Company Name: JM Bullion
Founded: 1/01/2011 per the BBB (as of October 2014)
Main Office Location: Dallas, TX 75230
Owners: Principal: Mr. Michael Wittmeyer (CEO), per the BBB on Oct 2014
Better Business Bureau: Accredited Business since 7/14/2014. Click Here to Read the BBB Report
BBB Rating: A+ (as of April 2016)
Business Consumer Alliance: Not Reviewed. Click Here to Visit the BCA Site
BCA Rating: Not Rated (as of April 2016)
Trustlink: Not Reviewed. Click Here to Visit Trustlink
Trustlink Rating: Not Rated (as of April 2016)
Yelp: No Reviews. Click Here to See Yelp
Yelp Rating: Not Rated (as of April 2016)
RipOff Report: 15 customer reports filed (as of April 2016) Click Here to Read the Reports filed on the Ripoff Report
- 109 complaints filed over past 3 years at the Better Business Bureau, as of April 2016
- Not Reviewed or Rated by the BCA or Trustlink.
- 15 customer reports filed with the Ripoff Report as of April 2016 – see above.
JM Bullion video
BBB: Rating of A+, 0 complaints
See the full review of Regal Assets here.
Read the reviews of the other dealers here.
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A Comprehensive Look into Gold IRA
Most retirement accounts hold currency backed assets such as stocks and bonds. A Gold IRA (Individual Retirement Account), otherwise known as precious metals IRA, functions just like other IRAs. But a Gold IRA holds precious metals such as gold bars or bullion coins. A gold IRA can also hold other precious metals such as silver, platinum or palladium. The term “Gold IRA” means a self-directed IRA that holds precious metals.
There are typically four metals allowed in this type of retirement account. These four metals are silver, palladium, platinum and gold. The general term used for this type of retirement account is Gold IRA because gold is the most commonly used metal held in this type of IRA. This term – Gold IRA – is used when an account holds any type of precious metal.
A retirement account holding a specific type of precious metal is usually named after its portfolio contents. So, depending on its actual contents, a retirement account may also be called a “precious metals IRA”, “palladium IRA”, “platinum IRA” or “silver IRA”. Precious metals were not always allowed in IRAs. It was only permitted after the Taxpayer Relief Act of 1997. Investments in gold IRAs only began to appear a year later.
The IRS approves this asset for retirement investment because of its many advantages. Here are some advantages to name a few:
1. Gold is a highly traded asset. It may not be as liquid as cash, but it can be traded on various platforms no matter what time of day. This type of asset is not valued by any one currency alone. It is held by investors because of its use as a store of value, and not because of its currency value as the latter value dramatically fluctuates over short periods of time.
2. It is a hedge against price fluctuations brought about by rapid inflation. Real estate and stock investments can be negatively affected by high inflation. It is safe to say that gold or precious metals are actually less susceptible to this kind of devaluation. It retains its value because it is not easily produced like paper money. Gold has intrinsic value.
If you want to know more about a Gold IRA, here are the answers to some of the most frequently asked questions:
1. What IRAs can qualify for conversion to precious metal IRAs?
Anyone can convert their traditional IRA, Roth IRA or 401(K) to a precious metals IRA. These IRAs are examples of typical tax-advantaged retirement accounts that allow earnings to accumulate without paying taxes. Converting to a self-directed IRA will not be considered a withdrawal if the rules are followed, so individuals may convert their traditional IRAs without paying taxes.
2. Will individuals be able to physically hold their precious metals?
Individuals will not be able to physically hold their precious metals. Their purchase of precious metals will be insured and stored at a regulated depository. There is nothing to worry about, however, because the said deposit will be placed under the owner’s name. Once the owner turns 59, a portion of the purchase may be withdrawn without penalties.
3. How secure is the storage?
Precious metals must be in the custody of a trustee, usually a bank. There are certain features that should be met before a bank is allowed to store precious metals. Some of the required features includes 24/7 monitoring, automatic or timed lock features, and motion, vibration and sound detectors.
4. How long will the transfer take and how much will it cost?
On the average, a transfer process may take a minimum of two weeks but each process varies depending on the existing IRA and the type of precious metal to be purchased. Regarding the cost, establishment fees vary depending on the amount being transferred. On the average, the minimum establishment fee is around $250.
5. Is there a minimum amount and will it be taxed?
The initial transfer should not be lower than $5000 for most trustees. Transferring assets to a precious metals IRA has no tax implications.
6. What metals are allowed in precious metals IRAs?
Only precious metals with the American Eagle, Canadian Maple Leaf, Australian Philharmonic, Australian Kangaroo, Chinese Panda, American Buffalo and gold bars produced by NYMEX or COMEX are allowed in this special type of IRA.
To diversify a portfolio, it is indeed a sound practice to invest a portion of a retirement portfolio in a Gold IRA.