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Many investors are looking to metals to hedge against the increasing volatility of the stock market and political turmoil.
Gold, in particular, has shown to be an effective inflation hedge by maintaining its value even during periods of extreme stock market volatility. Long-term investors often prefer actual gold over gold mining stocks, exchange-traded funds or gold receipts.
The rise of online gold dealers has made it much simpler to invest in physical gold of the highest possible quality and have it shipped directly to your home or stored in a safe deposit box. However, only buy from a reputable source, as fake metal coins and gold are sometimes sold online.
You may have come across GoldSilver.com in your hunt for the best company to work with to purchase silver or gold bars and coins or to put them into an IRA. Is GoldSilver a reputable company? Exactly what is it that they are selling? How do prior customers feel about the service they received?
We'll cover these and other topics so you can grasp the company and decide where to put your hard-earned cash.
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About GoldSilver.com
GoldSilver is a well-known, respected name in the precious metals business. Since 2005, they have served as a global bullion dealer and educator for investors.
It offers a wide selection of bullion products, transportation to any country, secure storage in a private vault and several flexible payment methods. The company's stated goal is to simplify investing in precious metals.
If you prefer to place a phone order or have questions about shipping to your house, storing items in a vault or any of their other goods, you may contact them via phone, online chat or email.
If you want to store your precious metals with the organization, they will ensure you retain full access to them at all times, allowing you to buy, sell or transport them as needed.
This account's features and functionality are close to a brokerage account. From the convenience of your sofa, you can log in and check the status of your investments. To see how your investments have grown or shrunk over time, look at the historical data they provide. Moreover, financial dealings may be conducted using this dashboard.
The company has a video library on its website that aims to teach people how to profit from investing in precious metals. Payment options for GoldSilver.com purchases include bank PayPal, wire transfers, credit cards, Bitcoin and Bitcoin Cash.
GoldSilver.com Management
Mike Maloney, the company's founder and chief executive officer, drives the operation. In 2005, he founded GoldSilver.com and has served as its CEO ever since. He's a good fit because of his experience in the financial advisory field.
Mike Maloney is the host of a financial web series. Furthermore, he has written several books about investing in precious metals that have become bestsellers. These certifications separate the company from other competitors in the precious metals industry.
Precious Metals IRA
Self-directed IRAs can also invest in precious metals. Investors who use a self-directed IRA can put their money into various alternative assets such as precious metals.
By reducing investment volatility and risk, providing a hedge against economic downturns and providing a tax-efficient vehicle for possible gains, adding precious metals like gold to your retirement plan may help safeguard your wealth.
Precious metal IRAs allow you to invest in silver, gold, platinum and palladium. GoldSilver.com only deals in gold and silver; however, their offerings meet the standards set forth by the IRS for precious metals. It is possible to start a new account or transfer funds from another retirement plan with the help of the company's personnel.
They work with IRA custodian firms to ensure that all IRAs are set up properly per IRS regulations. Their metals meet the purity requirement of 99.5% for gold and 99.9% for silver, as the IRS specifies.
Why Add Gold to Your IRA?
Gold can be a great addition to an IRA because it allows investors to diversify their investments and hedge against inflation. As an asset class, gold is seen as a haven because it typically does not experience the same volatile price swings as stocks and bonds. Furthermore, gold is a tangible asset that can be held in physical form, providing security and liquidity.
Regarding retirement planning, gold provides investors with additional protection against market volatility. This is because gold is considered a safe-haven asset, meaning its price is not likely to fall significantly during a market downturn.
Additionally, gold typically performs well during periods of high inflation, which can erode the value of other investments. Investing in gold for your IRA can also provide an insurance policy against unexpected events like a currency devaluation because gold is typically seen as a haven for investors.
Another advantage of investing in gold for an IRA is that gold does not generate income like stocks or bonds. This means that it does not need to be actively managed, which can help to reduce overall portfolio management costs.
Gold also has a low correlation with other asset classes, meaning it is less likely to be affected by the performance of other investments in your portfolio. This makes gold a good choice for retirees looking to create a diversified portfolio with low management costs.
Gold can also be a good choice for tax purposes. When gold is held in an IRA, it is not subject to the same taxes as other investments such as capital gains or dividends. This can provide an additional layer of protection against the impact of taxes on your retirement savings.
GoldSilver.com Products
The availability of global bullion alternatives from this company is unparalleled, as is the breadth of its product catalog compared to that of its rivals. They offer gold in the form of bullion, coins and jewelry. Silver bullion is also available, as are silver coins and bars.
Gold bars can weigh anywhere from a gram to a kilogram. Even a massive 400-ounce gold bar is available to those with sufficient disposable income.
Gold coins such as the American Eagle, Canadian Maple Leaf and Australian Kangaroo can be purchased. Silver coins include the American Eagle, Canadian Maple Leaf, Britannia, Austrian Philharmonic and South African Krugerrand.
Silver bars are nearly as plentiful as gold ones. There are 100-ounce bars available for purchase. You can also buy a bar in one of two sizes, either one or ten ounces or a bar in the kilogram range. There are several weight options available.
Custodians and Storage Options
You can store your precious metals in secure, bank-agnostic vaults that are regulated and insured. You may stop worrying about the government stealing your money or property and start living stress-free.
Thanks to segregated storage at each facility, your metals will be safely kept in an environment where they won't be accessed by anyone else.
Many sorts of accounts are available at this business. You and your spouse can open an individual or a joint investment account. A trust or limited liability corporation account may be more appropriate for complex investing strategies.
