Monument Metals Review

Monument Metals Review

More and more people are putting their money into precious metals, including silver and gold coins. The popularity of these investments has increased considerably in recent years, which is reflected in the successful results that veterans of the numismatic and bullion business have achieved.

Many investors are choosing precious metals products to diversify their portfolios as a way to protect their hard-earned money from inflation and other negative economic events.

Unlike the U.S. dollar, gold and silver products don’t decrease in value quite often. Besides acting as a hedge against economic downturn, this has allowed many people to build wealth and secure a financially stable future.

If this is something you want to do, there’s another thing you should know. Before putting your hard-earned money into investment-grade bullion products, it’s essential to find the right dealers.

As soon as you take a look at the market, you’ll see that many companies are offering these products. One of them is Monument Metals LLC.

Is this precious metal dealer reliable? Can you buy the high-quality coin that you want to add to your portfolio from this company? After doing extensive research, we’ve written a detailed review to help you determine if it’s the best option for your investment.

What Is Monument Metals LLC?

Located in Maryland, Monument Metals originally opened as a wholesale and trade company. In other words, this firm started selling gold and silver bullion products to other businesses.

A few years later, exactly in 2014, Monument Metals began selling precious metals to the public, promising to offer better-quality items than most local coin shops.

Since this change happened, this company has been offering various precious metal products. Besides gold and silver, buyers can choose between palladium, platinum, copper, and rare coins.

The owners of Monument Metals have nearly three decades of combined experience in the numismatic and bullion industry.  

One of their chief competitors is Hero Bullion, which you can read about here.

Products That Monument Metals Offers

Investors can buy different precious metals from Monument Metals. Gold and silver are the most popular. However, there are other options. As mentioned, these are:

  • Palladium
  • Platinum
  • Copper

In terms of product types, this company offers multiple ones, including the following:

  • Bars
  • Bullion
  • Coins

People interested in purchasing any of Monument Metals’ products can place an order through its website or visit its Maryland location.

Unlike other silver and gold dealers, Monument Metals doesn’t require potential buyers to call a representative if they want to request a quote. Each product has an image and a brief description with all the information customers need.

Besides products, this precious metal company offers discounts and deals to customers who complete specific actions, such as signing up for its newsletter.

It’s important to note that Monument Metals hasn’t set a minimum purchase requirement. However, if a silver or gold coin order is over $250,000, this company requires buyers to contact their customer service representatives.

How to Buy Precious Metals From Monument Metals

As explained above, investors can purchase gold, silver, platinum, palladium, and copper products from Monument Metals through the company’s website or by visiting its Maryland location.

Below is the online buying process broken down into the essential steps:

  1. Sign into a user account
  2. Go to the navigation bar and click on the tab for a specific metal
  3. Click on the product to buy it (can take time because there are several categories)
  4. Increase or decrease the quantity of a product as desired
  5. Click add to cart
  6. Continue adding products until all the desired items are in the shopping cart

After those steps, buyers have to complete the checkout process. However, this is pretty straightforward. The screen will show some instructions they must follow.

Monument Metals allows customers to add different payment methods to their accounts in advance. This option can help buyers save time since they can complete the purchase with just one click.

Customers can choose from multiple shipping options. Rates may vary, but all the information about fees will be displayed at this point.

If the products aren’t purchased through a precious metals IRA (Individual Retirement Account), Monument Metals will ship them to customers’ locations using discreet packaging. Investors can choose where to store their items.

In addition, this company offers insurance coverage for all shipments. If something goes wrong, and items are stolen, lost, or damaged, customers can file a claim to recover their investments.

However, Monument Metals uses GPS tracking to avoid these incidents. After completing the purchase process, buyers receive a tracking number to monitor their orders’ location.

Similar Company Reviews to Read:

Can You Sell Precious Metals to Monument Metals?

Monument Metals doesn’t purchase precious metals from customers. Plus, there’s no buyback guarantee, which means investors won’t get support from this company to sell or liquidate their assets.

If buyers want to resell their bullion coins, they’ll need to use the services of another precious metals dealer.

How to Set Up an IRA with Monument Metals

Precious metals IRAs can be excellent investment options, as they allow people to put their money into assets that won’t experience value drops as often as the U.S. dollar.

As soon as they’re ready to open their accounts and start purchasing precious metals, investors should hire a custodian approved by the Internal Revenue Service (IRS).

Gold and silver dealers often provide recommendations on which parties investors can work with. However, opening the IRA through a local and trusted custodian would be a better idea, as customers could meet with them in person to discuss their needs.

To fund their precious metals IRA, which must be a self-directed account, investors can transfer funds from other retirement plans, including employer-sponsored ones. However, this process is also handled by the custodian.

In other words, account holders never possess the funds during this process. Instead, a custodian would act as a liaison between Monument Metals and the IRA company.

Once the custodian has access to the funds, investors should share the details of the type of precious metals and the quantities they want to purchase. After receiving a price quote, these third parties have to provide this information to the account holder, seeking approval.

Custodians should complete the wire transfer and send the funds to the company only if investors agree to the price. The final step in this process is to package the purchased silver or gold coin and send it to the depository that the account holder chooses. This is handled by Monument Metals.

Precious metals IRA holders cannot store their assets at home but in an IRS-approved depository. Custodians must provide investors with all the information they may need about the shipment.

