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Financial anxiety is a part of everyday life for the vast majority of Americans. If you're planning for your future, then you're probably feeling the anxiety even more acutely. Your retirement account is supposed to be a way of safeguarding your life in your old age. But it is also subject to the whims of the economy.
Retirement accounts most often are diversified between a variety of different traditional assets. These assets bring in gains and dividends from the related companies and products. But traditional assets are tied to the general economy. When there is global unrest or other major issues, the economy trends downward, and your assets begin to lose their value.
Because of the tumultuous global events of the past several years, many people are turning toward alternative assets. This was similarly the case during the 2008 financial crisis. They want to put some of their savings into products that exist outside of central banking and stock exchanges.
There are multiple alternative assets that are eligible to place in a retirement account. Among these are gold and silver. As long as the products have been approved by the IRS, you can buy them with your retirement funds and place them on your retirement account statements.
Gold and silver have two major main benefits when it comes to the economy.
The first is that their value increases as the dollar decreases. People who are concerned about inflation often tie their savings up in precious metals so that they can liquidate the holdings later, without having the dollars be worth a fraction of what they originally were.
The second is that they rise in value when the economy downturns. When you look back over economic trends over the past few decades, you'll see sharp increases in the price of gold during various global events. The most shocking increase in gold price happened during the 2008 crisis, with another similar spike during the 2020 COVID panidemic.
As such, many investors believe that you should put a small portion of your retirement funds into silver and gold. That gives you a more rounded and diverse portfolio than a traditional retirement account filled with traditional assets.
There are ways to buy gold and silver online, both for your retirement and for your own personal portfolios. But just like brick and mortar stores, not every online store is trustworthy. Different businesses operate in different ways. Some have great policies and wonderful experts who will help you through the investment process. Others have more middling customer service or, at worst, are even trying to scam you.
GoldSilver.com is a website domain that takes you to an online store selling precious metals. Many people have happened upon it because of the coveted URL. There are tons of gold and silver dealers who would love to have that URL, but they didn't pick it up fast enough.
So the question is whether GoldSilver actually provides legitimate services. And if so, how do they compare to other online gold dealers? What is their reputation like, and what products are available to purchase? These are important questions to answer if you're deciding whether or not to trust a new company.
GoldSilver is incredibly recognizable in the field of online gold dealers. The website has been up since 2005, populated with educational content and access to investment grade bullion. There is a huge range of precious metals items, along with various services related to the purchase of gold and silver.
According to the website, the overall goal is to make it simple to invest in gold and silver. They allow you to browse products and make purchases online. Then they make it easy to arrange transportation and storage of your holdings. You can even pay with multiple different methods.
The website also has a solid amount of customer support features. If you have questions or are curious about the company's offerings, you can open an online chat in real time. There is also a contact form that you can fill out for detailed inquiries, or an email that you can send questions to.
In addition to the online customer service options, you can call the company's telephone number and speak to someone over the phone. A company representative can also confirm your purchase over the phone and give you price quotes.
GoldSilver was created by Mike Maloney and is still managed chiefly by him. He has had a long and storied career in the finance industry, including becoming a bestselling author of Guide to Investing in Gold and Silver. Nowadays, he hosts the podcast Hidden Secrets of Money, where he discusses economics and tries to bring investment knowledge to the average layperson.
GoldSilver has hosted educational resources about precious metals ever since its inception. The form of these educational resources has shifted over the years. Nowadays, many of the educational sources are high quality videos that each discuss a certain precious metals related topic. You can watch these videos to learn about the basics of the industry, economics, retirement, and how gold and silver can be ideally integrated into a balanced portfolio.
GoldSilver offers quite a few more payment options than the vast majority of online gold dealers. Most other dealers allow you to do a bank wire transfer, a paper check, or maybe a credit card. But GoldSilver has embraced both traditional and alternative payment methods, including:
They do not currently appear to accept any cryptocurrency except for Bitcoin and Bitcoin Cash. But if you have a particular way that you'd like to make a digital payment, then you can probably bring it up with your representative. They may be able to arrive at a payment solution that works for everyone.
GoldSilver boasts an integrated storage service that you can use to coordinate your purchases. You don't have to worry about intercepting packages at your door or buying a home safe. It's easy to simply buy bullion and let GoldSilver store it for you. The products remain in your name and owned entirely by you, but you don't have to deal with any of the hassle.
