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Goldsilver.com is an extremely popular choice for purchasing precious metals. This is one of the largest online gold and silver dealers in the world. While they may seem to have every service imaginable available, what do their past customers have to say? Are their services actually legitimate, and if so, are they worth it?
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Goldsilver.com has been in business since 2005. In addition to dealing bullion, they also offer educational resources, storage services, and shipping all over the world.
On the website, there are multiple support options available to customers. You can call a phone number, engage in a live chat, or email.
A good deal of Goldsilver.com's website is dedicated to educational resources. They have one of the most robust education hubs in the industry. There are guides, videos, and articles. Whether you're a new investor or very familiar with the process, there's a lot to learn. All of the concepts are pared down to be easy to digest.
You can get Mike Maloney's precious metals investing book for free through the website. This book discusses the history of currency and precious metals. It also explains why silver and gold are such an important aspect of a diverse portfolio.
There's also a docu-series available called the Hidden Secrets of Money. These videos teach you about the global economy, currency, markets, and how the government influences the value of things. It includes information about not just precious metals, but also fiat currencies and major economic factors.
Goldsilver.com also has a team that provides continuing analysis of the global economy. They cover a variety of important stories about legislation, precious metals markets, and economic shifts. You can sign up to have updates emailed to you. The latest blogs and articles are published on the website whether or not you sign up for a newsletter.
About the Team
Mike Maloney is the owner of Goldsilver.com. He hosts Hidden Secrets of Money and has written an internationally best-selling book about precious metals. He has traveled globally to speak to crowds about his insights.
He was an entrepreneur from an early age. When he was 23, he already had a company that employed five people. His success just grew from there.
Jeff Clark is the other main person behind Goldsilver.com. He is a speaker, author, and economic analyst with a passion for precious metals. In fact, his familial background involves gold mines throughout the US. Clark enjoys writing and analyzing the current market, having spent over a decade working as a senior editor for a global gold magazine.
The storage options are a big part of why many people choose to invest with Goldsilver.com. You can have your items shipped to a vault. Then you can access information about your holdings online. It's easy to buy and sell more metals with the tap of a button.
There are vaults located in three international countries, as well as two vaults in the US.
In the US, you can choose between vaults in Dallas, Texas, and Salt Lake City, Utah.
There are also vaults available in Toronto in Canada, Hong Kong, and Singapore. Singapore is a tax haven that's not beholden to any international government. Hong Kong is similarly prized as a good offshore place to store precious metals.
When you use the Goldsilver.com storage services, you will be given a segregated vault. Only you will have access to it. Your vault is also fully insured in case of a very unlikely disaster.
You are the only owner of the contents of the vault. That means that your holdings cannot be seized if the depository or the precious metals dealer goes bankrupt.
Is Goldsilver.com a Scam?
Goldsilver.com is not a scam. Not only do they offer the services they claim to, but they're also one of the largest gold dealers in the precious metals industry. You can find thousands of reviews online from past customers.
While the reviews are more mixed than with some of the competition, most are positive. For example, about 77% of the reviews on Trustpilot are completely positive. That indicates that 3 out of every 4 customers has a great experience. Another 11% of the reviews give 4 out of 5 stars.
It is a little concerning that there's a measurable amount of negative feedback, though. When you're looking for a good company to deal with, it's best if they have customer reviews that are at least 95% positive. That standard isn't very difficult to achieve when you have teams dedicated to customer service.
Another major problem is with their Better Business Bureau page. There aren't as many reviews here as on Trustpilot. But the BBB has not accredited the business, and they give the company an F rating. The rating was issued because the company has never responded to two complaints that were made against the business.
One disgruntled review was from someone who sold their coins rather than making a purchase. When their package arrived, it was signed for by someone working in the customer service section. But after a week went by, the payment hadn't arrived. The customer had tried several times to get in contact with the company, but they hadn't had any luck.
The company responded taking responsibility and saying that the issue was their fault. Apparently there had been a problem with the processing of the shipment. The payment was sent to the customer the following day.
Another disgruntled customer said they had made a purchase two months before, but the silver had never arrived. The company said the shipment had been returned to them because the customer hadn't signed for it. The customer said they had never been contacted about the issue.
The company representative stated that the customer was misrepresenting the situation. They said that they had proof that the customer did know that they needed to pick up the package at customs, but the customer had refused to do so. This was why the shipment was ultimately returned to them.
There are three complaints on the BBB website that have been filed in the past three years. Additionally, there is one customer review that gives 1 out of 5 stars. Because the company has never responded to two of the complaints, the BBB gives them an F rating.
The lack of response is somewhat odd because they seem to reply to most feedback on Trustpilot. It's unclear whether there has been a management change or other shift.
Only one of the complaints is listed on the BBB webpage. It is possible that the other customers asked to keep their complaints private. This complaint was posted in February of 2022, and it has not been answered yet.
The customer said that they had created an account a long time ago and made several purchases. Now they had an alert from Lifelock indicating that hackers had obtained the customer's account information. This included their account username, email, password, and contact info.
The customer said that they needed to change their password, email, and contact info to prevent the hackers from accessing the account. They had tried to get in contact with the company without success. They were filing the complaint to ask where they could contact someone to help them with their account.
This should have been a relatively easy fix. And yet the company never responded.
Pros & Cons of GoldSilver.com
Goldsilver.com is one of the largest online dealers of precious metals. They ship gold and silver both in the US and internationally. When you use their storage services, you can pick from three different countries for storage. That allows you to pick whichever one is most convenient for your unique financial needs.
About 77% of the company's customer reviews are positive. However, that's a much lower number than with many of the top competitors. Though most people are satisfied, there are enough complaints to be concerned.
The biggest concern is that several customers have stated that the company has failed to communicate with them when there are issues. Some even reached out about problems and were never given a call back. In fact, they have an F rating from the BBB because of failing to respond to complaints.
One of the complaints should have been easily resolved. It was about a data breach that was not the company's fault. All the customer wanted was to contact someone about changing their account info. But the company wouldn't even respond to that.
It's unclear what has caused this lack of response. In the past, Goldsilver.com has been very responsive to third party reviews. It seems like something might have changed in the management of the company.
With this in mind, it might be a better idea to work with a different precious metals company. That goes especially for people who want to open an IRA, as an IRA precious metals dealer will have a much more streamlined process for the setup.
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