Orion Metal Exchange is a precious metals trader that offers a comprehensive range of services. Orion's reasonable pricing, in-house IRA department, website with real-time precious metals prices, and give incentives to refund precious metal storage, insurance, and custodial expenses are all things we enjoy about them over other precious metals companies. Read this Orion Metal Exchange review for more information about the precious metal IRAs they offer and Orion metal exchange products.
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We chatted with one of Orion Metal Exchange's precious metals dealers about rolling over an existing retirement account into a precious metals IRA to learn more about the organization. We had to do this since there is very little information about the company's services available on the internet. Nonetheless, we were thrilled to discover that the firm person was quite educated and courteous. Without being aggressive, he answered inquiries and thoroughly outlined the company's costs, pricing, and alternatives.
Following is a list of advantages and disadvantages for Orion Metal Exchange based on our research:
In summary, Orion Metal Exchange is well-versed in the different gold, silver, and precious metals IRA investment choices. Gold, silver, platinum, and palladium are the company's main products. Their website provides real-time precious metal pricing as well as current coin values. Investors can choose from three precious metal storage options: home storage, safe vault (depository) storage, or putting the metals in an Individual Retirement Account (IRA) (IRA). Read our gold IRA buying guide for tips on choosing IRS-approved gold coins and storage alternatives for your IRA.
Customers tend to be satisfied with Orion Metal Exchange in general, which is understandable considering the company's customer-centric approach and emphasis on skilled staff. Reviewers also praised the simplicity with which they were able to convert a standard retirement account to gold and silver. According to five-star evaluations, Orion isn't aggressive and takes the time to thoroughly explain the items you're interested in, either with a salesperson or through their free investment kit.
The daily market updates on gold or silver commodity spot pricing are the most common criticism regarding Orion Metal Exchange. While the firm gives real-time pricing updates for gold, silver, platinum, and palladium on the "Charts" page, it's crucial to remember that while the company does provide market prices for precious metals, the market price is a reflection of the economic cycle. We don't feel this is a huge negative against the company but if you don't like the way Orion handles this, you could check out our JM Bullion review. If you have any queries regarding how the precious metals industry operates, you may call a representative.
Customers can place their precious metals in a tax-deferred account with an Orion Metal IRA. These metals might be gold, silver, platinum, or palladium bullion coins or bars.
Customers can get guidance from an experienced account person with the IRA opening procedure. The company's IRA follows the same tax laws as any other IRA: contributions are tax deductible, you only pay taxes when you take (unless it's a Roth account), and there are penalties and taxes if you withdraw before you're 59 12 years old. At the age of 70 12 years old, there are mandated minimum and taxable withdrawals, much like in other conventional IRA funds. Consult a tax professional about the differences between a Roth and a regular IRA.
The firm now offers monthly rewards. To discover more about their current incentives, go to their website or call them.
Some individuals are interested in a precious metal IRA as a way to protect themselves against inflation. Cash, equities, and bonds all move in the opposite direction of metals prices. Many investors avoid diversification because obtaining an appropriate depository and a broker or custodian is time-consuming. Orion Metal Exchange makes this procedure simple for clients, allowing them to diversify without effort.
We inquired about charges with a representative from Orion Metal Exchange. Depending on where metals are housed, annual storage rates range from $75 to $100. This price is comparable to (and maybe lower than) the industry standard. The cost of storage includes insurance. While a precious metals IRA requires a $5,000 minimum commitment, the firm representative suggests investing at least $30,000 to take advantage of promotional incentives. For example, at the time of our phone call, a $30,000 investment would get you one year of free storage, insurance, and a custodian fee. Other special offers could be available as well. There is no yearly agreement cost with Orion, and you get more metal for your money.
Do my retirement savings in my Gold IRA remain tax-deferred?
Yes. The tax advantages of Orion Metal Exchange are the same as those of other IRAs. Early withdrawal has the same consequences, such as fees and taxes.
Is it possible to put any currency into an IRA?
