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Precious metals offer a more stable and safer investment opportunity for investors who want to build wealth or fund their retirement.
Purchasing precious metals gives the investor a new asset that increases in value over time, and they can add the metals to an IRA.
Not only do precious metals diversify an investment portfolio, but metals also provide a secure way to generate retirement savings to improve the investor's lifestyle during retirement.
Before we get started, investing your savings is a serious task. When it comes to adding precious metals to your portfolio, how do you know which companies to trust?
That is why we have researched every company in the industry and selected the very few with the highest customer service standards.
This way you can easily compare the best companies in the business, and choose one that fits your needs and investment goals.
Read the list to see if Asset Strategies International Inc. passed our strict customer service standards to become one of our top recommendations.
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The first step in investing in precious metals is to find the most appropriate gold company to purchase the metals. By reviewing Asset Strategies International, investors can determine if the dealer is the best choice for their upcoming precious metals investment.
Company History and Ratings
Asset Strategies International was established in 1982 in Rockville, Maryland. The company offers precious metals sales and buybacks online and through its physical location.
In addition, customers can call them directly to complete large purchases and broker deals for their precious metals products.
The Better Business Bureau accredited the company in 2016 and maintained an A+ rating on the website. As of 2023, no customer complaints were filed against Asset Strategies International.
Their Products and Inventory
Asset Strategies International offers a variety of gold, silver, platinum, and palladium. Their gold products include Gold American Buffalo, British Britannia, and Canadian Maple Leaf. Silver products include American Eagles, Canadian Maple Leaf, British Britannia, Australian Kangaroo, and Austrian Philharmonic.
The platinum products include American Eagle, Australian Kangaroos, Austrian Philharmonic, British Britannia, and Canadian Maple Leaf.
They also offer palladium Canadian Maple Leaf and bars for investors and collectors. Junk bags of silver include uncirculated quarters and dimes at a specific weight, and customers cannot see what is in the bag before buying these mystery bags.
What Payment Methods Are Accepted?
Asset Strategies International accepts checks, cash, wire transfers, ACH, and credit cards. All online customers must use a credit card when completing purchases online. Once the customer sets up an account with Asset Strategies International, they can use these accounts to store different payment methods.
Buying Precious Metals
Investors or collectors can purchase precious metals online via Asset Strategies International's website by visiting their physical location or contacting the company directly.
Most products available to the public are displayed on the company's website. Still, they can find rare coins for customers as they store some of their inventory at depositories where they are shipped to customers.
The customer reviews the products on the website to complete online purchases. Some products aren't listed, and the visitor must call the company for a price quote. A phone purchase is necessary for these precious metals, and the customer can use wire transfers, ACH, credit cards, or electronic checks to complete the purchase.
They have a minimum purchase requirement for all purchases. For example, customers must purchase at least one ounce of gold, platinum, or palladium, or they can buy 100 ounces of silver. When placing an order, the clients must meet these requirements before finalizing their transaction.
Investors are advised to check current market prices for their preferred precious metals to make sure they get a fair and reasonable price for their metals. Comparing the costs to other gold companies gives them perspective on how much they should spend.
All gold companies apply a markup to their products to get a profit, but higher-than-expected markups are a rip-off. Careful calculations are necessary to avoid unfair pricing or excessive markups on these products.
If the buyer requests a price lock, they must commit to the purchase. For any reason they choose to cancel their purchase, the customer is responsible for paying Asset Strategies International a penalty if the price of the selected metals decreases during the transaction. Avoid committing to a purchase because these penalties could create a high financial loss.
All precious metals arrive in discreet packaging at the customer's preferred location. The company applies insurance coverage for all shipments and completes an insurance claim if any items are lost, stolen, or damaged through the transport.
Selling Your Precious Metals
Asset Strategies International has a buyback opportunity for previous clients, and they may purchase precious metals that weren't purchased from them. Customers must contact the company directly to set up the buyback.
First, the client calls a customer service representative and details all the precious metals they want to sell. If they have an account with the company, the customer service representative can open their account and review all orders to find the metals the client purchased previously.
Customers must disclose the current condition of the precious metals to the representative. Next, the company provides a price quote based on what the customer is offering to sell. Next, the customer receives a precious metals kit to pack their precious metals and ship them to Asset Strategies International.
They send the precious metals in discreet packaging to Asset Strategies International. Upon their arrival, Asset Strategies International inspects the precious metals for quality and ensures that there isn't any damage that decreases the value. Once the precious metals pass the inspection, the company sends the customer's payment via the preferred payment method.
If the precious metals do not meet expectations, a customer service representative contacts the client with an updated price quote. If the customer accepts, the company sends the payment, but if they disagree with the new price, the company will return the precious metals to the client. Customers may incur some return shipping costs if they cancel the buyback.
