Is Augusta Precious Metals a Scam? Fraudulent? (2023 Review)

You may be wondering, is Augusta Precious Metals a scam? If so, you've come to the right place. We have all the information you need about the company. So read on!

Augusta Precious Metals is a well-respected precious metals company with a good reputation. They have many positive reviews online, and they are one of the most well-known dealers in the industry. They even have big name celebrities investing in their products and services!

However, even a reputable company like Augusta Precious Metals is not immune to controversy and issues. This is why some investors are hesitant to invest with them, as they are concerned about the risks and dangers involved

So, before you invest your hard-earned money, you should read this review first. This article will help you decide if the company is right for you and if you can trust them. Is Augusta Precious Metals a scam? Without further ado, let us dive into this article where I discuss more about Augusta Precious Metals.

Augusta Precious Metals Review Quick Summary

What is Augusta Precious Metals?

Augusta Precious Metals is a California-based precious metals dealer and storage provider founded by Isaac Nuriani in 2012. They are famous for offering one of the best gold IRA services. The company aims to help educate investors in the world of investments and provide them with the best possible service.

Augusta Precious Metals pridefully banners their topmost 3 commitments: Trust, Education, and Empowerment. To put it simply, they are committed to ensuring that their clients have a positive and rewarding experience when investing with them.

The company was praised for its high-quality service, educational resources, and commitment to customer satisfaction. Furthermore, this fame is backed by the numerous positive reviews and ratings online. Therefore, you can rest easy knowing that they are a trusted company.

With the quality service they have provided their customers, Augusta had the highest average quality out of any Gold IRA company reviewed, making them earn an impressive rating from Money Magazine in 2022's Gold IRA report.

If you are considering investing in precious metals, Augusta Precious Metals is a reputable company to consider. However, it is important to do your own research before making any investment decisions.

What Does Augusta Precious Metals Offer?

Augusta Precious Metals dedicate themselves to specializing and providing the best quality selection of Gold and Silver IRA bullion bars and coins.  But they also offer a variety of other precious metals products and services, including physical precious metals, educational resources, and IRA rollovers.

Furthermore, they have independent grading companies certify and check their coins. These are some of the advantages of working with them:

• They offer competitive pricing on their precious metals selection.
• Clients can enjoy insured shipping without extra cost.
• Gold and Silver IRA fees are waived for the first year.

Augusta Precious Metals also has a buyback program! Therefore, you can sell back your gold or silver to them at a very competitive price! Listed below are their advantage over other companies:

Augusta Precious Metals Products

As said, Augusta Precious Metals specializes on Gold and Silver IRAs but they also offer physical precious metals such as gold and silver. The following below are what they have currently available:

• Gold: Gold American Eagle, Gold American Buffalo, Gold Britannia, Gold Canadian Maple Leaf, Gold Canadian Polar Bear, Austrian Gold Philharmonic, South African Gold Krugerrand, Gold Bars.
• Silver: American Silver Eagle, Canadian Silver Maple Leaf, Austrian Philharmonic Silver, Silver Rounds, Silver Bars, and other Silver Coin Collectibles

It is nice to know that Augusta Precious Metals reveal the products that they offer in their website. However, it still lacks information since the prices of these products are not disclosed. You need to contact the company to find out.

Take note that not all of these products are IRA-eligible. The IRS has specific requirements that must be met for a precious metal to be eligible for an IRA. These requirements include the purity of the metal, the weight of the metal, and the form of the metal.

Does Augusta Precious Metals Have IRAs?

Yes, Augusta Precious Metals have IRAs. In fact, the company specializes in IRAs products. They offer a variety of IRA options, including gold and silver IRAs, platinum IRAs, and palladium IRAs. They also offer a variety of services related to IRAs, such as rollovers, custodianship, and storage.

