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Choosing a reputable precious metals company to work with is an important financial decision due to the rise of political instability and stock market volatility. Everyone looks for ways to protect their financial value and diversify their investment portfolios, and one of the best ways to do so is by investing in precious metals. There are a lot of precious metals dealers, which makes purchasing gold and other precious metals easier. However, not all dealers are trustworthy, so finding the best one for you may be difficult.
GoldSilver is among the long list of precious metals companies you might have encountered while searching for one. The company is a top-rated online broker for precious metals, allowing its clients to buy gold and silver, ship them internationally, and store them safely. GoldSilver has a lot of clients from around the world due to its diverse range of products and services. But what sets this precious metals company apart from its competitors? Is the company legitimate and the best choice for your financial goals?
This review outlines all the information you need to know about GoldSilver – its red flags, advantages, products, and services. Through this guide, investors will be able to determine whether GoldSilver is the best choice for them or if they need to keep looking.
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What is GoldSilver?
As mentioned above, GoldSilver is a recognized precious metals dealer that has been in the industry since 2005, providing investors with global bullion services. In addition to these services, the company also provides its clients with education about gold and silver to enable them to make informed decisions. GoldSilver provides a broad and diverse selection of global shipping, bullion items, private vault storage, and payment methods.
GoldSilver aims to make purchasing and investing in precious metals as seamless as possible. The company has a central headquarters in Santa Monica, but they work with storage vaults in different countries and ship products internationally. They specialize particularly in silver and gold, just like the name implies, so clients looking to invest in other metals like copper, platinum, and palladium will have to look for another company to work with. But, you will find a wide selection of products and bullion.
Clients wanting to order products over the phone or reach out to the company for answers to questions regarding delivery, storage, or any other reason can email, chat with or contact a representative. GoldSilver has an online marketplace that makes it easy for its customers to choose the bullion they want to purchase and proceed to check out. Some clients can choose a storage destination that automatically sets up an account for them in the storage facility of their choice. Or, they can choose to have their products delivered to their doorstep.
The company's website has a video collection that is designed to educate its clients concerning all they need to know about investing in precious metals to enhance their financial value. These videos help them to make informed decisions when investing. Creating an account on GoldSilver's website works just like an account with a brokerage. You will be able to sign in using your device and view your holdings from your comfort zone at any time. You can also make transactions using the dashboard and access the necessary information regarding changes in the value of your holdings.
Different payment methods are available to clients who purchase products on GoldSilver, including credit cards, bitcoin, PayPal, bank wire transfers, and Bitcoin cash. Clients that choose to store their products in a storage facility are guaranteed by the company to be able to sell, transfer, or have their products delivered to them whenever they want.
GoldSilver Products
GoldSilver is a reputable precious metals company that ensures they only sell the respected mints of gold bars, coins, and jewelry. They ensure that the gold products are the most dependable. They also specialize in investor-friendly silver coins, bullion bars, and rounds. The company manufactures different exclusive silver rounds called the Modern Ancients; they offer traditional silver coins like the American Silver Eagle and different private mint rounds.
As an investor, choosing from these different options at GoldSilver is a great way to diversify your investment portfolio. Below are some of the company’s bestselling gold and silver products:
Gold
❐ Bars
❐ Coins
❐ Jewelry
Silver
❐ Bars
❐ Coins
Marketplace Products
As mentioned above, GoldSilver does not only sell gold and silver bullion, bars, and coins but also gold jewelry. The company provides global bullion options, with which its selection is a lot more comprehensive than most of its competitors. The gold bars have different weights – from one gram to a kilogram, and people with a lot of money who want to purchase a lot can buy a 400-ounce gold bar. GoldSilver's bullion comes from official governments in countries such as the US, China, South Africa, Australia, Canada, Britain, etc. GoldSilver also offers bullion from private mints, including Pamp Suisse, Herareus, Sunshine Mint, Republic Metals Corporation, Asahi, etc.
The private mints create products that cannot be found in traditional government holdings, balancing everything out. The silver bar options are as much as the gold ones, and they also vary in weight – one can purchase a ten-ounce bar of silver or a one-kilogram bar, depending on your financial capability.
Precious Metals IRAs
These are individual retirement accounts and are types of self-directed IRAs. The latter enables investors to invest in a wide range of non-traditional assets, such as precious metals. Putting precious metals like gold into your retirement plan will help to preserve your finances in different ways, such as acting as a form of insurance against economic downturns.
