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Investors are learning more about the importance of precious metals and how secure these ventures are. Planning for retirement is critical for everyone, and how much investors save or secure for their golden years determines what lifestyle they achieve.
Precious metals are a solid foundation for a better retirement and avoid shortcomings associated with other investment opportunities.
For instance, 401(k) plans are helpful, but the value of the US dollar affects how well a retiree sustains themselves financially once they stop working. Inflation makes an impact on their investments, too. Investing in precious metals prevents these issues and gives investors a yearly plan that grows in value.
Before anyone invests in precious metals, they need a trusted gold company that provides them with all the necessary advantages. Reviewing GoldDealer.com helps determine if the company is the best choice for traders.
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 GoldDealer passed our strict customer service standards to become one of our top recommendations.
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Who Is GoldDealer.com?
GoldDealer.com operated as California Numismatic Investments originally, and the company was opened in 1982.
They have accreditation with the Better Business Bureau and membership with the Business Consumer Alliance.
The organization offers precious metals IRAs and buys and sells gold and silver online and at its California location. Collectors can also set up appraisals for their coin collection by contacting GoldDealer.com for an appointment.
Buying Precious Metals from GoldDealer.com
To buy precious metals from GoldDealer.com, visitors click on the appropriate tab for their desired metal type. All products are displayed on the website so buyers can review them and decide what they want.
To buy the bullion, coins, or bars, the customer clicks "Live Buy Price" and follows the onscreen instructions. After they add all the precious metals they want to the shopping cart, the client completes the transaction through the checkout.
Investors with large orders can visit the physical location or call the gold dealer. Customer service representatives provide a free quote for the order, and the clients can review the current market prices and determine if they receive a fair price.
If the price is acceptable, the investor sets up a wire transfer to pay for their order. After GoldDealer.com receives the payment, they set up the shipment. All non-IRA precious metals purchases are shipped to the investor's location since IRS guidelines don't apply.
Special offers are available under the tabs for each precious metal. For example, investors click on the gold or silver tab and scroll down to "Special Offers" to see what is on sale or available at a discounted rate.
Selling Precious Metals to Golddealer.com
To sell precious metals, clients start by checking the live sell price for each item they have. Investors review the inventory of products available on the website and then click on "Live Sell Price" to check the current price the gold company will pay for the precious metals.
Next, they set up an account on the website and discuss the sale with GoldDealer.com. A customer service representative provides a complete quote based on the precious metal, the quantity, and the current market price.
If the quote is accepted, the customer sends the precious metals to GoldDealer.com through the discreet packaging the company sends them.
After the metals arrive and meet the inspection requirements, GoldDealer.com sends the customer's payment via mail or wire transfer. For any precious metals that arrive and don't meet expectations, GoldDealer.com returns them to their owner.
Creating a Gold IRA
GoldDealer.com offers opportunities to start a precious metals IRA. The self-directed precious metals IRA provides a secure option for generating retirement savings. To get started, investors must hire an IRS-approved custodian to complete the paperwork and create an IRA account.
Investors can fund the IRA using their own money or by transferring money from an existing IRA. If they use an existing IRA account, their custodian acts as a middleman between the IRA provider and the investor.
Choosing the best custodian helps investors avoid complications due to delayed transfers. For example, the IRS imposes a 60-day deadline for transferring funds from a traditional IRA to a gold IRA. If, for any reason, the custodian misses the IRS's deadline, tax penalties apply.
Tax penalties reduce the total investment amount, and the account holder cannot transfer more money from the existing IRA after their custodian files the transfer documents. Therefore, it's best to avoid custodians with high client volumes that lead to unexpected delays.
The typical turnaround time for these transfers is three business days, and if the custodian requires more time, the investor may need to examine other service providers.
The IRA provider transfers the funds to the custodian to fund the new IRA account. Once the funds are available, the account holder chooses the precious metals they want to buy.
The custodian contacts GoldDealer.com to set up the purchase, and they transfer the payment to GoldDealer.com via wire transfer to pay for the precious metals purchase.
As of 2023, GoldDealer.com doesn't have its IRS-approved custodians to manage new precious metals IRAs. Therefore, investors must do their due diligence to find a trusted custodian to create and manage their IRA.
Storing Precious Metals
Investors must store all precious metals associated with an IRA in an IRS-approved depository. According to the GoldDealer.com website, the company offers depository services, but to get the service provider's name and location, customers must request the information from them.
There aren't any recommendations for depository services outside of GoldDealer.com on their website. Investors are not obliged to use GoldDealer.com's depository services. However, reviewing service providers and comparing prices and fees helps determine where investors should store their precious metals.