However, they are not an IRA custodian. To take care of your IRA accounts, Augusta Precious Metals has its preferred IRA custodians: Equity Trust, Gold Star Trust, Kingdom Trust. The following are their IRA-eligible coins that you can invest in:

• IRA-Eligible Products: American Eagles, American Eagle Proofs, Canadian Gold Maple Leaf, Gold Canadian Eagle, American Buffalo, Australian Stripe Marlin, Canadian Silver Soaring Eagle, Canadian Silver Eagle with Nest.

How to Get Started With Augusta Precious Metals?

Augusta Precious Metals has many dedicated agents that they assign to each client. These agents can help you with any problems and questions that you might have. However, you only need to follow these simple steps to open a gold and silver IRAs with Augusta Precious Metals:

As stated earlier, Augusta Precious Metals have already vetted the best gold and silver IRA custodians for you. When you work with Augusta, they can help by serving as your liaison with your custodian. Equity Trust is their number-one preferred custodian.

To get started, you should contact Augusta Precious Metals either by phone or online. A representative will then help you throughout the whole process. This includes discussing the current state of the market, as well as providing educational materials and resources.

1. You need to fill the required information in the form to open an account.
2. Your Augusta IRA account can be funded by transferring funds from your  existing IRA,401(K) or another retirement account.
3. After funding your account, you can proceed to purchasing precious metals for your IRA!

Once you purchase your precious metals, they ship it to one of their secure storage facility in the U.S. You can choose a convenient location for you, and you can also make arrangements to visit your purchased metals by contacting your custodian directly.

Augusta Precious Metals Minimum Investment

The minimum investment amount for a precious metals IRA with Augusta Precious Metals is $50,000. This applies to both self-directed and custodian IRAs.

However, there are some exceptions to this minimum investment amount. For example, if you are rolling over an existing IRA into a precious metals IRA, you may be able to avoid the minimum investment requirement.

How Much Are The Fees to Invest?

As stated above, you need a minimum investment of $50,000 in your account before you can start investing with Augusta Precious Metals. You would also need to pay $50 dollars for account opening. Furthermore, there are additional yearly fees that you must pay:

• For accounts up to $100,000 there is a $75 annual administration fee.
• For accounts over $100,000 there is a $125 annual administration fee.
• You have to pay $125 annual custodian fee.
• There are extra depository storage fees.

Qualified orders are eligible for free shipping and transit insurance. 

Does Augusta Precious Metals Have Buyback?

Yes, Augusta Precious Metals offers a buyback program for precious metals purchased through their company. The buyback price is based on the current market value of the metals.

Augusta Precious Metals does not guarantee that they will repurchase all items at the same price they were sold at. However, they will offer a fair price. To sell your precious metals back to Augusta Precious Metals, simply contact them and request a buyback quote.

They will then send you a quote based on the current market value of your metals. If you accept the quote, they will send you a check or wire transfer for the amount of the buyback.

Where is Augusta Precious Metals Located?

Augusta Precious Metals is headquartered in Beverly Hills, California. Their address is 8484 Wilshire Blvd #515, Beverly Hills, CA 90211. This main office is staffed with experienced professionals who can help you with all of your precious metals needs.

They also have offices in Casper, Wyoming and Nampa, Idaho. These are smaller remote offices but are staffed with knowledgeable precious metals professionals to help you with your concerns.

In addition to these three offices, Augusta Precious Metals also has a network of authorized dealers located throughout the United States. These dealers can help you with all of your precious metals needs, including buying, selling, and storing precious metals.

Storage Facilities and Services

If you purchase physical precious metals from Augusta Precious Metals, they will offer you a self-directed storage option. This means you will be the one to choose the storage facility where your precious metals will be stored. You will be responsible for the cost of storage and insurance.

But it's different in the case of IRAs. Augusta Precious Metals will arrange for secure storage of your precious metals in an IRS-approved depository. They will also handle the administrative aspects of your IRA, such as record-keeping and reporting.

As of this time of writing, the company chooses Delaware Depository as their storage facility and you can choose a depository convenient for you from several locations in U.S. cities.

