Priority Gold Review 2024 - Everything You Need to Know
Investing in gold is one of the safest investments and individual retirement accounts (IRAs) are tax-advantaged and can help you save for retirement. But choosing the right gold company is essential in order to secure your retirement.
We looked at more than 30 factors to make a complete review of Priority Gold for 2024, highlighting Reviews, Complaints, Pros and Cons, Fees and everything you should know. Is it Legit or a Scam? Here is what we found:
Priority Gold Review 2024
My overall Rating: 4.5/5
Priority Gold prides itself on its excellent reputation backed by a lengthy business activity (almost 10 years) and high ratings given by customers, as well as accredited bodies (BBB, BCA). It has an extensive portfolio of gold and silver assets that can satisfy varied customer tastes and preferences.
Is Priority Gold Legit?
Yes, Priority Gold is a legit precious metal investment option. It has been in business for a long time and has an extensive pool of satisfied customers.? The few negative reviews out there are mainly on minor issues that occurred, but none of them signal towards predatory or unethical practices.
Priority Gold Pros and Cons
Overall, there are many advantages of choosing Priority Gold for your investment plan, with a few caveats. In short, they are as follows:
Pros
●??????? Solid reputation, with excellent customer satisfaction ratings
●??????? Free available educational resources
●??????? Tailored advice and investment plan management
●??????? Available rollover of your IRA, assisted by dedicated IRA department
●??????? Eligible customers can benefit from free first year gold storage and administration fees
●??????? Permissive buyback policy
●??????? Large range of offers, including high purity collectible coins (e.g. American Eagle and the Canadian Maple Leaf coins)
●??????? Safe investments, with safety steps and encryption
Cons
●??????? Limited transparency, in depth prices must be discussed with a representative
●??????? Other precious metal purchases (platinum/palladium) are exclusively discussed on the phone
Priority Gold ratings and reviews
Better Business Bureau:
BBB Rating: A+ (where A+ is the maximum. Rating explanation here)
BBB Customer Reviews: 4.64/5 based on 11 Customer Reviews
Other ratings:
Business Consumer Alliance Rating: AAA
TrustPilot: 4.5/5 (based on 21 reviews)
Consumer Affairs: 4.9/5 (based on 55 reviews, mostly verified purchases)
Priority Gold website
Priority Gold website is: prioritygold.com
Number of website visits per month (from unique visitors): 40,638 (Source: SimilarWeb as of June 2024).
Priority Gold Fees
·???????? $50 for the set-up fee
·???????? $35 for the wire fee
·???????? An annual service fee of $125
·???????? An annual storage fee of $100
·???????? No shipping costs
·???????? No fees for non-IRA purchases
·???????? Purchase options from $10,000 to $100,000
There is no minimum purchase requirement for IRA, but it is best to start with at least $10,000.
Background
Location of The Business: 15260 Ventura Blvd #610, Sherman Oaks, CA 91403-5371
Founded Date: 14th May 2015
BBB Accreditation since: 13th February 2018
Type of Entity: Limited Liability Company (LLC)
Who owns Priority Gold?
·???????? Mr. Mike Anderson
What are other persons from Priority Gold’s management?
·???????? Mr. Mike Anderson, Operations & Marketing Manager
Employees
The number of employees gives us an idea about how large the company is, differentiating small companies from well established companies.
After checking on LinkedIn and Glassdoor, Priority Gold has around 50 Associated Members. They also have 438 followers. Their LinkedIn page is active and up to date, where posts are made a few times a week with news from the world of gold investment.
What do the employees say about Priority Gold?
Most of the time the employees know the best pros and cons of the company, since they are experienced and seen the ins and outs of the company.
Therefore, we went to Glassdoor to see the employees' reviews. Here is what we found:
Priority Gold has a 3.3 rating from their former and current employees based on a number of 3 reviews. All of them are in the rating form with no additional information.
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Priority Gold Complaints
The reviews on all the platforms that have been checked are overwhelmingly positive.
Organization Rating Number of Reviews Complaints Better Business Bureau (BBB) A+/A+ 11 4 complaints closed in last 12 months Business Consumer Alliance AAA/AAA 36 0 complaints Trustpilot 4.5/5 21 1 review with 1 star Consumer Affairs 4.9/5 55 0% reviews with 1 star
How to invest with Priority Gold
There are two ways in which you can invest in their products. If you are looking to open or roll over your IRA you have to follow the next steps:
1. Go through their free gold kit & then Speak with one of their representatives from the IRAA department and provide them with your account holder information.
