Orion Metal Exchange Review
To learn about Orion Metal Exchange, we spoke with a company representative and asked about rolling over an existing retirement account into a precious metals IRA. We needed to do this because there is limited online information about the company’s services. Overall, our conversation with the company representative was educational and enjoyable. They answered our questions and clearly explained the company’s fees, pricing, and options without being pushy.
- No setup fees or transfer fees for an IRA
- Free precious metal storage promotions when you open an IRA
- Fast and insured shipping for customers who want to take possession of the precious metals
- Although Orion Metal Exchange representatives are friendly, you cannot purchase precious metals online
Gold and other precious metal IRAs are an investment and carry risk. Consumers should be alert to claims that customers can make a lot of money in these or any investment with little risk. As with any investment, you can lose money and past performance is not a guarantee of future performance results. Consumers should also obtain a clear understanding of the fees associated with any investment before agreeing to invest.
Orion Metal Exchange is especially knowledgeable about various gold, silver, and precious metal investing options. The company primarily sells gold, silver, platinum, and palladium. Their website offers information on real-time precious metal pricing and the current prices for various coins. Orion offers investors three precious metal storage options – home storage, secure vault (depository) storage, or the choice to put the metals in an Individual Retirement Account (IRA). For guidance on selecting IRS-approved gold coins and storage options for an IRA, read our gold IRA buyer guide.
- Home Storage: If you want to keep your gold, silver, or other precious metals at home, Orion Metal Exchange will help you choose the right type of in-home safe to secure these assets.
- Secure Vault: A depository vault is a safer, more secure option than home storage. Orion Metal Exchange can recommend domestic vault storage services, such as Brink’s, or international options.
- IRA: Orion Metal Exchange can assist with opening a Precious Metals IRA account to store your precious metal investments, or they’ll help with completing a rollover from an existing IRA.
Orion Metal Exchange Gold IRA Features
Customers can put their precious metals in a tax-deferred account with an Orion Metal IRA. These metals can be bullion coins or gold, silver, platinum, or palladium bars.
One of the company’s best attributes is that we could instantly access educational resources and request a free investor kit to learn more about buying gold and silver with Orion. Currently, the company offers monthly incentives. Visit their website or give them a call to learn more about their current incentives.
Starting a Gold IRA with Orion Metal Exchange
The website gave us several options to contact an experienced account representative to guide us through the process of opening an IRA.
Orion IRA accounts follow the same tax rules as any other IRA:
- Contributions are deductible from federal income taxes
- You only pay taxes upon withdrawal (unless it’s a Roth account)
- There are penalties and taxes for withdrawal before the age of 59 1/2
As with other traditional IRA accounts, there are mandatory distribution minimums and taxable withdrawals at 70 1/2 years of age. Discuss the differences between a Roth and a traditional IRA with a tax advisor.
A precious metal IRA is appealing to some investors as a hedge against inflation. Metals prices move in the opposite direction of cash, stocks, and bonds. Many investors avoid this diversification due to the tediousness of finding an approved depository and a broker or custodian. Orion Metal Exchange simplifies this process so clients can diversify without hassles.
Orion Metal Exchange Costs
We contacted a representative from Orion Metal Exchange to ask about costs. Annual storage fees range between $75 and $100 per year, depending on where you can store metals. This cost is competitive with — and possibly lower than — the industry average. Insurance is included in the storage fee.
While the minimum investment for a precious metals IRA is $5,000, the company representative recommended a minimum investment of $30,000 to take advantage of promotional offers. At the time of our phone call, for example, an investment of $30,000 will give you one year of storage, insurance and a custodian for free. Other promotions may be available as well. Orion does not charge an annual agreement fee and offers more metals for your money.
Orion Metal Exchange Rates
The price of precious metals changes constantly. But Orion Metal Exchange provides guaranteed real-time pricing on its website on its “Coins” page and historical pricing on its “Chart” page. We found these pages very intuitive, allowing us to easily navigate current and historical pricing from three, six, or twelve months ago. This interactive charting tool is available for gold, silver, platinum, and palladium. For example, here is a snapshot of gold and silver prices as of January 2023:
|Gold Royal Canadian Mint Grizzly Bear||$885.75|
|Gold Canadian Maple Leaf 1 oz||$2,060.69|
|U.S. Cold Commemorative B.U. Proof $10||$1,042.47|
|Proof Gold American Eagle 1 oz||$2,707.21|
|Gold Royal Canadian Mint Snow Falcon||$642.27|
|Silver Royal Canadian Mint Snow Falcon 1.5 oz||$61.44|
|Proof Silver American Eagle 1 oz.||$54.88|
|Silver Royal Canadian Mint Grizzly Bear||$56.74|
|Silver Royal Canadian Mint Arctic Fox 1.5 oz||$56.38|
|Silver Royal Canadian Mint Polar Bear and Cub 1.5 oz||$60.02|
Our Experience With Orion Metal Exchange
One of the reasons we placed Orion at the top of our list is that they made it easy for us to access educational resources quickly and request a free investor kit to learn more about buying gold and silver through them. The kit was sent to our email; it gave us several easily-implemented tips for choosing the right gold IRA company and how to avoid rookie mistakes when buying gold, which we found really helpful for empowering our decision. We also had many opportunities to contact an experienced account representative. Once connected, we found the expert knowledgeable and friendly as they explained the process of opening an IRA.