Storage facilities are available in Los Angeles, CA; Salt Lake City, UT; Nampa, ID; Las Vegas, NV; Shiner, TX; Dallas, TX; South Fargo, ND; Wilmington, DE, Bridgewater, MA; New Castle, DE; and New York, NY. To have a more specific list, just contact Augusta Precious Metals. 

Shipping and Courier Services

Augusta Precious Metals offers free shipping and insurance on all orders of precious metals purchased through their website. They use a variety of courier services, including UPS, FedEx, and USPS. The shipping fees will ultimately vary depending on the destination and the weight of the shipment.

However, for your IRAs with a qualifying purchase, Augusta Precious Metals covers shipping and liability insurance costs for your metals until they are delivered to your IRA storage location.

Educational Resources and Materials

One of the top reasons why more investors are choosing to take their financial plans with Augusta Precious Metals is because the company emphasizes education and awareness. Augusta has a lot of educational resources that help investors make informed decisions.

• Articles: Augusta Precious Metals has a blog that features articles on a variety of topics related to precious metals investing, such as the basics of investing in precious metals, how to choose the right precious metals for your investment goals, and how to store your precious metals safely.
• Videos: The company has a YouTube channel that features videos on a variety of topics related to precious metals investing. These videos are hosted by Augusta Precious Metals' Director of Education, Devlyn Steele, who is a Harvard-trained economist.
• Webinars: They also schedule webinars on a variety of topics related to precious metals investing. These webinars are hosted by Augusta Precious Metals' experts and provide in-depth information on topics such as the current state of the precious metals market, how to buy and sell precious metals, and how to store your precious metals safely.
• One-on-one consultations: Augusta Precious Metals also offers one-on-one consultations with their experts. These consultations are a great way to get personalized advice on your specific investment goals and needs.

Augusta Precious Metals Return Policy

The company offers a 7-day return policy for all products purchased directly from their website. You can return your products for a full refund, minus a 3% restocking fee.

To return a product, you must contact Augusta Precious Metals within 7 days of receiving your order. You will then need to ship the product back to them at your own expense. The company will not accept returns for products that have been damaged, used, or are not in their original packaging.

Augusta Precious Metals Affiliate Program

Augusta Precious Metals has an affiliate program that allows you to earn money by promoting their products and services. There is no cost to join, and you can start earning commissions right away.

To join, simply create an account and apply. Once your application is approved, you will receive a unique affiliate link that you can share on your website, blog, or social media channels.

When someone clicks on your affiliate link and makes a purchase, you will earn a commission. The commission rate is 165% for the first 90 days, and then it drops to 100%. There are no minimum sales requirements, so you can earn commissions on both new and repeat purchases.

This is a great way to earn passive income by promoting products and services that you believe in. If you have a website, blog, or social media channels with a large audience, this program could be a good fit for you.

Augusta Precious Metals Stock

Augusta Precious Metals is a privately held company, so it does not have a stock that is publicly traded. This means that you cannot buy or sell shares of Augusta Precious Metals on the stock market.

However, Augusta Precious Metals is a subsidiary of Augusta Gold Corp. (TSX:G) (OTCQB:AUGG), which is a publicly traded company. So, if you are interested in investing in Augusta Precious Metals, you can do so by purchasing shares of Augusta Gold Corp.

Augusta Gold Corp. is a gold exploration and development company that owns the Reward Project in Nevada and the Bullfrog Project in Utah. The company has a market capitalization of $20 million and its stock price is currently trading around $0.60 per share.

How is Augusta Precious Metals Customer Service?

Augusta Precious Metals prides itself on its exceptional customer service. The best thing about them is that they offer lifetime customer support to all its customers, whether they are one-time or regular investors.

The company's professionals are highly knowledgeable and can help you with pricing, answer basic questions, and even schedule one-on-one web meetings, a unique service in the precious metal IRA industry.

Another thing that needs to be noted is that the company has stopped paying salespeople commissions in 2022. This is in order to avoid pressuring customers into investing. Instead, each customer is assigned a personal agent who will guide them through the process.

