Reviewing GoldSilver.com: A Deep Dive

GoldSilver.com stands as a leading online platform for acquiring precious metals. They empower individuals to buy gold and silver, safely store it across three countries, and even facilitate global shipping. Their client base is truly global.

However, is a giant in the field always the right pick? How does GoldSilver measure up against its rivals? And what potential concerns should you be aware of?

About GoldSilver.com

Since 2005, GoldSilver has cemented its place in the precious metals realm. Beyond selling gold and silver, they enlighten their customers about these metals. While headquartered in Santa Monica, they cater to international customers and collaborate with vaults globally.

True to its name, GoldSilver focuses solely on gold and silver. Their vast selection encompasses various bullion and items. However, they don't feature metals like palladium, platinum, or copper. For a broader metal range, consider exploring other companies.

Their user-friendly online platform simplifies picking and purchasing your desired bullion. While many opt for direct shipment, they also provide a "storage" option. Opting for this sets up an account at your chosen storage site.

This setup mirrors a traditional brokerage account. Log in and oversee your portfolio and assets at your convenience. Detailed insights on the fluctuation of your assets' worth over the period are at your fingertips. Plus, it's designed for effortless trading.

Should you opt for their storage facilities, the promise stands: you'll always have the flexibility to trade, sell, or request delivery of your metals at your will.

Leadership Overview

At the company's helm is Mike Maloney, not only its founder but also its CEO. He brought GoldSilver to life in 2005 and has been its guiding force since. His rich experience in financial consultancy truly shines here.

Mike is the face of an online series delving into investments and finance. Additionally, he's celebrated for his top-selling books on precious metal investments. Such achievements give GoldSilver an edge over other metal dealers in the industry.

Storage Options

Your precious metals find a secure home in insured vaults that aren't tied to global banks. This ensures your assets remain beyond government seizures and untaxed. Each locker provides individualized storage, guaranteeing only you access to your holdings.

Diverse account types cater to your needs. Individual accounts are perfect for solo investments, while couples might lean towards joint accounts. For intricate investment structures, trust or LLC arrangements stand ready.

All vaults are managed by either the renowned International Depository Services Group or Brinks. Beyond Dallas and Salt Lake City, their locations span:

• Hong Kong

• Singapore

• Toronto, Canada

For those requiring a certified custodian for their IRA-associated vaults, the company recommends Equity Trust. However, they're open to other popular choices, such as Strata Trust Company, Goldstar Trust Company, and New Direction IRA.

Marketplace Products

The firm offers an extensive selection of global bullion, standing out from many rivals. Beyond gold coins and bullion, they present gold ornaments too. Their offerings also include silver coins and bars.

Gold bars vary from a mere gram to a hefty kilogram. For those with a lavish budget, an immense 400-ounce gold bar beckons.

This bullion originates from esteemed government mints across:

• Canada

• USA

• Australia

• China

• New Zealand

• South Africa

• Austria

• UK

Moreover, unique offerings hail from private mints such as:

Republic Metals CorporationHeraeus

• Asahi

• Valcambi Suisse

• Sunshine Mint

• Johnson Matthey

• Pamp Suisse

• Credit Suisse

Distinctly, these mints craft items beyond usual governmental selections.

Gold coins like the Australian Kangaroo, the U.S. Eagle, and Buffalo will be found. Silver coin enthusiasts will appreciate options like the U.S. Eagle, Canadian Maple Leaf, Britannia, Austrian Philharmonic, and South African Krugerrand.

Silver bar varieties mirror gold's diversity. They've got everything from bars weighing a staggering 100 ounces to more manageable one- or ten-ounce options. A one-kilogram bar and other weights also grace their list.

Company Fees

You have the flexibility to pick between segregated and allocated storage. Allocated storage, being more cost-effective, might blend your assets with those of others. Instead of a set fee, a 0.06 per cent monthly charge applies based on your account's worth.

This rate is impressively low compared to offshore firms' storage fees. However, considering a flat fee-based company might be wise if you're storing a significant amount.

There's a consistent 4-dollar fee each month, irrespective of your account balance. Holding 10,000 dollars equals roughly 6 dollars monthly, while 100,000 dollars equates to a 60-dollar charge.

No binding contracts are involved; fees apply only if you use their storage. Removing your metals ceases any fee obligations. You can request home delivery or shift to a non-GoldSilver vault anytime.

For segregated storage, there's a base fee of 35 dollars monthly for each metal—essentially, 70 dollars for gold and silver. Once your holdings surpass the base amount, a 0.08 per cent fee on your total assets kicks in.

At this rate, your valuables are individually packed, catalogued, and isolated from others. Only you and your appointed custodian can access them.

Are you switching storage plans? It's always an option for you.

Is GoldSilver.com Genuine or Just a Scam?

GoldSilver is a genuine entity among the top-tier offshore companies specializing in precious metals. Their reputation on Trustpilot holds an average rating of 4.1 from 1,048 feedback entries.

While a majority, 76% to be exact, showered the company with 5 stars, a 10% group of customers weren't pleased, with a mix of 2-star and 1-star ratings.

There exist firms with more glowing testimonials. I suggest exploring those. But for now, let's delve into some of GoldSilver's less-than-stellar feedback.

Issues Raised by Clients

A recent feedback entry highlighted an issue where a client sold gold coins, dispatched them via the US Postal Service, and even got confirmation of its receipt from a staff member—however, a week passed with no payment in sight. The company's responses could have been more satisfactory for the customer.

On the day this grievance was aired, a senior member assured a call back to the client, which unfortunately never materialized. The aggrieved customer contemplated approaching the BBB and even the police.

In defence, GoldSilver admitted the lapse, attributing it to internal processing challenges, and confirmed that the payment was initiated immediately post the grievance. They also mentioned their intent to rectify the procedural hiccup.

In another instance, a customer lamented a two-month wait for their silver order. Upon reaching out, the company informed me that the order had been returned, citing the client's absence during delivery.

This upset the customer, especially since they claimed no prior communication. Plus, they had yet to be reimbursed for the metals.

GoldSilver, however, disputed this, suggesting the customer knowingly disregarded the package at international customs and painted a distorted picture of the events.

Advantages & Drawbacks of GoldSilver.com

Advantages

• Are you storing your precious metals? Choose from vaults in three different nations, each offering its financial benefits.

• You've got the freedom to access and manage your assets smoothly and effortlessly.

• Vault services come free from binding contracts or commitments.

• You can count on USPS, UPS, or FedEx to deliver your metals for both U.S. and global shipments.

Drawbacks

• Their offerings are limited to just gold and silver.

• A few reviews have raised eyebrows about the firm's operations and approach.

• If you're eyeing a precious metals IRA, note that approved bullion frequently runs out, which could be a hiccup for your retirement plans.

Also Read : Opening an IRA Using Your ITIN: Is It Possible?

Final Thoughts

GoldSilver stands as a sought-after online hub for those in the market for gold and silver. Yet, it may not top the list of best dealerships. While they've faced a share of unhappy customers, they also often grapple with stock shortages on bullion. Gauging if their pricing holds an edge is a tad challenging.

In summary, while they're a good choice, they don't quite hit the mark to earn a glowing endorsement.

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