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Investors who want more out of their retirement accounts often look for stock market alternatives. Placing every penny in stocks and bonds cannot be the most diversified approach.
In fact, investors do have a choice with the precious metals industry. Investing in gold, silver, and other approved precious metals has been historically safe for most investors.
Picking a precious metals dealer to start the process is the next challenge. Explore Investment Rarities Incorporated's business right now so that investors can diversify sooner than later.
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 Investment Rarities passed our strict customer service standards to become one of our top recommendations.
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Learning About Investment Rarities Incorporated
IRI is a precious metals dealer for investors who want to either keep their purchases secured at home or in a government-approved storage facility. They feature gold coins, silver coins, and silver bars.
They don't appear to have palladium or platinum like other precious metals dealers. This fact may or may not matter to investors. In the past, gold and silver were the only precious metals that were truly common as investment vehicles.
IRI does offer precious metals storage and IRA or Individual Retirement Account services. They aren't highlighted as much as the products themselves, but the services are easy to find on the website.
It appears that IRI focuses mostly on gold and silver sales instead of IRA accounts or storage. Investors should weigh this fact carefully when selecting a company for portfolio diversification. They may want more from a company than just a standard purchase.
Exploring Company History
IRI has a surprisingly long history. It was founded in the early seventies by Jim Cook. According to the website, Cook is a bestselling author of two books revolving around gold and silver investments. Considering this company has flourished since 1974, IRI appears legitimate based on its longevity in the industry.
The company claims that it's sold several billions of dollars in precious metals over the years. Along with quantifying customer numbers and transactions, there's very little else about the company that's offered on the website.
In fact, the "About" page is merely two paragraphs long. More information about industry affiliations and a mission statement would give investors a better idea of the company's reputation.
Because the "About" page is so sparse, IRI seems to make up for that fact by adding an entire section entitled "Endorsements." Quotes from various people fill this tab, which is a long list for investors to scroll through. It's difficult to say if these quotes will influence any investors about IRI's industry abilities.
Looking at Business Ratings
IRI has an A+ rating from the Better Business Bureau, which is a good sign for interested investors. However, the company has only held this rating since 2019. IRI has been in business for more than 40 years, so investors may wonder about ratings before 2019.
There are also very few reviews found on any website about IRI. About a dozen reviews might be found in total, for example. This fact is relatively unusual for a company that's been doing business for several decades. It makes it difficult for investors to see firsthand accounts in the industry.
The BBB reports that IRI has had three complaints through the years. Currently, there's only one complaint that can be read by the public. As a result, investors don't have a lot of information to make an educated decision regarding finances. It may be necessary to try IRI with a small transaction to test out their processes.
Getting to Know the Staff
There appear to be two main staff members, including Jim Cook and Ted Butler. As the founder, Cook is the most prominent face on the homepage.
He has a series of short anecdotes that are archived on the site. Investors can read the latest entry "From the Desk of Jim Cook," or they can click on the archive to see an entire list of previous thoughts.
These entries engage investors with information about precious metals along with current news. It appears to involve a mixture of Cook's experiences and opinions about the economy and politics.
Reading through the items and fact-checking them may be a good way to see how this founder's mind works regarding investment strategies.
Ted Butler is an IRI consultant. The website mentions that he's an expert in the silver industry. There isn't a lot of information about this consultant on the website, however. Investors may want to research this person's expertise before trusting in the advice.
Otherwise, IRI doesn't list any other employees on the site. Because it appears to be a relatively large company, IRI probably has internal staff who aren't mentioned here. A call to their hotline may clarify any questions.
Knowing About Self-Directed IRA Details
Investors who want to invest in precious metals should look into self-directed IRAs. Also known as gold IRAs, these accounts work just like traditional IRAs.
The main difference, however, is buying physical gold or silver instead of just stocks and bonds. Investors buy and store these precious metals in secure depositories, which then offer tax benefits.
It's important to note that IRI doesn't manage or store precious metals for IRAs. They act as a middleman between a custodian and a depository. IRI works with GoldStar Trust Company for custodial duties, for example. These entities manage the investor's IRA while IRI sells the precious metals.
In addition, IRI doesn't store precious metals either. They work with Brinks for storage purposes. Investors must ship and store their precious metals at this depository for any tax incentives.
They're not allowed to take personal ownership of the products until they're withdrawn during retirement. This requirement is federally mandated for any gold IRA.
Starting an Account
Click on the "IRAs" subject under the "Products" tab to find IRI's information page. Compared to other dealers, this IRA page is incredibly sparse. It essentially gives investors a link to GoldStar's form page. Subsequently, investors click on an account setup form to start an account there.
