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 can be an ideal way to preserve capital during periods of significant inflation or other economic headwinds.
It can also be an ideal way to earn a tangible return on your capital as precious metals tend to appreciate in value during periods of economic or political unrest.
If you are looking for a place to buy, sell or hold your precious metals, Kitco may be able to help.
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 Kitco 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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What Is Kitco?
In business for more than 40 years, Kitco offers investors a wide variety of precious metals products available for purchase for your personal collection or to be held in an IRA. In addition, the company has a media division that offers real-time gold, silver, and other precious metals prices.
The media division also offers articles, blog posts, and other content containing market insights and other information that you may find useful. The company has offices in both Canada and Hong Kong and is available to traders in the United States and internationally.
Which Precious Metals Can You Buy From Kitco?
On Kitco's website, you can place an order for gold, silver, and platinum bars and coins. You can also purchase silver rounds, palladium bars, and rhodium. You will also have an opportunity to purchase gold, silver, and palladium bullion that may meet the requirements for inclusion in a precious metals IRA.
It is important to note that buying or selling rhodium may be complicated because there isn't a robust market for this metal. A lack of liquidity may result in significant price swings as well as difficulty timing a sale to an interested buyer.
How to Buy from Kitco
To buy from Kitco, you will first need to create an account that allows you to access the company's online portal. Signing up only takes a few minutes and requires you to provide basic information about yourself and the type of account that you'd like to create.
After you have created your account, you can enter payment, shipping, and other information that will be needed to complete a transaction. Payment can be made by check, PayPal, or bank wire transfer. You can also deposit funds to your Kitco account that can be used to purchase gold, silver, or other available products.
You can use a credit card to make payments of up to $10,000. The $10,000 limit also applies to payments made by check or PayPal, and those limits may be increased or waived entirely after your first transaction. Payments made by check typically clear within three to six business days while other payments will be processed immediately.
If you are going to pick up your purchase from the company's main retail center in Montreal, you can pay in cash. However, you must do so in either American or Canadian dollars, and there may be other requirements as to how much you can spend in a single day or on a single transaction.
The price that you pay is roughly equal to the asking price at the time that your order is processed. You can check out the spot price on the company's website before making your purchase to determine what you'll pay for bullion or other products.
Collectible coins will likely cost more than the spot price because they tend to be bought or sold for sentimental value as much as what they are made of.
The spot price of most precious metals will fluctuate throughout the day, which means that it may be possible to time a purchase to get the best price. Kitco offers real-time charting data to provide insight into what the market is doing on daily, hourly, or other timeframes.
How to Sell to Kitco
If you would like to sell gold, silver, and other metals to Kitco, you will also need to have an online account. After creating or logging into your account, you can contact the company to let them know that you have goods to sell and would like an initial offer.
The initial offer will be based on the information that you provide about the coins, bars, or bullion that you want to sell. After an agreement has been reached, you will then package and send your precious metals to be analyzed. If the product matches your description, you will receive full payment.
However, if the products are damaged or otherwise don't match your description, you will receive a revised offer. If you decline the offer, your items will be shipped back to you, and you may be required to pay shipping, handling, and other costs related to having your items returned to you.
If the transaction closes, you will receive a payment within three business days. Payments are typically made by physical check, electronic check to a bank account, or through a bank wire. It's important to note that Kitco imposes a $2,000 minimum sale price on any goods you wish to liquidate.
How Do Kitco's Prices Compare to the Competition?
Kitco's prices for gold, silver, and palladium coins, bars, and bullion are roughly the same as most other companies as they are based on the spot price at the time of purchase. The company's website mentions that the price listed is the price that you pay and that there are no hidden fees or charges imposed.
However, this doesn't mean that there aren't fees imposed on those who wish to work with Kitco. If you plan on selling goods, you will be charged a shipping fee of $35 as well as an insurance fee of $6.5 per $1,000 of product value.
You may also be charged a $25 fee if money has to be transferred to or from Kitco through an intermediary. Finally, you will incur a $35 fee if a check has to be sent back or is rejected for any reason.