Vault services are provided by Brinks or International Depository Services Group, two of the most trusted names in the security industry. Vaults can also be found in the following locations beyond Salt Lake City and Dallas:
The firm recommends a specific certified custodian to handle your IRA safe-keeping needs. As a rule, they team up with Equity Trust. Nonetheless, some could envision a different kind of person as a custodian.
New Direction IRA, Goldstar Trust Company and Strata Trust Company are just a few of the reputable custodians the business is willing to work with.
Company Fees
Two types of storage, separate and assigned, are available. While it's true that allocated storage is the cheapest option, it does not guarantee the privacy of your belongings. You will be charged 0.06 percent of your account value each month rather than a fixed rate.
That's a steal compared to the prices charged by other offshore storage firms. A flat-rate fee service may be preferable if you plan to keep significant money in the account.
No of how much money you have in your account each month, there is a $4 monthly minimum charge. Whenever you hit $10,000, your monthly payment will be around $6; until you hit $100,000, it will be approximately $60.
No contracts are necessary and you'll only be charged for the time you use the storage facilities. You can stop paying the monthly cost when you take your metals out of the vault. Your metals can be delivered to your door or transferred to a storage facility other than GoldSilver.
Minimum monthly fees for segregated storage start at $35 for gold and $25 for silver. As long as your balance is over $35, the cost is 0.08 % of your total assets.
For this fee, your valuable metals will be securely packaged, stored and segregated from other customers. You and your caretaker are the only ones who can access them. You are free to alter your storage solution whenever you see fit.
Shipping and Insurance
When you spend over $499, shipping is on the house at GoldSilver. If your order total is less than that, delivery is on the house, up to $25. GoldSilver takes excellent care to safeguard each item during the shipping preparation process.
In addition, packages are wrapped so that no one can see the contents. GoldSilver.com often splits orders over $75,000 into multiple consignments to protect your privacy and transaction integrity.
Shipments made through GoldSilver are covered by insurance. It is guaranteed that you will bear no responsibility for the loss or damage of any tangible assets during transportation.
Selling to GoldSilver.com
If you want to sell precious metals, GoldSilver might be interested in purchasing them from you. The organization will only offer precious metals that are in satisfactory condition. What's more, they'll only buy things in the quantities shown on the page.
You can start selling to GoldSilver.com when you create an account and verify your eligibility. When GoldSilver receives this information, it will check its inventory to see if the metals you want are in stock and then contact you with shipment details.
Sending your purchases will cost you money, though. Your precious metals will be received and inspected before payment is made. Payment will be made through wire transfer or check (with a $25 fee for wire transfers).
Red Flags for GoldSilver.com
It's important to only conduct business with a company you can put a lot of faith in when investing in precious metals. It is only sometimes the greatest way to learn about a company because only some of the information you need may be posted on its website.
Reading reviews written by actual clients who have interacted with the company is a great first step before making any major choices.
Hence, we decided to judge GoldSilver.com on its credibility. Our research shows it has a C rating with the Better Business Bureau. The agency also noted that GoldSilver.com does not hold any accreditations.
On the contrary, it received an A+ grade from the Business Consumer Alliance, a 4.3/5 star rating from Trustpilot and a 5/5 rating from TrustLink. More than 1060 users have given the company positive feedback on Trustpilot, indicating its reliability.
Customer Complaints
One recent reviewer mentioned selling gold coins and mailing them via USPS. A representative from customer service verified the delivery and signed for the box. One week after the due date, this customer still had not received their payment and the responses they were receiving from the company were making them upset.
The consumer claimed that management assured them that someone would call back later that day after they lodged their complaint. There was never any contact. The person mentioned they considered contacting the Better Business Bureau and the police.
The firm accepted responsibility for the delays and acknowledged its fault. The money arrived the day after the complaint was filed. They admitted a problem with processing their incoming metals and promised to take steps to prevent a recurrence in their reply.
One more buyer complained that their silver order had not arrived after two months. The business eventually replied that they had received the order back. Its policy states that the customer must physically be there to sign the contract.
The client complained bitterly that they had yet to try to contact them. Despite their efforts, they have yet to be refunded for the metals. The company responded by claiming the customer was exaggerating the situation and that the client had also neglected the shipment when it was held up at customs.
Is GoldSilver.com a Scam?
GoldSilver.com is not a scam. Since 2005, they've been a reliable source for trading precious metals. GoldSilver.com has received overwhelmingly positive feedback from its clients.
Yet, several problems with this firm may make you want to search elsewhere. First, GoldSilver.com has a C+ rating on Trustpilot and is not accredited by the BBB. The BBB gave them a C because they did not respond to a complaint.
You wonder why doing anything about it wasn't a higher priority. Only two complaints have been lodged against GoldSilver.com in the last three years. Though two is hardly a ton, it is more than zero. Other precious metals dealers haven't had any complaints.
Although GoldSilver.com is a precious metals dealer, they exclusively sell gold and silver coins and bars (no platinum or palladium). Investing in platinum and palladium is a great strategy to spread your risk.
Another drawback of GoldSilver.com is the high price of shipping. The minimum order amount the company sets is $499, at which point shipping will be free. If your order is less than $50, you may be eligible for free shipping from some companies.
Pros & Cons of GoldSilver.com
Pros
Cons
Final Thoughts
GoldSilver is among the most well-known online marketplaces for buying and selling precious metals. But it's possible that this isn't the greatest dealership in the area. The company has a lot of unhappy consumers and frequently needs more bullion. It needs to be made clear whether or not their prices are competitive.
Overall, they're not the worst company on earth, but they need to be better to recommend as a go-to for precious metals. Choosing a different vendor is reasonable, considering the company's poor BBB rating, high shipping costs and limited selection of precious metals.
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