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Navigating the world of precious metals can be as daunting as it is exciting.
Whether you're a seasoned investor or just beginning to explore the tangible allure of gold and silver, choosing the right partner for your investments is crucial.
Enter Scottsdale Bullion & Coin, a name synonymous with trust and expertise in the precious metals industry.
But does their reputation hold up under scrutiny?
In this comprehensive review, we'll delve into the services, customer experiences, and overall value offered by Scottsdale Bullion & Coin.
Join us as we uncover whether this stalwart in the industry truly lives up to its sterling reputation.
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 Scottsdale Bullion and Coin passed our strict customer service standards to become one of our top recommendations.
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About Scottsdale Bullion and Coin
Scottsdale Bullion & Coin (SBC Gold) is a limited liability company founded by Eric Sepanek on February 17, 2005. The company's mission is to help investors and not sell to them.
In other words, they don't look at their clients as people who want to learn and grow in the precious metals companies, and they work tirelessly to help them achieve their individual investment goals and needs.
Scottsdale Bullion & Coin is an "everything-under-one-roof" company. They help their clients buy, sell, invest, and store their precious metals. They also provide services that ensure their clients get the most out of their investments, such as research advice and understanding industry trends.
About The Team
SBC Gold was founded by high-ranking precious metals consultants that claim to have a combined 100 years of experience in the precious metals company. The founder, Eric Sepanek, gained interest in gold and silver investments during an economic course at Arcadia High School.
He attended Scottsdale Community College and the University of Arizona and then worked at Wells Fargo for w while before fully delving into his true passion.
Needless to say, Eric soon started working as a broker for a large precious metals firm, where he honed his knowledge in the field, trading day in and day out, watching markets, and studying the history of precious metals and money.
SBC Gold has a total of 18 employees, inclusive of managers, advisors, consultants, and appraisers. Their main goal is to help their clients make better decisions when it comes to investing in precious metals. They collaborate with their clients, share all the knowledge they have, and strive to build lasting relationships.
Scottsdale Bullion & Coin Website and Social Media Platforms
The company has a highly interactive website that provides extensive information about the team and their services, as well as an online store for purchasing products.
The website is often updated with market news, advice from experts, and industry trends. They also provide a blog where investors can stay up-to-date on all things related to investing in precious metals.
If you want to speak with a professional, the website has a live chat feature that is available 24 hours a day. Their social media presence allows them to reach a wider audience, so they are active on Twitter, Instagram, and Facebook, where they regularly post market news and advice.
Scottsdale Bullion & Coin Products
Bullion
SBC Gold catalog includes a wide selection of silver, gold, palladium, and platinum bullion and coins. Their products are IRA-approved and come with a certificate of authenticity. Examples of coins available in their inventory include American Eagles, South African Krugerrands, Maple Leafs, etc.
Numismatics Pieces
SBC Gold investors can also find rare and collectible coins graded by the Numismatic Guaranty Corporation and the Professional Coin Grading Service. These coins are of higher value than regular bullion because they have a unique design and limited mintage.
Proof Coins
Proof coins are products of mints that are produced to have a special finish and an extremely detailed strike. These coins usually come in sets, and each set has its own theme or design.
Scottsdale Bullion & Coin Services
At Scottsdale Bullion & Coin, clients can also benefit from a range of services to support them in their investing journey.
The company offers free consultation and advice for those who need help understanding the market, storage solutions for coin collections or stockpiles of precious metals, and IRA services. They also offer appraisals and grading services as well as an online store where customers can buy products.
How to Get Started with Scottsdale Bullion & Coin
Even though they have a website that shows the products available in their catalog, a client interested in working with SBC Gold must either call them directly through their provided phone number or sign up to receive a call from one of their representatives. Generally, the entire process involves:
Scottsdale Bullion & Coin Gold IRA
A precious metals IRA is a form of investing by which you can use gold, silver, platinum, or palladium to secure your retirement savings. As such, as the value of these metals continues to rise, so is the value of your retirement savings.
Precious metals IRAs work in the same manner as traditional individual retirement accounts. An investor will still be able to enjoy tax advantages on contributions and withdrawals. However, the government has stringent rules that an investor must follow for this to work.
For example, if you choose to buy gold as the backup for your retirement account, it must be at least 99.5% pure and sourced from a reputable dealer. Silver, on the other hand, must be at least 99.9% pure.