Orion stands out from competitors because of its commitment to transparent online pricing. This helped us compare prices elsewhere and gauge our investment potential because they don’t hide purchase fees or commissions. Orion also states that it won’t ask you to send funds before confirming price and product information beforehand, which we feel would be reassuring to potential investors.
Orion Metal Exchange Complaints
Most complaints about Orion Metal Exchange are about the daily market updates on gold or silver commodity spot pricing. While the “Charts” page provides real-time pricing updates for gold, silver, platinum and palladium, it’s important to note that while the company does provide market prices for precious metals, the market price is a reflection of the business cycle. You can contact a representative over the phone with any questions about how the precious metals market works.
Customers appear to be happy with Orion Metal Exchange overall, which makes sense given its customer-oriented focus and emphasis on knowledgeable representatives. Reviewers also loved how easy it was to transfer a traditional retirement account to gold and silver. Five-star reviews say Orion isn’t pushy and takes time to explain the purchases you’re inquiring about in detail, either through a representative or their free investor kit.
Orion Metal Exchange FAQs
Do my retirement funds stay tax-deferred in my Gold IRA?
Yes. Orion Metal Exchange offers the same tax-deferment benefits as other IRAs. The same penalties exist for early withdrawal, such as fees and taxes.
Are all coins eligible to be put into an IRA?
No. Not all coins are acceptable, and this is established by the IRS. American Gold Eagle and Silver Eagle coins are IRA eligible, as are a minimum .995 pure gold coins. Silver coins must be at least .999 fine.
Should I store my precious metals at home?
Home storage could result in theft or burglary and is not an IRS-approved activity for IRAs. And unlike a stock certificate you could replace by simply paying an administrative fee, it is impossible to recover physical metals that are lost or stolen. Storing precious metals in a secure depository is the best way to keep your investments safe.
Can I just store my precious metals in a safe deposit box?
You can, but Orion warns it could cause additional problems and costs. Would you store a few coins or a bulk amount of precious metals? If the latter, it might exceed the box capacity. Another consideration is the need to securely move these bulky items when you want to cash them out. The rental fee for one or more boxes can become expensive if you rent them for an extended period. You must purchase insurance for the safety deposit box contents since the bank does not provide this insurance.
Are there any disadvantages to using a depository?
To avoid penalties, be sure to set up the depository account correctly. For example, you need to find out if your assets are held separately from the company’s assets. If they are not separate, and the company files for bankruptcy, it may take some time to release your assets. If you choose the depository route, be sure the accounts list you as the owner.
With an IRA, how will I know how my precious metals are performing?
Orion Metal Exchange partners with custodians that provide online access for their clients. Contact Orion directly to determine the real-time market prices for trade.
Why can’t I just purchase precious metals from Orion and put them into my existing IRA?
Most brokerage firms that handle bonds, stock, mutual funds and other traditional investments don’t also handle physical assets. However, customers can choose to open a Self-Directed IRA with an organization that manages IRS-approved storage facilities.
What should I be careful of when dealing with precious metals?
The U.S. Commodity Futures Trading Commission warns against fraudulent sales pitches that may take the form of a TV, radio, online ad, phone call or email. You should also be wary of guarantees or time-limited or limited-supply offers. The Federal Trade Commission recently ordered one scammer to pay over $428,000 for trying to con senior citizens through a precious metals scam. When considering investing in precious metals, always ask questions and get everything in writing before you make a decision.
Orion Metals Exchange scores high in several categories. It is an all-purpose precious metals dealer that provides the option to buy or sell and also has an IRA gold account to help consumers diversify their portfolio. The minimum fees are affordable and the real-time market updates help investors stay informed of the performance of their investments. If you’re interested in Orion Metal Exchange, call 888-607-4685 or check out their online order form.