Is USA GOLD A Scam? (Is The Oldest Also The Best?) (2022)

June 8, 2022

Is USA GOLD A Scam?

Hello and welcome to my 'Is USA GOLD A Scam?' article.

As the saying goes, 'There is no such thing as good work without longevity'. In this 'Is USA GOLD A Scam?' article, we will be looking at an old gold IRA company. Is it still worth investing with them?

Apparently, it will be reaching its 50th anniversary next year! Now, that is something to celebrate about. With that, let us take a closer look on what made this longevity possible.

Without further ado, let us start this 'Is USA GOLD A Scam? article!

USA GOLD Review Quick Summary

Name: USA GOLD

Website: https://www.usagold.com/

Founder: Michael Kosares

Account minimum: No information available

Prices: Varies

Rating: 3.5/5

usa-gold-logo

What is USA GOLD?

usa-gold-website

USA GOLD is a precious metals company that revolves its business around gold and silver. For this Denver, Colorado-based firm, they extend all the way back to 1973, which makes them one of the oldest around.

Moreover, they also provide IRA-related services to its clients. So, if you are looking to diversify your portfolio, then this company might be the one for you.

Currently, they are not offering platinum and palladium. Interestingly enough, they advocate the idea of educating their clients first about the ins and outs of investing in gold and silver. 

As per their website, you can evaluate the daily movements of these precious metals. In addition, spot prices for these are in their online platform. How neat is that!

In comparison, they do not have the inventory a large inventory as with Augusta Precious Metals. However, they compensate for this by giving their client the greatest degree of transparency available.

Products and Services Offered

Before anything else, let me start with an overview on the partner companies of USA GOLD. For its partner storage vault, Delaware Depository. Meanwhile, its partner custodian is Equity Trust Company.

To enumerate, the following are the products and services available in USA GOLD.

First off, I have already mentioned that they are not conducting business with platinum and palladium yet. Hence, their precious metals inventory is solely made up of silver and gold.

For gold, the following are available:

  • American Eagle (Type I and II)
  • Canadian Maple Leaf
  • So. African Krugerrand
  • American Buffalo
  • American Philharmonic
  • Troy Ounce and Kilo Bars, among others

On the other hand, their silver items are the following:

  • American Eagle (Type I and II)
  • Canadian Maple Leaf
  • Austrian Philharmonic
  • Ounce Bars, among others

Now, USA GOLD is also capable of handling IRAs and even rollovers. In addition, they also manage solo 401(k) accounts. Investors must take a good look at how capable they are with these things.

Set side by side, USA GOLD's inventory is far from my top recommended precious metals firm, Augusta Precious Metals. Hopefully, as time goes by, they will add more products.

How Does It Work?

Overall, the transaction process with USA GOLD is quite easy. For placing orders, these are the steps you need to follow.

First, you need to choose from something from their inventory. After which, you contact one of their representative regarding any queries, and to lock your order. Don't worry, over the course of almost 50 years, they have no complaints regarding scams.

Alternatively, you can also visit their Online Order Desk. In this manner, you will transact in a much faster rate. After choosing, you will proceed to paying using any accepted means.

After that, its all about waiting. Admirably, they ship your items in less than 5 business days. Now, buying from them seems to be as smooth as it could be. But, what about selling to them?

As for selling, the method is more complicated and stricter. To start, you need to categorize your bullions or coins. Now, your item can either be modern gold and silver, or a historic pre-1933 one.

Accordingly, the degree of inspection for these items are more or less the same. If the two parties come into agreement, payment will be sent in five to seven business days.

Prices and Fees

usa-gold-spot-prices

For this section, I will be mentioning about how USA GOLD's prices are perpetually changing. To demonstrate, their spot prices will always be different from the previous days.

Also, their IRS-approved coins are valued at thousands of dollar. As an investor, you might want to look at other alternative companies to compare and contrast.

For instance, the picture above shows the sample price indication at a certain day. Take note, that these prices are for 1 troy ounce gold. Do read more about troy ounces in this another article I've written.

Furthermore, if looking at market prices history is something that tickles your interest, then you are in luck! Admirably, they have a certain section showing the actual market movement of these metals.

Customer Ratings and Reviews

Seeing these type of results, I suggest looking at another company that has better and more positive volume of ratings. Without a doubt, you want to invest properly to secure your finances. 

Naturally, the best way to do it than to conduct business with a firm that has immaculate reviews. Hence, I heartily recommend Augusta Precious Metals, a bullion dealer as well as gold IRA firm.

Pros and Cons

Pros

  • One of the oldest firms
  • Option to buy and/or sell
  • Highest degree of item transparency
  • Privacy is important with them
  • Partner storage vault is a well-known name
  • Partner equity group is accredited and credible
  • Clients are educated on the ins and outs of purchasing precious metals

Cons

  • No platinum and palladium
  • Few ratings and reviews 
  • Has no information about how to open IRAs
  • Inventory is limited
  • Has no traditional assets offerings
  • No other meaningful offers apart from bulk discounts

Conclusion

To conclude this 'Is USA GOLD A Scam?', let me start by saying that this company is a legit one. Not only that, being one of the oldest seems a pretty cool title to have under your belt.

At this time, a lot bullion dealers as well as IRA companies are starting to get traction in the industry. Naturally, investors would want to purchase and invest in companies that provide more benefits.

Following this, USA GOLD, if I may say, have a lot to do in order to compete with other firms. Companies such as Augusta Precious Metals are continually diversifying their tactics to cater to their client's needs.

Undeniably, one of the strongest suits of USA GOLD is the credibility that their name carries. If they can somehow work around with this, their rating from me and others will surely go up. Only time can tell.

As usual, any comments and suggestions can be written in the appropriate section below. Thank you for reading this 'Is USA GOLD A Scam?' article.

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