Oxford Gold Group has only been part of the precious metals industry since 2018. They've broken into the highly competitive niche of gold IRAs, and they've gained a surprising reputation in a short period of time. But are their services legitimate? And are they better than their top competitors?
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About Oxford Gold Group
Oxford Gold Group was first founded in 2018. The company says that their main driving principle is that every person should have access to precious metals investments. They shouldn't be a luxury that is only afforded to the wealthy. Every customer who works with Oxford is given custom tailored advice for their specific needs and circumstances.
The company's main specialty is using retirement funds to purchase precious metals. Precious metals have historically performed well in times of economic turmoil. They are a tangible asset with a relatively stable value, which helps keep your portfolio secure while the economy goes through cycles.
If you purchase precious metals with your retirement funds, you will need to comply with strict IRS regulations regarding storage, custodianship, and the assets themselves. But Oxford Gold Group will also sell precious metals to people as an individual non-retirement investment. In these cases, they can ship the metals directly to you or arrange for storage elsewhere.
Oxford Gold Group operates with an intense client-first approach. Every client is given tools and information to learn about the precious metals industry. The goal is to help people be confident in their ability to choose the best items for their future.
As such, Oxford promises that they will answer every question that a customer has. They'll walk people through the purchase process from beginning to end. Every client is given suggestions and a plan tailored to their own needs and goals.
Most precious metals companies say that they give customers an individualized experience. But Oxford Gold Group has received universal acclaim and praise because it actually does. Customers say that they felt prioritized and cared for, and they also say that they didn't experience any sales pressure.
Gold IRA Services
Oxford Gold Group has published information about how to create a precious metals IRA. They also have pages that go much further in depth about different types of retirement account, different investment items, and the historic value of gold.
You will need to have your precious metals stored at a depository approved by the IRS. Your account will also need to be maintained by a custodian.
Oxford Gold Group is somewhat unusual in that they don't list any partner companies as a custodian. Instead, they tell people to seek out a custodian by themselves. This might be a credit union, brokerage, or trust company.
Many other precious metals IRA companies list several different custodians to choose from. That way, you're able to compare the fees and services of multiple options without getting overwhelmed. Some people might not know where to begin when looking for a custodian.
It is possible that if you call Oxford Gold Group to ask for advice, they will help you narrow down a good custodian for your needs. It's just odd that there's no information presented on the website. The good news about that, though, is that the company will work with any custodian -- no matter how large or small.
Account Application
If you want to set up an account, you'll have to fill out an application. Oxford Gold Group does offer application services. Once you've chosen a custodial partner, you can call Oxford for help with their application. No matter how long or short the application, a dedicated representative will help you make sense of it. The entire process doesn't take any more than ten minutes.
Oxford also takes some of the hassle out of contacting the custodian. Instead of reaching out to the custodian yourself, you'll send your Oxford representative your application. They will then forward it to the appropriate party with whatever other information is required.
After sending the application, the company has usually created your account in the next 24 hours.
Funding
The account application creates a self-directed IRA. This is a retirement account that can hold alternative assets, like precious metals, that aren't eligible for traditional IRAs. With this type of account, you're in complete control of your holdings, rather than having a manager deal with it for you.
But if you want to hold precious metals in your retirement account, you need to put liquid funds in first. It is not legal to purchase precious metals and then use them as a retirement contribution. Similarly, you cannot enter precious metals that you already own into your IRA. You have to use liquid funds within the account to buy the metals.
There are several different ways that you can fund your account. Your custodian will typically walk you through this process. But Oxford Gold Group has gone a step further in streamlining the setup. They can talk to your custodian on your behalf and get the transfer set up for you.
The most common choice is to use a rollover. For those who already have 401(k) retirement accounts, you can move some of your funds into your new IRA without incurring any penalties.
A similar process is available for people who have an existing IRA. Maybe it's a traditional IRA that can't hold precious metals. You can transfer funds from this account into your self-directed account.
A less common option is to make an IRA contribution from your personal savings. With this method, you will be subject to the annual limits on how much you can contribute per year.
Pulling from savings is ideal if you already know that you want to move a