When you're buying gold and silver online, you typically want a company that's well established. If an advertisement sounds too good to be true, it probably is. But even popular companies sometimes have poor overall reputations among gold and silver professionals. So what are you supposed to do?
BGASC is a massive gold dealer that ships to people throughout the US. They have been positively reviewed thousands of times, but are their services actually the best? We've broken down what you should know about what the company offers.
If you want to purchase gold for your retirement account, we do have other IRA-specific companies that we recommend instead.
BGASC is a gold and silver dealer that has a massive inventory, wide network of connections, and deeply established reputation among other industry professionals. They have grown significantly since first starting out. Though they don't have much online information regarding their management, they do talk a lot about their policies.
According to the company website, BGASC was created with customer care in mind. The goal was to make a company that the actual owners would want to trade with. That means having inventory on hand instead of back ordered, having fast shipping times with reasonable policies, keeping price fair and balanced, and operating with a high level of integrity and ethics.
BGASC also has several impressive qualifications within the industry itself. In addition to having an A+ with the Better Business Bureau, they are part of the Certified Coin Exchange, certified as a PCGS dealer, a member of the NGC Collector's Society, and an authorized bulk purchaser of non-bullion products from the US Mint.
When packages ship out from the company, they are all fully insured. The team at the company is dedicated to customer service. They make an effort to fill every customer's needs the first time, but if those needs change, the company is flexible enough to look for solutions.
There have been more than 500,000 orders shipped to tens of thousands of customers. Billions of dollars worth of product have been processed. Rather than selling items that are owned by other wholesalers, BGASC fully owns their inventory. They also don't have any debts.
The company is often chosen by people who want to make large purchases of silver and gold. But you can order whatever you want. Since there is no minimum order size, many customers are just buying a small handful of coins.
Like many gold and silver companies in the US, BGASC has some IRA services. However, their main focus remains on smaller orders of non-investment coins. They also focus on collectible purchases, which can't be placed in an IRA.
Some companies will take you through all of the paperwork step by step, including the rollover paperwork. That doesn't seem to be the case with BGASC. They will connect you with one of their partner custodians, but then they expect the custodian to do all of the paperwork for you.
It's only when your account is fully opened and funded that you'll talk to your BGASC representative again. They can give you insights on the different products that are available to hold in an IRA, as well as which products are the best for your situation.
There's another important note. If you make a purchase for an IRA through BGASC, you need to pay at least $30,000. That's a far cry from the zero minimum investment of the regular cash purchases. It's even higher than most minimum purchases at some of the most prestigious IRA-focused companies on the market.
If you do decide to use BGASC's IRA services, you will need to do so over the phone. The package will then be shipped to the depository of your choice. Your custodian will handle the unpacking and storage of the items, managing your account from there. BGASC itself has very little involvement in the IRA process.
For $30,000, you can easily invest with a company that will actually go over your paperwork with you. Many of these companies will even waive your first year of account fees if you meet a certain minimum investment threshold. Since BGASC doesn't focus on IRAs, their services are slightly lacking.
When you want to make a purchase in cash, it's easy to browse the website and look at different products. The massive inventory covers investment bullion, numismatic rarities, limited edition collectibles, circulated coins, junk silver, foreign currencies, and more.
If you make a purchase of at least $250 (using cash, not retirement funds), then your shipping will be totally free.
As you browse the website, you can sort products by their price ranges. This allows you to easily look at either the cheapest or the most high quality investment pieces. The prices of different products will change as the spot price of gold and silver changes in real time.
You can make payments with your credit card, debit card, a bank transfer, or a check. Checks must be mailed and take a while to process because they need to clear with the bank first. The quickest payment method is a card or wire transfer.
The products are also sorted into easily-navigated categories. For example, you can look at pure bullion, gold, silver, non-IRA products, collectibles, assorted coins, and even products used to store coins.
The Featured Products and Best Sellers pages show you some of the latest deals that BGASC offers. The Best Sellers page gives you an idea of which items are the most popular, which can be helpful especially when you're deciding whether to invest in a certain collectible.
If you're concerned about your purchases, you can also call to talk to a company representative. They'll be able to answer your questions and make recommendations. For example, if you're looking for a gift, they might recommend certain collectible or historic coins based on your loved one's interests.
Is BGASC a Scam?
BGASC isn't a scam. This is one of the largest precious metals companies in the world, and you can see thousands of reviews from customers. On Trustpilot, there are well over 7,500 reviews, and almost every one is positive. Customers report being pleased by their purchases and the inventory selection.
The Better Business Bureau gives them an A+. There have been very few complaints, and the company has responded swiftly and appropriately to any potential issues. On Facebook, the company has over 3,000 "likes." There are also very few reports of mismanagement or scam activity.
Ripoff Report has three reports about the company. However, these mostly seem to be either misunderstandings or talking about the wrong company. Because of this, we feel that we can discount these reports and assume that BGASC performs adequately. If they didn't have thousands of other good reviews, it would be different. But since they do, these reports are inconsequential.
However, there are some considerations to keep in mind. A big one is that there are competitors that have more in-depth and streamlined IRA services. They have in-house IRA teams that handle all of the paperwork, including the rollover paperwork. They even speak to your custodian for you. With BGASC, you have to do a little more of the heavy lifting yourself.
Pros & Cons of BGASC
BGASC is a solid company that has a high customer satisfaction rating. Most customers report being happy with their purchases, with about 87% rating 5 out of 5 stars. Another 11% rate 4 out of 5 stars. There has been almost no negative feedback, and the company quickly responds to any negative issues.
They do have some IRA services available. But they focus on much more than just being an IRA company. Most customers are making cash purchases of just one or two coins, so they aren't investing very much. The majority of reviews come from people who were just buying a few collectible coins.
Because of this, we recommend working with one of the highly rated competitors if you open an IRA. BGASC's services are perfectly acceptable, but there are other companies that focus more sternly on IRAs. As such, they have larger teams of people who can help with your specific issues.
If you are a collector looking for specific products, though, you'll be happy with how big BGASC's inventory is. These items can't be held in a retirement account, but they can be purchased using your savings.