Scott R. Hillford
Author & Founder Gold Is Money 2
Disclaimer: Some or all of the companies reported here may provide compensation to us, at no cost to our readers. This is how we keep our reporting free for readers. Compensation and detailed analysis are what determines how companies appear on this website.
Investing in precious metals helps traders find better ways to diversify their investment portfolio and gain a safe return for their future. Precious metals increase in value steadily over the years, and investors don't face the shortcomings of inflation effects or the current value of the US dollar.
Adding silver and gold to an investment portfolio reduces the impact of financial losses due to failing stocks or fluctuating market prices. Wise investors do their due diligence when choosing a gold company to purchase their precious metals.
Prior reading further, it is important to acknowledge that investing your savings is a not easy. When it comes to incorporating precious metals into your investment portfolio, how can you tell which companies are reliable?
After devoting extensive time and effort, we have conducted thorough research within the precious metals industry and compiled a selection of the most trustworthy companies.
Take a moment to read our list and determine if Goldline has what it takes to make the list this year!
This lets you to quickly compare the leading companies in this field and select the one that aligns with your specific requirements and investment objectives.
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Comparing companies and reading reviews helps them decide which company meets their current investment demands. Reading through a Goldline review helps these investors choose them as their metals provider or go elsewhere.
Company History and Ratings
Goldmine opened its doors in 1960 in Los Angeles, CA. Since then, they've provided precious metals sales, buyback opportunities, and gold IRA accounts. The Better Business Bureau has accredited the company since 2015 with an A+ rating.
Goldline's history on the BBB shows thirteen customer complaints in the last three years as of 2023, and four complaints were filed by customers within the previous year. However, Goldine is highly recommended by celebrities like Carol Roth and Glen Beck.
What Products Do They Sell?
Goldline offers gold and silver precious metals products. Their gold products include Gold Liberty, Benjamin Franklin, Mayflower, American Eagle, Australian Philharmonic, British Britannia, Valcambi CombiBar, American Buffalo, British Sovereign Coins, and Canadian Maple Leaf.
Their silver products include Betsy Ross, Freedom, Mayflower, Silver rounds, St. Helena Queen's, MapleFlex Bar, Canadian Maple Leaf, American Eagle, Benjamin Franklin, Kennedy half dollar, Walking Liberty, Morgan silver dollars, Athena, Valcambi, and War of 1812.
Buying Precious Metals
Precious metals investors browse the Goldline inventory on their website and determine what products meet their needs. The website design offers a full display of the products, but customers cannot add the precious metals to a shopping cart and complete purchases online. To get started, the investor must call Goldline and set up an account through a customer service representative.
Customers can create a list of all the precious metals they want before calling since they can see them on the website. Then, after they provide their list to the customer service representatives, the customer can request a price quote.
When the client is ready to start a precious metals purchase, they can request a price lock for their order. They must complete their order within 48 hours of the price lock to get the quoted price for their precious metals.
The client must complete the transaction by sending a wire transfer to Goldline to pay for the precious metals. If, for any reason, the payment fails, Goldline can cancel the transaction.
An order cancellation could lead to penalties. For example, if a customer commits to buying precious metals, they must pay the market loss if the price decreases during the transaction or before the order cancellation.
Once Goldline receives the wire transfer for the order, they set up an insured shipment to the customer's preferred location. All packages arrive in discreet packaging that doesn't indicate what is inside the parcel. With the provided insurance coverage, if the package is lost, stolen, or damaged, Goldline completes an insurance claim on behalf of the client.
Before customers accept a price quote, they should assess the current market price for each metal. While it is commonplace for gold sellers to add a markup to their products, excessive markups make the precious metals unaffordable. Comparing prices could help investors get the best deal on their selections.
Selling Precious Metals
The investor must have an existing account with Goldline to sell precious metals to Goldline through a buyback. First, call a customer service representative to initiate the buyback opportunity. Next, identify all the products to the customer service representative. Finally, the workers assess the precious metals and provide a quote to purchase the metals from the investor.
The client must ship the precious metals as the customer service representative directs. Once the metals arrive, Goldline inspects them for quality and ensures they are in the condition specified by the client. If they pass the stringent inspection, Goldine issues a check via direct deposit, mails a check, or arranges a wire transfer to the customer's account.
If the precious metals don't meet expectations, a customer service representative may contact the client and provide an updated price quote. However, if the metals are too damaged, the company ships them back to the customer and doesn't provide a payment.
Updated price quotes require the customer to accept or refuse the offer. If the customer refuses the offer, Goldine returns these precious metals according to the return address on the customer's account. Under some circumstances, the client may incur return shipping fees if they or Goldline cancel their buyback.
