OWNx offers a Precious Metals Individual Retirement Account (IRA) designed to simplify and enhance the process of investing in physical precious metals for retirement. This service allows individuals to diversify their retirement portfolios by including tangible assets like gold and silver, providing a hedge against economic volatility and inflation.
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What Makes OWNx Gold IRA Different:
Zero Premiums Over Spot Price: OWNx allows investors to purchase precious metals at the spot price without additional premiums, maximizing the amount of metal acquired per investment. This approach contrasts with many competitors who charge premiums ranging from 5% to 20% over the spot price.
No Minimum Investment Requirement: OWNx makes precious metals IRAs accessible to a broader range of investors by eliminating minimum investment thresholds. This flexibility enables individuals to start investing with amounts that suit their financial situation.
Low and Transparent Fees: The fee structure includes a $195 annual maintenance fee and a storage fee of 0.5% per year, assessed monthly. This transparent pricing ensures investors are aware of costs upfront, avoiding hidden charges.
Fractional Investing and Automated Purchases: OWNx offers fractional ownership of large precious metal bars, allowing investors to purchase metals by weight rather than by whole units. Additionally, the platform supports automated purchasing options, facilitating strategies like dollar-cost averaging to build holdings over time.
User-Friendly Digital Platform: Investors can manage their accounts through an intuitive app and online dashboard, providing 24/7 access to buy, sell, and monitor their precious metals investments. This technological integration streamlines the investment process and offers real-time control over assets.
Diverse Metal Offerings: OWNx provides a range of precious metals for IRA inclusion, including gold, silver, platinum, and palladium, allowing investors to diversify their retirement portfolios within the precious metals sector.
By combining cost-effective pricing, flexible investment options, and a robust digital platform, OWNx’s Precious Metals IRA offers a distinctive and accessible solution for individuals seeking to diversify their retirement savings with physical precious metals.
Who are the People Behind OwnX?
OWNx was founded in 2008 by Josh McCleary and Jeremy Brakenhoff. Josh McCleary serves as the Chief Operating Officer (COO), focusing on streamlining the company’s operational effectiveness to facilitate growth. Jeremy Brakenhoff holds the position of Chief Executive Officer (CEO). Together, they developed a technology platform aimed at addressing challenges in the physical gold and silver market, providing clients with real-time access and full control over their precious metals holdings.
What Products Can You Add in Your OWNx Gold IRA?
In an OWNx Precious Metals Individual Retirement Account (IRA), you can include a variety of IRS-approved physical precious metals, specifically gold, silver, platinum, and palladium. These metals must meet certain purity standards and originate from accredited manufacturers or government mints to qualify for inclusion.
Gold:
- Bars and Rounds: Gold bars and rounds must have a minimum fineness of 99.5% and be produced by a NYMEX or COMEX-approved refinery or a national government mint.
- Coins: Commonly accepted gold coins include:
- American Gold Eagle bullion coins
- American Gold Buffalo uncirculated coins
- Canadian Gold Maple Leaf coins
- Australian Kangaroo/Nugget coins
- Austrian Gold Philharmonic coins
- British Gold Britannia coins (from 2013 onwards)
- Chinese Gold Panda coins
- South African Gold Krugerrand coins
- American Gold Eagle bullion coins
Silver:
- Bars and Rounds: Silver bars and rounds must have a minimum fineness of 99.9% and be produced by a NYMEX or COMEX-approved refinery or a national government mint.
- Coins: Commonly accepted silver coins include:
- American Silver Eagle bullion coins
- Canadian Silver Maple Leaf coins
- Austrian Silver Philharmonic coins
- Australian Silver Kookaburra coins
- Mexican Silver Libertad coins
- British Silver Britannia coins (from 2013 onwards)
- Chinese Silver Panda coins
- South African Silver Krugerrand coins
- American Silver Eagle bullion coins
Platinum and Palladium:
- Bars and Rounds: Both platinum and palladium bars and rounds must have a minimum fineness of 99.95% and be produced by a NYMEX or COMEX-approved refinery or a national government mint.
- Coins: Commonly accepted coins include:
- American Platinum Eagle coins
- Canadian Platinum Maple Leaf coins
- Australian Platinum Koala coins
- Isle of Man Noble coins
- American Palladium Eagle coins
- Canadian Palladium Maple Leaf coins
- American Platinum Eagle coins
By including these IRS-approved precious metals in your OWNx IRA, you can diversify your retirement portfolio, hedge against inflation, and potentially enhance long-term financial stability.
