusta Precious Metals has a very high customer retention rate.

Customer loyalty is high with lots of repeat business, which is why they have become one of the leading brands in the US. Most reviews we encountered online talked about how well the company served them, their expertise, and thanking the company. If anything, this leads us to believe that the company is at the very least trustworthy, but there is more!

Augusta Precious Metals Management Team

We can tell you from experience that a gold IRA company, as just about any other business, is only as good as its management team. That's why it is so important to know who is part of their management team and a bit of history. We did a bit of digging and pulled up the following information on the CEO, CFO, and Senior Economic Analyst.

Isaac nuriani

Augusta ceo

Isaac Nuriani

Mr. Nuriani has a work history that encompasses helping seniors plan for their retirement. At a time when Wall Street and banks were a threat to their retirement plans, he was educating the public, empowering them to secure their future. He stands behind transparency, offering the best industry pricing (something we will get into in the next section) and ethics.

Howard Smith

CFO

Howard Smith – CFO

Howard Smith worked for 20 years in capital markets and is a veteran of the banking sector before joining Augusta Precious Metals in 2018. He offers a risk management mindset to help Augusta achieve its corporate financial goals – ultimately helping customers understand and overcome possible risks affecting their own retirement.

Devlyn Steele

dIRECTOR OF EDUCATION

Devlyn Steele

Mr. Steele has many years of experience working in the finance industry. Over the years, he has been a part of processing over $2 billion in assets. He leads a team of qualified professionals at Augusta and mainly contributes by teaching investors about investing in precious metals to safeguard IRAs and their 401(k). Yes, this is the Harvard-trained economist we mentioned earlier and leads those one-on-one webinars, mainly to educate people about protecting their wealth after retirement.

What Does Augusta Precious Metals Cost Investors?

We did mention that Augusta Precious Metals is very sensibly, if not highly competitively, priced. However, like any other industry, it is a comparative statement, which is why it is worth going into specifics.

For starters, the cost of precious metals purchase i.e., buying bullion and coins from Augusta is mainly based on present silver and gold spot prices. (Related, Gold to Silver Ratio).

If you decide to buy premium gold coins, those too are market-dependent. However, the prices of these precious metals tend to fluctuate quite a bit.

Like any other company, Augusta will charge you a markup on the price of the precious metal. The good thing is that Augusta is open about it and refreshing because most companies we've reviewed are hesitant to share this information.

Also, there are no hidden costs or a commission associated with doing business with them. That said, you need to have at least $50k in your retirement account to get started.

Competitive pricing is subjective to an extent, but we can tell you from experience that their prices are highly competitive. The gold and silver coins sold by Augusta are priced at around 5% higher than their price, including free shipping and insurance for larger orders that may qualify for it.

In addition to the cost of actually buying the gold or silver through the company, there is also the cost of setting up an IRA with your custodian, which the IRS requires. Plus, there is also a storage fee. The one-time setup cost is $50 with the custodian.

Investors need to pay two types of annual fees. The first one is an $80 custodian maintenance fee, and then there is a $100 storage fee for the depository.

All the precious metals you buy are stored in a highly secure and insured depository. The facility ensures that your precious physical metal is safe. If you decide on investing in coins, all of them are independently certified by grading companies like the NGC.

Here's What You Need To Know Before You Begin

What product will you buy from Augusta?

You can buy IRS-approved bullions in the form of coins and bars. The bullion can be either silver or gold. 

However, there is a pretty extensive list of weights, and you can choose one that meets your investment needs. If in doubt the friendly customer service should be able to help.

It is worth noting that withdrawing your metals early from the IRA could attract a couple of taxes, and there may be penalties associated with it. The alternative is to have them rolled over to a qualified account.

That said, Augusta Precious Metals can't help you here since you'll need the help of a financial adviser.

Make sure to consult with a financial adviser before executing a withdrawal.

However, if you purchased the metals using cash and not an IRA, it is possible to withdraw them without paying charges, but it is something you will want to discuss with your financial adviser.

How To Open An Augusta Precious Metals Account

The good thing about opening an Augusta Precious Metals Account, for the most part, is that the process is relatively simple.

The three-step process is made easier when a representative is holding your hand, as it has been in our experience.

The representatives are trained to assist gold IRA customers with requests like choosing the right IRA-approved selections for their account, which can be gold coins in varying weights and an ounce of silver by a US mint.

Furthermore, select silver and gold bullions can also be purchased.

If you are looking to open an account, here is a brief outline of the steps:

  • Open a self-directed account – You can open either a Goldstar Trust, Kingdom Trust, or Equity Trust as a custodian mainly because of their excellent reputation, experience, and compliance.
  • Fund the precious metals IRA - You then fund the account with gold IRA or make a transfer from a bank account.
  • Use the money to buy gold and silver for the IRA. The precious metals will then be stored in a secure location of your choice.