Investors complete the membership documentation through the Goldline website to join the accumulation program. Then, they must set up an account with Goldline. Members make payments monthly, and the minimum monthly purchase is $200 to participate in the accumulation program.
Participants accumulate precious metals according to the current market price based on the customer's budget. Goldline processes payments on the 15th of every month and the precious metals are added to the customer account on the second Wednesday of every month.
Goldline stores the precious metals for the clients unless they request a shipment to their preferred location. However, there are state restrictions for the program, and anyone who lives in AZ, IN, NH, IA, RI, MN, or UT cannot participate in the accumulation program.
Setting Up a Gold IRA
To set up a gold IRA account, investors contact their preferred IRS-approved custodian to create the account and set up the funds transfer. Clients can transfer funds from an existing IRA account such as a ROTH or traditional employer-matched retirement plan. The custodian makes all the arrangements for the transfer through the customer's IRA provider.
The account holder receives a confirmation when funds transfer from the traditional IRA to the newly formed self-directed gold IRA. Once the funds are available, the custodian sets up the transaction for the precious metals through Goldline and sends the money via wire transfer to pay for all the requested precious metals.
Once Goldline receives the total payment, they ship the precious metals to the customer's preferred depository. According to IRS regulations, all precious metals associated with an IRA must remain in an IRS-approved depository until the account holder liquidates the IRA or receives all distributions. Therefore, the account holder cannot store their precious metals at home or elsewhere.
Since IRA funds are tax-deferred, all contributions are reported to the IRS, and when the account holder receives distributions during retirement, the custodian reports these payments to the IRS. The owner must pay taxes on the funds as they are withdrawn from the account.
Suppose the account holder liquidates the account or receives distributions before age 65. In that case, there is an early withdrawal penalty of 10%, and the owner pays taxes on the total amount they receive.
The IRS also restricts the owner's contribution to the new IRA. For example, if they are under 59, the account owner can contribute up to $6,000; if they are 60, they can contribute up to $7,000 only.
Custodians and Depository Information
Goldline doesn't have a preferred custodian or depository. However, first-time investors can get recommendations if they don't know where to start. Customers are not obligated to hire any custodian or use a depository suggested by any customer service representative of Goldline.
According to IRS guidelines, account owners can change custodians or have their precious metals shipped to a new depository after completing the appropriate documentation.
Protecting Your Financial Future
Investors can set up a gold IRA to financially support their heirs. If they are 65, the account holder must accept distributions from the gold IRA.
However, they can reinvest the money into other ventures. For example, they can roll the cash into a new IRA, such as an inherited IRA for their heirs.
They must remember that their heir must set up distributions within five years of the original IRA owner's death. A failure to set up the distributions leads to the complete liquidation of the account, and the custodian needs details about who should receive the money.
In the original IRA account, the account owner must identify a beneficiary. However, if their listed beneficiary dies, they need a backup heir.
A few options exist for managing the gold IRA if the owner dies. First, the account owner can set up a power of attorney if they know they are critically ill or terminal. A power of attorney gives one family member access to their assets, and the heir makes decisions about these assets, including the IRA.
As they receive distributions, the account owner could deposit the money into a trust fund for their heirs. However, when the heirs receive their trust fund, they may face tax liabilities through inheritance tax guidelines.
An irrevocable trust is another choice for protecting monetary assets like a gold IRA. By transferring the gold IRA into the trust, the trust becomes the account owner, and the original account owner can get funds from it until they die through the trust. However, when setting up the trust, they choose a successor to take over when they die.
The successor gains access to the trust and all assets transferred into it. The transferred assets are no longer associated with the estate, and these assets don't go through probate. As a result, an estate with a lower value spends less time in probate court, and heirs can get their inheritance sooner.
A trust is also an effective way to provide an inheritance to several heirs without high tax implications. Transferring the IRA into the trust protects considerable wealth for the family and provides a less risky choice for giving financial support to the family.
Charts and News
Under the "Charts and News" tab, visitors find market price charts for all precious metals. They can also sign up for alerts for their preferred products and buy precious metals at a fair price. In addition, customers can sign up for weekly news articles to learn more about Goldline and their products.
Goldline has a variety of precious metals products, and customers can view these products online. The Better Business Bureau accredits the company and has an A+ rating. Investors can purchase precious metals outright or add them to a gold IRA for the future.
They don't limit clients or require them to use the company's recommended custodian or depository. Overall, they sound like a great company, but investors should do their homework and compare their prices to other companies before making a final decision.
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