Different Types of Precious Metals IRA Available at OWNx:
Absolutely! Here’s a deeper look at each type of Precious Metals IRA so you can see how they work and which one might fit your retirement game plan:
1. Traditional Precious Metals IRA
How it works:
- You contribute pre-tax dollars, lowering your taxable income for the year.
- The investments (gold, silver, etc.) grow tax-deferred.
- When you retire and start taking withdrawals (typically after age 59½), those withdrawals are taxed as ordinary income.
Contribution Limit (2024):
- Up to $7,000/year if you’re under 50.
- $8,000/year if you’re 50 or older (with catch-up contribution).
Pros:
- Tax break now.
- Potentially lower taxes in retirement if your income is lower.
Good for: People who expect to be in a lower tax bracket after retirement.
2. Roth Precious Metals IRA
How it works:
- Funded with after-tax dollars (no immediate tax deduction).
- Your precious metals grow tax-free.
- Withdrawals in retirement are 100% tax-free if the account is at least 5 years old and you’re 59½+.
Contribution Limit (2024):
- Same as Traditional IRA.
- But with income limits (starts phasing out at $146,000 for single filers, $230,000 for married couples).
Pros:
- No taxes on withdrawals—ever.
- Great for long-term tax-free growth.
Good for: Younger investors or those expecting higher taxes in the future.
3. SEP IRA (Simplified Employee Pension IRA)
How it works:
- Designed for self-employed people and small business owners.
- Only employers can contribute, not employees.
- Contributions go into a Traditional IRA account, so it’s tax-deferred.
Contribution Limit (2024):
- Up to 25% of compensation or $69,000 (whichever is less).
Pros:
- Very high contribution limits.
- Easy to set up and manage (less paperwork than 401(k)s).
Good for: Freelancers, gig workers, and small business owners with variable income.
4. SIMPLE IRA (Savings Incentive Match Plan for Employees)
How it works:
- Created for small businesses (up to 100 employees).
- Both employee and employer contribute.
- Employee deferrals are pre-tax, and employers either match or contribute a fixed percentage.
Contribution Limit (2024):
- Employee can contribute up to $16,000, with a $3,500 catch-up if 50+.
- Employer contributes up to 3% of employee’s salary.
Pros:
- Encourages employee saving.
- Easier and cheaper than setting up a 401(k).
Good for: Small business owners who want a retirement plan that’s simple to maintain and offers some employer contribution benefits.
All These IRA Types Can Include:
- IRS-approved gold, silver, platinum, and palladium
- Bars and coins that meet strict fineness standards (e.g., American Gold Eagles, Canadian Silver Maple Leafs)
- Stored in IRS-approved depositories
What do Customer Reviews Say about OWNx Precious Metals IRA?
OWNx has received a range of feedback from clients and reviewers, highlighting both strengths and areas for consideration.
Positive Feedback:
- Flexibility and Accessibility: Users appreciate the ability to buy and sell precious metals at their convenience, both in standard accounts and IRAs. One client noted, “The flexibility I have with my gold and silver is amazing. Buy and sell when I want in my normal account or in my IRA. Never seen anything like it!”
- User-Friendly Platform: The platform’s ease of use is frequently commended. A reviewer mentioned, “I was able to open my account in just a few minutes. Verification didn’t take time and [wasn’t] complicated. So far the trading conditions have been okay.”
- Mobile App Convenience: The introduction of a mobile application has enhanced user experience. A long-term client shared, “I have been with OWNx since it was SilverSaver and appreciate that they have developed a mobile app finally.”
- Secure Storage and Delivery Options: OWNx offers segregated, secure storage for precious metals and facilitates physical delivery upon reaching certain thresholds. This feature is valued by clients aiming to accumulate and eventually take possession of their investments.
Areas of Consideration:
- Fractional Ownership Model: Some potential clients express reservations about the fractional ownership of large bars. Discussions in online forums reveal concerns about shared ownership structures and the implications for individual control over investments.
- Premiums and Fees: While OWNx promotes zero premiums over spot prices, some users discuss the overall cost structure, including storage and transaction fees, and how they compare to other investment methods.
- Regulatory Oversight: OWNx is not regulated by any specific financial regulatory authority, which may be a consideration for potential investors evaluating the platform’s credibility and security.
Additionally, the Better Business Bureau (BBB) has accredited OWNx since October 28, 2010, assigning it an A+ rating. However, detailed customer reviews and complaints are not readily available on the BBB profile.