Setting Up New Contributions
All investors can set up new contributions and precious metals purchases for their IRA. As of 2023, the IRS guidelines prevent parties under 59 from contributing more than $6,000 to their accounts annually. However, if the account holder is at least 60, they can contribute up to $7,000 yearly to their precious metals IRA.
If the account holder wants to contribute to other IRA plans, they must deduct their contributions from their annual limit before buying more precious metals. The IRS contribution restrictions apply to all retirement plans, so plan contributions wisely.
Assessing Fees for Your IRA
First-time gold IRA investors should calculate the total fees before committing to the new account. GoldDealer.com has customer service representatives who can estimate custodian services, IRA maintenance, and storage costs.
When assessing service providers, new clients can request estimates for starting the IRA and ongoing costs. By knowing how much they'll spend, investors can complete financial planning to avoid issues later.
However, they shouldn't open an IRA account blindly and must know what is expected of them before they set up transfers from traditional IRAs or rollovers from a ROTH IRA account.
Setting Up Contributions
Once the IRA owner reaches 65, they can set up distributions from the precious metals IRA. The amount they receive each year determines how much they pay in taxes. If they transferred funds from a traditional IRA, they used tax-deferred money and must pay taxes when they withdraw funds during retirement.
Their custodian calculates tax implications for the account holder based on different distribution amounts. Retirees can set up quarterly tax payments based on these distributions and pay less at the end of the year.
If the investor chooses to liquidate the whole account, the custodian calculates tax implications to help the client make a well-informed decision.
Estate Planning and IRA Management
When investors create a precious metals IRA, they can identify a beneficiary for their account. However, if they build substantial wealth through their self-directed gold IRA, their estate's value increases dramatically.
Under the circumstances, even if they have a will, the entire estate must go through the probate court. In probate, creditors can seize assets to settle outstanding debts; with extensive obligations, the heirs could lose most of their inheritance.
Financial planners and estate attorneys may recommend establishing a trust and transferring the gold IRA from the estate. Through a trust, the account holder can choose a successor who receives their IRA if they die before using the entire account balance or liquidating it.
Educational Resources for Investors
GoldDealer.com offers many educational resources for investors. These options include Audio Gold News, risk disclosures, gold-to-silver ratio charts, data, reportable transaction details, and their gold newsletter.
First-time investors can review these resources to learn more about buying gold and setting up IRAs. In addition, the company updates the content to inform investors about trends and opportunities for precious metals investments.
Appraisal Services for Rare Coins
Serious coin collectors search for rare coins to sell later. They may also inherit coin collections from loved ones and want to know the cash value of these coins.
GoldDealer.com offers appraisal services for rare and collector coins, and collectors can stop by the California location for a comprehensive appraisal. If they want to sell the coins, customer service representatives can present offers based on the appraised or resell value.
Ask the Expert Features
The "Ask the Expert" feature on the GoldDealer.com website allows visitors to submit questions about precious metals investing. To use the feature, visitors enter their names, email addresses, and queries. Then, an expert responds to their questions via the email address they receive within a few business days.
If a customer wants to speak to a precious metals specialist directly, they can call GoldDealer.com to get information about investing in precious metals or setting up a new retirement plan. There is a toll-free number listed on their website.
Guides for State Sales Tax
Investors must pay state taxes if their state requires these payments. GoldDealer.com offers a complete chart of the US to show investors if their state requires sales tax for buying precious metals. In addition, a customer service representative can calculate state sales tax for customers and include these requirements with the price quote.
Advantages and Disadvantages of Golddealer.com
The advantages of GoldDealer.com start with reasonable pricing. According to customer reviews, the gold company provides fair prices for their products when they purchase precious metals from clients. In addition, on their website, visitors can access educational resources to help first-time investors get started.
According to customer reviews, they offer great customer service during precious metals and buybacks. The company discloses details about its products, pricing, and fees.
Their products are high quality, and most orders arrive within three weeks. Customers can find live buy or sell options next to each product, and the company offers rare coins.
GoldDealer.com's disadvantages are that customers state that they are unresponsive to client requests and emails once the company finalizes transactions. They offer IRAs, but the organization doesn't have its custodians or recommendations for service providers.
Customers also claim that the business doesn't provide tracking information for their shipments or receipts after precious metals purchases.
GoldDealer.com offers many services that cater to investors. For example, they provide precious metals IRA accounts and have an extensive inventory of products from which to choose.
In addition, the precious metals buying and selling processes are straightforward, although customers have complained about unresponsive customer service afterward.
They are transparent with their prices, and investors can determine how much they'll spend without calling the company for a quote. Educational resources on the website are helpful and could give first-time investors the upper hand.
They sound like a fair precious metals company, but you should consider all the information in this review before committing to buying or selling your metals.
Remember to read out list of the Top Gold Companies to see if GoldDealer.com made the cut.
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