Buy Gold and Silver Coins claims to be the largest, most reliable, and fastest precious metal coin dealer in the United States. They have thousands of positive reviews from customers. We will explore the reviews and information about the company to help you decide if its gold products or IRA options suit you.
Brief History of BGASC
Buy Gold and Silver Coins began in Calabasas in 2012. From the beginning, the company's goal was to build a gold and a silver online dealer people would want to deal with. What does this mean?
BGASC strives to provide convenience and exceptional customer service in every transaction. The company's priority has been to keep its products in stock at an affordable price and ready for shipping. BGASC, with its convenience, has become one of the biggest precious metal coin dealers within the United States.
Is BGASC Legit?
BGASC, yes, is a legit company. It is accredited by the Better Business Bureau with an A+ rating, is a member in Certified Coin Exchange, is an official PCGS dealer, is a U.S. Mint listed dealer, is a NGC Collectors Society Member, and is a bulk purchaser of U.S. Mint coins that are not bullion. BGASC offers full insurance for all product shipments in order to keep everything safe while it is being transported. BGASC's credentials and customer reviews are proof that it delivers products as advertised.
What products do they offer?
BGASC is a company that specializes in precious metals. BGASC reviews are incomplete without a look at its catalogue. You'll also find a variety of fun products on the website.
Gold Products Approved by the IRA
BGASC offers gold bars and coins in sizes of one ounce, one half ounce, one quarter ounce and one tenth ounce. You can choose from numismatic or commemorative coins, depending on your preference. Some of the most popular options to qualify for an IRA include:
- Gold American Eagles
- Gold bars
- Canadian Gold Maple Leaf coins
- Gold American Buffalos
- Krugerrands in South Africa
- Australian Gold Kangaroos
- Austrian Gold Philharmonics
- Mexican Gold Coins
Silver Products Approved by the IRA
Silver coins are a great way for new investors to enter the precious metals markets or diversify their portfolios. BGASC has a wide range of silver products including IRA-eligible bars, solid skulls and hand-poured coins. IRA-eligible silver products include the following:
- American Silver Eagles
- Canadian Silver Maple Leaf coins
- Australian Silver Kangaroos
- South African Silver Krugerrands
- Austrian Silver Vienna Philharmonics
Platinum Products Approved by the IRA
Palladium and platinum offer unique investment opportunities to investors who want to invest in a precious metal that is critical for sustainability. Like gold, both metals are available at higher prices and can be used with IRAs. BGASC offers a couple of popular IRA approved products, including the Australian Platinum Kangaroo coin and Canadian Palladium Maple Leaf.
Copper Products
Copper products are popular for commemorative or collector items. BGASC has a wide range of copper investment items, such as rounds, bars and bullets. Some of the most popular rounds can be purchased for as low as $2 per coin depending on how much you purchase.
Other Products
BGASC also offers unique products, ranging from rare coins to basic coins that you can invest in.
- Palladium Products: As previously mentioned, palladium coin works in IRAs. It also has a price that is similar to gold. Palladium products are popular, including the American Palladium Eagle Reverse and palladium bars.
- BGASC sells legal tender notes like the $2 Year of the Golden Rabbit Hologram Rabbit 2023 Legal Tender Note.
Does BGASC Offer Precious Metals IRAs?
BGASC technically does not offer its own precious-metals IRA custodian service. IRA custodians help you to create an account, transfer funds, fund your account, buy precious metals and more. BGASC has partnered with a number of popular IRA custodians so that you can choose one to create your account.
There are two options for precious metals IRAs:
- GoldStar Trust Company
- Equity Trust
- STRATA Trust Company
BGASC has a preferred depository that will store your precious metals in your IRA. IRS regulations require you to keep your precious metals at an approved depository.
What are the fees associated with using BGASC IRAs
The fees charged by BGASC for the creation and management of a precious-metals IRA are dependent on which custodian is chosen. BGASC doesn't disclose fees because they vary depending on which company you select. You can expect to pay for IRA fees in general.
