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If you've made the decision to start purchasing precious metals for your retirement or investing purposes, great work.
You're doing something smart and necessary, as an investment in gold can help provide you with major asset diversity and ensure that you are protected against negative changes in the economy.
That being said, finding the right vendor for your purchases can be a major challenge, as there are so many out there. We're here to help: Check out this review of Gramercy Gold.
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 Gramercy Gold Review passed our strict customer service standards to become one of our top recommendations.
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About Gramercy Gold
The front page of Gramercy Gold immediately lays out who they are and why you should do business with them. They immediately launch into their competitive advantage and value statements, which they list as offering competitive prices, top-notch ethics, and customer service.
Unfortunately, as is the case for many companies who are engaged in this industry, Gramercy Gold fails to list any information about who they are, what their qualifications are, what their expertise is, or how long they have been in business.
Our preference is always that customers have as much information as possible about a company before making a sales decision, so this lack of information is disappointing. It becomes even more problematic when one considers some of the more unique sales that Gramercy Gold is involved in.
Services Provided
On the one hand, Gramercy Gold provides many traditional services that you can find on a variety of websites. First, they offer gold for an IRA, enabling individuals to purchase gold and have it shipped to their third-party storage facility or an IRA. However, this webpage was somewhat confusing. It is unclear if Gramercy Gold runs the IRA itself.
This page contains information on precious metal IRAs, including what they are and how people can take advantage of them. Instead, they direct people to their contact form - even though that form isn't linked on the Gold IRA page - and tell individuals to fill out the form for more information on a Gold IRA. Other websites we have reviewed have a much clearer process, so this is somewhat problematic.
The meat of the website deals with the precious metal products that they offer. They offer gold bars, a limited selection of gold coins, silver bars and coins, palladium, platinum coins, and proof coins. Clicking on each product reveals a good amount of information about what they are, including their history and purity, and this can help buyers make an informed decision.
The problem is the actual commerce. As a large block of red text says, you have to call for the latest prices. This means that you cannot purchase these items online, and this is very different than a wide array of products that are available on other websites, which allow you to make purchases directly online.
Things start to get very interesting with the last service offered by Gramercy Gold: A Bitcoin IRA. Gramercy Gold offers this option for individuals who may want to invest in Bitcoin. To be clear - and, in all fairness, as the website makes clear - there is no "Bitcoin IRA" according to IRS guidelines.
Instead, it is a self-directed IRA in which individuals can store Bitcoin. Gramercy Gold says that they can help manage the creation and set-up of such an IRA. This is an interesting and limited concept. The challenge is in the volatility itself.
Gramercy Gold notes that Bitcoin has seen a massive rise in historical value, but the website cutely glosses over the extreme volatility that Bitcoin has shown during some years, rising and falling by massive amounts. Most financial experts would not recommend individuals open a Bitcoin IRA for reasons related to their volatility and the high level of turbulence in the market itself.
The website makes it clear that there are no guarantees, and while this is a somewhat interesting option, it probably isn't one that most individuals should take advantage of for extremely limited and valuable retirement funds.
Resources
Like many other precious metal vendors, Gramercy Gold does offer additional information about how to invest in precious metals, one that is designed to increase users' comfort levels in making these purchases. Unfortunately, this section misses the mark.
The "learning center" consists of two sections. The first is a FAQ section that answers questions like, "Is it better to invest in gold coins or bars?" and "How to protect your retirement account." The information in these articles is interesting, and it does a good job of answering the questions that have been posed, but there is nothing particularly earth-shaking about this information.
There are also blog entries listed as part of the learning center. These include information on where to buy certain currencies. The problem? This section hasn't been updated in more than five years. The information presented here is woefully out of date.
It would be better if this section didn't even exist. Another blog section deals with the same sorts of blog entries on retirement, but this information hasn't been updated for more than six years!
Two other pages round out the Gramercy Gold resources pages. The first is a glossary that lists the definition of common terms, and this information can be very helpful, particularly for new gold buyers.
The second lists the current spot price of gold...except that page wouldn't load when we tried to visit it. However, the page did list extensive information on what the spot price is, how it can be determined, and how people can use the spot price when making purchasing decisions.
Our Rating
Advantages
Perhaps the best thing that can be said about Gramercy Gold is that it offers some unique services. The idea of a Bitcoin IRA is completely new and something we have never seen before. Whether or not you should buy a Bitcoin IRA is a completely different conversation, but it does show some creativity within this company's offerings, and that is something to take into account.
Disadvantages
The website for Gramercy Gold is not the best. It has clunky blocks of text and isn't very readable. It clearly reflects a much older website design that is no longer popular or widely used, and this lack of update to its content is reflected in other sections as well.
Furthermore, it doesn't allow you to purchase items from the website. This is a huge disadvantage, and more importantly, is a major competitive disadvantage, given how many other websites allow users to actually make purchases off of websites. The lack of this option alone is practically disqualifying.
The inventory on the website is very light, to put it politely. It doesn't seem as if there are more than a couple of dozen products available. Other websites and vendors have a much more extensive amount of precious metal products available. It is unclear if this is a temporary blip or a permeant fixture of Gramercy Gold's offerings, but it is certainly worth noting that they simply don't have a lot of products for people to purchase.
Finally, the lack of resources - and the lack of updates to those resources - is particularly problematic. Buying precious metals can be a highly confusing and complex task, particularly for individuals who are new to this field. You want to make purchases from vendors who offer a vast array of information and can prove their expertise.
Additionally, anyone buying precious metals wants to know that they are buying precious metals from a vendor that uses the latest information. Having educational resources that are more than five years old is not acceptable.
Other Reviews
Like any other website, you would want to make sure that Gramercy Gold has been reviewed by real customers on third-party websites, as these reviews can be highly instructive when making determinations about the effectiveness of Gramercy Gold's offerings.
However, there's a challenge there: We couldn't find any reviews on Gramercy Gold. Not a single one. This is extremely rare, and it makes you wonder why the company has not actively solicited reviews from its already existing customers.
This is a largely standard practice in most businesses, and certainly, in the precious metal business, as many precious metal vendors explicitly brag about their positive reviews on their websites.
The lack of reviews on any major website - including Google, Yelp, or TrustPilot - should send up a major red flag to anyone interested in doing business with the company.
Final Verdict
The best that can be said here is that Gramercy Gold offers at least one highly unique product. However, their website - and their entire business model - seems to be at least five years old, and it almost makes you wonder if the company simply forgot to update it.
Many commonly used features on precious metal websites aren't even available, and it is impossible to make an educated decision about what services to buy as you don't have access to prices.
In short, there are better precious metal websites available to you, and you should look elsewhere for your precious metal needs.
Remember to read our list of the Top Gold Companies to see if Gramercy Gold made the cut.
>> Click HERE to read our Best Precious Metals Investment Companies list <<
Or, if you like what you read, you can visit their website below.
At Digital Financing Task Force, we provide research and analysis for people that want to take control of their financial future and protect the savings that they have.
