Is Augusta Precious Metals a scam? Is it just the regular precious metals company or does it have services and products that you should look forward to benefiting from? This is what we shall help you answer in today’s review.
Name of the company: Augusta Precious Metals
Official Website URL: https://www.augustapreciousmetals.com/
Owner: Isaac Nuriani (CEO)
Overall Rating: (4 / 5)
Recommended: Maybe not (see further down in review)
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Table of content
Below are the key elements of the review:
- Is Augusta Precious Metals a scam?
- How to Open Your Precious Metals IRA on Augusta Precious Metals
- How does Augusta Precious Metals work?
- Augusta Precious Metals Storage
- The Costs you can expect to Incur with Augusta Precious Metals
- Is it Genuine?
- Pros and cons
- Final words and verdict
What is Augusta Precious Metals?
Augusta Precious Metals exists as a family-owned and precious metals dealer and gold IRA services provider that has close to 50 years of experience in the business. This is a company that is truly-service oriented, and is trusted by thousands of American patriots. It is one that a significant number of people have chosen as a trusted partner in their journey towards the creation of wealth, and in ensuring that their retirement years are sorted by investing through gold IRAs.
This company has been helping these investors to open self-directed precious metals IRAs, as well as to buy gold and silver in deals that are not related to the opening of the SDIRAs.
How to Open Your Precious Metals IRA account on Augusta Precious Metals?
Opening your IRA with this company happens to be quite easy. In fact, you can achieve it within 3 easy and straightforward steps.
If anything, you can receive the guidance of a representative who are knowledgeable with IRA opening. The representatives usually help customers who reach out to them to make IRS-approved selections that will help them achieve their investment objectives. The selections are in the form of gold and silver coins that are minted by popular mints and treasury departments. Here are three steps that you have to follow:
- Open an account/ self-directed IRA- Augusta Precious Metals usually recommends that you work with any of the following custodians:
- Equity Trust
- Goldstar Trust
- Kingdom Trust
The above-listed companies are some of the best ones that you will find in the market, owing to their high level of integrity, as well as compliance.
- Sending money to your account – You can do this by transferring some money from your bank account, or by making a gold IRA rollover from your existing IRA.
- Buying gold and silver – You will eventually be requested to buy gold and silver for the newly created IRA. The precious metals are usually stored inside a facility that is insured.
Augusta Precious Metals usually offers both gold and silver, in different forms of precious metals such as bullions and bars.
How does Augusta Precious Metals work?
During the purchasing phase, Augusta Precious Metals usually lets you enjoy the benefits of their 7-Day Price Protection Program which usually locks the current price rate at the time you are making the purchase, and after you confirm it via phone.
Bullion prices on this platform are usually locked whenever the company the money used to make the payment. Augusta usually gives discounts on the prices of the bullion whenever one make makes a voluminous purchase.
Right after opening your gold IRA you will receive a 2000 dollar silver bonus, which you might want to use with running initial qualifying investment. The people who invest in the premium gold and silver are usually given the right to cancel their orders within one week from the time they make the order with no questions asked.
All the subsequent purchases and bullion orders are made final when the order is confirmed.
Augusta Precious Metals Storage
This company usually strives to guarantee the safety of your gold by housing them in seven separate storage units that are distributed across the United States as well as Canada. Upon finalizing your decision to make the purchase of precious metals, Augusta Precious Metals usually receive the gold the storage facility in just seven to 10 days.
The well-known precious metal storage facilities are usually located in the following areas
- Los Angeles
- Salt Lake City
- Springfield Gardens
Augusta precious metals then ship the precious metals and social change within their to your name in any place in the US. that said however even though you think that storing gold and silver in the storage facilities is not that cool it is also not too cool to store your gold and silver products at your home. This company has made it a point to offer domestic shipping that is fully insured, such that there is no history of the loss of packages during transit. If your package, however, gets lost as the first then Augusta Precious Metals refunds the purchase price you paid initially.
The costs you can expect to incur with Augusta
A number of factors usually lead to the fluctuation of precious metal prices. This is why it is important to reach out to Augusta Precious Metals to determine the investment costs that you will incur.
Note that you are required to invest not less than $5000 when you are making your purchase. Fortunately enough, there is no maximum investment limit. The fees on this platform are mainly paid to the custodial service providers, in the form of storage fees. These are costs that the representatives at Augusta Precious Metals can freely tell you about when you give them a call. If you decide to purchase gold and silver outside the setting of an IRA opening with the company, you can make your payments via:
- Wire Transfer
- Credit cards
For credit cards, the highest amount of money you can spend is $5000 per transaction.
Please ALWAYS make sure that you know exactly what fees you are going to have to pay before you sign anything. We hear so many stories of people being scammed and ripped off all the time, mostly in the form of so-called hidden fees. What you want from a company is transparency, below you got our #1 recommended gold & silver dealer that are both transparent + got some other obvious benefits you might be interested in:
Is Augusta Precious Metals a Scam ?