- One-time setup fees
- Transfer, rollover or wire fees
- Precious metals delivery fees
- Annual vaulting fees
- Annual Account Maintenance Fees
- Insurance costs
Before making a decision, we recommend that you compare the fees charged by BGASC and other preferred custodians. Calculate your total costs to determine the best option that is most cost-effective for you.
What type of IRA does BGASC prefer?
BGASC doesn't have a preference for a particular type of IRA because you will be creating your account with one of our partners. Your contributions may be affected by the partner's account preferences. Preferences can include the type IRA (traditional versus Roth) or precious metal type, such as gold versus Silver.
Can you rollover funds from an existing retirement account to BGASC Precious MetalsIRAs?
Most IRA custodians accept a variety of payment methods to fund your IRA. This includes account rollovers. The custodian transfers funds from previous retirement accounts into your precious metals IRA, so that you can start purchasing gold, palladium, platinum or silver. Rollovers are available for all types of previous accounts, including IRAs.
BGASC will not perform the rollover because it does not have its own IRAs. The company will guide you through the funding options after you select a custodian. Remember that all transactions, such as rollovers and wires, are usually subject to additional fees.
BGASC: Advantages and disadvantages
BGASC has its own advantages and disadvantages. You can make an informed investment decision by weighing the pros and cons. We found that the top benefits of BGASC are:
- Spend more than $199 and get free shipping
- All packages are covered by full insurance
- Payment options
- BBB accreditation with A+ rating
- No order minimums
- A wide selection of coins, including precious metals and other oddities
- Customer Support Team that is Helpful
- Shipping is usually done the same day.
- When you are ready to sell, take advantage of competitive buyback rates
- Website with live spot prices
- Member of the Certified Coin Exchange. Official PCGS Dealer. U.S. Mint Lister dealer.
BGASC's outsourced IRA service is its biggest disadvantage. The company does not have its own IRA Custodian, so you can't find out about fees, pricing or management services. To create your account you must contact two vendors, BGASC and the custodian of your choice. This could be a headache.
How to Invest in BGASC
BGASC offers you the opportunity to invest in precious metals by purchasing non-IRA related items on its website and having them delivered directly to your home, or by creating an IRA by following their steps.
You may have difficulty creating an account if the company doesn't offer its own IRAs. BGASC recommends that you follow these steps:
- Open a self directed IRA with one of our preferred custodians.
- Your account can be funded with simple cash. Your custodian can guide you on the best way to do this. Your custodian will inform BGASC about your contribution total after funding.
- BGASC offers IRA-approved metals. IRS regulations require that all IRA transactions be conducted over the telephone. BGASC will ship your items securely to your depository, with delivery insurance included.
We found BGASC to be legitimate based on our research and BGASC reviews, but it does have pros and cons. Learn About Gold wants to help you choose the best gold IRA. If BGASC doesn't suit you, take our Find a Gold IRA partner quiz or ask our Learn About Gold team any questions.
Frequently Asked Questions
Who holds the gold in a gold IRA?
The IRS considers an individual who owns gold as holding “a form of money” subject to taxation.
To be eligible for the tax-free status, you must possess at least $10,000 gold and have had it stored for at least five consecutive years.
Owning gold can also help protect against inflation and price volatility, but it doesn't make sense to hold gold if you're not going to use it.
If you plan to eventually sell the gold, you'll need a report on its value. This could impact the amount of capital gains taxes your owe if you cash in your investments.
To find out what options you have, consult an accountant or financial planner.
What are the benefits of a gold IRA
Many benefits come with a gold IRA. It is an investment vehicle that can diversify your portfolio. You have control over how much money goes into each account.
You also have the option to transfer funds from other retirement plans into a IRA. This will allow you to transition easily if it is your decision to retire early.
The best part? You don’t need to have any special skills to invest into gold IRAs. They're available at most banks and brokerage firms. You do not need to worry about fees and penalties when you withdraw money.
That said, there are drawbacks too. Gold has historically been volatile. Understanding why you invest in gold is crucial. Are you looking for growth or safety? Are you looking for growth or insurance? Only then will you be able make informed decisions.
If you want to keep your gold IRA open for life, you might consider purchasing more than one ounce. One ounce won't be enough to meet all your needs. Depending on the purpose of your gold, you might need more than one ounce.
