If you’ve made the decision to start investing in gold or other precious metals, one of the most difficult aspects is figuring out where we want to store it and who we want our broker to be. While there are a lot out there on the market, sifting through those choices and picking one is tricky. What qualities should we be looking for?
In today’s article, I’ll be giving you some advice on certain amenities and services to look for, and some expectations you should have for whomever you choose to work with. So, if you’re stuck on making this important life decision, keep reading!
Table of Contents
1.They Should be Verified in Some Way
No – I don’t mean verified on Twitter or any other social media website! Rather, I mean that the Better Business Bureau should recognize them. You can see a bit more information on what that looks like on this page. This adds important validity to any claims that a company has about their practices, since the standards for judging are high.
Another group that rates companies is known as the Business Consumer Alliance. Personally, I try to only work with organizations that have an A ranking or better from both of these groups. That way, I know I can trust the people I’m working with and not have to worry about whether it is a scam.
2.They Should Offer a Variety of Assets
While the most traditional form of gold you can buy is bullion (bars), ideally your broker can provide you with more than one option. In fact, having only one is a sign of poor flexibility. Instead, seek out organizations that can sell you bullion amongst other things.
Some alternatives might be gold coins. Of course, only some are able to be stored in retirement accounts. If you’re making an IRA for precious metals, aim for the American Golden Eagle coin, certain Australian ones, or the Canadian Maple Leaf. Those have enough gold purity to be allowed.
Ideally, you will also be able to buy other types of precious metals. Usually, this is silver, but platinum or palladium would certainly sweeten the deal. Either way, having more than one selection is something important to think about when you are choosing who to go with for investments like this!
3.They Have Good Reviews
When I’m researching an organization, one of the first things I do is plug their name into my search engine of choice and start looking at their reviews. Anything under a nine on a ten scale or a four on a five scale gets a hard pass from me when it comes to financials. I don’t want to take any chances.
As I do my search, I might use a few key words. An example is American Hartford Gold Prices and Reviews, which will allow me to see what customers have to say about that topic. It’s one way to find relevant testimonies on things we want to know in specific.
So, when you’re digging, see what others have to say about pricing and customer service, if you’re not sure where to start. If you know what you want, then go for it! You could even sort from lowest to highest to try to see if there are any fake comments.
4.They Provide Quality Customer Service
While this might seem obvious, you’d be surprised the number of times that I’ve gone to a place with great reviews and found the service they provide to be lacking. There are a few litmus tests I like to do, such as calling any service lines shown on the website and asking a few basic questions or writing up an email to submit my inquiries.
Both options can give you a good look at how you will be treated by the company in general. Don’t settle for less than amazing when it comes to this sort of thing. You deserve to be taken care of, especially when you’re spending your hard-earned money and entrusting investments in your future to them!
5.They Let You Use a Retirement Account for Your Holdings
The latest craze in the retirement savings world is making precious metals individual retirement arrangements. Sometimes, people even specifically choose gold as their asset of choice. Whatever broker you decide to work with should allow you to hold your metals in an IRA if that is what you want to do with them.
Thankfully, most of them readily advertise this feature of their services. So, just look for that somewhere on their page and let that help you decide whether they’re the right way to go for you, or if you should go elsewhere.
6.They Provide Storage Options
One of the hardest parts about buying bullion is knowing where on earth we’ll store it after. Now, while you can have your metals at home if you aren’t using them as retirement investments, if you are putting them in an IRA they must be stored elsewhere. So, a type of broker I watch out for is one who provides secure storage facilities for my purchases.
I don’t want to have to worry about it getting stolen or damaged. Knowing it’s safe is a weight off the mind.
7.They Have Low Fees
When you go to establish an account, there is usually a fee associated with that. Additionally, a yearly charge is hardly abnormal. However, these shouldn’t come in exorbitant amounts. Rather, something under one hundred dollars annually is reasonable. Ask about it when you make your initial call or email if there isn’t much information on the company website.
Well, there you have it – there are my tips and tricks for selecting the ideal broker for you. While you’re the only one who can make the choice at the end of the day, hopefully this serves as a valuable resource for you. Best of luck as you explore what’s out there – it’s a big world, so keep an open mind!