Midas Gold Group Review

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Midas Gold Group is one of the global precious metal companies. Its headquarters are based in Phoenix and this business has been assisting investors in creating and protecting their wealth since 2007.

The founders of the Midas Gold Group were focused on the view that tangible assets such as silver and gold are essential for diversification.

They also believed that these assets aren't vulnerable to different types of financial instabilities when compared to common investments such as the stock market or real estate.

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Midas Gold Group Background

midas homepage

Midas Gold Group opened its doors for business in 2007. This firm is one of the proud members of numerous prestigious organizations. Since they have already been operating for so many years, MGG has become one of the leaders in the precious metal sector.

The values of this firm are firmly rooted in a keen focus to assist their clients when it comes to preserving their wealth and how to create even more wealth along the way.

This is not like some of the other companies that are more focused on prioritizing profits rather on what their clients need.

The history of Midas Gold Group when it comes to precious metal assets such as gold and silver dates back as far as the 1970s. The founding members had a desire to provide the public with alternative methods to preserve their wealth.

This is also what gave them the motivation to incorporate this group in 2010, along with specializing in gold IRAs. MGG assists clients with building robust portfolios in precious metals in the form of bullion and coins.

This is why this company has earned a solid reputation as a highly trusted IRA Company in the U.S.

Being one of the multinational organizations, MGG operates in every state of the U.S. (all 50), with a physical headquarters based in Phoenix, Arizona.

If you are interested in diversifying your investments, the Midas Gold Group is one of the top companies to work with. You will receive professional advice from experienced experts on the right way to make investments in gold IRAs.

Services and Products from Midas

  • Gold

Gold is the most popular precious metal. It doesn't matter if you are interested in buying gold bullion, rare coins, or gold coins, Midas Gold Group is here to help.

This firm offers a wide selection when it comes to gold-based products at very affordable prices. All that is required from your side is to choose an available option and initiate your purchase process.

  • Silver

Just like gold, silver has also been recognized as a tangible and private method to store wealth.

With the economic uncertainty that we are faced with today, there are no better ways to protect your wealth by choosing to invest in silver or any of the other IRA-approved precious metals.

The history relating to the use of silver as one of the legal tender's dates back as far as 600 BC. Several global empires including the Greeks, Chinese, and Romans minted coins made from silver which they used as a trading tool for services and other goods.

  • Platinum

Also known as the "rich man's gold", platinum is regarded as a precious metal that is rare when compared to silver or gold. Throughout history, platinum has cost more than gold. It is a heavy and soft metal.

It has catalytic properties that have made it popular to speed up certain chemical reactions while still retaining its form.

  • Palladium

Even though palladium is not one of the well-known metals for investors, its performance in the form of a tool for investment has steadily risen over the last few years.

  • Rhodium

Rhodium is a metal that is not considered an investment metal in the way palladium, gold, and silver are viewed. Yet it is "the rarest" precious metal when you compare it to silver, gold, and others.

How To Buy Precious Metals

four gold bars

The process to purchase products from Midas Gold Group is very easy:

  • Set Up Your Portfolio

MGG will assign an account representative to you and this person will guide you throughout the process. The firm has a professional team with extensive experience when it comes to trading in financial assets and precious metals.

  • Fund Your Account

Your account can be funded through a bank transfer, IRA transfer, or a check. The Midas Group accepts these forms of payment.

  • Verify Your Order

After you have made the payment, it is important to confirm the transaction with MGG's compliance and trading desk. They will then review your order and then communicate any information that is relevant to you.

  • Receive Your Order

The last step involves receiving your order confidentially and securely. It takes a few business days for the delivery of your order. Midas Gold Group ensures every shipment against loss or any damages.

Reviews

MGG has been around for a long time, and they advertise their business as a highly-trusted and reliable precious metal dealer. Midas Gold Group deals with a range of metals including palladium, silver, and gold.

Even though this firm boasts about its services, there are a few complaints from clients that have claimed they were tricked into a deal they were not happy with.

It is not that easy to verify these claims, yet it does raise some questions about how this company deals with certain issues.

The Midas Gold Group IRA

The term IRA is commonly used for describing retirement plans that involve the ownership of precious metals such as gold. MGG however, assists clients that hold more than one retirement plan that they can use to directly own gold.

Here is a list of the common IRA plans:

• Traditional IRA
• Roth IRA
• 401(k)
• SEP IRA
• Simple IRA

There are no major differences between gold IRAs when you compare them to the other IRAs. With a gold IRA, you are still able to contribute to the account annually, which will allow you to use these funds to purchase physical gold.

You can also choose to liquidate (sell) your gold and move this money to another custodian. You can also similarly withdraw your distributions. Distributions are either issued in-kind or when you decide to move your funds by selling your gold.

Why Invest Physical Gold in Your IRA?

There are several reasons and benefits as to why you should be choosing gold for your IRA, here are some of the popular ones:

  • Diversification

Choosing a gold IRA provides you with a unique way to add diversification to your retirement or investment portfolio. Investing in gold protects from many external factors including geopolitical tensions, credit contraction, political instability, and more.

