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report scam| Country | United States |
| State | California |
| City | Beverly Hills |
| Address | 8484 Wilshire Blvd., Suite 515 |
| Phone | 855-242-4121 |
| Website | https://www.augustapreciousmetals.com |
Augusta Precious Metals Reviews
I contacted Augusta Precious Metals to open a silver based IRA when stocks looked to be faltering. I moved the required $50k into an account with them and asked to purchase regular (non proof) silver eagles. Weeks passed and I kept hearing that the coins I wanted were not available and that I should take proof coins. My research had indicated that paying the premuim for proof coins was not a good idea for an IRA, so I declined.
When I started to get anxious about my money sitting idle at Augusta I was told they would get me Canadian 1.5 oz polar bear and cubs coins for the "same price". Unfortunately what they meant was the same price per ounce, although a 1.5 ounce polar bear is not worth 1.5 times the eagle in market value. For example, today you can but the 1.5 oz polar bear coin for about $42 in the quantities I bought. The silver eagle is available from the same seller for about $36. Therefore, in today's dollars, Augusta effectively charged me $54 ($36 x 1.5) for a coin worth $42.
Silver will have to increase in price dramatically for me to make any money here, and I would have to sell my coins myself at retail. They push the fact that when you take distributions from the account you only pay taxes on the price of raw silver per ounce. Unfortunately the difference between what I paid for the coins and what I can sell them for is a loss that no tax savings will overcome. Yes they're very easy to work with, just don't expect a meaningful return on your investment.
It appears, but I'm not positive that Augusta Precious Metals charged me about twice what the going spot price was for the gold coins that are in my account at Kingdom trust, who is holding the coins for me. beware I don't want to see this happen to anyone else. I'm 71 and I don't have away to make this up. I thought i was protecting my small IRA.
In 2014 I responded to an online ad from Augustus Precious Metals about a home storage IRA that they were advertising. I transferred money to them to set up the home storage IRA. I paid them a fee to have it set up and they sent me the gold to store in my safe deposit box. Everything seemed OK until I received an audit letter from the IRS in 2016 stating that the home storage IRA Augustus set up is illegal. I was forced to pay almost $2000 in penalties to the IRS and the IRA Augustus set up was invalidated. In their quest for greed I lost of money for retirement needs. They scammed me into believing that a home storage IRA was legal but it's not.