Priority Gold Review
Founded in 2001 and based in Dallas, Priority Gold is a trusted precious metals dealer in the United States. It promises competitive pricing, excellent customer service, and a streamlined purchasing process. Customers can buy gold and silver products, many of which can be held in a gold IRA.
While there is no stated minimum purchase requirement, Priority Gold may be best for those with at least $10,000. For those who qualify, there is a price protection plan and buy-back program available.
In this Priority Gold review, we’ll cover everything you need to know about this gold dealer, including its fees, product selection, and pros and cons.
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Our take on Priority Gold’s gold IRA
LendEDU rating: 3.7 out of 5
- Highly rated precious metals dealer with an A+ rating from the Better Business Bureau
- One free year of free storage and no IRA administration fee for the first year
- Limited Price Protection Plan offers price adjustment or additional purchase at a lower price for qualifying customers
Priority Gold offers customers access to resources, including experienced customer service representatives, a precious metals IRA guide, and online price charts for gold, silver, platinum, and palladium.
The company is a good choice for anyone who wants to invest in precious metals, and they can also streamline the process of opening a gold IRA for those who want to save for retirement.
How do you open a Priority Gold IRA?
Priority Gold is a precious metals dealer—it does not manage gold IRA accounts itself. Instead, its IRA department walks customers through the process of creating an account with an IRS-approved custodian and depository.
When you contact Priority Gold about opening an IRA, you should expect to go through the following steps:
- Speak to a Priority Gold IRA department representative and provide account holder information.
- Name a beneficiary to inherit the remaining balance in your account if needed.
- Fund the account either through a cash deposit or a transfer or rollover from an existing IRA, 401(k) account, or similar retirement plan.
- Approve the transfer instructions and the purchase of gold, silver, or other eligible precious metals to be held in the account.
When purchasing precious metals for your gold IRA, be sure they meet IRS requirements. Generally speaking, except for American Eagle coins, gold must be 99.5% pure to be held in a precious metals IRA, and silver must be 99.9% pure. Be aware that Priority Gold sells some gold and silver items that are not IRA-eligible.
Once you have opened your gold IRA, you can purchase eligible precious metals from other dealers, but you cannot deposit the gold you already have.
How much does a Priority Gold IRA cost?
Most of the fees associated with a gold IRA are charged by the account custodian and the depository storing the gold.
Priority Gold works most often with the Strata Trust company to set up gold IRAs and Delaware Depository to store precious metals, according to a representative of the IRA department reached by phone.
Priority Gold will cover the administration fee for the first year of your account, and for those investing at least $50,000, it will pay for the first year of storage.
The following fees represent the typical costs associated with an IRA set up through Priority Gold, but actual amounts may vary depending on the custodian and depository used.
| Cost | Details |
| Set-up fee | $50 |
| Wire fee | $35 |
| Annual service fee | $125 |
| Annual storage fee | $100 |
Our take on Priority Gold’s precious metals inventory
LendEDU rating: 3.7 out of 5
- Nice selection of American, Canadian, Austrian, and South African gold coins and silver coins. Silver 10 oz bars also offered
- IRA-eligible products are not marked on the website, so customers must read each item’s description to confirm it qualifies
- Platinum and palladium not currently listed for sale
While Priority Gold is a good choice for those opening a precious metals IRA, don’t overlook it as a source of collectible coins. Among the items currently listed on the Priority Gold website are the following:
- 1933 St. Gaudens Gold Double Eagle
- United States Mint Silver Morgan Dollar
- United States Mint Silver Franklin Half Dollar
Although these items do not meet the IRS requirements for a precious metals IRA, they may interest collectors.
How do you purchase metals through Priority Gold?
You can view the Priority Gold inventory on the company website under the “Invest in Gold & Silver” heading. Then, the process for making a purchase includes the following steps:
- Select one or more precious metals to purchase.
- On the product screen, choose your investment amount. Choices range from $10,000 to $100,000.
- Click the “Request Quote” button to add to cart.
- Once you have entered all items into your cart, click on the cart icon in the upper right corner of the page to view your cart or checkout.
- From the cart view, select “Proceed to Checkout.”
- Enter your name and contact information to checkout and click “Place Order.”