The products GoldSilver offers follow the IRSs precious metals criteria, and clients can invest in gold and silver since the company does not offer other options. The GoldSilver staff assists customers in creating a new individual retirement account or rolling over cash from a different retirement plan. The company is not an IRA custodian, so they collaborate with custodian businesses to ensure that every IRA set up follows the IRS standards.
The standards are that gold metals should be more than 99.5 percent pure and silver metals more than 99.9 percent pure.
GoldSilver Storage Options
If you do not want your precious metals delivered to your doorstep, you can store them in licensed and insured storage vaults outside the global banks. This means there will be no cases of the government subjecting your assets to taxes or seizing them, so you do not have to worry about that. Clients are the exclusive owner of their metals, meaning that only they will have access to it.
Two of the world's best security corporations, Brinks and the International Depository Services Group, handle every storage vault. The company has vaults in cities such as Hong Kong, Salt Lake City, Canada, and Singapore. Clients can choose the account type of their choice – an individual or joint – depending on their investment goals. If they need a certified custodian to manage their storage vault as part of an IRA, GoldSilver has a preferred partner called Equity Trust.
That is if you still need to get a preferred custodian. Apart from Equity Trust, GoldSilver is open to working with other reputable custodians like New Direction IRA and Goldstar Trust Company.
GoldSilver Storage Fees
GoldSilver offers allocated and segregated storage options, with the former being cheaper. Segregated storage allows your assets to be stored independently, while allocated means your assets will not be separated. Customers are charged 0.06 percent of their account value monthly. This is a very cheap rate compared to the storage fees of offshore companies, but it is advisable to work with a company that adopts flat fees if you will be storing a lot of wealth.
For storage fees, clients do not need to sign any contract and would only pay these fees provided they are using the storage services. Once they remove their metals from the storage vault, they will not need to continue paying the fee. They could move their assets to a storage vault that GoldSilver does not own or deliver to their location.
Irrespective of the amount of money in your account, you must pay a minimum fee of $4 monthly. Once the money in your account reaches $10,000, you have to pay $6 a month; at $100,000, you have to pay $60 every month. A segregated storage option costs 0.08 percent of your account value when the number surpasses the 35-dollar minimum.
The 35-dollar minimum states that you pay 35 dollars every month per metal. This means clients will pay 70 dollars if their account contains gold and silver. This is a fair enough prize since your metals will be stored separately, wrapped, and shelved. Your vault will be exclusive to only you and your custodian. Clients are allowed to change their storage plan whenever they want.
Insurance and Shipping
Clients that place orders above $499 get free shipping which is quite disadvantageous as other precious metals companies offer free shipping for a lower price. Orders below $499 incur a complimentary delivery fee of $25. The company ensures that every product being shipped is handled with utmost care. They insure the assets, and clients will not be held responsible if anything happens to them during transportation, including damage or loss.
The company ensures to wrap the orders are shipped secretly, so people will not be able to figure out what is inside for security reasons. GoldSilver usually splits orders that are above $75 into several boxes.
Selling to GoldSilver
If you are interested in working with a precious metals company because you want to sell your precious metals, GoldSilver is an excellent option. The company buys precious metals from clients providing they are in an acceptable condition and are in the increments stated on the page. Once you meet this criterion, you have to open an account on the company's website to sell your metals.
GoldSilver will then examine and validate if your precious metal is suitable and available for purchase before giving you shipping instructions. Since you are selling to the company, the cost of mailing your purchases will fall on you and not the company. GoldSilver will only send your money after they have received and inspected your metals to ensure their condition is acceptable. For wire transfers, they apply a $25 fee.
Is GoldSilver a Scam?
GoldSilver is a legit precious metals company that has operating in the industry since 2005, making them one of the largest companies. Many customers have stated their positive experiences while working with GoldSilver. Unfortunately, this company has some bad reviews and complaints online that one may not want to ignore.
The company has 4.1 out of 5 stars on Trustpilot based on 1048 reviews, but ten percent of those reviews came from customers that were not satisfied with the company and rated one or two stars. On the Better Business Bureau website, GoldSilver has a C rating and is not accredited. The company got that rating because they did not respond to a complaint which we do not know why.
Also, GoldSilver only specializes in gold and silver, so customers who want to diversify their portfolios using palladium or platinum will have to look elsewhere.
Pros & Cons of GoldSilver
Pros
Cons
Conclusion
GoldSilver has proven to be a fantastic precious metals company providing excellent customer service. However, it is not the best out there, and some drawbacks cannot be ignored, like the bad ratings and how the company only deals in gold and silver. If you are willing to overlook these disadvantages, then you can work with GoldSilver.
If you're interested in investing in precious metals to protect your portfolio, it's better to work with a company that cares about doing the best thing for your wealth.
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