Is Kitco a Reputable Company?
There are no major complaints about Kitco, members of Kitco's management team, or others who may be associated with the company. On the firm's website, it claims that all of its inventory is adequately secured and is guaranteed to be struck by reputable entities.
However, if you have any questions or concerns, you are encouraged to talk to your financial adviser or with a local, state, or national consumer advocate before working with this organization.
Pros of Working With Kitco
Perhaps the best reason to consider working with Kitco is that you'll have access to a wealth of information about precious metals and investing in general. After creating an account, you will be able to chat with other investors or collectors in the site forums.
You will also be able to learn more about issues that impact jewelers, miners, and others who play an important role in the precious metals ecosystem.
There is also a scrap metal calculator on the website that will let you get an estimate of how much your damaged watch or old bracelet might be worth. This may be an ideal resource to have if you were thinking about pawning your gold to a local dealer as opposed to working with Kitco.
Finally, you'll have access to live Forex quotes involving currencies that are often influenced by gold or other commodity prices. For instance, the Australian dollar is often used as a proxy for gold prices while the Canadian dollar is often a proxy for oil. Knowing how much a given currency is worth might also be helpful if you need to exchange your local currency for American dollars, Canadian dollars, or euros.
Potential Downsides to Working with Kitco
One of the primary downsides of working with Kitco is that any company with a new division may not be the most unbiased. Although there is no reason to believe that Kitco engages in propaganda or efforts to deceive its customers, it's generally a good idea to get your news from as many different sources as possible.
In addition, you may find information about gold IRA prices lacking. Although you can contact the company to learn more about any fees the company might impose, that is something that most gold IRA providers will give you without having to look hard for it.
Of course, this pitfall is somewhat negated by the fact that the company does offer information about the various custodians it works with and has a robust FAQ section regarding gold IRAs.
What to Know About Kitco's Gold IRA
A gold IRA is similar to any other type of IRA in that it can be used to shield capital from income and capital gains taxes while in the account.
If your account is funded with pre-tax dollars, you will be subject to income taxes on any amounts withdrawn in retirement. If you make contributions with money that has already been taxed, there is no need to pay taxes on your account balance when it is withdrawn.
To open a gold IRA, you will first need to create a self-directed account through a custodian that Kitco works with. Kitco's website has a list of major custodians that it works with to make the process easier. However, you should be able to use any bank, credit union, or financial institution that you feel comfortable working with to oversee your account.
Your account custodian will likely charge a fee to oversee reporting and other administrative tasks on your behalf. It's worth noting that your account custodian does not offer any financial advice or insight. Furthermore, Kitco itself is barred from offering any specific advice or insight that relates to your account.
Any news that you receive from Kitco should be considered general information or intended for entertainment purposes only. However, Kitco does have a general list of items that are eligible for inclusion in a gold IRA, and the company may also be able to store any precious metals that are included in a retirement account.
Items that are stored in a gold IRA must be at least 99.95% pure and meet packaging and circulation requirements. Furthermore, they must be struck or refined by a company that is approved by NYMEX, COMEX, or other approved entities.
Examples of eligible products include the American Eagle, American Buffalo, and Canadian Maple Leaf coins. Bullion and bars may also be included if they meet quality and other requirements.
You will likely incur annual storage fees if you choose to keep your gold or other precious metals in a Kitco facility. However, you can also choose to have it shipped to a bank or any other facility where it can be properly looked after. It's important to understand that you cannot keep gold or other precious metals held inside an IRA in your possession.
You can contribute up to $6,500 a year to your IRA as of 2023, and buying gold is considered a contribution to a precious metals IRA. If you are over the age of 55, you may be entitled to contribute an extra $1,000 per year.
Whether you are looking for a company to serve as your gold IRA provider or simply want to learn more about precious metals, Kitco may be an ideal partner. You can contact the company directly to learn more about its goods and services, and you can also talk to your financial advisor or other trusted parties to learn more about Kitco and its reputation.
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