There thousands of precious metal dealers out there, many of which specialize in gold IRAs. Oxford Gold Group is certainly positioned well among those groups, but you must know as much about them as possible before deciding to invest with this group.
We have put together a brief guide that will tell you everything you need to know about Oxford Gold Group, from the company's background to how they do business and even what the rest of the world thinks of them. Once you have this information, you can start thinking about your own next steps.
IMPORTANT NOTE BEFORE STARTING:
We understand that selecting a company to invest with is a critical decision. Our team has spent thousands of hours researching and reporting on the good, bad, and ugly of thousands of gold dealers.
We take great pride in providing the most in-depth, researched, and comprehensive information as possible so you can make the best decision for yourself and/or family.
Out of the thousands of dealers that we've reviewed, there are only 5 companies that we'd personal choose to invest with ourselves.
Did Oxford Gold Group make it to the top 5? Read the above review to find out. Or continue on.
Who is Oxford Gold Group?
Oxford Gold Group is a fairly new player in the precious metals market. The company first opened its doors in Los Angeles in 2017 with a pair of founding partners who have been in the precious metals business for over two decades. The goal of this company was to make the brokerage options available for consumers a bit fairer than those already available.
Everyone who makes sales at Oxford Gold Group is on salary. This means that there's no rush to earn commissions and no need for the sales force to try to sell consumers things that they don't need. For consumers, this means a total lack of predatory sales techniques.
What consumers do get, though, is an approach that is tailored to them. Every representative works to ensure that their investors get the information they need for their personal goals, not for some generic investor.
Oxford Gold Group primarily specializes in gold IRAs. With that said, the company does also sell gold and silver to private investors. The goal here is to make sure that everyone has the options available that they need for their investment dreams.
The best way to think of this company is as one that's trying to help investors to make the best choices that they can when looking into precious metals. Having a bit of diversity in one's portfolio is always a good idea, and Oxford Gold Group seems to be committed to helping more people find more ways to do just that.
Which Products and Services Do They Offer?
A self-directed IRA can be a valuable tool for investors looking to diversify their holdings. A self-directed IRA can hold about anything you want, including alternative assets like precious metals. As long as your investments meet the IRS requirements, you're free to keep them in the account.
Oxford Gold Group is great at helping investors set up their IRAs. They help them learn about investing in precious metals, including gold, silver, and platinum. The company also walks investors through the process of funding their accounts and through the process of rolling over other applicable accounts.
IRAs are usually preferred retirement accounts because of the tax advantages that they confer upon their owners. Remember, an IRA that allows you to pay taxes when you take a disbursement will let you pay taxes based on diminishing income levels. In contrast, one that allows you to pay ahead of time lets you know that you can pull your tax-free wealth out of the account when you reach the appropriate age.
Why, then, doesn't everyone have one of these accounts? Simply put, they're a bit more complex than you might think. If you want to set one up yourself, you'll have to fill out paperwork, hire a custodian, and find a place to store your assets.
If that sounds like too much work for you, you are in luck - Oxford Gold Group can simplify things by handling the paperwork. The company also has connections with two different IRA custodians that can help their clients. Likewise, customers will also be required to ensure that their items are kept in IRS-approved storage, another process with which this company can help.
Your items won't stay there forever, though. Once you reach the appropriate age or willing to take the penalties, you can have your metals shipped directly to you. Once they arrive, you can liquidate your items and get cash.
Not everyone who wants to invest in metals is looking for an IRA. As such, Oxford Gold Group works as a precious metal dealer. The company has an excellent online system allowing users to buy various precious metals in bar and coin form.
It should be noted that those buying items for their IRAs will have to ensure that their purchases meet specific purity standards to meet the IRS guidelines. If you're just investing on your own, you can buy whatever types of bars or coins that catch your eye.
Investing is great, but it's not something that you can do and then forget about. Instead, you'll need to keep up with your investments to determine how you are financially. Luckily, Oxford Gold Group does give its customers access to a portal that allows them to check on their investments with a few clicks of a button.
Not only will you be able to check your account whenever you like, but you will also automatically get a quarterly statement from the company. This provides investors with more information about their accounts and can let them know what is going on with their investments even if they do not feel the need to use the online portal.
Pricing and Fees
Opening an Account
If you choose to work with Oxford Gold Group, you'll have to start by opening up an account. Fortunately, it is relatively easy to do so.
Customers start this process by going to the company's website and creating their accounts, though they'll have to call the company to finish this part of the task. It usually takes about ten minutes to put in your application, and you should have an active account within a day.
Once your account is up and running, you'll be able to transfer funds into your account. This might take the form of cash transferred out of your savings account or a rollover from your existing retirement account, but it is fairly straightforward. It usually takes about five days for funding to process.
Now that you are done with that step, your self-directed IRA will be ready to receive new deposits. You can work with a customer service representative from Oxford Gold Group to determine which types of metal purchases will work the best for your investment plans. Once you're ready, your representative will place your order, and the metals will be shipped to your chosen depository.
Options for Storage
Storage is a must when it comes to precious metals IRAs. As part of the process that the IRS mandates, you'll have to find a storage facility that meets all of the organization's security requirements. The good news is that anywhere the IRS approves doubtlessly will be relatively safe.
Currently, Oxford Gold Group provides its IRA customers with two storage options. Both are great, but each is geared towards account holders in different parts of the country.
If you live on the East Coast, the Delaware Depository will probably be your choice of depository. It is a very well-regarded facility that is used by many of the best IRA custodians in the business. On the other hand, West Coast investors will almost certainly want to work with the also-excellent Brinks Depository in Utah.
Both depositories allow investors to come in and physically visit their deposits, but most investors let their custodians handle that bit of the process. It is, however, nice to know that you can check up on your investments at any time.
While all your investments will have to be transferred from the company to your depository of choice, all shipping is done as securely as possible. Even more importantly, the packages are always insured so that you will get a full refund if something happens to your metals while in transit.
Pros and Cons
Are They a Scam?
This is the big question for many investors, especially as there are so many gold companies out there that operate unethically.
Though Oxford Gold Group is a relatively new company, it has gained a solid reputation reasonably quickly. The company is known in the industry for its integrity, and the fact that both of the company's founders already have reputations in the industry is a point in the company's favor.
One good way to determine if the company is legitimate is to look at its reviews. The company not only has solid reviews from most of its past clients, but it also has good reviews from companies that keep track of the industry.
If you're looking for the big review names, you have to look at the Better Business Bureau and Trustpilot. The company currently has an A+ rating with the former organization and a 4.9 out of 5 star rating with the latter. This means that the company has an outstanding reputation with its customers.