After submitting your order, someone from Priority Gold will contact you to finalize your order and go over payment and shipping options.
How much does it cost to purchase metals through Priority Gold?
Like other commodities, the cost of gold and silver can change daily, and market fluctuations affect precious metal prices.
Priority Gold does offer a limited price protection plan, which provides a price adjustment or the opportunity to buy additional gold at a lower cost should prices change within 30 days of your purchase. However, this seems only to be available for purchases of $250,000 or more.
According to a phone representative for Priority Gold, the company doesn’t charge shipping or other fees for purchases. Instead, it makes its money off the difference between the wholesale and retail prices of its products.
| Cost | Details |
| Cost of the metals | Purchase options range from $10,000 to $100,000 |
| Shipping fees | None |
| Other fees | None for non-IRA purchases. |
Pros and cons of Priority Gold
Here’s why we like Priority Gold and where it could improve.
Pros
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Excellent reputation and high customer satisfaction ratings.
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Dedicated IRA department to assist with opening and funding a gold IRA.
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Covers the first year of administration fees for a gold IRA and, for eligible customers, the first year of gold storage.
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Buy-back policy allows for sales on the open market, sales for immediate liquidation, and sales on consignment.
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Extensive educational resources on website.
Cons
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Price protection plan only appears to cover purchases of $250,000 or more.
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Does not appear to sell platinum and palladium products at this time.
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Product pages do not indicate whether an item is IRA-eligible.
If you’re interested in a gold IRA, you may find it easier to shop at a company like American Hartford Gold or Gold Alliance, which lets customers sort items by which ones are IRA-approved.
And if you are looking for platinum or palladium, check out Lear Capital or the Oxford Gold Group. Other companies may have more generous price protection and buy-back policies as well.
Of course, one benefit of Priority Gold is its low fees, and other companies can charge significantly more, including annual fees that are twice those quoted by Priority Gold. So be sure to carefully check any company’s details and fine print before signing up for a gold IRA.
Is Priority Gold a reputable company?
| Source | Customer rating | Number of reviews |
| 4.5/5 | 15 | |
| Better Business Bureau | 4.69/5 | 13 |
Priority Gold has an A+ rating on the Better Business Bureau and has been accredited there since 2018. It also has an AAA rating with the Business Consumer Alliance and is a National Coin & Bullion Association member.
While Priority Gold has relatively few customer reviews online, they are overwhelmingly positive. Most people praise the company for easy transactions and helpful customer service representatives.
Of the two one-star reviews, one customer felt overcharged for their gold while another noted that sales calls continued even after Priority Gold had been asked to stop contacting the person.
Does Priority Gold have a customer service team?
If you want to speak to someone at Priority Gold, you have the following options:
- Phone: 888-976-7579
- Webform
- Postal mail: 5005 Lyndon B. Johnson Fwy., Suite 350, Dallas, TX 75244
Phones are answered between 8 a.m. and 6 p.m. Monday through Friday. A time zone isn’t listed on the website, but Priority Gold has offices in Dallas, which is on Central Time, and Sherman Oaks, California, which is in the Pacific Time Zone.
When you call, you’ll speak to a customer service representative who can answer your questions or direct you to someone who can. For instance, if you call about a gold IRA, you’ll be transferred to the IRA department.
Priority Gold FAQ
Does Priority Gold offer any storage options for your metals?
Yes, Priority Gold offers excellent storage options for your precious metals. The company facilitates state-of-the-art private depositories that are not banks.
With Priority Gold, you can have segregated storage, ensuring that your metals are securely stored apart from other holdings, offering an extra layer of protection for your investments.
How can you liquidate your metals?
Liquidating your precious metals with Priority Gold is an efficient and effective process. Just contact Priority and tell it you want to liquidate your holdings. The company will expedite the transaction.
You can expect funds from the liquidation in your account within one to two days after the transactions are confirmed.
How can you track the value of your metals?
If you’re curious about tracking the value of your metals, Priority Gold offers a straightforward solution. It provides an online portal where you can access up-to-date market data around the clock.
The company also offers the services of a dedicated account representative who can provide personalized updates on the value of your metals whenever you desire. This gives you full transparency and assurance about the state of your investments.
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