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Securing a comfortable retirement is the ultimate goal for investors across the globe. They know that diversifying any portfolio is how they can achieve this goal too. However, stocks and bonds can only go so far with their returns.
It's only natural to seek out another option. Investing in precious metals is a clever way to add more financial security to any retirement plan.
There are many online dealers with gold and silver options today. Read this review and get to know Golden Eagle Coins and what this company can do for investors.
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 Golden Eagle Coins passed our strict customer service standards to become one of our top recommendations.
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About Golden Eagle Coins
Golden Eagle Coins is a precious metals dealer based out of Laurel, Maryland. Its showroom is about a half hour outside of Washington D.C.
Its website has a colorful homepage where products can be seen on a slide show, or customers can scroll down for more options.
The left margin offers a clear view of basic coins, bars, and unique collections. GEC appears to have a vast inventory for only one location.
They cover some important company highlights on the homepage, including free shipping with a purchase of over $99. In addition, there's a market listing of today's precious metals pricing along with historical charts as a clickable link.
The site gives customers a few options when it comes to buying products. GEC advertises its phone number, but there's also a virtual cart feature. This site appears to have a shopping option similar to any other online retailer. This self-service feature can be attractive to many investors.
Exploring GEC's History
This dealer has been in business since 1974, which is a considerable achievement in this industry. Investors who're concerned about scams and questionable business ethics can see right away that a long history in precious metals gives GEC credibility.
GEC mentions its business relationships within the industry on the site but doesn't list any company names. Although investors may be concerned about the lack of transparency, it's not necessary to specifically name these entities. A company that's been in business this long will always have strong ties to its particular community.
It's interesting to note that GEC has never expanded to multiple locations. They've increased their facility's size, however. GEC reports that its major expansion is online, which reduces overhead across the board. As a result, their business can offer competitive prices without too much markup on the products.
Reading Over GEC's Reviews
GEC has an A+ rating from the Better Business Bureau, which is commendable. It has also been BBB accredited since 2017. Investors might wonder about their accreditation before 2017, however. For a business that's been operating for several decades, its accreditation period is relatively short. Investors may want to research GEC a bit further before attempting any transactions.
This company's reviews are quite mixed. Between the BBB and Trustpilot, GEC has thousands of reviews. They seem to please a few people and frustrate many others, for instance. They have a solid average of good reviews, but investors should look through the negative reviews for any patterns.
Some customers point out poor product quality or missing items in their orders. Additionally, other orders are sent with improper packaging and no signature necessary. Other customers describe paying for an order and receiving nothing.
Shipping problems are difficult to judge because they may be a mixture of mishaps between both the precious metals dealer and the shipping company. Investors should also note that many complaints about order issues are resolved by GEC. A company with decades of experience will always have a few negative reviews from the public.
Knowing About the Founders
GEC's humble beginnings are similar to the classic, American dream. A laundromat owner named Bob Mangels, Senior, had five locations with plenty of coins to collect and count.
Out of this business came a love of coins. With a loved one by his side, Mr. Mangels attended many coin shows across the nation. Eventually, he started GEC and grew it into a bigger business than those laundromats combined.
The site advertises GEC as a family-owned business. With this designation comes pride in ownership. The family wants to shine with their customer service, and many reviews reflect this fact. Presumably, working with GEC may feel like dealing with a small business in an urban setting.
Getting Familiar With Account Custodians and Depositories
GEC doesn't appear to work with any custodians or depositories. These entities are necessary when investors want to open a precious metals IRA or Individual Retirement Account. Overall, GEC simply buys and sells precious metals without any investment opportunities.
A precious metals or gold IRA is an account that can hold tangible assets, such as gold or real estate. These accounts operate similarly to traditional IRAs. The main difference is the asset type. Traditional IRAs only give access to paper assets for investment purposes.
Unlike a traditional IRA, gold IRAs require a custodian and depository. The custodian operates like an account manager. He or she works with the investor to fund, purchase and ship the items to a secure facility. This depository is where all precious metals for an IRA must reside. Investors cannot hold physical gold or silver until it's withdrawn in retirement.
In addition, there are only certain products allowed in the gold IRA. This fact may seem strict, but these rules protect the investment from losing significant value. Gold IRAs are legitimate investments as recognized by the federal government. Without the rules, gold IRAs wouldn't be available for their tax incentives.
Many precious metals dealers also consult on gold IRAs with connections to affiliated custodians and depositories. Unfortunately, GEC doesn't appear to have these business relationships.
Activating a Precious Metals IRA
Investors who want to activate an account must first research custodians. This individual is the investor's connection to the account. In many ways, custodians are the most important element of a gold IRA aside from the assets themselves.
Look for a custodian who has specific experience with precious metals. Traditional or Roth IRAs operate in a very different manner compared to gold IRAs. Some custodians might work at a precious metals dealer, but they're often employed by separate entities. There should be online reviews about their employer for research purposes.