• Email: You can send an email to their designated email address, which is usually provided on their website or in their marketing materials. This is a good option if you have detailed questions or requests that you would like to send in writing.
• Hotline: Augusta Precious Metals has a dedicated hotline that you can call to speak directly with a representative. This is a good option if you want to have a real-time conversation and get an immediate answer to your question.
• Live chat: Augusta Precious Metals has a live chat feature on their website. This allows you to have a real-time conversation with a chatbot or customer support agent, which can be a quick and efficient way to get your questions answered.

Augusta Precious Metals also facilitates communication between investors and storage facilities. This ensures that customers have all their questions answered, from the time they purchase precious metals to the time they liquidate their assets.

The company also has a special section on its website devoted to IRA Frequently Asked Questions (FAQs). This section addresses common questions about buying, shipping, and storing precious metals in an IRA.

Who Are The Executive Team and Management

Augusta Precious Metals is a precious metals investment company that is led by a team of experienced professionals. The executive team has a deep understanding of the precious metals market and is committed to providing top-notch customer service to their clients.

The executive team includes:

• Isaac Nuriani, the founder and CEO, who has over 20 years of experience in the financial services industry.
• Devlyn Steele, the director of education, who is a Harvard-trained economist and financial analyst.
• Rene Suarez, the senior broker, who has over 10 years of experience in the precious metals industry.
• Sonja Templet, the director of business development, who has over 15 years of experience in the financial services industry.

The team promises to provide personalized attention and support to each client to help them achieve their investment goals.

What Are Their Awards and Recognitions?

Augusta Precious Metals has been recognized for its excellence in the precious metals industry with numerous awards. Some of their most notable awards include:

• Customer Service Success and Sales Distinction from Stevie Awards in 2022
• Best Overall Gold IRA Company award from Money magazine in 2022
• Bullion Dealer of the Year award from the Industry Council for Tangible Assets (ICTG) in 2020 and 2021
• Member of the Professional Numismatists Guild
• Accredited IRA Services Provider

These awards are a testament to Augusta Precious Metals' commitment to providing its clients with the best possible service and education on precious metals investing. The company is committed to helping its clients achieve their financial goals through precious metals ownership.

Alternatives and Performance Against Major Competitors

Before investing in precious metals, it is important to do your research and understand the risks involved. There are many reputable precious metals companies, but there are also some scams.

Augusta Precious Metals is a newer company, having been only founded in 2012. But, they have quickly become a major player in the precious metals industry. Here is a comparison of Augusta Precious Metals with three of its major competitors like Goldco, APMEX, and Money Metals Exchange:

Right now, my top-recommended precious metal company is Goldco. Goldco has lower premiums than Augusta Precious Metals on most products. This means that you will get more precious metal for your money when you buy from Goldco. 

Also, Goldco offers a wider selection of products than Augusta Precious Metals. This includes gold, silver, platinum, palladium, and rhodium. Goldco also offers a wider variety of coins and bars, as well as IRAs.

Augusta Precious Metals Ratings and Reviews

Customer reviews are a very important benchmark on whether or not a company can be trusted. Indeed, I can safely say that Augusta Precious Metals is one of the best precious metals company out there. 

There are tons of positive Augusta Precious Metals review and ratings online. You can find them below:

Augusta Precious Metals BBB Rating

Augusta Precious Metals has an A+ grading in their BBB profile. At this time of writing, they have no complaints complaints. This only means that either there really do not have complaints, or they have resolved all of the complaints that they have received.

Most importantly, they have a near perfect 4.92 out of 5 star rating out of 119 customer reviews. This highly indicates how they are a reliable and trustworthy company.

Augusta Precious Metals BCA Rating

Augusta Precious Metals has an AAA grading from the Business Consumer Alliance (BCA). Out of 98 customer reviews, they have a perfect 5 out of 5 star rating. This is a rare feat to achieve for a precious metals dealer in this industry. 

