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. IRAs are eligible for the following popular choices:
- 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 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.
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 roughly the following IRA costs:
- 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 metals, 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, silver or platinum. 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 wire transfers, are usually subject to additional fees.
BGASC: Advantages and disadvantages
BGASC has its own advantages and disadvantages. You can make a more 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
How much of your portfolio should be in precious metals?
Protect yourself against inflation by investing in physical gold. This is because when you invest in precious metals, you buy into the future value of these assets, not just the current price. So as prices rise, so does the value of your investment.
Tax benefits will accrue if your investments are kept for at most five years. And if you sell them after this period, you will have to pay capital gains taxes. Our website has more information about how to purchase gold coins.
What is a Precious Metal IRA?
Precious metals are an excellent investment for retirement accounts. They have been around for centuries and are still very valuable today. You can diversify your portfolio by investing in precious metals, such as gold, platinum, and silver.
Many countries also permit citizens to store money in foreign currencies. You can buy Canada gold bars and keep them home. Then, you can buy gold bars in Canada and sell them for Canadian dollars when your family is home.
This is an easy way to invest precious metals. It is particularly useful for those who live outside North America.
Do you need to open a Precious Metal IRA
The answer depends on whether you have an investment goal and how much risk tolerance you are willing to take.
An account should be opened if you are planning to use the money in retirement.
Because precious metals are highly likely to appreciate over time, You also get diversification benefits.
Furthermore, the prices of gold and silver tend to move together. This makes them better choices when you want to invest in both assets.
Do not invest in precious metals IRAs if your goal is to save money or take on any risk.
What are some of the advantages and disadvantages to a gold IRA
A gold IRA is an excellent investment vehicle for those who want to diversify their holdings but don't have access to traditional banking services. It allows you invest in precious metals like platinum, silver, and gold without any taxes, until they're withdrawn.
The downside is that withdrawing money early will pay ordinary income tax on the earnings. However, creditors will not be able to seize these funds if you default on your loan.
A gold IRA might be the right choice for you if you enjoy owning gold and don't worry about taxes.
Which type of IRA is the best?
When selecting an IRA for yourself, the most important thing is to find one that meets your lifestyle and goals. Consider whether you are looking to maximize tax-deferred growth, minimize taxes and pay penalties later, avoid taxes, or both.
If you're saving for retirement and don't have much money invested, the Roth option could make sense. It's also worth considering if your plan is to work after the age of 59 1/2.
Traditional IRAs might be more beneficial if you are looking to retire early. You'll likely owe income taxes. The Roth IRA is a better option if you plan to continue working well beyond age 65. It allows you to withdraw any or all of your earnings and not pay taxes.
What precious metals may I allow in my IRA?
The most commonly used precious metal in IRA accounts is, of course, gold. As investments, you can also buy bars and bullion coins made of gold.
Precious metals are considered safe investments because they don't lose value over time. They can also be used to diversify investment portfolios.
Precious metals include silver, platinum, and palladium. These three metals have similar properties. Each metal has its own use.
For example, platinum is used in making jewelry. You can create catalysts with palladium. It is used for producing coins.
It is important to consider how much money you are willing to spend on your precious metals when making a decision about which precious material to choose. It may be more cost-effective to purchase gold at lower prices per ounce.
You should also think about whether you want to keep your investment private. If you are unsure, palladium is the right choice.
Palladium can be more valuable than gold. But it's also less common. It is likely you will need to pay more.
The storage fees of gold and silver are also important factors to consider when making a decision between them. The weight of gold is what you store. You will pay more if you store larger amounts.
Silver is stored by volume. Silver is priced by volume. You will pay less to store smaller amounts.
You should follow all IRS rules if you plan to store precious metals in an IRA. This includes keeping records of transactions and reporting them back to the IRS.
- Depending on your financial situation, most experts recommend you invest no more than 5% to 10% of your retirement funds in precious metals. (forbes.com)
- The maximum yearly contribution to an individual's IRAs is currently $6,000 ($7,000 for those 50 years or older), or 100% of earned income, whichever is less. (monex.com)
- You can only purchase gold bars of at least 99.5% purity. (forbes.com)
- Same tax rules as traditional IRA SEP IRA contributions in 2022 are limited to 25% of compensation or $66,000, whichever is less Before setting up a Silver IRA, understand the fees and IRS restrictions. (sltrib.com)
How to open a Precious Metal IRA
Precious Metals are one of today's most desired investment vehicles. Precious metals have a higher return than traditional investments like bonds or stocks, which is why they are so sought-after. But, it is important to do your research and plan carefully before investing in precious metals. If you want to open your own precious metal IRA account, here's what you should know first.
There are two main types for precious metal accounts: paper gold and Silver certificates (GSCs), and physical precious Metals accounts. Each type comes with its own set of advantages and disadvantages. GSCs offer easy access and trade, while physical precious metals accounts provide diversification benefits. You can read more about them below.
Physical precious metals accounts include bullion, bars and coins. This option is great for diversification, but it has its drawbacks. For instance, the costs associated with buying, storing, and selling precious physical metals are quite expensive. Due to their size, it can be difficult for them to be transported from one place to another.
On the other hand, paper gold and silver certificates are relatively inexpensive. They are also easily available and can be traded online. They are ideal for those who don't wish to invest in precious metals. They aren't as diverse as physical counterparts. Also, since they're backed by government agencies such as the U.S. Mint, the value of these assets could decrease if inflation rates rise.
When opening a precious metallic IRA, make sure to choose the right account for you and your financial situation. Consider the following:
- Your tolerance level
- Your preferred asset-allocation strategy
- What time do you have available to invest?
- Whether or not you plan on using the funds for short-term trading purposes
- What kind of tax treatment you'd prefer
- Which precious metal would you like to place your money in?
- How liquid do you need your portfolio to be
- Your retirement date
- You'll need somewhere to keep your precious metals
- Your income level
- Your current savings rate
- Your future goals
- Your net worth
- Special circumstances that may influence your decision
- Your overall financial situation
- Your preference between physical or paper assets
- Your willingness to accept risks
- Your ability to manage losses
- Your budget constraints
- Financial independence is what you want
- Your investment experience
- Your familiarity and knowledge of precious metals
- Your knowledge of precious metals
- Your confidence in the economy
- Your personal preferences
Once you've determined which type of precious metal IRA best suits your needs, you can proceed to open an account with a reputable dealer. These companies can be found through word of mouth, referrals and online research.
After you have opened your precious metal IRA account, you will need to decide how much money to put in it. There are different minimum deposits for precious metal IRA accounts. Some accounts require $100 while others allow you to invest up $50,000.
You can invest as much or as little money in your precious metal IRA as you like. A larger initial deposit is better if you are looking to build wealth over a longer period of time. If you are planning to invest small amounts each month, a lower initial investment might be better.
As far as the actual precious metals used in your IRA go, you can purchase any number of different types of investments. These are the most popular:
- Bullion bars, coins, and rounds in gold
- Silver – Rounds, and coins
- Platinum – Coins
- Palladium – Bar and round forms
- Mercury – Round and bar forms
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