No. The IRS has determined that not all coins are valid. A minimum of.995 pure gold coins, as well as American Gold Eagle and Silver Eagle coins, are IRA qualified. Silver coins must have a fineness of at least.999.
Is it advisable for me to keep my precious metals at home?
Home storage is not an IRS-approved IRA activity since it might lead to theft or burglary. Physical metals are treated differently from stock certificates, which may be replaced by merely paying an administrative charge. The investment is irrecoverable after it has been lost or stolen. While it is easy to keep your precious metals at home, most individuals do not face financial situations that would necessitate fast access.
Is it possible to just keep my precious metals in a safe deposit box?
According to Orion, you can, but not without complications or additional costs. Would you like to keep a few coins or a large quantity of precious metals? If the latter is the case, the box capacity may be exceeded. Another factor to consider is the necessity to transport these heavy objects safely while cashing them out. If you rent one or more boxes for a lengthy period of time, the leasing charge might add up quickly. Because the bank does not provide insurance for the contents of the safety deposit box, you will need to obtain your own.
Are there any drawbacks to storing your documents in a depository?
Make sure the depository account is properly set up to minimize drawbacks. For instance, you'll want to know if your assets are kept separate from the company's. It may take some time to get your assets freed if they are not separate and the firm files for bankruptcy. If you choose the depository route, make sure you're listed as the owner of the accounts.
How will I know how my precious metals are performing if I have an IRA?
Orion Metal Exchange works with custodians that give their clients with internet access. If a customer needs real-time market quotes for a deal, he or she should contact Orion directly.
Why can't I just buy gold and silver from Orion and put them in my current IRA?
The majority of brokerage businesses that deal with bonds, stocks, mutual funds, and other traditional investments do not also deal with physical assets. Customers can, however, register a Self-Directed IRA with a company that runs IRS-approved storage facilities.
When dealing with precious metals, what should I be wary of?
The US Commodity Futures Trading Commission advises against deceptive sales pitches delivered by television, radio, internet advertisements, phone calls, or email. Guarantees, as well as time-limited or limited-supply offers, should be avoided. A fraudster was recently fined over $428,000 by the Federal Trade Commission for attempting to defraud older adults using a precious metals scheme. Always ask questions and obtain everything in writing before making a choice when investing in precious metals companies.
The value of precious metals fluctuates all the time. As a result, Orion Metal Exchange offers assured real-time pricing on its "Coins" page, as well as more extensive information on price variation over time on its "Chart" page. Anyone visiting their website may look at current precious metal prices, as well as prices from one, three, and six months ago, and prices from the previous calendar year, by going to the "Charts" page. For gold, silver, platinum, and palladium, this interactive graphing tool is offered. The following are the gold and silver prices as of March 2, 2018:
| Gold Coins | Price |
|---|---|
| Gold Royal Canadian Mint Grizzly Bear | $598.85 |
| Gold Great Britain Queen’s Beast Random Year | $362.03 |
| Gold Canadian Maple Leaf 1 oz | $1,367.28 |
| Gold U.S. B.U. Proof $10 | $658.17 |
| Gold American Eagle 1 oz | $1,385.00 |
| Gold Royal Canadian Mint Snow Falcon | $384.94 |
| Silver Coins | Price |
|---|---|
| Silver Royal Canadian Mint Snow Falcon 1.5 oz | $35.22 |
| Silver American Eagle 1 oz. | $19.51 |
| Silver Royal Canadian Mint Grizzly Bear | $39.71 |
| Silver Royal Canadian Mint Arctic Fox 1.5 oz | $31.19 |
| Silver Royal Canadian Mint Polar Bear and Cub 1.5 oz | $34.20 |
Orion Metals Exchange excels in a number of areas. It is a general-purpose precious metals dealer that allows customers to purchase or sell as well as open an IRA gold account to help diversify their holdings. The minimal costs are reasonable, and real-time market updates keep investors up to date on their assets' progress. Call 888-607-4685 or fill out their online purchase form if you're interested in Orion Metal Exchange, or visit the Orion metal exchange website for more information.