Augusta Precious Metals Trustlink Rating

In their Trustlink profile, Augusta Precious Metals received a 4.9 out of 5 star rating based on 286 reviews. Interestingly, they seem to not have any complaints from customers in this website. A big green flag, highlighting the company's commitment to customer service.

Augusta Precious Metals Consumer Affairs Rating

The reviews of Augusta Precious Metals on Consumer Affairs are generally positive, with no review receiving under 3 stars. In addition, they have garnered an average 4.9 out of 5 star rating out of 135 customer reviews.

Customers are praising the company's customer service, selection of products, and competitive prices. Some customers have also mentioned that they were able to save money by buying precious metals from Augusta Precious Metals

Augusta Precious Metals Facebook Rating

The company has a 4.8 out of 5 star rating on Facebook, based on over 129 reviews. The reviews are generally positive, but here are also some negative reviews.

Customer complaints are mostly related to delays in shipping or problems with the company's website. However, the company has responded to these reviews and has taken steps to address the issues.

Augusta Precious Metals Google Reviews Rating

Augusta Precious Metals has a 4.9 out of 5 star rating on Google Reviews, based on over 373 reviews. Most customers have praised the company for their informative educational resources, as well as the excellence of their IRA services.

If you only look at how the company is rated through different reviewing bodies, you'll really be ensured that they are legitimate and one of the bests. Truly, Augusta Precious Metals is an excellent choice for anyone investing in precious metals.

Augusta Precious Metals Customer Complaints

The company has received mostly excellent reviews, with an average rating of 4.8 out of 5 stars or above. In fact, inline with this, I have only found a few recent negative reviews after researching them extensively.

You can see the following below:

As you can see, most of the complaints about Augusta Precious Metals are regarding the agents who handled their transactions. These may have been isolated cases, and a reflection of the representatives, and not the company itself.

However, it is important to note that Augusta Precious Metals stopped paying salespeople commissions in 2022. This is an excellent move by the company to prevent any pressuring tactics from their representatives.

This means that the company's representatives are no longer incentivized to sell you something that you don't need or want. They can now focus on providing you with the best possible service and helping you make an informed decision about whether or not to invest in precious metals.

Augusta Precious Metals Lawsuit History

Augusta Precious Metals was involved in a lawsuit about its business practices, but the case was settled. 

In 2019, Dale Whitaker, a former chief financial officer for Augusta Precious Metals (until 2017) filed a whistleblower complaint to the Commodity Futures Trading Commission (CFTC). 

He alleged that the company had engaged in deceptive marketing practices, such as misrepresenting the historical performance of gold and silver and pressuring retirees to liquidate their retirement holdings in favor of precious metal investments.

The CFTC investigated Whitaker's complaint but ultimately decided not to take action against Augusta Precious Metals. However, the lawsuit drew attention to the company's business practices and led to some negative publicity.

Augusta Precious Metals has denied the allegations made in the lawsuit and has said that it is committed to providing its customers with the best possible service.

Augusta Precious Metals Pros and Cons

Final Verdict: Is Augusta Precious Metals a Scam?

Augusta Precious Metals could be no further from a scam! It is one of the most legitimate precious metals company that I have had the pleasure to review. The company has near-perfect ratings from various different reviewing bodies, and barely any complaints.

Their competitive rates partnered with their excellent customer support has pushed them on the top of the precious metals game. This is why I highly recommend them. Furthermore, any investors can rest easy knowing that their hard earned money is in safe hands.

If you can afford the minimum investment of $50,000 dollars, then this company is for you. However, the only downside that Augusta has is that their precious metal selections are limited to gold and silver. 

In fact, Goldco has a better product catalog, plus they are more transparent about its fees and pricing than Augusta Precious Metals. This makes it easier for investors to compare prices and make informed decisions. Ultimately, the best company for you will depend on your individual needs and preferences.

Thanks for reading my "Is Augusta Precious Metals a Scam?" If you have comments or want to share your experience, don't be shy to share it down below in the comments section!