Bishop Gold Group is the leading precious metal company specializing in helping people purchase gold, silver, platinum, and palladium physically and online conveniently. For years, they have built a reputation for providing top-notch service to their clients and helping them make informed decisions on precious metal investments.
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 Bishop Gold Group passed our strict customer service standards to become one of our top recommendations.
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About The Company
Bishop Gould Group was founded on 11/30/2017 in Los Angeles, CA. It is a privately held company whose overall goal isn't to sell as much gold as possible but rather to help its clients feel confident and secure their finances by investing in precious metals.
It goes without saying that inflation and the volatile stock markets can quickly erode people's investments. Of course, some people have learned how to take advantage of the stock markets to increase their wealth, but for many, the stock market is a risky venture. Plus, it needs constant monitoring, which most individuals don't have time for.
So the founders of Bishop Gold Group came up with the idea of helping Americans of any class to also build as much wealth as they can but with peace of mind and guaranteed success.
They assist clients in diversifying their money in a way that suits and works for them, considering their unique circumstances and long-term goals.
Bishop Gold Group has been able to stand out over its competitors mainly due to its client-focused approach. They consider their clients part of their families and treat them with utmost respect and care.
From their knowledgeable staff to their excellent customer service, they strive to ensure that each client has the best experience possible from start to finish.
Product and Services
As mentioned, Bishop Gold Group sells gold, platinum, silver, and palladium products, specializing in coins and bars. They also have a wide variety of collectible items. The company only works with the most trusted and reputable mints, ensuring that their products are of the highest quality.
They provide clients with detailed product information, including weight, purity, design, and more, to ensure they make informed decisions when choosing an investment vehicle such as precious metals.
Bishop Gold Group also offers investment and retirement savings plans, such as precious metal IRAs. They help their clients open an IRA account and manage it for them, as well as provide guidance on how to properly diversify their portfolio for retirement planning.
The company also offers a variety of services, such as investment advice, storage solutions, and delivery options. This is great for those who don't have time or the knowledge to invest in precious metals on their own and would like some assistance from professionals.
Understanding Precious Metal IRAs
A precious metal IRA is a special type of investment account that allows people to invest in physical gold, silver, platinum, and palladium. They provide the same benefits as regular IRAs, such as tax-deferred growth potential, liquidity, and protection from inflation.
The biggest difference between the two is that a precious metal IRA is backed up by physical gold and other precious metals instead of paper assets like bonds and mutual funds.
Considerations When Investing In Gold IRA
If an investor is interested in investing in Gold IRA, Bishop Gold Group can provide them with everything they need to achieve success. This includes helping them with the necessary paperwork and ensuring they comply with all the legal requirements. However, there are some things they still need to keep in mind.
1. Price Fluctuations
Commodity prices also fluctuate like stocks, mainly due to supply, demand, interest rates, and other investor behaviors. Gold is not a consumable like coffee or wheat, meaning almost all gold ever mined on the surface of the earth is still around, and more of it is still being mined every day.
The only way it gets off the market is when someone uses it for something else, like making jewelry or art. So the more people use gold, demands arise, which raises its price. Given how people are discovering more use for gold, its price continues to go up.
It is also important to be aware that central banks also have a say in gold prices on the market. Many financial institutions use precious metals as reserves for their currencies. But unlike bonds or money, precious metals don't multiply or generate any return.
So, if the economy is doing fine and banks' reserves are large, they may release some of their gold reserves back into the market, which can decrease its price.
Interest rates can also affect gold prices. A higher interest rate may encourage investors to put their money in other investments that generate a return on investment rather than buying physical gold, which does not produce any income.
2. Storage and Insurance Costs
Investing in precious metals comes with storage and insurance costs. Unlike stocks or mutual funds, a physical asset like gold needs to be stored someplace secure and insured against theft, damage, or loss due to natural disasters.
Bishop Gold Group works with Brinks and Delaware Depository storage companies that specialize in the safekeeping of precious metals. They also offer insurance options to protect clients' investments.
When it comes to taxes, gold IRAs follow the same rules as regular retirement accounts. This means that gains from investments in a gold IRA are not taxable until you make withdrawals from the account.
Gold IRA Custodians
An IRA trustee or a custodian is an institution responsible for handling an individual's IRA. They provide services such as asset protection, record keeping, and tax filing, among other things. Bishop Gold Group is not a licensed custodian yet, but they offer custodial services through Strata Trust Company and Kingdom Trust, both of which have an excellent reputation and are respected in the industry.
Withdrawing From IRA
When an investor gets to a point where they feel like they have enough funds in their retirement account, they can start withdrawing money. It is important to keep in mind that IRAs last a lifetime, so it is best not to withdraw too much at once.
When withdrawing from a precious metal IRA, the investor will likely be subject to taxes on any gains from investments as well as early withdrawal penalties if they are under the age of 59 ½. However, if they wait until the age of 70 1/2, they must take a minimum withdrawal of 4% each year. This is known as the required minimum distribution (RMD). It also applies to traditional IRAs, Roth IRAs, and SEP IRAs.
Precious metals IRA investors have two options when it comes to distribution, i.e., In-Kind Distribution and Standard Liquid Distribution.
In-Kind Distribution means the investor can receive their gold or silver in the form of coins and bars. Standard Liquid Distribution means they will receive cash proceeds from the sale of their investments.
Investing in Physical Precious Metals
If an investor prefers to put their money in something they can see and touch, which they can later sell or pass to their heirs, investing in physical precious metals is the way to go. Bishop Gold Group offers its clients the ability to buy gold and silver coins and bars directly from them.
They guide their clients on the best places to store their physical assets, as well as provide advice on how to protect them from theft and natural disasters.
Bishop Gold Group Scam Allegations
Bishop Gold Group Company's services and products are too good to the point where some people don't believe it's legitimate. Luckily the company is as good as it is real.
The Better Business Bureau accredited the company on 5/28/2020 and gave it an A+ rating. In addition to that, Bishop Gold Group Company has been featured in Forbes and Bloomberg, which are reputable news outlets.
The customer ratings are also excellent. On Trust Pilot, the company has an excellent 4.8/5 score from multiple reviews. Also, BBB has recorded no customer complaints about Bishop Gold Group Company since its accreditation in May 2020.
Advantages of Working with Bishop Gold Group
Bishop Gold Group Company has an experienced staff with decades worth of experience in the precious metals industry and financial planning.
This level of expertise makes them well-equipped to help investors through their retirement journey. They also provide free consultations with experts who can help investors understand their financial goals and make informed decisions about their investments.
The company works with other reputable companies in America to ensure their clients get the best service. So, it provides a one-stop shop for investors interested in anything to do with precious metals.
Moreover, Bishop Gold Group Company provides excellent customer support. Investors feel as if they are dealing with their close friends. They are prompt, helpful, and willing to answer any questions they have.
Lastly, if you don't like how your first precious metal of choice is performing, Bishop Gold Group has several other options you can take, including a variety of coins and bars with different levels of rarity. You can also switch from physical investments to paper assets, such as ETFs and mutual funds.
Investing in gold IRA or other precious metals through Bishop Gold Group is a good decision for those looking to diversify their asset portfolio and make secure investments.
Despite being a young company, their team boasts decades' worth of expertise in the industry, and they provide top-tier solutions to ensure maximum satisfaction.
Remember to read out list of the Top Gold Companies to see if Bishop Gold Group made the cut.
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