If you have considered opening either a gold IRA or a silver IRA, this Legacy Precious Metals review will help you determine if this company is the right choice for your plan.
Legacy offers a wide variety of gold and silver coins for your IRA or for direct purchase.
Unfortunately, neither the company’s website nor its downloadable guide offer much in the way of details or investment information.
You must contact the company directly to get specific information.
The Verdict for Legacy Precious Metals
I’ve given them a rating of 6 out of 10.
In our Legacy Precious Metals review I’ve considered the following criteria in evaluating this company:
Category | Rating (out of 10) |
---|---|
Product & Service Offerings | 7 |
Pricing & Fees | 5 |
Guarantees | 7 |
Customer Experience | 8 |
Storage & Security | 7 |
Account Setup & Maintenance | 9 |
Reputation & Reviews | 5 |
Overall Rating | 6 |
In this review of Legacy Precious Metals, I’ve followed GIC’s detailed criteria for evaluating the precious metals IRA company.
About Legacy Precious Metals
Legacy Precious Metals is based in Frisco, Texas. The company was founded in 2020 by Charles Thorngren.
Legacy provides gold and silver coins and bars for purchase to be held either in an IRA or in your personal possession.
The company has mixed reviews from third-party rating services, like the Better Business Bureau, TrustLink, and Trustpilot, though that may owe at least partially to the fact that there are very few personal reviews available on any of those sites.
Product & Service Offerings
Legacy Precious Metals offers both gold and silver bullion coins and bars for purchase and inclusion in a precious metals IRA.
Gold coins
Silver coins
All metals purchased will be held by either Legacy Precious Metals or its designated trustee for custody purposes.
Precious metals IRA account holders are not permitted to take direct custody of the metals in their IRAs.
Legacy Precious Metals also has precious metals available for direct purchase. If you go this route, you’ll have the option to either have the company hold the metals for safekeeping, or take possession directly.
If you choose the latter, the metals will be delivered directly to your home.
Fees & Pricing
Legacy Precious Metals does not disclose any transaction costs on their website or in their marketing literature.
Setup fee for IRA | Not listed on website |
Wire transfer fee | Not listed on website |
Custodian administration fee | Not listed on website |
Storage fees | Not listed on website |
You must contact the company directly for that information.
Guarantees
Legacy Precious Metals makes several representations for customers to rely upon when doing business with the company.
The first is that Legacy Precious Metals will not employ high-pressure sales tactics. Second, they guarantee customers will be provided with the best prices available.
The company maintains long-standing relationships with precious metal suppliers and guarantees that the bullion will be competitively priced.
If you are purchasing precious metals for direct delivery, the company will provide home delivery directly to your doorstep.
Legacy Precious Metals also guarantee fast, safe and economical shipping of your precious metals.
Finally, the company does offer a buyback program. It is a “no questions asked buyback program for all clients”.
Customer Experience
Legacy Precious Metals customer contact is available by phone at 1(866)473-6204. You can also contact the company by email at [email protected], which can also be accomplished through the website email channel.
No hours of operation are given for customer service so it’s best to assume regular business hours (and in the Central Time zone).
The company can also be contacted through its social media channels at Facebook, X, Instagram, and YouTube.
Though the company does offer educational resources on its website, there is no dedicated FAQ page to get more specific information.
Storage & Security
Unlike most precious metals dealers working with IRA accounts, the company does not disclose whether it uses third-party trustees for metals custody, or provides that service directly to its customers.
There is the possibility the company will allow you to use a trustee of your choice, but that is not indicated.
Since they do confirm that metals will be held in segregated storage only, you should expect to pay somewhat more for annual storage fees than you will if you work with a company that also permits non-segregated storage.
Like the company’s pricing structure, that information is only available when you contact the company directly for specific information.
Account Setup & Maintenance
To set up an IRA with Legacy Precious Metals you’ll need to open a self-directed IRA (SDIRA).
