- Report: #1518961
Complaint Review: Augusta Precious Metals - Internet
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Author Not Confirmed
Why?
Augusta Precious Metals
Internet, United States
Web:
https://www.augustapreciousmetals.com/
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Business Rating:
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Augusta Precious Metals I was overcharged for the silver purchased for my IRA Interent
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.
