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A gold IRA may be your best solution if you want to invest in gold but avoid the hassle and risk of owning physical gold. Though several gold IRAs exist, the one Oxford Gold Group offers is more advantageous.
In this article, we'll examine the benefits of investing in gold through Oxford Gold Group's IRA service and explain why it's the right alternative.
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Company History and Background
Los Angeles, California is home to the Oxford Gold Group's headquarters. Although the firm only began operations in 2017, its proprietors have been involved in the precious metals trade for over two decades. This company has become a market leader in gold investments because of its founders' foresight and dedication to serving its customers well.
The Oxford Gold Group sells both gold and silver self-directed IRAs. If you need help planning for retirement, the firm has you covered there, too.
For those who aren't keen on IRAs, Oxford Gold Group also provides metals trading choices. A gold IRA, on the other hand, offers tax advantages that aren't available with the other choices. For instance, if you have gold in a retirement account and you sell that gold, you won't have to pay tax on the profit you made.
Oxford Gold Group IRA Main Highlights
The services provided by Oxford Gold Group make it simpler for IRA holders to trade in precious metals. Investors who choose a more secure option than paper IRAs have found a good partner in the company's gold IRAs. That's because gold IRAs are more resistant to inflation and market volatility than traditional IRAs.
When you open a gold IRA with Oxford Gold Group, you receive physical gold bullion, but the firm holds onto it for you. At the time of retirement, you will be able to withdraw or sell any gold in your retirement account.
Knowing that your gold is safe with the Oxford Group until you reach retirement age brings peace of mind. If you want advice on how to build your nest egg for retirement, you may talk to a partner at Oxford Gold Group.
Investments in gold IRAs made via Oxford Gold Group are more cost-effective than those made through other dealers. Opening a gold IRA is simple and takes little time. It's easy; fill out a quick online form or call the firm and they'll take it from there.
Those who have dealt with Oxford Gold Group have mostly had good experiences with their gold IRAs and the company's efficiency, customer assistance and honesty.
Oxford Gold Group has an impressive 4.8 Trustpilot rating and an A+ rating from the BBB. Retirement Living and Consumer Affairs consider it a top gold IRA provider, awarding it 4.5 out of 5 stars.
Product and Services Offerings
Regarding online marketplaces for trading precious metals, few can compare to Oxford Gold Group. Gold and silver coins and coins are examples of the precious metals available. Palladium and platinum products are also on sale.
Gold and silver IRAs are other options for diversifying their portfolios beyond precious metals. Opening a gold IRA account with the Oxford Gold Group is among the quickest in the business. The entire procedure may be completed in around 15 minutes over the phone or online. You need your driver's license, retirement account statement and beneficiary information.
When the account has been set up, it can be funded in various ways, including direct deposits, transfers and rollovers from other retirement accounts. Gold coins and bars, rather than paper or certificate items, will be delivered in exchange for the deposited amount.
Customers of Oxford Gold Group can keep their gold in a depository from which they can make occasional inspections but no actual withdrawals. Any gold taken out of an IRA before the owner reaches age 59½ is subject to taxation and a 10% early withdrawal penalty.
An Oxford partner will actively manage your investment portfolio. You can contact the partner if you want help creating an investment strategy tailored to your and your family's needs as you approach retirement.
You may take the gold out of your retirement account or have an Oxford partner do it at retirement. Because Oxford's partners handle everything for you, the entire procedure is simple and stress-free.
Oxford Gold Group Storage Options
Although you may purchase a gold IRA from the Oxford Gold Group, you will not receive any gold bullion. As an alternative, it will keep it for you in a safe location. Several private, non-bank and non-governmental institutions meet IRS requirements for the safekeeping of gold.
Options include both Brinks Global Services - USA and the Delaware Depository, to name a few. Both provide storage facilities in various locations around the United States, including some that aren't subject to taxes on the purchase or sale of precious metals. Choose a convenient location whenever you like to see how your gold is doing.
Do you have concerns regarding the safety of your gold while it is in storage? Each of Oxford's depository facilities is up to date and protected by Lloyd's of London's comprehensive all-risk insurance.