IRI also offers assistance by way of their main phone number. Investors can ask about walking through the process with an IRI representative. However, it may be easier to work directly with GoldStar when setting up the IRA. IRI simply sells precious metals.
With an activated IRA, investors must set up an account with the depository. IRI works with Brink's, which is a well-known name in the finance and security industry. Investors can either work with IRI to set up an account or go directly to Brinks.
Because IRI has connections to GoldStar and Brinks, working with these companies may streamline the setup process. Using other companies can prolong the process or even accumulate extra fees.
Browsing the Products
Compared to other companies, IRI has a very limited inventory. Click on the "Products" tab to see a dropdown box that includes gold coins. These products are some of the most popular items purchased by investors today. IRI stocks Canadian Maple Leaf, American Gold Eagle, Buffalo Gold, and other coins.
Select silver coins in the dropdown box to see a much longer list of items compared to gold. IRI encourages silver ownership, which is probably influenced by Mr. Butler's consultations with staff.
Investors may be surprised at some of the unique silver offered at IRI, including Kennedy half-dollars from 1964. This website section is worth a look because of the unusual items available for either investing or collecting purposes.
IRI also sells silver bars with weights varying from 10 to 1,000 ounces each. No products have any listed pricing, however, so a phone call is necessary for more information. Investors must note that precious metals pricing does fluctuate each day, so quoted prices over the phone are more accurate.
Breaking Down IRS-Approved Products
IRI doesn't specify which products are IRS approved for IRA investments. For inexperienced investors, this fact might create a challenge. They must rely on personal research to choose the right products.
In general, American Gold Eagle and Canadian Gold Maple Leaf coins are the most common products approved for a self-directed IRA. This dealer does sell these coins, so investors might focus on those alone.
However, there are other items, including precious metal bars, that can qualify. Investors may want to perform their own research before calling IRI. Knowing which items to purchase upfront makes the entire process easier for both sides.
The IRS does approve of certain platinum products for precious metals IRAs too. Because IRI doesn't sell platinum, investors may want to look at other dealers for comparisons. Adding gold, silver, and platinum to an investment account is a great way to diversify that portfolio.
Buying Back Opportunities
Many precious metals dealers prominently advertise their buyback policies. In contrast, IRI doesn't truly mention a buyback process except for a small mention on the "Q & A" tab. They discuss liquidity and buying back precious metals from customers at prevailing rates.
Presumably, investors must call IRI about this process. Because the information is relatively vague on the website, it's difficult to review the buyback steps. Ideally, investors lock in a price, ship their goods and confirm receipt. Only then will payment be sent out to the investor.
Investors may not require buyback processes for their investments, but it's a helpful feature to have if needed in the future. If investors prefer to use another dealer for a buyback transaction, they can always do that while keeping other investments with IRI.
Listing Account Fees
IRI doesn't list any fees or pricing on its website. Every page directs the investor to call the company. On the homepage, investors can find two helpful links to current market prices on both gold and silver. However, these costs won't always match with the dealer's pricing. There will always be some markups or premiums.
The only time investors encounter a fee list is on GoldStar's website. As investors set up an IRA, a fee PDF appears. GoldStar lists most fees unless they vary. Because they don't offer storage solutions, GoldStar simply lists these fees as variable based on the chosen company.
Investors may be confused by all the fees. There is a very long list of fees that may or may not apply to an investor's purchase. Ideally, calling IRI for clarification may be necessary. Each account will be unique to the purchases and storage options.
Taking a Final Look
IRI's experience in the precious metals industry is impressive. It speaks to their resilience across the decades. However, it doesn't give investors a good picture of their customer service. Online reviews are scarce, and IRI's website has minimal information regarding pricing.
If investors are familiar with the precious metals industry, they might work with IRI. They'll know the basics so that they receive a fair deal. Newcomers to gold investing may want to look for another company with a more informative website.
IRI's homepage is more of an advertisement for Mr. Cook's books instead of buying precious metals. This fact might turn off some investors.
In the end, IRI doesn't appear to have any major complaints associated with them. Their lack of online presence may be the only disadvantage. Investors will need to make their own determination about IRI before moving ahead with their investments.
Every precious metals dealer has its advantages and disadvantages. Selecting a company that works in the investor's best interests is always the goal. Whether investors select IRI or another dealer, placing some retirement funds into precious metals is always an intelligent move. As a result, investors' retirement days will be safe and secure.
Remember to read out list of the Top Gold Companies to see if Investment Rarities made the cut.
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