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Investing for a comfortable retirement involves a lot of portfolio diversification. Mixing investments among stocks, bonds, and mutual funds is typical.
However, today's investors want to branch out to alternative investments, such as precious metals.
Selecting a precious metals dealer is the next step. Get to know Westminster Mint so that investors have a positive experience during any future transactions.
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 Westminster Mint passed our strict customer service standards to become one of our top recommendations.
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Learning About Westminster Mint
This company has been in business since 2001. However, the founder has more than 40 years of experience in the precious metals industry. Investors might be interested in his book "Modern Coin Rarities," which was written specifically about the industry.
WM focuses solely on precious metals, including gold, silver, and collectible coins. There are even silver bars available for purchase. Anyone fascinated with precious metals, they'll appreciate WM's vast and unique selection.
If investors were interested in opening up a precious metals IRA or Individual Retirement Account, WM doesn't offer this service. For example, there are no custodial or depository services noted on the website.
WM appeals to investors who want to buy and store precious metals at home. The company doesn't appear to have IRS-approved products that can be shipped to a depository either.
The website states that the company was incorporated in Minnesota, but they don't specify a physical address. Customers are simply directed to a hotline number for customer service. Other precious metals dealers have additional communication pathways, so WM appears to come up short in this area.
Exploring Business Services
WM sells silver rounds, ingots, and bars. It also specializes in gold coins and bars. It doesn't appear to have any palladium or platinum products. Investors will also find silver monster boxes advertised on the home page.
Investors are welcome to buy in either small or large quantities. WM doesn't seem to advertise a minimum or maximum amount on the website. This purchase freedom isn't found with every precious metals dealer.
Additionally, each product has clear descriptions and images on WM's website. As a result, investors will know exactly what they're buying as they add items to their virtual cart.
A major business service that isn't offered by WM is a gold IRA. These accounts give investors the ability to store precious metals in a secure depository where they gain value over the years. These accounts are treated just like a traditional IRA, which means they offer tax incentives along with increased value.
Investors can't invest in precious metals with a traditional IRA. Paper assets, such as stocks and bonds, are the only allowable choices. In contrast, gold IRAs can have IRS-approved metals stored away for a comfortable retirement.
WM doesn't have the custodial support necessary to facilitate a precious metals purchase or shipment policies to a depository. Investors who want these business services must look elsewhere.
Looking at the Pros and Cons
WM's website offers a clear view of its products. They categorize their inventory so that they're easily found with simple descriptions. If an item has a price, any bulk pricing can be seen when the investor expands the product's page.
Investors may not appreciate the blank sections on items without a price, however. Investors must click on the item to see a "Call For Pricing and Availability" banner. It would be helpful to see this banner on the main product page. As a result, scanning the page would be easier for investors.
The sheer number of products is a big advantage with WM. Investors aren't limited to just American Gold Eagle or Canadian Gold Maple Leaf coins. They can build a personalized collection from just one company. Their inventory may even expand as they gain more popularity.
A main disadvantage to WM is the lack of any IRA services. Investors should have the choice of either shipping items to a depository or keeping them secure at home. This dealer limits the investor, which can turn off some customers.
For investors who want to work with WM, there are no questions about policy. There is a tab for policies regarding shipments, payments, and returns. As a result, investors know what to expect with any purchase.
Investors are also encouraged to create an account with WM. They'll be able to create wish lists, track orders, and other activities. It appears that investors can check out as guests, but the site certainly stresses the importance of an account.
Discovering Unique Offerings With Westminster Mint
WM has several distinct products on its pages that are unique in the industry. Visit the "Collectibles" page, and investors are met with many different products. For example, explore shipwreck coins or mint error products.
Although these items aren't necessarily for investment purposes, they do offer value to the average investor. They might be passed down to family and sold for a significant amount in the coming generations.
This company also has a coins newsletter. Sign up for the monthly email so that investors gain a better understanding of the precious metals industry. This service is particularly unique because most dealers do not have a published newsletter for their customers.