The process is outlined below:
- Open your precious metals account: This can be done within 5 minutes.
- Fund your account: Roll your existing IRA into your account, transfer an existing IRA directly, or contribute funds to your precious metals IRA.
- Choose your precious metals: Pick what coins, bullion, and bars to include in your account.
If you are required to hold your precious metals with an IRA trustee, there will be an additional set of procedures and instructions you’ll be required to follow that are unique to that trustee.
You can fund your account by cash, check, or by wire from your bank. Alternatively, you can do a retirement account rollover, in which you transfer funds from an existing retirement plan into your Legacy Precious Metals IRA.
The source of funds can be transferred from another Roth IRA, 401(k), 457, 403(b), or thrift savings plan (TSP).
Reviews & Reputation
Legacy Precious Metals has the following ratings among various third-party sources:
- Better Business Bureau: F, the lowest rating given by the agency.
- Trustpilot: 4.3 out of five stars (Excellent) among 12 reviews.
- Google listing: N/A
- TrustLink: 2.5 out of five stars among 3 reviews
Legacy Precious Metals Alternatives & Competitors
If Legacy Precious Metals isn’t the right bullion dealer for you, check out the following competitors:
Our Rating:
4.8
|
Our Rating:
4.5
|
Our Rating:
4.2
|
Minimum for IRA transfers:
$25,000
|
Minimum for IRA transfers:
$2,000
|
Minimum for IRA transfers:
$10,000
|
Goldco
Goldco is one of the top precious metals dealers for both direct purchase and for precious metals IRAs. The company is highly rated by multiple third-party rating services, including the Better Business Bureau.
The company offers its Highest BuyBack Guarantee, as well as a silver bonus of up to 10% of the amount of limited mintage coins purchased for a precious metals IRA.
Request Goldco’s free gold & silver kit
Noble Gold Investments
Noble Gold Investments offers precious metals for both precious metals IRAs and for direct purchase. The company does have a more limited selection of both gold and silver investments than most of the competition.
But it’s highly rated by third-party agencies, which includes an A+ rating by the Better Business Bureau.
Request Noble’s free gold guide
Birch Gold Group
Birch Gold Group also offers precious metals IRAs, in addition to direct purchase of metals. But the company offers more than just bullion products, extending their business to also offer numismatic coins.
Birch Gold Group is highly rated, with an A+ rating from the Better Business Bureau. In addition, it was launched in 2003, making it one of the better established precious metals dealers in the country.
Request Birch’s free gold info kit
Is Legacy Precious Metals a reputable company?
Based on our reviews of multiple precious metals companies, I would not rate Legacy Precious Metals as one of the leading contenders.
That conclusion comes from a combination of poor ratings and reviews on third-party rating platforms, as well as the lack of published information available on the company’s website or its Complete Gold Investing Guide.
It omits important precious metals information, such as custodial arrangements and fees. The only way to get this information is to call the company directly.
If you do choose to use Legacy Precious Metals either to open a precious metals IRA or for direct purchase of metals, be sure to hold detailed discussions with company personnel in addition to obtaining any technical documentation.
Legacy may be an excellent company to do business with, but it’s just not apparent from published sources.
FAQs
Who owns Legacy Precious Metals?
Company literature lists only Charles Thorngren as the founder of Legacy Precious Metals.
Does Legacy Precious Metals have any pending lawsuits or complaints?
We conducted a web search using the words “lawsuit” and “scam”, and no actions or reports involving Legacy Precious Metals turned up as of the date of this review.
Where is Legacy Precious Metals located?
Legacy Precious Metals is located at the following address: 2831 El Dorado Pkwy Ste 103 PM PMB 415 Frisco Tx, 75033
Legacy Precious Metals
Legacy Precious Metals helps investors build and protect their wealth by investing in gold, silver, and precious metals.
Product Brand: Legacy Precious Metals
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