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Precious metals investing opportunities give investors a safer choice for planning for retirement. Most investors start with traditional IRAs through an employer-matched plan.
While these plans can provide retirement funds, inflation, and the US dollar impact the investor's account. These efforts decrease the account's total value, and the investor doesn't achieve their preferred lifestyle.
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 California Gold and Silver Exchange passed our strict customer service standards to become one of our top recommendations.
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Gold and precious metals aren't affected by inflation or the value of the US dollar. Instead, the value increases steadily over many years, and investors get a higher investment return. So a great way to save is to start a gold IRA.
The first step in starting an IRA or buying precious metals is to find a gold company to meet the investor's needs. California Gold and Silver Exchange offer precious metals and IRA options. Reviewing the company helps determine if it's the best choice for investors.
Company History and Ratings
California Gold and Silver Exchange opened in 2012 in Upland, California. The company provides precious metals sales and buybacks. It became accredited by the Better Business Bureau in 2014 and has an A+ rating.
The business has six physical locations in California to serve investors and collectors. While the company offers a website for customers to see their products, customers must call to place orders and get price quotes.
What Products Do They Sell?
California Gold and Silver Exchange offers investors gold, silver, and platinum products. Their products include American Eagle, American Buffalo, Australian Kangaroo, Austrian Philharmonic, Canadian Maple Leaf, 50 Peso Mexico Centenario, South Africa Krugerrand, Great Britain Britannia, P.A.M.P. Suisse Lady Fortuna. In addition, the company sells bars, coins, and bullion.
Buying Precious Metals
Customers can purchase up to $1 million in precious metals per order. First, they can review the company's products on the website and list all the precious metals the client wants to buy. Next, they call California Gold and Silver Exchange to get a price quote and set up the order.
The gold company requires a cash deposit before they get a price lock. The deposit covers a potential market loss for the company if the customer cancels their order. During these transactions, the market price can decrease, and because of the value reduction, the company can't receive the higher price for the precious metals.
Customers that commit to the purchase and follow through must send their payment via a wire transfer. After California Gold and Silver Exchange receive the payment, the order ships in discreet packaging via the preferred shipping method. Insurance coverage applies to all orders, and the company files an insurance claim if the shipment is stolen, damaged, or lost.
Selling Precious Metals
California Gold and Silver Exchange purchase precious metals from investors through a buyback opportunity. The customer contacts a customer service representative and explains what type of precious metals and the quantity they want to sell.
The customer service representative could review the metals in the client's account if they purchased them from California Gold and Silver Exchange. If the metals are in pristine condition, they can get a higher return when selling the precious metals. However, they should check the current market price for their precious metals.
They must send the precious metals to California Gold and Silver Exchange in discreet packaging as directed by the customer service representative. Once the package arrives, the gold buyer inspects the precious metals. If the metals meet expectations, the company sends the payment via the client's preferred payment method.
If the metals don't meet their standards, the gold company could provide an updated price quote or send the metals back to the customer. Clients may incur some return shipping costs. Insurance applies to the package during transport to the gold company and as it is returned to the customer.
The payment isn't sent immediately and could take several days to process. The customer service representatives can provide the client with updates about their payments. Customers can call the toll-free number to call California Gold and Silver Exchange.
Finding Hidden Treasures
Under the "Hidden Treasures" tab, the company offers advice for finding hidden gold and silver to get extra money. For example, buying silver flatware could provide a fast payoff for retirees who love to shop at antique stores or flea markets. In addition, the advice pages explain different ways to find precious metals for low prices and get a quick return on the investment.
The Latest Insights into the Market
Under the "Latest Insights," the company provides many resources and information for investors to learn about precious metals investing. In addition, the page is a helpful resource for anyone who has yet to invest previously and needs tips to avoid mistakes.
The company offers a "Read This First" section that guides visitors through gold and precious metals transactions. If they've never bought metals from California Gold and Silver Exchange, the page offers help and shows them what to expect.
Investing in a Gold IRA
The first step to start a gold IRA is to hire an IRS-approved custodian in their local area. The custodian acts as a liaison between the traditional IRA provider and the gold company.
The funds from the current IRA are sent to the custodian to deposit into the self-directed gold IRA. Next, the custodian sets up the gold or silver purchase based on the client's wishes.
Once the gold dealer receives the payment, the precious metals are shipped to the depository. The precious metals must remain in the depository until the account holder retires or closes the account.
Then, the custodian must transfer the money to the IRA within 60 days, or the account holder faces penalties for early withdrawal and tax implications. Careful planning prevents these costs and helps investors avoid lost IRA funds.
Custodians and Depositories
California Gold and Silver Exchange don't have a preferred custodian or depository that customers must use for their precious metals IRA. Instead, customers can choose any custodian or depository they want, and the gold dealer will ship the precious metals according to their custodian's instructions.
Increase the Value
According to IRS guidelines, investors can make annual contributions to an IRA, but there are limitations on how much they can add. If they are 59 and younger, they can contribute up to $6,000 yearly. If they are 60 and older, they can contribute up to $7,000. Their custodian must monitor contributions and prevent the account holder from adding too much and facing penalties.
Investors aren't restricted to gold only; they can buy other precious metals for their IRA. First, however, they must follow the same steps when they set up the IRA and work with their custodian. Then, the gold company sends these metals to the depository.
Understanding IRA Fees
The client incurs fees for setting up the IRA through their custodian. In addition, they must pay maintenance, storage, and management fees throughout the lifespan of the IRA.
A custodian can provide an estimate for these fees according to how many years from the day it's opened and the person retiring. Careful planning helps the client save money for these fees and avoid surprises later.
Planning Distributions from the IRA
When account holders turn 65, they contact their custodian to set up distributions. Tax implications apply to these payments; the owner pays taxes each year according to how much they receive. However, they can work with their custodian to arrive at a fair amount and decrease their taxes.
If they liquidate the account, the owner pays taxes on the total amount received in the same tax year. They can roll the money into another IRA account or get a lump sum. If they choose to liquidate the account, the owner must check current metals prices according to market statistics to ensure they get a fair amount for their precious metals.
Prepare for the Future
When setting up the self-directed gold IRA, the account holder chooses a beneficiary who receives the proceeds after the account holder dies. The beneficiary gets funds only if the owner doesn't use all the IRA funds.
However, the account holder can choose additional heirs to receive distributions in estate planning. The heirs must set up contributions before five years pass. If they don't, the custodian must liquidate the account and send all the proceeds to the beneficiary listed on the account documentation.
The custodian rolls the funds into an inherited gold IRA when setting up the distributions. Since it's inherited, the heir doesn't have to wait until they are 65 to get the money. First, however, they must set up the distributions based on the tax implications.
California Gold and Silver Exchange offer high-quality precious metals, and customers can sell their metals to the gold dealer through a buyback. All products appear on their website, but clients must call to get a price quote and complete a precious metals purchase.
The business offers many tips and advice for investors on their website. Customers can also set up a gold IRA through the company. Overall, the company seems legitimate, but investors can compare the company and prices before committing to buy or sell their precious metals.
Remember to read our list of the Top Gold Companies to see if California Gold and Silver Exchange made the cut.
Or, if you like what you read about California Gold and Silver Exchange, you can visit their website below.