Pricing Information
Oxford Gold Group has a yearly fixed cost for maintaining precious metals IRAs. The yearly maintenance charge can be anything from $175 to $275, depending on the size of the IRA.
Oxford Gold can offer consumers a flat fee structure because it collaborates with Strata Trust Company and Equity Institutional, which has resulted in standardizing services and expenses. Customers with larger accounts receive rebates that lower their monthly maintenance rates.
When applied to a large account, rebates can be used over a rather lengthy time frame. The average Oxford Gold Group IRA client does not have to pay any maintenance or storage costs for the first three years of the rebate program.
The storage fee Oxford pays might vary widely amongst vault services. The annual cost of storage is typically between $175 and $225. Oxford Gold, however, gives a return of one to five years for storage expenses paid, depending on the quantity of the investment.
Shipping costs are waived for this item. Like with any investment, commission costs are charged when you buy or sell precious metals with Oxford Gold Group; however, brokerage fees are not.
Investing in precious metals requires a minimum of $7,500 in an IRA or $1,500 outside of an IRA. When the time comes to sell assets, investors may take advantage of both the buy-back and no-fee liquidation programs offered by Oxford Gold Group.
Precious Metals Investing
Precious metals are undeniably valuable commodities. Because gold bullion and other precious metals recognized by the IRS tend to increase in value over time, self-directed retirement plans like gold-backed IRAs tend to be more valuable.
When you work with an Oxford Gold dealer, you can rest confident that your retirement account (IRA) is stocked with the appropriate metals, is safely kept in accordance with IRA storage requirements and is managed by qualified appointees.
The majority of investments involve purchasing shares of a corporation. By purchasing shares in a gold IRA, you can take physical possession of gold or other precious metals.
Gold and other precious metals are suitable investments for people worried about the dollar's value or the stock market's stability. Moreover, having precious metals in physical form eliminates the risk of relying on computer records that may be compromised or rendered erroneous.
Metals are a better bet than diamonds and other precious stones because of the monopolies that control specific markets such as DeBeers in the diamond trade. In turn, this facilitates the trading of precious metals.
Gains and losses from your gold IRA, like those from other IRAs, must be reported to the Internal Revenue Service on tax form 1099-B.
It is common practice for customers to request that their precious metals be stored in individual compartments, making it easier to retrieve the metals if they decide to sell them at a later date.
It's important to remember that the IRS requires you to file Form 8300 if you sell or exchange more than $10,000 in assets in 24 hours. The professionals from Oxford Gold Group can assist you with this matter.
Funding Your Oxford Gold Group Gold IRA
A rollover from an existing IRA or a direct transfer from another trustee can fund gold IRAs. Moving funds from one retirement account to another is called a "trustee-to-trustee transfer," It may be used to fund your new gold IRA.
Depending on your existing retirement account custodian, the money transfer might take as little as five business days. These funds are often transferred through bank wire.
Transfers made inside the Oxford Gold Group are not subject to taxes or penalties from the Internal Revenue Service. Also, you are not restricted in the number of transactions you initiate.
Your existing retirement account custodian will send you a cheque if you request a rollover to another IRA. You have 60 days to deposit the total amount of the cheque into your gold IRA account, which represents your retirement savings. If not, you might be subject to fines or additional taxes.
The Oxford Gold Group can help you through every step, from deciding on a strategy to taking care of all the necessary paperwork in whichever way works best for you. When it comes to financing your gold IRA, the firm may offer recommendations as well.
How to Open a Precious Metals IRA
Because of the significant differences between a precious metals IRA and a standard IRA, the former is more complicated to establish. Yet, there are still several things you can count on while trying to crack one open. Read on to gain an understanding of the steps required to open a retirement account specifically for precious metals.
Choose a Custodian for Your Self-Directed IRA
No IRA service provider is currently qualified to handle IRAs that include bullion. Your self-directed IRA must be managed by a custodian who is expressly authorized to do so. You can use any bank or financial institution that is IRS-approved.