You can choose from silver and gold bullion, bars, and rounds.

Choose from varying weights as well as a couple of premium coins. In addition, you can also buy one of the commemorative coins, collector sets, certified coins, and proofs.

Who's This Ideal For? Who Can Benefit The Most from Augusta?

Just about any investor or customer who wants to add physical gold and silver to their portfolio as a way to grow their savings, or maybe hedge against losses, can use the company. However, it would help if you had at least $50k in a retirement account, like a 401(k) or IRA.

Most people who are hesitant about working with a precious metals company will find themselves more comfortable with Augusta, owing to their established reputation and transparency. Furthermore, the company's practices are well documented, so there is no room for doubt, but if in doubt, the company appears more than eager to clear it up.

The company's stellar BBB rating is also a big reason why they are a company most people we think will feel comfortable working with, especially since maintaining an A+ rating isn't easy.

Augusta Precious Metals also has a laundry list of educational materials, including helpful and unique webinars put together by the Harvard-trained economist we mentioned earlier. We strongly advise that prospective investors study the material before getting involved with the company to know what to expect. Anyone who needs information and lots of it before working with a company will feel very comfortable working with Augusta.

It is worth noting that Augusta Precious Metals refrains from providing financial advice. That's because it's not something they specialize in doing. However, the company studies precious metals while having a pretty healthy selection of gold and silver products. If anything, it saves customers a lot of time trying to find the right option.

If you need financial advice, make sure that you work with a certified and experienced financial consultant. The financial consultant should also be able to help you determine if Augusta Precious Metals is the right company for you if you want to hedge your investment with physical gold and silver.

How Safe Is The Company's Storage?

Well, for starters, the most significant benefit of using Augusta Precious Metals is that you don't have to store the metals in your home.

The metals are stored in a secure facility.

Having a gold IRA requires storing the metal in a secure location. Augusta has 12 secure facilities across the US where the metals are stored. After your purchase has been finalized, the metals are stored in a facility.

We pulled up a list of storage facilities from the official Augusta Precious Metals website:

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

Pros & Cons

Pros

  • Augusta is kind enough to waive their fees for the first 10 years for new customers
  • Clients receive a free one-on-one, which explains the benefits of gold IRA and offers other important information
  • Excellent customer service, experienced not just by us but just about anyone who has used worked with the company
  • A pretty straightforward and transparent process, coupled with excellent pricing, makes retirement investments easy for everyone

Cons

  • Much like our #1 recommended Golf IRA Company, Goldco, Augusta does not sell other precious metals besides Gold or Silver, which means you can't buy palladium and platinum.
  • You need at least $50k to start

Final Word

Over the years, we've reviewed and consequently used many gold IRA providers. That's why based on our experience with the company and after having thoroughly researched what it provides, we can safely recommend them.

Likewise, we agree with Joe Montana's expert financial advisors that Augusta Precious Metals knows what it is doing, which is why your investment is in safe hands.

We feel comfortable knowing that everything about the company, from its leadership to prices, is transparent.

The library of educational materials and the attention customers get is another feather in the company's cap.

Perhaps the customer-centric approach is why the company enjoys top ratings and not just from customers but from third-party watchdogs like TrustLink, and IRA Gold Advisor.

Many financial advisors and investors often choose precious metals like gold and silver because it is seen as being impervious to inflation, contrary to how equities may be vulnerable to it. That's why adding precious metals to a portfolio offers significant advantages.

Physical precious metals are seen as being in a different class of assets, which means that they have the potential of offsetting losses that may occur elsewhere in the portfolio.

While you can hold cash or keep money in your savings account, that does not inflation-proof it. Seeing as how inflation can be around 2% each year, that means the money in your savings account or its purchasing power is reduced by 2%.

Even if you take the interest rates that banks offer people with savings accounts, the mere 0.5% interest isn't enough to undo the effect of inflation. That means you're still losing money.

On the other hand, gold and silver have an excellent track record of retaining value. That's why they are so popular amongst savvy investors.

Many people may decide to mitigate the effects of inflation by rolling over part of their savings to precious metals.

However, the problem with most gold IRAs is that the businesses we've run into thus far, with Augusta being one of the exceptions, aren't transparent.

Once again, Let their reviews speak for themselves! (Numbers Updated August, 2022)

Deceptive companies will bombard their clients with loads of fees even after they purchase, something that we didn't experience with Augusta Precious Metals.

In other words, knowing what you're paying upfront can help you decide if it is acceptable before moving forward.

Augusta Precious Metals is one of the few companies we've worked with that's ethical, transparent, and works on behalf of their clients. That's why we have no problem recommending them to everyone who wants to invest in gold and silver bullion.

About the author 

Jenna Lofton, the founder of StockHitter.com, has been actively trading stocks and investing for nearly 11 years.

She holds an MBA in Finance, and another in Business Administration, and lives in Staten Island, NY.

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