Company Name: goldmart
Founded: A subsidiary of Legacy Precious Metals, Inc.
Main Office Location: Carson City, Nevada
Owners: Privately held company and a subsidiary of Legacy Precious Metals, Inc.
Better Business Bureau: BBB Accredited Business since 3/11/2015. Click Here to Read the BBB Report
BBB Rating: A+ (as of April 2016)
Business Consumer Alliance: Not Rated. Click Here to Visit the BCA Site
BCA Rating: Not Rated (as of April 2016)
Trustlink: 1 Review. Click Here to Read the Report on Trustlink
Trustlink Rating: 5 of 5 stars, based upon 1 rating (as of April 2016)
Yelp: 8 Reviews. Click Here to See the Report on Yelp
Yelp Rating: 3.5 of 5 stars, based on 8 reviews. (as of April 2016)
RipOff Report: 1 report as of April 2016. Click Here for the Ripoff Report.
61 complaints at the BBB in last 3 years, as of April 2016
- Not rated by the BCA
1 report on the Ripoff Report as noted above.
BBB: Rating of A+, 0 complaints
Read the full review of Regal Assets.
Read the reviews of all the other top-tier precious metals dealers here.
Editor’s note: If you see anything on this page that needs to be updated, please let us know. We want all the information to be complete and accurate.
Is a Gold Backed IRA The Right Choice for You?
A gold-backed IRA has become one of the more popular choices for people who are saving up for their retirement. Concerns over the long-term weakness of the dollar have led an increasing number of investors to shift to precious metals as their investment vehicle rather than traditional financial instruments like stocks and bonds. The tangible nature of precious metals enables them to hold their value better in the future, making them a valuable hedge against high inflation. To illustrate how serious inflation has become, in 1971, when the US went off the gold standard, what costs a dollar to buy then would cost you $5.88 in 2014. To see the inflation calculator, click here.
In addition, worries over periodic downturns in the stock market have led investors to turn to gold, since in general, as stock prices go down, the value of gold rises. This makes gold a valuable hedge against stocks as well. From 2003 forward over the next decade, gold prices were in an upturn due to sluggish expectations for the global economy. Since 2011 prices for gold have declined off their highs. In 1971, one troy ounce of gold cost $35 and in late 2014 it costs $1,179.
Another benefit of having a gold-backed IRA is that gold is a highly liquid asset. When it comes time for you to cash-out your IRA, you can easily convert your gold holdings into cash. In addition, you also enjoy tax benefits. When you withdraw your gold, you will have to pay income tax on it in a traditional plan, but the value was able to grow tax free for many years. And gold is an internationally recognized form of money, so you won’t have trouble transacting with it in most locations.
But there are some downsides to using gold as your investment asset. One is that it is impossible to predict how well gold will do over the long-term (ten to thirty years), which is probably about the amount of time you will hold your assets before cashing them out for retirement. This is particularly true given the expectations for a global recovery, which could push gold prices down. Given all of that, however, gold is still one of the safer ways to invest your retirement money since there is still the expectation that it would hold its value and not seriously depreciate over the long-term. This makes it an ideal investment for those who are risk-averse and have a conservative mindset.
But you should not put all your retirement funds into gold since this is not a good investment strategy. Instead, you should diversify your retirement portfolio with gold making up only a portion of your total portfolio – perhaps that is 15% to 20% for instance – and then investing in other assets such as CDs, stocks and bonds. This is a matter to work-out with you financial advisor.
Setting Up a Gold IRA
If you have a self-directed IRA already, you can buy gold to fund it. However, the Federal government has strict rules regarding funding your IRA with gold and other precious metals. For example, you can only buy gold in certain forms, mainly 24-karat bars weighing between one to 400 ounces, although American and foreign gold coins are now acceptable. You also have to arrange storage for your holdings with the trustee or custodian in an approved depository.
Keep in mind that the role of the trustee is not to provide you with investment advice since you will likely have to make all your investment decisions regarding your self-directed gold-backed IRA by yourself. They are often only authorized to provide administrative services when you are buying your gold as well as working with various gold sellers that provide specific precious metals investments that are allowed by the IRS. In addition, they also charge custodian fees and other fees for their services. But these are generally listed on their website.
Get your free guide to a gold IRA. It can answer all the questions you might have to get this set-up for you.