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There has been talk of investing in gold and precious metal individual retirement accounts (IRAs) for some time now. If you’re intrigued by the idea or are starting the process of adding precious metals to your retirement portfolio, then you will definitely want to research numerous investment companies and carefully select who you choose to do business with.
If you’ve started your research for gold and silver IRAs, then you likely have noticed there are numerous companies available, which can make it difficult to evaluate which one you prefer working with. We’ve taken a closer look at Lear Capital, one of the standout names in the precious metals industry, so you can decide if it's a company you want to work with.
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What is Lear Capital?
Lear Capital is a Los Angeles-based company that sells precious metals and has been in business since 1997. According to its website, it’s served over 90,000 customers and over $3 billion in transactions since its inception. You can purchase various precious metal products through the company, including bullion, rare coins, and physical gold and silver. It also offers programs for buying and selling bullion.
You can work with Lear Capital to diversify your investment portfolio with its selections of precious metal bullion, numismatic coins, and precious metal IRAs. As an FYI, bullion refers to precious metals you can use for investment, hedging inflation, or survival, while numismatic coins are coins you collect because they’re rare and not based on the precious metal content (such as a rare pre-1933 Eagle coin, for example).
Gold and precious metals IRAs refer to retirement accounts that hold qualifying gold or precious metals as investments. These investments, including precious metal coins and options offered by various gold IRA companies, must be held separately from your traditional or Roth IRA. However, they are subject to the same contribution limits and withdrawal rules. Lear Capital, among other gold IRA companies, currently offers a variety of investment options for self-directed IRAs, including gold, silver, and platinum. Such IRAs allow investors to diversify their retirement plans with precious metals, adding security and stability often sought in retirement portfolios.
If you’re setting up a precious metals IRA, then you’ll have to work with a dedicated account manager to get set up. The process takes about 10 minutes, but you start by calling the customer service number. When you choose this option, you’re taking money from your existing IRA account and using it to fund your new precious metals IRA.
You fill out a complete application form, which Lear Capital must process and approve. Once approved, Lear Capital contacts your current IRA custodian transfer the funds via bank wire on your behalf and deposits them into your new precious metals IRA account.
Once you establish your account and make your initial deposit, you can start purchasing more precious metals for your IRA through Lear Capital. All precious metals are stored in an IRS-approved storage facility via the Delaware Depository, where the vaults are continuously monitored. Lloyds of London insures the deposits.
You can purchase precious metals to add to your IRA after your account is set and initially funded.
Online precious metals purchases
If you want additional precious metals that you can store at home or have stored, you can purchase rare coins, gold, silver, and platinum bullion through the website.
Online access to your portfolio
You can access your portfolio 24/7 with your online account and track the performance of your precious metals. Lear Capital also mails quarterly statements.
24-hour risk-free guarantee
Lear Capital gives you 24 hours to cancel your purchase, known as their 24-Hour Risk-Free Guarantee.
Uses a three-step Price Advantage Guarantee
The three-step process includes written agreements for your account, phone confirmation for your purchase, and a written confirmation. Hence, you understand all aspects of your precious metals purchases, including pricing.
Reasonable annual fees
Lear Capital charges a one-time payment of $280 for the initial setup and maintenance of your self-directed IRA. Then, it moves to a $200 annual fee charge each year after that. You should pay additional storage fees based on the amount of your purchase.
Comprehensive customer service
You’re assigned a dedicated account representative when you establish your account, plus you can call customer service or use their online chat tool.
Lear Capital will work best for someone who prefers working with an established company and one who takes time to walk you through each step of the process. Lear Capital may also be ideal for someone who wants access to various research and resources, plus real-time updates on gold and precious metals pricing.
Who shouldn’t use Lear Capital?
Lear Capital may not work best for someone who wants a quick turnaround for account management. While the application process only takes a few minutes, you won’t be able to open an account and start the funding process until your account representative gets in touch with you.
One depository option (versus other dealers with multiple options)
The website can be difficult to navigate
Lear Capital vs. competitors
Company
Offers self-directed precious metal IRAs
Number of storage choices
Lear Capital
Yes
1
American Hartford Gold
Yes
3
Augusta Precious Metals
Yes
11
Goldco
Yes
Undisclosed
American Hartford Gold
Los-Angeles based American Hartford Gold provides physical delivery of the cash purchases of gold, silver and platinum. They also offer retirement accounts in the form of 401K, IRA and TSP if you are looking for a tax-deferred way of owning the precious metals. It is known for offering a wide range of educational resources including the Gold investment guide 2024 and silver investment guide 2024.
Augusta Precious Metals is a gold IRA company with an A+ rating with the Better Business Bureau. The company offers gold and silver IRA and gold and silver cash purchases. It also has a precious metals price chart and a video library explaining more about investing in gold IRA. It is a highly trusted company with several positive reviews. It also offers the highest number of storage options as compared to the other two companies here.
Goldco
Los Angeles based Goldco helps you diversify your portfolio by offering gold and silver IRA or helping you purchase gold or silver directly. It is rated A+ by the Better Business Bureau and you can easily get started by downloading the free kit from the website. You can call the company to open an IRA and they will help you throughout the process. However, there is no clarification about the storage options on the website.
FAQs
Is Lear Capital a legit company?
Lear Capital has been in business since 1997 and is a reputable and legitimate company. It has a proven track record. Although the Better Business Bureau does not accredit it, it does receive a 4.8- out of 5-star rating with Trustpilot and a 4.9-star rating with ConsumerAffairs.
Can I make recurring contributions to my Lear Capital account?
Yes, you can set up a recurring contribution schedule for your Lear Capital account so it automatically transfers an amount into your precious metals IRA on the day of your choosing.
Can I see my precious metals in storage?
Yes, you can work with the Delaware Depository to make an appointment and physically visit your bullion in storage.
Has Lear Capital filed for bankruptcy?
Yes, Lear Capital went through a bankruptcy reorganization in 2022. It still operates as a precious metals investment company and never stopped offering its services throughout bankruptcy.
Lear Capital offers a full lineup of precious metals online, including gold investment options and self-directed IRAs with gold, silver, and platinum. While numerous competitors offer similar products, Lear Capital stands out thanks to its relatively long history in the industry and its high ratings through multiple sources. The company provides up-front pricing information and ensures customers stay highly informed throughout the purchase process. This includes offering educational resources to help clients make informed investment decisions. Their commitment to transparency and education in the investment process is one of the reasons why Lear Capital continues to be a strong leader in the precious metals industry.
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Sara Coleman is a former corporate gal turned creative entrepreneur. She began writing professionally several years ago and now contributes to multiple websites, blogs, and magazines. She’s also an avid reader and can’t resist a great historical fiction novel. Sara holds a BA in journalism from the University of Georgia and can be found supporting her Bulldogs every chance she has. She resides in Charlotte, North Carolina, with her wonderfully supportive husband and three children. When she’s not ushering her kids to sports and dance lessons, she can be found creating content for her own website, TheProperPen.com.
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