Prospective clients are encouraged to conduct thorough due diligence, compare services, fees, and user experiences, and consult financial advisors to determine if OWNx aligns with their investment goals and risk tolerance.
Potential Drawbacks of OWNx Gold IRA:
1. Limited Control Over Physical Metals
- OWNx uses a fractional ownership model, meaning you don’t own entire bars or coins unless you accumulate enough to request delivery.
- You can’t choose specific coins or bars (like American Gold Eagles vs. Maple Leafs), which some investors prefer for collectibility or liquidity.
2. Fees Still Apply
- While OWNx advertises no premiums over spot, they do charge:
- Annual maintenance fee: ~$195
- Storage fee: ~0.5% of your balance annually
- Annual maintenance fee: ~$195
- These are competitive but not the lowest in the industry, and they can add up, especially for smaller account sizes.
3. No Regulatory Oversight
- OWNx is not regulated by traditional financial bodies like the SEC or FINRA.
- While they use IRS-approved custodians and depositories, the platform itself operates outside major investment regulatory frameworks.
- This may raise concerns for more risk-averse investors.
4. Delivery Thresholds
- If you want physical delivery of your metals, you must meet certain minimum thresholds (typically full bar weights).
- This makes it harder to take possession of small investments, limiting portability and direct control.
5. Limited Product Choices
- Compared to some gold IRA providers, OWNx does not offer as many IRA-compatible coins or collectible options.
- If you’re looking for specific bullion products, other providers might offer more variety.
6. Mobile App is Functional, But Basic
- Some users have commented that the mobile app and platform, while convenient, are not as advanced as full-service investment platforms.
- Tools for portfolio analysis, trend tracking, or advanced order types are relatively minimal.
7. Not Ideal for Short-Term Investors
- Precious metals IRAs in general (including OWNx) are better suited for long-term holders.
- If you think you might want to exit early, taxes and penalties can apply — plus, the illiquidity of physical metals can be a factor.
Companies Similar to OWNx:
Here are some companies similar to OWNx Gold IRA:
Augusta Precious Metals
Best for: Long-term investors & transparency
- Offers one-on-one educational sessions with a Harvard-trained economist.
- High level of transparency in pricing and fees.
- Known for excellent customer service and no high-pressure sales.
- Minimum investment: ~$50,000
- Flat annual fees around $180–$250.
Goldencrest Metals
Best for: Competitive fees with high investment thresholds
- $25,000 for a precious metals IRA; $10,000 for direct cash purchases
- Offers up to five years of zero fees for larger investments and a 10% silver rebate on qualifying purchases
- Competitive, with potential for fee waivers based on investment amount
- Holds an A+ rating from the Better Business Bureau (BBB) and has received positive customer reviews
Preserve Gold
Best for: Transparent fee structure and personalized service
- Not explicitly stated; prospective clients should inquire directly.
- Setup fees range from $50 to $100; annual maintenance fees between $100 and $500+; storage fees often based on account value.
- Provides lifetime access to a zero-fee buyback policy and emphasizes physical precious metals to mitigate counterparty risk.
- Holds an A+ rating from the BBB; however, setup fees may be higher than some competitors.
Birch Gold Group
Best for: Broad investment choices
- Offers gold, silver, platinum, and palladium in IRAs.
- Can invest in cryptocurrency IRAs as well.
- Trusted name with endorsements from conservative media.
- Minimum investment: ~$10,000–$20,000
- Fees: Setup + annual maintenance and storage (~$200–$300/year).
Noble Gold
Best for: Low minimum investment
- Only $2,000 minimum to open a Precious Metals IRA.
- Offers unique products like Royal Survival Packs — metal bundles for emergencies.
- Great for beginners or small investors.
- Clear about fees (starting at ~$80/year + $150 storage).
Orion Metal Exchange
Best for: Active traders & price-conscious investors
- Offers zero setup and storage fees for the first year on qualifying accounts.
- Very competitive prices on coins and bullion.
- Lets you trade metals online more actively — similar to OWNx.
- Minimum investment: Low — flexible for smaller accounts.
If you’re into tech-first, fractional investing, OWNx is more niche. But if you’re looking for full coin/bar ownership, wider product options, or a large account manager, the others might fit better.
Conclusion
OWNx facilitates investment in these precious metals through fractional ownership of large, IRA-approved bars. This approach allows you to own specific weights of physical metals without the need to purchase entire bars or coins, enhancing flexibility and affordability. All metals are securely stored in IRS-approved, non-bank depositories, ensuring compliance with IRS regulations and providing peace of mind regarding the safety of your investments.