With a chosen custodian, investors must decide how to fund the new account. They might choose a rollover from an existing retirement account, such as another IRA or 401(k). A rollover has a big advantage over basic contributions from a checking account.
There is essentially no limit on the amount that can fund the gold IRA. Ideally, investors might consider up to 10 percent of retirement funds as precious metals investments.
The custodian opens the account and manages the rollover transaction. When the gold IRA has the funds, both the investor and custodian can select precious metals for purchase. From dealers to government mints, these facilities ship the precious metals out to a selected depository.
Investors now have a choice of storing the products in commingled or separate vaults. Regardless of the storage type, every product is secure every day. Investors can now enjoy the tax incentives and financial security associated with gold IRAs.
Gold IRAs can gain significant value when they're treated as long-term investments. Ideally, allow the precious metals to increase in value over several decades. During retirement, they can be liquidated for income or kept at home as a tangible asset. Some families pass precious metals down to their loved ones as a way to build wealth.
Scrolling Through Available Products
GEC categorizes its products along the left-hand margin. Discover items under "Bullion," "U.S. Coins" or the "Other" tabs. Underneath each category are clickable subcategories, such as "Gold Coins."
Most investors should focus their attention on the "Bullion" category. They'll find both silver and gold coins here. There are plenty of bars to choose from as well.
If investors are looking for some unusual products to add to their collections, commemorative and pre-1933 items are available too. They may not be appropriate for a gold IRA, but these collectible coins can add some value to a person's wealth.
Additionally, investors might explore precious metals besides standard gold and silver items. GEC is proud to also sell platinum, palladium, copper, and rhodium. These unusual products are worth a look at as investors consider them collector pieces.
Investors can also look at other categories, such as "New Products" and "Sale" items. GEC's website has an intuitive structure to it, which makes it attractive to the eye as visitors click on various subcategories. Keeping this page bookmarked would serve investors well as they visit often for those special sales.
Discovering IRA-Eligible Products
Because GEC doesn't offer any gold IRA services, they don't indicate which products are eligible. As a result, investors must research these products on their own.
Generally, common products allowed in gold IRAs include the American Gold Eagle and Canadian Gold Maple Leaf coins. Eligible precious metals must meet strict criteria, such as specific purity levels. Gold, for example, should be 99.5 percent pure. This feature is achieved by purchasing the gold directly from a mint or approved dealer.
GEC does sell a few IRA-eligible coins, but it's unclear if they're packaged as required by the federal government. Investors may want to ask about GEC's policies before placing any orders. Gold IRA rules are strict and must be followed at all times.
Selling Products Back to GEC
This company has buyback programs for precious metals bullion and scrap metal. The most common bullion purchased by GEC is in coin form. GEC will also consider bars at specific purity levels. Keep in mind that all items must be verified by GEC before any payment is made. They post rough values on precious metals that they'll take in. The cost can vary, however, if the item has any flaws.
GEC's scrap metal buyback program has a clear listing of possible pricing on the site along with a phone number. Investors are encouraged to call with serious inquiries. They currently accept gold, silver, and platinum scrap metals.
For transparency, GEC reportedly creates a purchase order for every buyback transaction. Both parties will know what is expected of each other so that there are no pricing or product discrepancies.
Although many investors never sell back any precious metals, this service is a welcome feature in case it's needed.
Listing Fee Structures
As investors browse through the website, they won't find any fee listings. GEC doesn't offer any gold IRA services, which means they shouldn't have any fees. The only fees appear to be shipping costs.
The site lists product pricing, but no shipping costs. They do offer free shipping with a $99 purchase. Because most products cost much more than this threshold, it appears that many orders are simply shipped under this sale feature.
Investors should know that a gold IRA will have some fees associated with it. Depending on the custodian and depository, investors might pay account activation, maintenance, storage, and insurance fees.
These gold IRA companies should have fee structures listed out for easy reading, for example. Investors should consider these costs as typical charges for account upkeep. Storing physical gold stands in stark contrast to merely investing in paper assets, such as stocks and bonds.
Deciding on Golden Eagle Coins' Services
GEC has a passion for coins, and this fact shows on its website. They carry fascinating products for nearly any collector. However, most investors may find a different dealer more attractive for their particular needs.
Many companies are offering precious metals and gold IRA services today. As a result, investors can take advantage of this competition so that they have the right dealer for their needs. Saving for retirement takes years of strategic investing and portfolio diversification.
This company doesn't mention gold IRAs in any capacity. GEC appears to exclusively service the coin-collecting community. They've created a lucrative business based on unique coins, which is their niche instead of investment ventures. As a result, investors can find another company with an emphasis on investment accounts and associated products.
Remember to read out list of the Top Gold Companies to see if Golden Eagle Coins made the cut.
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