You can set up your storage account as an integrated part of the purchase process. First, you'll add all of your products to the eCommerce cart. At the checkout, when you're asked to pick your destination, you will pick the "Storage" option. From there, GoldSilver will automatically create an account for you and put your items into a secure vault.
You will have an online account where you can view information about your storage vault and your holdings. This will include information about the value of your precious metals over time. If you want to add assets to the account, you can make additional purchases from GoldSilver with only a few clicks.
The storage facility is privately owned, and every vault has a full insurance policy. There are also regular audits by third parties to make sure that there's no fraud or undetected theft. As such, your assets are much more secure than they would be at home, where they're vulnerable to break-ins and disasters.
You have full control over the holdings. When you access your online account, you will have the option to liquidate your assets by selling them back to GoldSilver. You can also have the products transferred to a different account or a different storage depository. If you want, they can be mailed to your doorstep as well.
GoldSilver works with two of the top gold storage companies in the United States: International Depository Services and Brinks Global Services. There are two main depositories in the US, located in Dallas and Salt Lake City respectively. Then there are international options in Toronto, Hong Kong, and Singapore. If you want your items to be stored offshore outside the reach of the government, it's very easy to do that.
Selling Your Precious Metals
GoldSilver has provided options to allow you to sell your precious metals whenever you want. Instead of needing to hunt down a buyer, all you have to do is log on and click a few buttons. There are live bid prices posted for every product, 24/7, even when the global exchanges and markets are closed.
When you sell your bullion back to GoldSilver, the proceeds will either be sent to you through a wire transfer or a mailed paper check. The company states that it will happen within three business days of the arrival of the package.
You do need to meet certain conditions to sell your items back to GoldSilver, but all of the conditions are reasonable. For example, the products must be part of GoldSilver's inventory and in a resellable condition. They must be sold in quantities that GoldSilver offers online, and any rolls of coins must all be minted in the same year.
When you have a GoldSilver account, the sellback process is extremely simple. You just log into the account and click the "Sellbacks" option. There should be an option to create a new transaction.
You'll type in the product quantity and description, confirm where the metals are being shipped from, confirm your address, and determine how you want to be paid. The fastest method of payment is a wire transfer.
Once the company approves the request, you'll be sent an email with instructions about insuring and packaging the product. You are responsible for the package while it's in transit. If it gets lost, that's your responsibility. So it's important that you do get an insurance policy.
Is GoldSilver a Scam?
GoldSilver is not a scam. The website has been active since 2005 and posts reliable information about gold and silver. There are review websites like Trustpilot that have garnered over 1,000 customer reviews, almost all of which are positive. It seems like the average consumer has a very good experience working with this company.
It's also worth noting that GoldSilver has many different products and services available. Some companies focus exclusively on gold IRAs or gold collectibles or other niches. But GoldSilver does a little bit of everything. They want to have products that appeal to investors from all walks of life, working with all kinds of funding sources.
The majority of the company's content and policies comes directly from Mike Maloney, who has maintained a strong influence over the website's direction. When you go to the website's homepage, you'll immediately see articles and videos directly from Mike Maloney. These include commentary on global events, information about upcoming book releases, and advice for new investors.
Of course, as with any company, there are potential negatives as well. The website has been given a small handful of negative reviews, generally from customers who were unhappy with their price quotes. That's why we strongly recommend that you always research product prices before you ever call to get a quote. That way, you'll know whether the price is reasonable or not.
Another potential downside is the lack of palladium and platinum. As the name implies, GoldSilver focuses exclusively on gold and silver. They do not seem to delve into other precious metals or jewels. So if you're trying to buy platinum or palladium, you'll find the company's inventory disappointing. Sometimes people prefer buying these metals because they are more expensive and rarer than gold, so the purchase is a more compact value.
Pros & Cons of GoldSilver.com
GoldSilver has been thriving on the internet for nearly twenty years, and the same expert continues to make vital content for the website. He always has something to say about current events, and he's still writing books and hosting podcasts. Many investment experts trust his judgment when it comes to gold and silver.
The company does provide a simple and convenient way of buying precious metals. There are various bullion products available, along with jewelry and exclusive IRA products. Your experience will depend on which services you use. Most customers have left good reviews on websites like Trustpilot, saying that they were given a fair deal and felt good about the transaction.
For the most part, we can recommend GoldSilver's services. The company has a good reputation and a long history, and it's a super convenient checkout process.
But if you're going to buy items for an IRA, you might want to check out our other top recommendations first. Since these companies specialize heavily in IRAs, they have a much more streamlined process. You'll save a lot of time and hassle if you work with one of them directly.