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Golddealer is one of the longest-lasting companies in the US, having been around decades before the internet was commonplace. Today, they ship everywhere in the country. But have they actually managed to keep up with their competitors?
Here's everything you should know about Golddealer before getting started.
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Golddealer has been around since 1981, although it didn't always operate under that name. That's just the URL for the company's website. This is one of the fastest growing companies in the US, and it has bullion that is eligible to be added to an IRA.
There is a large online store with a great deal of bullion inventory. You can also shop at a brick and mortar section in Los Angeles. This is one of the most popular online dealers for numismatic coins, bullion products, and other investment products related to precious metals.
Like many of the precious metals dealers in the industry today, Golddealer purchases and sells a huge number of different gold, platinum, silver, and palladium metals. Their inventory is a little more expansive than the average dealer's, though. For example, they sell rare metals like rhodium as well. It's pretty rare to find a precious metals dealer that stocks rhodium.
When you purchase from Golddealer, you get benefits like free insured shipping, national pricing, and no sales commission. Since the employees don't work on commission, they don't have any incentive to "upsell" you items that you don't actually want.
You can get live quotes for bullion. This gives you a chance to double check the spot price and make sure you're getting the best deal. No matter who you purchase precious metals from, it's vital that you research the market prior to making a purchase. A good company will have salespeople who aren't afraid to answer your questions about the market.
If you want to liquidate your metals, you can use the company's sale program. It's easy to sell back to the company with any graded rare coin or professionally graded bullion. You even have the opportunity to sell to them if you didn't purchase the item from Golddealer in the first place.
There is also a 7-day return policy. That partially sets Golddealer apart from the competition. For many of the competitors, sales are final, and there are no refunds or cancellations. From the moment your items arrive, you have a full week to decide you want to send them back for a total refund.
Bullion coins have prices that change on an hourly or even minute-to-minute basis. This lets investors buy coins with the existing price. This gives the buyers an advantage, since you can purchase the coins at the best time of the day. The sellers, on the other hand, might end up dealing with a slight loss.
There are some IRA services available through Golddealer. Their main partner is New Direction IRA. This is a custodial entity that is licensed to maintain your holdings. You will need to pay an annual maintenance fee. The maintenance fee can range between $75 and $295 depending on the services you use. Storage costs $225 per year, and the setup fee is $150.
Unfortunately, that is quite a bit more costly than with much of the competition. For this reason, you might get better pricing results if you work with another company that specializes in precious metals IRAs.
Many precious metals dealers only offer limited selections of gold and silver bullion. But the Golddealer inventory is extremely expansive. Beyond the usual precious metals, they even offer rare metals like rhodium. You can also invest in numismatic collectibles.
Numismatic collectibles are typically priced differently than pure bullion. Rather than being based off the melt value, this price is based on the supply and demand. If there is a high demand for a particularly rare coin, then it will be more expensive. These prices can also be speculative.
This makes numismatic collectibles a much riskier investment than pure bullion. But some collectors don't mind if the investment is risky because they just love the coins.
Gold bullion is available in a range of sizes between 1 ounce and 1 kilogram. You can also get gold coins that have been minted by sovereign mints all over the world.
The same is true of silver. A huge number of sovereign silver coins and pure bullion bars are available. You can also purchase Monster Boxes, which are boxes that have 500 ounces of silver inside them. That's a great choice if you want to buy in bulk at a slightly discounted price.
There is a slightly more limited selection of palladium bars and bullion coins available. The availability will vary depending on the day.
You can purchase rhodium bars of bullion as well. Many precious metals dealers don't carry rhodium. It's also important to note that rhodium is not approved to hold in an IRA, so you will need to pay for this out of pocket rather than with retirement funds.
There are multiple educational resources available through the company website. For example, you can sign up for a gold newsletter, which gives you periodic updates about the precious metals industry. There is also an audio podcast that talks about precious metals news.
The company's Ask an Expert section lets you find expert advice on every question you have about the economy. They also have an entire guide that they recommend you read prior to investing. This will help you learn about the different precious metals and how to choose the right items for you.
There are graphs that are updated in real time with the prices of precious metals as well.
There are independent storage options available through Golddealer. The company has partnered with the CNT Depository, located in Connecticut. All of the accounts with this depository are insured through Lloyds of London. The vaults are also all segregated.
You can work with the CNT Depository to create an account. After that's done, you can have Golddealer ship your orders directly to this depository.
Golddealer stores a great deal of their own inventory in the CNT Depository as well. If you decide to sell your items back to the company later, then you can do so without incurring shipping fees. All your custodian needs to do is move the items from one vault to another. This makes it super easy to liquidate your items.
This is a good idea whether you have a precious metals IRA or a personal investment portfolio. It's risky to store your precious metals at home. You might use a safety deposit box at the bank, but this often doesn't have insurance and makes it difficult to liquidate your holdings.
Is Golddealer a Scam?
Golddealer is definitely not a scam. It is one of the most respected precious metals dealers in the United States. Despite being started in the 1980's, the company largely seems to have kept up with modern times. They have been positively reviewed by customers who are pleased by the pricing and service.
Golddealer has many of the services that are most prized in a precious metals company. They have a preferred custodial partner for precious metals IRAs, and they offer some setup services. They have a buyback program, and you can even sell your items even if you didn't buy them from Golddealer.
The huge inventory is another bonus. Some companies have limited selections of popular bullion. But Golddealer has a massive range of bullion and collectibles. The inventory varies from day to day depending on what comes into the shop. They can also make an effort to find certain numismatic coins for you if you're looking.
The one potential drawback is in the IRA pricing. There's a cost of $150 to set up your account and fill out the paperwork. Other companies offer fees closer to $50. There is also a storage fee of over $200 per year, when many of the competitors offer storage for $100 to $150.
There also isn't a set custodial maintenance fee. Your maintenance fee will be set by New Direction IRA, since they are Golddealer's preferred partner. Apparently the fees can be as low as $75, but they can also rise to over $200 per year.
Pros & Cons of Golddealer
Golddealer is one of the largest and most successful online dealers of precious metals. The company also has a retail store. The business has been around since the 1980's, long before they started selling bullion through the internet. The Golddealer URL is a coveted one that they're pleased to own.
Overall, Golddealer seems to have good services. They have been positively reviewed by past customers, and they'll buy back your items when you're ready to sell. Some IRA services are available through New Direction IRA, but the pricing may be a little steeper than with the competition.
If you do want to open an IRA, we recommend working with one of the competitors just to save money. But there's nothing wrong with working with Golddealer. In fact, they seem to be a great place to go if you want to find certain numismatic collectibles or rare bullion.
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