Moreover, the dealer, depository, and custodian for your IRA must be registered with the IRS. SBC Gold provides its clients with a list of approved dealers, depository institutions, and custodians to choose from, depending on their needs.
How to Add Precious Metals to Your Gold IRA
There are three important parties at play when creating your gold IRA, that is, the precious metal dealer, custodian, and depository. SBC Gold is a dealer. They will help set up an account for you and help you through the entire process. But here is what to expect.
Funding Your Gold IRA
Cash Contribution
You can make contributions directly from your income into your precious metals IRA. However, there are imposed IRS limits on the amount you can add to your account.
Transfer
If you already have an existing IRA account, you can fill out paperwork that allows you to transfer part or all of your funds into a precious metals IRA. Most investors prefer this option because they can make as many transfers as they like without tax penalties or government reporting.
Rollover
A rollover occurs when an investor transfers some or all of their retirement savings from one qualified plan to another. This includes 401(k) plans and 403(b) plans. Just like a transfer, this will not be counted towards your yearly contribution limits.
There are two ways to perform a rollover: direct and indirect. A direct rollover is when the custodian of your former IRA transfers the funds directly to your new gold IRA account.
An indirect rollover is when the investor receives a check and deposits it into their precious metals IRA within sixty days.
Types of Gold IRA Accounts
Traditional gold IRA
A traditional precious metals IRA account allows investors to make a pre-tax or tax-deductible contribution and defer income taxes until the time of withdrawal.
As of 2023, the IRS only allows investors to contribute $6,500 (or $7500 for individuals over the age of 50) per year. Exceeding these limits will attract a 6% tax penalty on the difference.
Roth gold IRA
A Roth gold IRA account is funded with after-tax dollars, and the contributions are not tax-deductible.
On the flip side, qualified withdrawals from a Roth account will be tax-free in retirement since all taxes have already been paid on any earnings made within the account. The yearly contribution limit is also $6,500 (or $7,500 for those over 50).
SEP gold IRA
A SEP Gold IRA is an employer-funded plan ideal for self-employed individuals, small business owners, and freelancers who want to save for retirement.
Investors can contribute up to 25% of their earnings or $66,000 - whichever number is higher. Contribution limits may also be reduced depending on the employer's financial situation.
SIMPLE IRA
The Savings Incentive Match Plan for Employees IRA (SIMPLE IRA) is an employer-sponsored retirement plan that allows employees to contribute pre-tax dollars.
Employers must also make equal contributions on behalf of their employees, either in the form of matching funds or non-elective contributions. The maximum contribution limit is $15,500 (or $19,000 for those over 50).
Gold IRA Costs
For starters, SBC Gold has a minimum transfer or rollover of $10,000 or $5,000 for non-transfer or non-rollover newly created accounts. This is the amount that buys the gold itself.
In addition, there are account application fees - a custodian may charge a fee for setting up your account with SBC Gold or for performing rollovers. Since custodians will also need to take care of bookkeeping, maintaining, and administering your IRA account, they will likely charge an annual fee as well.
There are also storage fees. SBC Gold itself doesn't offer storage solutions to its clients; they outsource this service. These depository facilities have guards and security systems and are insured. Therefore, they will charge investors for the use of their storage facilities.
Finally, investors need to be aware of gold dealer commissions. Gold dealers will add their own markups on top of the value of the gold they sell you. SBC Gold provides favorable and competitive prices for their esteemed customers.
Why Precious Metals
To diversify your investment portfolio. The best way to protect your wealth is to have it in different forms. Adding physical gold and other precious metals to your portfolio adds stability, a hedge against volatility, and an inflation-proof asset that's valuable when all else fails.
Gold has a track record of consistently outperforming traditional investments during times of market turbulence. This does not mean it will be more profitable than stocks or bonds in the long run, but it does offer investors peace of mind knowing their wealth is protected from any economic collapse or devaluation of paper currency.
Conclusion
SBC Gold is a legitimate precious metals dealer that has been in the business for 18 years now. They are accredited by the Better Business Bureau and offer investors a secure way to purchase gold and other precious metals.
Remember to read out list of the Top Gold Companies to see if Scottsdale Bullion and Coin made the cut.
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