Founded in 2023, Thor Metals is an El Segundo, California-based precious metals dealer and gold IRA provider. The company may be a good fit for cost-conscious investors who prefer well-known bullion over harder-to-value collector coins.
Because fees, pricing and service quality can differ from one dealer to the next, knowing how a company operates before you invest matters. This review covers how Thor Metals works, its fees, what customers are saying and how it stacks up against other dealers.
Thor Metals Overview
Thor Metals is a dealer, not a custodian or depository. That means the company sells metals and helps facilitate gold IRAs, but doesn’t manage retirement accounts or store metals. Instead, it works with third-party custodians for account administration and IRS-approved depositories for storage.
In the broader precious metals market, Thor Metals positions itself as a lower-cost alternative to more established dealers. The company primarily serves retirement-focused investors looking to diversify their portfolios with tangible precious metals. Each client works with a dedicated specialist instead of placing orders through an online checkout.
Thor Metals Products and Services
Thor Metals sells gold, silver and platinum as bars and coins. Buyers who want metals in hand can have them delivered. Those buying for a retirement account must meet IRS metals purity requirements — 99.5% for gold, 99.9% for silver and 99.95% for platinum — and store them in an approved depository.
The company also helps customers open gold IRAs. It handles rollovers from existing retirement accounts, metal selection and storage coordination. Unlike some competitors, Thor Metals doesn’t charge a setup fee for new IRA accounts.
How the Thor Metals Process Works
To get started, Thor Metals asks customers to fill out an online application covering the basics:
- Full legal name
- Date of birth
- Address
- Email and phone number
- Estimated investment amount
- Beneficiary information
Then, a representative will reach out to guide the rest of the process.
Thor Metals Fees and Pricing Considerations
Every precious metals dealer charges a premium over the spot price, which is the current market value of the metal. That premium accounts for things like minting, shipping and the dealer’s cut. Thor Metals doesn’t publish pricing online, but founder Brandon Thor has said markups on popular coins and bars generally range from 1% to 3% over spot.
If you’re going the IRA route, know that custodians and depositories charge fees on top of what the dealer charges. Thor Metals covers IRA setup and storage for the first two years on qualifying accounts. Beyond that, plan for around $100 a year in storage costs.
Tip: Between dealer premiums, custodial charges and storage costs, the true price of a precious metals investment isn’t always clear. Before you commit, get an itemized breakdown in writing that spells out the all-in price, buyback terms and fees that begin after the introductory period.
Thor Metals Reputation and Customer Experience
Despite being a newer company, Thor Metals has built a solid reputation. It holds accreditation and an A rating with the Better Business Bureau (BBB). On Trustpilot, it has an “Excellent” rating, averaging 4.8 stars.
Customers tend to praise the staff for being knowledgeable and patient, with many noting an emphasis on education over hard selling. You’ll find the occasional complaint about shipping times on bigger orders, but that kind of feedback is few and far between.
Thor Metals Pros and Cons
Here’s what to weigh before working with Thor Metals:
Pros
- No setup fee for new IRA accounts
- First two years of storage covered for investments of $100,000 or more
- Competitive pricing with no hidden fees
Cons
- Limited track record
- Flat-fee structure may not make financial sense for smaller accounts
- No live pricing
Thor Metals vs. Competitors
Most gold dealers operate similarly — they sell physical metals and help set up precious metals IRAs. Where they differ is in pricing, investment minimums, buyback policies and the level of hand-holding they provide along the way.
Bottom Line
Thor Metals is a notable name in the precious metals and gold IRA space. But no matter which company you choose, returns are never guaranteed, and fees can vary. The safest way to buy gold (or any precious metal) is to compare several dealer quotes and consult a reputable financial advisor before making a move.
FAQs About Thor Metals
Is Thor Metals a legitimate precious metals dealer?
Yes. Thor Metals is a legitimate precious metals dealer with BBB accreditation and strong ratings on Trustpilot.
Does Thor Metals offer gold IRAs?
Yes. Thor Metals offers gold IRAs and guides customers through rollovers, metal selection and storage at IRS-approved facilities.
How does Thor Metals make money?
Thor Metals makes money by charging a premium over the market price on every precious metal sale. But compared to some competitors, it takes a high-volume, lower-margin approach.