A small amount is sufficient if you plan to sell your gold. Even one ounce is enough. You won't be capable of buying anything else with these funds.
What precious metal should I invest in?
Answering this question will depend on your willingness to take some risk and the return you seek. While gold is considered a safe investment option, it can also be a risky choice. Gold may not be right for you if you want quick profits. You should invest in silver if you have the patience and time.
If you don’t desire to become rich quickly, gold may be your best option. Silver may be a better option for investors who want long-term steady returns.
How to open a Precious Metal IRA
First, decide if an Individual Retirement Account is right for you. You must complete Form 8606 to open an account. To determine which type of IRA you qualify for, you will need to fill out Form 5204. This form must be submitted within 60 days of the account opening. Once you have completed this form, it is possible to begin investing. You could also opt to make a contribution directly from your paycheck by using payroll deduction.
If you opt for a Roth IRA, you must complete Form 8903. Otherwise, the process will be identical to an ordinary IRA.
To qualify for a precious-metals IRA, you'll need to meet some requirements. The IRS requires that you are at least 18 years old and have earned an income. Your earnings cannot exceed $110,000 per year ($220,000 if married and filing jointly) for any single tax year. And, you have to make contributions regularly. These rules apply regardless of whether you are contributing directly to your paychecks or through your employer.
A precious metals IRA can be used to invest in palladium or platinum, gold, silver, palladium or rhodium. But, you'll only be able to purchase physical bullion. You won't have the ability to trade stocks or bonds.
You can also use your precious metallics IRA to invest in companies that deal with precious metals. This option is available from some IRA providers.
There are two major drawbacks to investing via an IRA in precious metals. First, they don't have the same liquidity as stocks or bonds. This makes it harder to sell them when needed. They also don't pay dividends, like stocks and bonds. You'll lose your money over time, rather than making it.
What is a Precious Metal IRA, and how can you get one?
You can diversify your retirement savings by investing in precious metal IRAs. This allows you to invest in gold, silver and platinum as well as iridium, osmium and other rare metals. These metals are known as “precious” because they are rare and extremely valuable. They are great investments for your money, and they can protect you from inflation or economic instability.
Bullion is often used to refer to precious metals. Bullion refers actually to the metal.
Bullion can be purchased via a variety of channels including online sellers, large coin dealers, and grocery stores.
You can invest directly in bullion with a precious metal IRA instead of buying shares of stock. You'll get dividends each year.
Unlike regular IRAs, precious metal IRAs don't require paperwork or annual fees. Instead, you pay a small percentage tax on the gains. Plus, you can access your funds whenever you like.
Statistics
- Contribution limits$6,000 (49 and under) $7,000 (50 and up)$6,000 (49 and under) $7,000 (50 and up)$58,000 or 25% of your annual compensation (whichever is smaller) (lendedu.com)
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
External Links
bbb.org
irs.gov
cftc.gov
investopedia.com
How To
Tips for Investing In Gold
Investing in Gold has become a very popular investment strategy. This is due to the many benefits of investing in gold. There are several options to invest in the gold. Some people prefer to buy gold coins in physical form, while others prefer to invest in gold ETFs.
Before you purchase any type or gold, here are some things to think about.
- First, verify that your country permits gold ownership. If so, then you can proceed. You can also look at buying gold abroad.
- Second, it is important to know which type of gold coin you are looking for. You can choose between yellow gold and white gold as well as rose gold.
- Third, consider the cost of gold. Start small and build up. One thing that you should never forget when purchasing gold is to diversify your portfolio. Diversifying assets should include stocks, bonds real estate mutual funds and commodities.
- You should also remember that gold prices can change often. Therefore, you have to be aware of current trends.
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By: Learn About Gold
Title: BGASC Reviews: An Investor’s Guide
Sourced From: learnaboutgold.com/review/bgasc-reviews-an-investors-guide/?utm_source=rss&utm_medium=rss&utm_campaign=bgasc-reviews-an-investors-guide
Published Date: Mon, 26 Jun 2023 21:27:37 +0000
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