Visit the "Special Offers" page to find other unusual products. They're either on sale or part of a monthly special. It appears that this page is updated regularly. Interested investors may want to bookmark this page. It's unclear if WM sends out notifications on particular sales throughout the year, however. Browsing through the offers may be the best way to find those unique purchases.
Considering Business With Westminster Mint
WM is a legitimate business in the precious metals industry. Investors can trust that it will ship any purchased items within a reasonable time. WM lists its affiliations on its "FAQ" page.
They're a member of the American Numismatic Association with a published book, for instance. WM is also an authorized dealer of certain coins, including PCGS, ANACS, and NGC designations.
This company has been accredited by the Better Business Bureau since 2008 with an A+ rating too. On the BBB website, investors will find several complaints. Read through these complaints because they're a reflection of the company's character.
Most complaints have a professional response by WM with an appropriate resolution. They take pride in their company, which means their customer service is taken very seriously.
For a business that's been serving customers for several decades, WM doesn't have many other online reviews. There are only a few Google and Yelp reviews, for example. This fact may or may not sway investors to work with WM. They may not have a large footprint in the virtual world.
Going Over the Fees
Because WM doesn't offer precious metals IRA services, there are no fees associated with this company. Any charges originate from product costs, sales tax, and shipping charges.
As investors browse the website, they'll notice the pricing on many items. It's refreshing to see these costs instead of being encouraged to call for every price. There are some products, however, that are rarer than others.
These items usually have a blank area where the price should reside. Investors must call for these prices because availability and fluctuating costs make accurate advertisements nearly impossible.
Keep in mind that buying in bulk will always offer a better price point for investors. Buying more than 500 silver bullion ingots, for example, offers the best deal. In addition, prices are also fluid based on payment type.
Paying with cash or bank wire is the least expensive choice at WM. In contrast, credit card payments are the most expensive. There's a premium added to the product for these payment types.
WM doesn't appear to have any published shipping costs. Presumably, they're calculated as investors check out on the site. This company uses United States Priority Mail for its shipments. Investors receive a tracking number for every shipment.
Discussing Common Questions
Are products shipped immediately after making a payment?
WM ships items after the payment type has cleared. For credit cards, PayPal, and bank wires, the shipment time is relatively quick. WM does note that any personal checks must clear before shipment occurs. A wait time of 10 to 15 days is typical for these transactions.
When is the price locked in?
WM appears to lock in any price once the investor agrees to purchase the item. However, there are set prices on many products across the site. It's unclear if these prices fluctuate between the advertised amount and the check-out process.
Is there a minimum amount for an order?
WM doesn't mention anything about a minimum amount. It appears that investors can pick and choose items as they desire.
Are there a lot of articles about precious metals on the WM site?
Unlike other sites, WM doesn't have educational articles on its website. They ask investors to buy the company's book before purchasing anything. Presumably, this book has enough information in it to help investors with purchases.
How often does the "Special Offers" page change?
There doesn't appear to be a date on the page or a reference to a regular change schedule. Ideally, investors should check back with the website to see about any updates.
Are the market spot prices accurate on WM's site?
WM offers a look at the current prices of precious metals in the marketplace. It's unclear how often they're updated, however. Some sites offer real-time updates, whereas others use just daily updates.
Deciding on a Precious Metals Dealer
WM appears to be a reputable company in the precious metals industry. Its customers seem to be happy with their service and products. However, this dealer lacks some of the most basic services, such as working with investors on precious metals IRAs.
Ideally, investors should look for a company that offers IRS-approved products and gold IRA consultations. They'll get more out of their investment as a result. Storing precious metals at home is certainly a financial security measure, but investors don't gain any tax incentives with this strategy. Buying and storing precious metals in an IRS-approved depository will always be a better choice overall.
If investors simply want unique products for their collection, WM is a solid choice. Otherwise, look for other companies to diversify your portfolio.
Investors have plenty of dealer choices in the precious metals industry. Research is the key to finding the right company. Afterward, investors have a reputable dealer to fund and build wealth into retirement.
Remember to read out list of the Top Gold Companies to see if Westminster Mint made the cut.
Or, if you like what you read about Westminster Mint, you can visit their website below.