Starting an IRA with Asset Strategies International
Creating a precious metals IRA requires the investor to hire an IRS-approved custodian to complete all the documents and file the paperwork. Investors are advised to hire their custodians wisely since there is a 60-day deadline for transferring IRA funds into the gold IRA. In addition, there are penalties and tax liabilities if the funds don't transfer before the deadline.
Next, the investor must choose a depository where their precious metals will be stored after purchase. The depository must meet all IRA regulations and guidelines, and the customer must pay all storage fees when setting up their account.
When funding a precious metals IRA, the client must choose between using their free capital or transferring funds from an existing IRA. Their custodian must contact the IRA provider to set up the transfer and deposit the money in the newly formed and self-directed precious metals IRA. Checking the minimum deposit helps investors determine how much they should transfer from their existing IRA into the gold IRA.
Once the funds transfer to the new IRA, the account holder informs their custodian of what they want to purchase from Asset Strategies International.
The custodian facilities the transaction and coordinates the precious metals shipment from Asset Strategies International to the client's preferred depository. The custodian receives documents showing the transfer of the IRA funds, the precious metals purchase, and the shipment's arrival.
Custodians and Depositories
Asset Strategies International doesn't require customers to use their preferred custodians or depositories.
However, if the investor wishes to store their precious metals in a different country, Asset Strategies International offers recommendations to help investors avoid mistakes.
No custodians are working at Asset Strategies International to help investors set up their IRAs. However, investors can work with customer services representatives to help them with precious metals purchases for an IRA.
Understanding Ongoing Costs and Expenses
Throughout the lifespan of the IRA, the account holder must cover certain expenses. For example, there are fees related to custodian services, IRA management, maintenance, and storage. An IRS-approved custodian can disclose an estimate for these fees to the client and help them plan for opening a self-directed gold IRA.
How to Increase the IRA's Value
Investors can add to the value of their precious metals IRA by purchasing and adding more metals to the IRA. The new purchases require custodian services and shipments to the depository. The account holder can transfer more funds from an existing IRA to increase the value. They can also use capital to buy precious metals and contribute the metals to the self-directed IRA.
According to IRS restrictions, investors under 59 can add up to $6,000 in precious metals to their IRA yearly, and investors 60 or older can contribute as much as $7,000 annually. So if the investor wants to build wealth in precious metals, these opportunities give them a steady technique of saving money for retirement.
Some investors may choose to set up a gold IRA to generate wealth to support their family financially after they die. Reviewing investment opportunities for the IRA helps investors create a careful plan to achieve all their objectives.
Distributions from the Gold IRA
Once the investor becomes 65, they can set up distributions from their precious metals IRA. How much they receive out of the IRA determines their tax implications for the year. Their custodian can help them plan their distributions based on their preferred lifestyle and how much the account holder wants to pay in taxes.
For example, if they liquidate the IRA, they must pay taxes based on the total value they receive from selling their precious metals. However, the market price of the precious metals determines how much the investor gets from liquidating their IRA. Therefore, careful planning helps avoid severe financial losses.
Estate Planning for Your IRA and Precious Metals
Estate planning is critical for all financial assets. When planning the distribution of their wealth, estate owners must consider tax implications for their heirs and how to provide support after they die. The estate owners protect their financial interests by transferring assets out of their estate. By decreasing the estate's value, the owner reduces the time their estate remains in probate.
An effective strategy for protecting the remaining balance of a gold IRA is to transfer the assets into a trust. If the IRA is part of a trust, it doesn't go through probate, and the estate owner's successor gets immediate access to the account. Their successor decides how to use the IRA, when to liquidate it, and who receives proceeds from the precious metals sales.
Another option is to set up an inherited IRA for a specific heir through the custodian. Then, suppose a balance is left over after the account holder dies. In that case, the custodian rolls it over into the inherited IRA, and their heir receives distributions from the IRA according to the account holder's specifications.
Unfortunately, suppose the heir doesn't set up distributions from the gold IRA within five years of the account holder's death. In that case, the custodian must liquidate the IRA account and distribute it according to IRS regulations.
In addition, if the owner doesn't identify a beneficiary, the custodian won't know who receives these proceeds. To prevent these issues, precious metals IRA owners should set up an estate plan to avoid problems in the future.
Building More Wealth Outside an IRA
Investors can buy precious metals separately from an IRA and generate wealth. Investment experts recommend keeping the metals for at least ten years to get a higher return from the investment. There aren't restrictions on how much an investor can buy at any time.
Under the "Resources" tab, visitors find the company newsletter and investor information about precious metals. In addition, the guides offer helpful information to get first-time investors started on their precious metals purchases.
Asset Strategies International seems like most gold companies that offer precious metals for investments and IRAs. They offer many precious metals products, including gold, silver, platinum, and palladium. Customers can buy products online, via phone, or locally in Maryland, and the company offers customer service representatives to manage purchases and arrange buybacks.
There aren't any restrictions on custodians or depositories for new gold IRAs, and customers make all the choices about their precious metals investments. However, they do not offer custodian services, and investors must hire a custodian to create and manage their self-directed gold IRA.
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