Investing in precious metals requires working with a dealership, whether gold, silver, or other precious metals. These metals have long been a staple in the global economy and are often sought after during market volatility due to their inverse performance to the stock market.
If you have cash savings, you can buy precious metal products. However, other viable options may exist for those who live paycheck-to-paycheck without a personal investment portfolio.
Using your retirement funds is another way to invest in precious metals, but you must comply with IRS regulations. This means opening a self-directed IRA with a licensed custodian, purchasing approved products, and ensuring the package is sent to an accredited depository.
The top-notch firms will provide you with guidance on all types of investments. They can simplify the intricate processes associated with IRAs and assist with financing your account. However, unscrupulous firms may deceive you into purchasing unnecessary items at an excessively high cost.
Before we delve into our preferred precious metals dealerships, here are some red flags to look for when searching for a gold dealer.
It would be best to look for several red flags to ensure you deal with a trustworthy precious metals investment company. Don't rely solely on the price offered, as other important factors must be considered. A quote that sounds too good to be true may indicate that the company is not legitimate.
Below are some common unsavory business practices and inconvenient practices that you should watch out for in the precious metals industry. Additionally, we've provided a list of our recommended companies for you to consider.
If a company representative presses you to make a purchase, that is a warning sign. A good investment company should take the time to understand your needs and recommend investments in your best interest, even if they have more profitable options.
These high-pressure tactics are often used when salespeople are working on commission. The more you buy, the more money they make. Their primary goal is to encourage you to spend as much money as possible, regardless of whether it is a sound financial decision. The most ethical companies prioritize your financial well-being over their profit margins.
Confusing the customer is another red flag that often goes hand-in-hand with high-pressure sales tactics. One common tactic is the "bait and switch," where a company claims that a desired item is out of stock and suggests a substitute of similar value. However, the substitute is worth much less than the original item.
Here are some examples of high-pressure tactics to watch out for:
If you feel uneasy or uneasy during your interaction with a precious metals company, it's best to start exploring other options.
The ideal precious metals investment company should be willing to educate you about the industry, discussing the advantages and disadvantages of investing, how various investors diversify their portfolios, and the available options. You should receive enough information to decide whether investing in precious metals is a wise use of your money.
This is a warning sign if a company fails to educate its clients. This is another warning sign if the representative insists you trust them without asking questions. They should have no issue answering your basic inquiries if they have nothing to hide.
Sometimes you can get a sense of a company's expertise just by browsing its website. Do they have resources available? Have they written books, articles, or blog posts of their own? Do they have videos or podcasts that teach you about the economy? What are the qualifications of the owners and the managers?
The more information a company gives you upfront, the more transparent and ethical they tend to be.
Negative customer reviews can be a clear indicator of a problematic investment company. Although even the best companies may receive some negative feedback, a reliable company should have predominantly positive reviews and be responsive to any negative feedback to address the issue.
In addition to the testimonials on the company's website, unbiased reviews can also be found on external websites such as Trustpilot, Consumer Affairs, Trustlink, and Google Reviews, which gather verified feedback from past customers.
All companies on our recommended list have received thousands of positive reviews from satisfied customers, maintaining consistently high ratings across multiple review sites. Moreover, they have earned high ratings from reputable sources like BBB and BCA, and there are no reported scam cases related to them on popular online forums.
Customers have expressed their contentment with the products and services they received, especially those who used the companies' IRA services to invest in precious metals. Each company boasts a team of dedicated IRA specialists who assist novice investors in setting up and financing their accounts.
Goldco began as a B2B operation in 2006 and expanded to include consumer precious metals in 2011. Over the past decade, they have become highly specialized in the precious metals IRA industry, making them the most focused company. Goldco has received numerous accolades, including recognition as one of the fastest-growing businesses in California for multiple years and being named the best gold IRA company by various publications.
Many customer reviews mention their representative by name and praise their personalized service. Whether you use their IRA services or make a cash purchase, Goldco promises the same level of dedicated customer care.
Augusta Precious Metals is a key player in the precious metals industry, with many items available, including IRA-eligible coins and junk silver. Whether you're an avid collector or looking to make significant changes to your portfolio, Augusta offers products to cater to your needs.
One feature that sets Augusta apart is their organized item classification. Their website has separate "common" and "premium" gold and silver sections. The common options consist of coins from random years, rounds with random designs, and bars with random designs. As you have less say in the final product, you can obtain a larger quantity of precious metals for a lower price.
The premium items offered by Augusta, in contrast, are more specialized. They feature coins from sovereign mints worldwide and rounds and bars with specific weights. If you're interested in products specifically for an IRA, you can look through the dedicated IRA section of the website.
Augusta provides the most comprehensive educational materials of all the listed companies. They offer a variety of resources, including videos, books, and articles, as well as one-on-one webinars. These webinars are led by financial analysts who have been trained at Harvard. They will address your concerns and answer your questions, allowing you to learn about the products before purchasing.
Joe Montana, a renowned NFL quarterback, was impressed with the service and peace of mind he received from the company's webinars, leading him to become an "ambassador" for them. As one of the prominent faces of the company, he promotes their services to those worried about the economy.
American Hartford Gold may have a different longevity in the industry than Goldco or Augusta, but they have gained significant experience since their establishment. The company has seen a substantial expansion in operations, providing services to clients in all 50 states and even advertising on national television.
One of the company's primary goals is to reach people without considering using precious metals IRA services. As such, they have removed setup fees and minimum investments, making their services accessible to investors with varying levels of investment capital.
AHG offers promotions to eligible customers who meet specific requirements. These can include covering storage and maintenance costs for a year or receiving free silver as a bonus for a large purchase. It's essential to ask about the terms and conditions when speaking with a representative.
Online reviews of AHG are overwhelmingly positive, with many customers reporting that the company made it easy to open an IRA or make a cash purchase. Most of their customers are beginning investors who are concerned about the economy. They also appreciate the fair pricing and the ease of liquidating their holdings when needed.
When searching for the best precious metals investment company, it's essential to consider several factors. While cost is certainly a consideration, it's not the only one. Cheaper companies may offer subpar customer service or send fraudulent products.
While each company on our list makes its inventory available online, they typically only provide price quotes over the phone. This is a common practice among investment companies. Other precious metals dealers may display their prices online, but their offerings must meet investment quality standards.
Our top pick is Goldco, mainly due to the consistently positive customer feedback. Numerous customers express satisfaction with the service and express gratitude towards their dedicated representative. Some have even reported remaining with Goldco for several years.
We appreciate Augusta Precious Metals for its educational resources and continuous assistance. However, it's essential to acknowledge that their IRA services require a significant minimum investment.
American Hartford Gold caters to all Americans without additional charges or minimum expenses. Therefore, it allows a large portion of the US population to invest in precious metals that would otherwise be unable to access such services.