So, is Augusta Precious Metals a scam? Of course not, it is legit and genuine. It got real a real owner and a real physical address. It also got thousands of clients across the U.S. They provide you with a lot of educational material and updates from the market regularly on their official website.
However, if they are your best alternative out there is another story, that leads us to their reviews and ratings to be found online from 3rd party consumer protection agencies, as well as their clients:.
Augusta Precious Metals Reviews & (any) Complaints?
BBB (accredited business)
Rating: A+ (5 / 5) (out of 47 reviews) click here for details (opens in new window)
Rating: (5 / 5) (out of 247 reviews) click here for details (opens in new window)
Rating: (5 / 5) (out of 3 reviews) click here for details (opens in new window)
Rating: 2 complains (one pretty serious one) click here for details (opens in new window)
The conclusion from this:
As you can see above, their online reviews and ratings from 3rd party independent consumer protection sites are great, except from the last one. It is not often you find a company in this industry with only 5 star ratings, so that is without a doubt a very big plus.
Any red flags?
I searched an extra mile for this because I could´t believe there was no complaints at all, because I mean, even mother Theresa have haters, right? Have been in this industry long enough to know that pretty much all companies have some complaints, no matter how good of a service they bring their customers, there is always someone not happy with something.
Sure enough, I managed to find two complaints, one was a bit old (from 2014). The other was actually VERY SERIOUS and you might want to keep this in mind (back from 2018)
Below is the exact text from both complaints found on a site named RipOff Report:
Here is the first (not so serious one):
In 2014 I responded to an online ad from Augustus Precious Metals about a home storage IRA that they were advertising. I transferred money to them to set up the home storage IRA. I paid them a fee to have it set up and they sent me the gold to store in my safe deposit box. Everything seemed OK until I received an audit letter from the IRS in 2016 stating that the home storage IRA Augustus set up is illegal. I was forced to pay almost $2000 in penalties to the IRS and the IRA Augustus set up was invalidated. In their quest for greed I lost of money for retirement needs. They scammed me into believing that a home storage IRA was legal but it’s not.
Here is the second (more serious one):
Augusta precious metals sent them $ 145,000.00 from my simple IRA to buy gold, ended up with $72,000.00 in gold in my account in 2016 and gold has gone up in price It appears, but I’m not positive that Augusta Precious Metals charged me about twice what the going spot price was for the gold coins that are in my account at Kingdom trust, who is holding the coins for me. beware I don’t want to see this happen to anyone else. I’m 71 and I don’t have away to make this up. I thought i was protecting my small IRA.
As mentioned above, you decide what you think. Keep in mind also that there is a possibility that one or even both of this complaints can have been written by a competitor. Might be a high chance of that actually as the ratings from the independent 3rd party consumer protection sites are flawless. However, my job is to present what I find, so I had to include this of course. Am still very impressed by Augusta´s ratings as (like mentioned) there are no company in this industry without a single complaint, it simply don´t exist.
(see more details on the RipOff Report site, opens in new window)
Interested to see and learn about the only company with ZERO complaints instead?
Pros and cons of Augusta
It is always wise (and recommended) to compare the positives against the negatives to get a better overall view of something, right? As always in our reviews we present you with some clear points on both sides of the spectrum:
- Excellent customer service
- Easy-to-open gold IRA
- Flawless ratings from most 3rd party consumer protection sites
- Safe storage facilities
- Bonus in the form of extra silver for the qualifying purchase.
- No ways to make a purchase only
- Got some complaints (one pretty serious one)
Do You Own or Represent Augusta Precious Metals?
If you are a representative, or associate of Augusta Precious Metals and have found something not to be correct in this review please, feel free to tell and I will make sure to update the info on this post. The easiest way to do it is in the comment section below or simply by sending us an e-mail to email@example.com.
Final words and verdict
Verdict: Legit! (but not recommended)
Overall rating: (4 / 5)
Ok I think that sums up this review of Augusta pretty good. It is without a doubt a legit business, and not only that, it also seem as a very impressive one, especially the ratings from the consumer protection websites. However, there where some complaints to be found, but then again, that is the case with almost all of their competitors. The thing is one of them was pretty alarming (see further up in review)
As always the decision is up to you to make, we always recommend that you compare different companies against each other before you make any decisions. Most of the top rated ones offer you free IRA guides so make sure to take advantage of that and go through it to learn more and see what company that suits your needs the best!
I hope you found this review on Augusta Precious Metals to be helpful and that you now have a better understanding on what it is and also that it is not a scam but a legit gold company. The numbers don´t lie and their numbers are great. If you have used their service yourself then please share your experience in the comment secton below as it can help others make better decisions. Also, if you got any questions about this I would be more than happy to answer them below!
I wish you success!
founder of Gold Retired.