  • Gold is Very Stable

Gold is regarded as an asset that is far more stable when you compare it to many other investments such as real estate and the stock market. Gold prices are not easily affected by financial crises.

  • Profitable Potential

Gold prices very rarely decline due to an external factor such as inflation. You are more likely to increase your profits during times of economic volatility.

What is a Gold IRA Rollover?

The rollover of a gold IRA is a transaction that involves moving your current retirement savings account into something known as a "Self-Directed IRA" so that you can own tangible precious metals. 

Below are the steps involved in how Midas Gold can assist you:

  • Choose the correct IRA custodian
  • MGG will provide you with a form that is pre-filled to help you open your new IRA account
  • Assist you with choosing one of the insured depository companies to store your gold
  • Guide you through the process involved to purchase and deliver your physical precious metals to your chosen custodian

Below are a few important questions you should be asking when you deal with an IRA rollover:

• Who is going to be your IRA custodian?
• Where will your gold be the most secure?
• What is the custodian going to charge you?
• Who is going to insure your assets in a precious metal depository?
• What precious metal types can be held in your IRA?

Pros and Cons of Gold IRAs

Pros: 

The biggest advantage of choosing a gold IRA is that you have more control over the account that you won't have with all the other types of IRAs. 

While standard IRAs are linked with risks of a market crash, currency inflation, and toxic political environments, gold IRAs are not subjected to these threats. 

With this in mind, it is very important to find out as much as you can about multiple companies to make sure you are choosing a business that you can trust to manage your new IRA account.

One of the other positive aspects of gold IRAs is that you might also have more control over the fees that you will have to pay (or not pay). Today, many brokers no longer charge fees if you want to perform a gold IRA rollover.

You can also choose an automated advisor to manage your portfolio. There is usually a nominal fee involved for these services, yet there is a way to reduce these fees or even do away with them altogether.

It is also much easier to obtain your funds from this type of IRA when you compare it to the type that your current employer may be sponsoring.

With this in mind, it is still important to allow the interest to grow (for as long as possible) before transferring your funds into a gold IRA.

Cons: 

Even though there are many benefits involved to set up a Gold IRA, it is important to know about the setbacks.

The most noteworthy con about IRAs is that the majority of retirement accounts will do everything that they can to stop you from withdrawing the funds in the account before you reach the age of 60.

While each of the retirement saving firms has its own set of conditions and terms, the majority charge around 10% if you want to withdraw your funds before reaching retirement age.

With this in mind, the 401k's behave slightly differently. You may be able to waive fees for anything that you take out when you reach the age of 55 or older. However, this doesn't apply to IRAs.

The biggest setback in this regard is that it is usually a complicated process to move assets from a standard 401k to a new gold IRA without being liable for some form of penalty. That is why it is so important to hire the services of a company you can trust to assist you through this process.

Many investors make the mistake of withdrawing money from their 401k's without knowing about the different fees they may incur. Some end up losing thousands in fees without even knowing it. You must understand the options, and are aware of your rights, and that you choose professionals that can guide you through each step involved in the process. This will ensure that you are not losing any of your hard-earned money to frivolous fees.

IRA Custodians

In addition to securing a reputable and trusted precious metals dealer, you will also need an IRA custodian. This is an insured and licensed trust firm that has to report assets that you hold in your IRA.

These custodians typically hold IRA investments that include paper-backed assets such as mutual funds, annuities, stocks, and bonds. Many conventional custodians do not deal with investments in physical assets such as gold and silver.

Here are the roles that an IRA custodian performs:

  • Offer insured and secured storage
  • Send quarterly IRA evaluations and statements to each respective client
  • Handle distribution requests
  • They must be licensed by the government in the US "as a custodian"

Midas Gold Group has a team of IRA experts that have significant experience when it comes to working with well-known gold IRA custodians. They will play a part in assisting you to open your IRA account and making sure everything runs smoothly. The firm will also help you with any future transactions which include distributions, sale of your assets, and rollovers.

Pros and Cons of Working with Midas Gold Group

Pros:

  • MGG provides IRAs and works with custodians like the Equity Trust Company, Kingdom Trust, and New Direction Trust Company
  • MGG offers a buyback program that provides a way for clients (investors) to sell their precious metal assets back to MGG
  • MGG has several bars and coins to choose from including rhodium
  • The website offers a range of educational and informative materials that includes price charts for each precious metal. This makes it much easier for clients to make far more informed decisions.

Cons:

  • Poor customer reviews and ratings
  • MGG is not one of the gold IRA custodians

Is Midas Gold Group a Scam?

No, Midas Gold Group is not a scam.  They have been in operation since 2007. Over the years this business has earned the reputation of a globally trusted precious metal dealer. Even though there are a few things that this company hasn't got right, this firm is not a scam.

While there may be a few areas where this company could improve, there have still been many clients that have reaped the benefits from services on offer by MGG over the years.

Conclusion

Midas Gold Group has a great website that includes tons of informative and helpful information.

Yet, they haven't received as many positive reviews when compared to other precious metal dealers, and they have also started to fall behind when you compare them to a few of the top competitors.

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