The primary function of the custodian is to hold an investment on your behalf. However, they do offer other services. Your self-directed IRA custodian should be someone you can put all your trust in. The expenses associated with maintaining the IRA are something else to watch.
Choose a Dealer in Precious Metals
The dealer will start buying precious metals on your behalf once the IRA custodian sends the monies to the dealer. Choose a reliable vendor by doing your research.
What, therefore, should your focus be? A reliable dealer will be a member of a professional organization in the field such as the American Numismatic Association, the Professional Numismatists Guild or the Industry Council of Tangible Assets.
Being accepted into a group that establishes guidelines for the precious metals trade is a time-consuming and challenging process. Consider the guidance of the IRA service if you're at a loss. A reliable IRA service will often partner with other organizations that may be trusted.
Select Your Metal Products
Assuming you have located a retailer, you may investigate the products they provide. Like with anything else, when market conditions shift, so do these commodities' prices.
What you choose depends on your preferences and areas of experience. Start with something simple, like American Gold Eagles or Gold Buffaloes, if you're new to investing in precious metals with your IRA. Start with some Canada Maple Leaf coins or some Australian Koala Bullion coins.
Remember that specific coin dealers specialize in selling only platinum coins while others deal only with gold and silver.
Once you've gotten the hang of things, you may branch out and buy something like foreign coins from a different mint. Gold bars, palladium bullion or gold and silver bullion may also be purchased from a dealer if such a dealer is found.
Find a Safe Deposit Box
Again, the company that manages your precious metals IRA is not responsible for the security of your metals. Depository institutions such as the Delaware Depository Service, Brinks or the International Depository Service are trusted with this duty by the Internal Revenue Service.
Choose a place that fits your needs in terms of distance from home and cost. If you can afford it, storing your valuables in a closed vault is your best bet. This adds an extra layer of security to whatever you're keeping on-site for storage.
Finalize the Purchase
Putting the finishing touches on order is the only thing left. Your custodian, IRA administrator or depository service can handle the rest of your financial management needs. You need to maintain tabs on your orders' aggregate monetary amount regularly. These should be stored in the safe since you never know when you might need them.
Benefits of Adding Gold to Your IRA
Putting some of your retirement savings into gold is a smart approach to spread your risk, hedge against inflation and cushion your portfolio from market swings. For a long time, gold has been used as a haven and a hedge against currency depreciation.
To diversify retirement savings, hedge against inflation and market volatility and potentially boost long-term returns, investors might add gold to their Individual Retirement Account (IRA).
Gold is a great way to diversify an IRA portfolio. To lessen the impact of any asset's volatility, it is wise to spread one's investment capital among other asset categories. In addition, gold may be used as a hedge against market volatility, mitigating the impact of rapid and dramatic fluctuations in the market on other assets like equities.
As a bonus, gold in an IRA can act as a hedge against inflation. As gold is not tied to any one currency or economic system, its value is more resistant to inflation. Investing in gold can help retirees preserve buying power since its value is mostly immune to market fluctuations.
Adding gold to an IRA might boost long-term earnings. Investments in stocks and bonds carry increased risk and the potential for larger profits. Conversely, gold is safer, with returns less likely to fluctuate dramatically. This can improve the total return of a retirement portfolio while decreasing the chance of loss.
Ratings and Customer Complaints
Oxford Gold has a 4.9-star rating on TrustPilot, with 95% of consumers deeming the service excellent and 5% deeming it outstanding. The corporation certainly has its problems, but no business ever operates perfectly.
The Better Business Bureau, which tracks formal complaints, has given the firm five stars. However, customers have complained that the company's support staff is only available during limited hours. As of the time this article was written, there was just one consumer complaint concerning a problem with a refund.
Final Thoughts
If you're looking to buy gold, silver or other precious metals as part of your investment portfolio in your IRA, then Oxford Gold Group is a viable alternative for you. The company has been around for years, offering consumers many products and services.
There are many complaints against the firm from consumers on BBB and other sites, but the company responds to these issues professionally and quickly.
While Oxford Gold Group is a good firm, there are better choices for anyone purchasing gold or establishing a precious metals IRA.
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