What You Need to Know About IRA Custodians

About IRA Custodians

Monument Metals customers can choose between different self-directed IRA custodians to set up their accounts. This company works with the following:

  • Goldstar Trust Company
  • Equity Trust Company
  • New Direction Trust Company

All of them are IRS-approved. However, investors cannot be forced to choose one of these custodians to manage their IRAs. Monument Metals has partnered with such parties because they’ve worked together in the past.

Recommended custodians can make the process of opening a precious metals IRA much easier because they’re familiar with the documentation required by the provider. However, investors should evaluate each available option before signing any contract.

Storage Options for Your IRA

Monument Metals also recommends depositories to clients who plan to open an IRA. SWP Cayman and the International Depository Services Group are the most common options.

It’s crucial to understand that choosing an IRS-approved depository is a must for those who want to set up an IRA. This requirement must be met before starting the opening process and is non-negotiable. Plus, investors cannot store their assets elsewhere.

However, customers aren’t required to choose the depository recommended by the company to store their precious metals. IRA holders are free to make their own decisions.

Increasing the IRA’s Value

Some strategies can be implemented to give investors more financial freedom. Custodians can set up future purchases of other metals for a gold IRA, for example. This is often done to increase the account’s total value.

Investors should always equip themselves with extensive knowledge about these practices and monitor current market prices to make the best decisions.

Precious metals IRAs come with rules and limitations, but other investment strategies can help holders handle these challenges. People under 59 cannot put more than $6,000 into their retirement plans, but this limit is higher for people who have already reached that age.

Under IRS rules, investors who are 60 years or older can contribute $1,000 more, totaling $7,000 each year.

Most investors don’t add to IRAs after reaching 65, but account holders can purchase precious metals and transfer them to their new IRAs to start taking distributions at that age.

Order Cancellations and Returns

In order to make a purchase from Monument Metals, customers must complete the transaction and payment. Buyers shouldn’t change their minds and return the items they bought. Otherwise, they can face penalties, such as additional fees.

This appears in the company’s Market Loss Policy. Customers who want to cancel transactions may be required to pay the difference between the quoted price and the asset’s current market value.

However, the company’s customer service representatives are always willing to resolve the issues buyers may face. Monument Metals is open to hearing complaints from investors and exchanging products for something else if they aren’t happy with their purchase.

Customers should always try to avoid requesting refunds. According to the information on the website’s FAQ section, buyers have up to five days from the date the order is shipped to contact the company and discuss these issues.

Shipping Options for Orders

These are the options that Monument Metals relies on to ship precious metals:

  • US postal service
  • UPS
  • FedEx

All orders are shipped between three and five days from the payment date. Expedited shipping is available, but customers will have to pay an extra fee for this service.

Since all precious metals orders valued at $1,000 or more require a signature upon arrival, buyers should receive the package themselves.

Pre-Ordered Precious Metals

Monument Metals allows investors to set up pre-orders for some items, but payment must be made when they’re placed. Once available, the company will ship pre-ordered precious metals within 24 hours.

Payment Methods

When purchasing precious metals from Monument Metals, customers can choose the following payment methods:

  • Wire transfers
  • Credit cards
  • Checks
  • PayPal
  • Money orders

Except for PayPal and credit cards, all payment methods are eligible for a 4% discount.

Deals at Monument Metals

To learn more about the deals available at Monument Metals that could help them diversify their portfolios or increase their IRAs’ value, potential buyers should check out the website’s “Deals” page.

However, this company usually offers a 24-hour silver raid through which people can buy silver bullion, bars, and coins at discounted prices.

Options for Collectors

Collectors can also find product options at Monument Metals, including pre-1933 coins. The process to purchase these items is simple. Buyers only have to:

  • Go to the navigation bar
  • Check the “Pre-1933 Coins” tab
  • Take a look at available options and prices
  • Add them to their shopping carts
  • Get their collectibles delivered in damage-resistant packaging

Finding New Products Faster

Investors interested in finding new products for their portfolio, IRA, or collection can review the “New” tab and set notifications to get more information on such items.

If they’re planning to add these assets to their IRAs, holders should contact their custodians first.

Pros & Cons

Advantages and Disadvantages

Monument Metals offers several advantages to customers who want to buy gold, silver, platinum, and palladium. These are the most important:

  • Investors can choose from multiple products, including bars and coins.
  • Buyers can get free shipping if their orders are over $199.
  • The company always ships items in discreet packages to ensure buyers’ privacy.
  • Most of the products this dealer offers are approved by the Internal Revenue Service (IRS).
  • Customers can choose between purchasing online or in person.
  • Investors can find positive Monument Metals customer reviews in the company’s Better Business Bureau (BBB) ​​profile). It has a rating of 4.08 out of 5 stars.
  • Previous buyers claim that the company offers great customer service.

Collectors and people who want to invest for retirement can also enjoy some benefits if they purchase their assets from Monument Metals, including the following:

  • Website users can make purchases at any time of the day.
  • This organization has a long history of precious metals sales at the wholesale and individual levels.
  • Monument Metals has a huge inventory of products.
  • Purchases aren’t restricted to wire transfers only.
  • People can open precious metals IRAs to invest for their golden years.
  • Buyers don’t have to contact the company and wait for representatives’ responses to make a purchase.

However, investors should choose the online dealers they’ll purchase their assets from at their own risk. Monument Metals seems like a reliable company, but customers should do extensive research, evaluate other options, and compare prices to make a smart decision.

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