Founded in 2023, Thor Metals is a precious metals dealer and gold IRA provider based in El Segundo, California. The company may suit cost-conscious investors who prefer high-profile bullion over hard-to-value collector coins.
Fees, pricing, and quality of service can vary from dealer to dealer, so it’s important to know how a company operates before investing. In this review, we’ll explain how Thor Metals works, its fees, what customers are saying, and how it compares to other dealers.
Overview of Tall Metal
Thor Metals is a dealer and not a storage company or storage facility. That means the company sells metals and helps facilitate gold IRAs, but it doesn’t manage retirement accounts or store metals. Instead, we work with a third-party custodian for account management and an IRS-approved custodian for custody.
In the broader precious metals market, Thor Metals is positioning itself as a low-cost alternative to more established dealers. The company primarily serves retirement investors who want to diversify their portfolios with tangible precious metals. Rather than ordering through online checkout, each customer works with a dedicated professional.
SOMETAL PRODUCTS AND SERVICES
Thor Metals sells gold, silver, and platinum in bars and coins. Buyers who want to keep the metal on hand can have it shipped to them. If purchased for a retirement account, it must meet IRS metal purity requirements (99.5% gold, 99.9% silver, 99.95% platinum) and be stored in an approved vault.
The company also helps customers open gold IRAs. We handle rollovers, metal selections, and storage adjustments from existing retirement accounts. Unlike some of our competitors, Thor Metals does not charge a setup fee for new IRA accounts.
How the Thor Metals Process Works
First, Thor Metals asks customers to fill out an online application that covers the basics.
- formal official name
- date of birth
- address
- Email address and phone number
- Planned investment amount
- Beneficiary information
Then, your representative will guide you through the rest of the process.
Thor Metals Fees and Pricing Considerations
All precious metals dealers charge a premium over the spot price, which is the metal’s current market price. This premium includes minting, shipping, dealer’s share, etc. Thor Metals does not publish prices online, but founder Brandon Thor said markups for popular coins and bars generally range from 1% to 3% spot.
If you choose the IRA route, know that custodians and custodians charge fees in addition to the fees charged by dealers. Thor Metals covers IRA setup and storage for the first two years on eligible accounts. Beyond that, plan on incurring storage costs of about $100 per year.
Hint: Between dealer premiums, storage fees, and storage costs, the true value of a precious metals investment is not always clear. Before you commit, obtain a written itemized breakdown detailing all-in pricing, repurchase terms, and fees that begin after the introductory period.
Thor Metals Reputation and Customer Experience
Despite being a new company, Thor Metals has built a strong reputation. Better Business Bureau (BBB) accreditation and A rating. It has an “Excellent” rating on Trustpilot with an average of 4.8 stars.
Customers tend to praise staff for being knowledgeable and patient, with many noting that they focus on education rather than pushy sales. We occasionally see complaints about delivery times for large orders, but such feedback is rare.
Advantages and disadvantages of tall metal
Here’s what you need to weigh before using Thor Metals:
Strong Points
- No setup fees for new IRA accounts
- Guaranteed storage for the first two years on investments of $100,000 or more
- Competitive pricing with no hidden fees
Cons
- limited track record
- Flat fee structure may not make economic sense for small accounts
- No live pricing
Thor Metals vs. Competitors
Most gold dealers operate similarly, selling physical metal and helping you set up a precious metals IRA. The differences between the two lie in pricing, minimum investment amounts, buyback policies, and holding levels offered along the way.
Here’s how Thor Metals compares to two other gold dealers.
conclusion
Thor Metals is a prominent company in the precious metals and gold IRA space. However, no matter which company you choose, returns are not guaranteed and fees may vary. The safest way to buy gold (or any precious metal) is to compare quotes from several dealers and consult a reputable financial advisor before making a purchase.
Frequently asked questions about So Metals
Is Thor Metals an authorized precious metals dealer?
yes. Thor Metals is an authorized precious metals dealer that is BBB accredited and highly rated on Trustpilot.
Does Thor Metals offer a Gold IRA?
yes. Thor Metals offers Gold IRAs and guides customers through rollovers, metal selection, and storage in an IRS-certified facility.
How does Thor Metals make money?
Thor Metals makes money by charging a premium above market price for each sale of precious metals. However, compared to some of its competitors, it takes a high-volume, low-margin approach.
