The following promotion contains affiliate links, which means that if you click on one of the product links and make a purchase, we may receive a commission.
Rating
Introduction
Monetary Metals is a precious metals dealership that provides physical gold and silver products to investors looking to diversify their portfolio and protect their wealth. It is a trusted resource with a commitment to customer service and transparent pricing.
Investing in precious metals is, no doubt, one of the best ways to anchor your financial freedom. The journey toward that, however, is often mired by numerous challenges among them difficulties finding the right brokerage firm for the job.
You see, in order to make the most of precious metal investments you need to have an IRA account set up and bars or coins deposited in line with existing laws.
A few years ago, I used to believe that all you needed to do was visit one of the bullion exchanges in downtown to purchase bars and coins and then hide them at home. While that's still possible if you are looking to set up a retirement account that's compliant with the IRS guidelines you’re better off working with a specialist in that particular niche.
And so, when I heard that a precious metals IRA brokerage platform called Monetary Metals Exchange was attracting good customer reviews, I naturally became curious and decided to dig deeper. My research sought to establish things like:
- How safe the company is
- How competitive their prices are
- What are some of the key features worth looking forward to?
- Any red flags for this gold IRA company?
Read on, as we respond to these and more questions in the most detailed and honest ways possible.
Protect Your Wealth & Get Huge Tax Savings!
Contents
What is Money Metals Exchange LLC?
First off, Money Metals Exchange is an Idaho-based but nationwide precious metals dealer. The company is also commonly referred to as Monetary Metals.
As of June 2022, the firm was listed among “the best online dealers for 2022” by Investopedia. The InterActive Corp firm described Money Metals as a “customer-centric company” with a website that “customers can easily navigate.”
Stefan Gleason is the President of Money Metals Exchange and had been at the helm of the firm since 2010. He is a marketer, publisher, and above all a University of Florida alumnus who has been featured on Fox News, CNBC, and CNN among other national TV stations.
The company provides a wide selection of precious metals for sale key among them gold, silver, palladium, platinum, and rhodium.
One thing that sets them apart is that they never shy away from showcasing their product prices to the world. This is a different but encouraging trend especially considering the fact that most of their competitors only avail product prices on request – what are they hiding?
With Money Metals you not only get a high degree of transparency but also some of the most competitively priced bars, coins, and rounds in town.
Protect Your Wealth & Get Huge Tax Savings!
Monetary Metals Services
There’s a wide selection of services that you can benefit from at Money Metals Exchange. These are split into several categories such as the following:
- Precious metal sales
- Precious metal purchases & buy back
- Loans against gold
- Gold storage services
- Education center & gold/silver news services
This, therefore, provides you with a wide variety of products to enjoy. However, the company lacks 24/7 live chat support meaning if you have an urgent issue you have to wait until during work hours for them to respond to it. Better still, you can call them as their office line is available round-the-clock between Monday and Saturday.
Monetary Metals Costs
One thing we like about this firm is that it openly lists down its rates for all to see. This is a high degree of transparency especially as compared to the likes of GoldCo and Eagle Investors which prefer to only avail their charge sheet upon inquiry.
In addition to that, I have found their customer support team to be well-polished, reasonable, and honest. You’d expect them to be pushy as they are after sales after all but, interestingly, they are not.
Their gold prices start from as low as $267 for the 1/10 Oz American Gold Eagle coin. And if you’re after silver coins, we are talking about prices as low as $24 for the Canadian Silver Maple Leaf (1 oz).
What’s more, the company’s storage prices start from $96 which is a lot cheaper than GoldCo which charges from $175 per annum.
How To Set Up Your Gold IRA with Monetary Metals Exchange
Nothing beats holding gold and silver in your self-directed individual retirement account. Normally, traditional IRAs limit you to a small variety of paper-based assets among them mutual funds, bonds, stocks, and cash. Yet these assets have great weaknesses especially during volatile times.
Banks and stock brokerages come and go. The dollar itself keeps losing its purchasing power. Yet, physical precious metals endure.