2. Name the beneficiary to inherit the remaining balance (if that is applicable)
3. Fund the account through cash deposit/ bank transfer/ rollover from an existing 401(k) account (or similar)
4. Approve the transfer and the purchase of precious metals
Important to note here is that not all their products are IRS approved (check before purchase) and that they do not manage the account themselves, but an IRS-approved custodian will be in charge of this after you contact the Priority Gold representative.
The second way to invest in their products is by simply purchasing them. This is how it’s done:
1. Go to the company’s website and checkout their inventory under “Invest in Gold & Silver”
2. Select the items you want to purchase
3. Next is to choose the investment amount, with choices ranging from $10k to $100k
4. To add to cart, you need to click the “Request Quote” button
5. When you are done, press the checkout button
6. Enter your personal details and press “Place Order”
You will be contacted by a representative from Priority Gold to finalize your order and confirm your details.
Priority Gold compared
What Makes Priority Gold Stand Out?
From what I have found, Priority Gold offers a wide range of precious metal investment options. What stood out to me were their bullion portfolio (they are also part of the National Coin and Bullion Association), where you can find a wide range of currencies (American, Austrian, Canadian, and South African). They also offer collectible silver and gold coins, as well as silver 10 oz bars.
What also sets them apart is their extensive educational resources (they have their own free information guide), post routinely on their platforms up to date news, and offer individualized and comprehensive advice when reaching out to one of their representatives.
They also offer a limited price protection plan. This allows you to buy additional gold at preferential prices in case the prices change within 30 days of the original purchase. However, this comes with the downside of the plan being applicable only in the case of purchases $250,000 or higher.
Priority Gold vs Augusta Precious Metals
To assess how well Priority Gold performs on the market, I made a comparison with another precious metal company, Augusta Precious Metals. Here is the breakdown:
Similarities
·???????? Both have excellent rating on all the review platforms (BBB, BCA)
·???????? They offer investments in gold and silver assets, including bullion, for IRA accounts
·???????? For qualifying purchases, you get free shipping with both
·???????? You can roll over your existing IRA
·???????? They offer storage for your investment
·???????? They offer educational materials
·???????? Account lifetime customer support
·???????? Both have clear and advantageous buyback scheme
Differences
·? Augusta Precious Metals has a significantly higher number in reviews in general, which most likely means that it is a more popular choice among investors
·? While Priority Gold offers free first year gold storage and administration fees for eligible customers, Augusta Precious Metals offers zero account management fees in general
·? Information regarding fees is easier to come by for Priority Gold and from digging around a bit, they are also lower (set-up fee $50 vs $250 or annual fee $125 vs $200)
·? Priority Gold has a lower minimum order minimum ($10,000 vs $50,000)
·? They both have buyback schemes, however Priority Gold allows sales on the open market, for immediate liquidation or on consignment
·? While Priority Gold offers sessions for all individuals with a representative about an individualized plan and account management, Augusta Precious Metals has free web sessions on precious metals investment education only for those with at least $100,000 in savings
·? Augusta Precious Metals does not list the prices of any products on its website
·? Priority Gold offers on demand other precious metals (platinum/palladium)
In short, both options are solid for anybody who wishes to diversify their portfolio with precious metals. However, all of the above must be taken into consideration in order to make the best choice depending on personal circumstances.
Frequently Asked Questions
What is Priority Gold?
Priority Gold is a company based in California, USA, specializing in precious metal dealership, mostly silver or gold.
What are Priority Gold fees?
They do not charge any hidden fees. They charge administration fees for the account and the dealer markup. However, they do offer competitive markups and spreads on their metal, enabling the buyer to get a fair buying and selling value for their customers. They also don’t charge for shipping or purchases, but rather acquire their profit from the markups.
The fees may vary depending on your unique situation, but as a guideline you are looking at $50 for the set-up fee, $35 for the wire fee, an annual service fee of $125, and an annual storage fee of $100. Additionally, Priority Gold offers transparent buyback policies on fees, so your investment is protected from excessive losses caused by big fees or potential penalties. They allow sales on the open market, for immediate liquidation or on consignment. Another strong point is their offer to cover one year’s worth of storage and administration fees in case you choose to roll over a minimum of $50,000 of your IRA account to precious metals.
What is the minimum investment with Priority Gold?
The minimum Gold investment with Priority Gold is about $10,000. There is no minimum investment listed for IRAs.
How long has Priority Gold been in business?
Priority Gold was founded in 2015 and is headquartered in Dallas.
What are Priority Gold complaints?
The reviews on all the platforms that I have checked are overwhelmingly positive. The one star review I have found expressed that they felt overcharged, while another complained about the customer service. Other than that, customers seemed to be very satisfied with their overall experience with Priority Gold.