Unfortunately, only a handful of people know about this and that’s because their banks and brokers never told them.
Fortunately, it's easy to set up a self-directed IRA. And with Monetary Metals here's the process to follow:
Step One: Choose a Custodian
There are many custodians out there but Money Metals specifically recommends one called New Direction IRA. Having trouble setting up a custodian account? You can get in touch with the team at Money Metals for assistance (keep your identifying details e.g., social security number on-hand).
Step Two: Funding your IRA
Your self-directed IRA can hold a wide variety of IRS-approved metals. And since Monetary Metals has them on retail your custodian will lock the pricing and a confirmation message will be sent your way. Usually, this comes along with tracking information to enable you keep track of your metals all the way to the depository.
Step Three: Completing the Transaction
Usually, Monetary Metals will send you all the forms that require your signature so you can sign them and email or fax them back.
Evaluating Different User Reviews Posted About This Gold Exchange
I did a spot check on some of the testimonials and feedback posted about Monetary Metals on third-party website. In doing this, I discovered that a vast majority of its users rate it as a 5-star company particularly with regards to:
- Customer service
- Shipping
- Pricing
- Transparency
As perfect as their track-record might seem, though, the company does have its fair share of criticism. For instance, I came across a post from someone who cancelled an order immediately after placing it only to be surcharged a cancellation fee.
It’s, however, important to keep in mind that cancellation fees are quite common among eCommerce stores and they typically use it as a measure to discourage misuse of their systems.
Protect Your Wealth & Get Huge Tax Savings!
Who Is Monetary Metals Best Suited For?
This precious metals exchange is best suited for small-scale and medium-scale investors who aspire to consolidate their financial future through precious metal IRAs. The company has a bottom-low investment requirement that makes it ideal for entry-level investors.
Its direct competitor Birch Gold maintains a minimum investment requirement of $10,000 while Goldco retains its minimum at $25,000.
Other Services
Other than providing precious metal sales and IRA services, they also provide a myriad of other mostly free services. These include a fully-fledged education center that comprises guides for finding and buying IRA-grade precious metals.
The company also operates a weekly podcast service known as the Weekly Market Wrap.
And that’s not to mention their news service that streams breaking news alerts, issue briefs as well as crucial market charts.
FAQs About Money Metals
Money Metals enjoys an A+ rating on Better Business Bureau and has been featured on the reputable Investopedia website. In our knowledge, this is a legitimate company that keeps its end of the bargain.
Monetary Metals has been around since 2010 and has, therefore, been around for well over 2 decades. Created at a time when the country was recovering from the Great Depression, the privately-owned firm has remained a consistent feature in the precious metals exchange market to-date.
The company charges a shipping cost of $6.97 for orders not exceeding $149.99, $9.97 for orders not exceeding $499.99. They, however, provide free shipping for all orders exceeding $500.
As regards their depository services, they do charge an annual fee of $96 for precious metals valued below $15,999. Amounts between $16,000 and $99,999 are charged an annual fee equivalent to 0.59% of their holding value with the percentage figure declining at -0.10% for each one of their successive upper bands.
Whether you’re placing an order or simply contacting their support team you have three alternative methods to do so. The first one is through their number 1-800-800-1865. The second is through writing them an email and the third one via Live Chat.
Money Metals exchange is one of the few precious metal exchange firms that accept cryptocurrency payments. Some of the cryptos they accept include Bitcoin, Bitcoin Cash, Dash, Monero, Litecoin, Ethereum, and USD Coin.
Pros
Cons
Conclusion
Money Metals is home to a large supply of precious metals. Their service is beginner-friendly seeing as they don't impose a stiff minimum investment amount for their customers. The firm also accepts a wide range of payment methods and has a highly transparent pricing system.
To this end, I conclude that Money Metals Exchange is legitimate. They provide a good balance of features that particularly resonate with small to medium scale investors.
Learn Why Gold is a Good Investment Today
Trading Review’s mission is to help you become a better and smarter trader/investor through in-depth reviews of courses, trading software, and more.