Buy Gold and Silver Coins claims to be the largest, most reliable, and fastest precious metal coin dealer in the United States. They have thousands of positive reviews from customers. We will explore the reviews and information about the company to help you decide if its gold products or IRA options suit you.
Brief History of BGASC
Buy Gold and Silver Coins began in Calabasas in 2012. From the beginning, the company's goal was to build a gold and a silver online dealer people would want to deal with. What does this mean?
BGASC strives to provide convenience and exceptional customer service in every transaction. The company's priority has been to keep its products in stock at an affordable price and ready for shipping. BGASC, with its convenience, has become one of the biggest precious metal coin dealers within the United States.
Is BGASC Legit?
BGASC, yes, is a legit company. It is accredited by the Better Business Bureau with an A+ rating, is a member in Certified Coin Exchange, is an official PCGS dealer, is a U.S. Mint listed dealer, is a NGC Collectors Society Member, and is a bulk purchaser of U.S. Mint coins that are not bullion. BGASC offers full insurance for all shipments of products to ensure that everything is safe in transit. BGASC's credentials and customer reviews are proof that it delivers products as advertised.
What products do they offer?
BGASC is a company that specializes in precious metals. BGASC reviews are incomplete without a look at its catalogue. You'll also find a variety of fun products on the website.
Gold Products Approved by the IRA
BGASC offers gold bars and coins in sizes of one ounce, one half ounce, one quarter ounce and one tenth ounce. You can choose from numismatic or commemorative coins, depending on your preference. Some of the most popular options to qualify for an IRA include:
- Gold American Eagles
- Gold bars
- Canadian Gold Maple Leaf coins
- Gold American Buffalos
- Krugerrands in South Africa
- Australian Gold Kangaroos
- Austrian Gold Philharmonics
- Mexican Gold Coins
Silver Products Approved by the IRA
Silver coins are a great way for new investors to enter the precious metals markets or diversify their portfolios. BGASC has a wide range of silver products that include IRA-eligible bars, solid skulls and hand-poured coins. IRA-eligible silver products include the following:
- American Silver Eagles
- Canadian Silver Maple Leaf coins
- Australian Silver Kangaroos
- South African Silver Krugerrands
- Austrian Silver Vienna Philharmonics
Platinum Products Approved by the IRA
Palladium and platinum offer unique investment opportunities to investors who want to invest in a precious metal that is critical for sustainability. Like gold, both metals are available at higher prices and can be used with IRAs. BGASC offers a couple of IRA-approved coins, including the Australian Platinum Kangaroo coin and Canadian Palladium Maple Leaf.
Copper Products
Copper products are popular for commemorative or collector items. BGASC has a wide range of copper investment items, such as rounds, bars and bullets. Some of the most popular rounds can be purchased for as low as $2 per coin depending on how much you purchase.
Other Products
BGASC also offers unique products, ranging from rare coins to basic coins that you can invest in.
- Palladium Products: As previously mentioned, palladium coin works in IRAs. It also has a price that is similar to gold. Palladium products are popular, including the American Palladium Eagle Reverse and palladium bars.
- BGASC sells legal tender notes like the $2 Year of the Golden Rabbit Hologram Rabbit 2023 Legal Tender Note.
Does BGASC Offer Precious Metals IRAs?
BGASC technically does not offer its own precious-metals IRA custodian service. IRA custodians help you to create an account, transfer funds, fund your account, buy precious metals and more. BGASC has partnered with a number of popular IRA custodians so that you can choose one to create your account.
There are two options for precious metals IRAs:
- GoldStar Trust Company
- Equity Trust
- STRATA Trust Company
BGASC has a preferred depository that will store your precious metals in your IRA. IRS regulations require you to keep your precious metals at an approved depository.
What are the fees associated with using BGASC IRAs
The fees charged by BGASC for the creation and management of a precious-metals IRA are dependent on which custodian is chosen. BGASC doesn't disclose fees because they vary depending on which company you select. You can expect to pay for IRA fees in general.
- One-time setup fees
- Transfer, rollover or wire fees
- Precious metals delivery fees
- Annual vaulting fees
- Annual Account Maintenance Fees
- Insurance costs
Before making a decision, we recommend that you compare the fees charged by BGASC and other preferred custodians. Calculate your total costs to determine the best option that is most cost-effective for you.
What type of IRA does BGASC prefer?
BGASC doesn't have a preference for a particular type of IRA because you will be creating your account with one of our partners. Your contributions may be affected by the partner's account preferences. Preferences can include IRA types, such as traditional versus Roth IRAs, or precious metal types, such as gold versus Silver.
Can you rollover funds from an existing retirement account to BGASC Precious MetalsIRAs?
Most IRA custodians accept a variety of payment methods to fund your IRA. This includes account rollovers. The custodian transfers funds from previous retirement accounts into your precious metals IRA, so that you can start purchasing gold, palladium, platinum or silver. Rollovers are available for all types of previous accounts, including IRAs.
BGASC will not perform the rollover because it does not have its own IRAs. The company will guide you through the funding options after you select a custodian. Remember that all transactions, such as rollovers and wires, are usually subject to additional fees.
BGASC: Advantages and disadvantages
BGASC has its own advantages and disadvantages. You can make a more informed investment decision by weighing the pros and cons. We found that the top benefits of BGASC are:
- Spend more than $199 and get free shipping
- All packages are covered by full insurance
- Payment options
- BBB accreditation with A+ rating
- No order minimums
- A wide selection of coins, including precious metals and other oddities
- Customer Support Team that is Helpful
- Shipping is usually done the same day.
- When you are ready to sell, take advantage of competitive buyback rates
- Website with live spot prices
- Member of the Certified Coin Exchange. Official PCGS Dealer. U.S. Mint Lister Dealer
BGASC's outsourced IRA service is its biggest disadvantage. The company does not have its own IRA Custodian, so you can't find out about fees, pricing or management services. To create your account you must contact two vendors, BGASC and the custodian of your choice. This could be a headache.
How to Invest in BGASC
BGASC offers you the opportunity to invest in precious metals by purchasing non-IRA related items on its website and having them delivered directly to your home, or by creating an IRA by following their steps.
You may have difficulty creating an account if the company doesn't offer its own IRAs. BGASC recommends that you follow these steps:
- Open a self directed IRA with one of our preferred custodians.
- Your account can be funded with simple cash. Your custodian can guide you on the best way to do this. Your custodian will inform BGASC about your contribution total after funding.
- BGASC offers IRA-approved metals. IRS regulations require that all IRA transactions be conducted over the telephone. BGASC will ship your items securely to your depository, with delivery insurance included.
We found BGASC to be legitimate based on our research and BGASC reviews, but it does have pros and cons. Learn About Gold wants to help you choose the best gold IRA. If BGASC doesn't suit you, take our Find a Gold IRA partner quiz or ask our Learn About Gold team any questions.
Frequently Asked Questions
How does a gold IRA work?
Individuals who want to invest with precious metals may use the Gold Ira accounts, which are tax-free.
Physical gold bullion coin can be purchased at any time. To invest in gold, you don't need to wait for retirement.
An IRA lets you keep your gold for life. When you die, your gold assets won't be subjected to taxes.
Your heirs will inherit your gold, and not pay capital gains taxes. And because your gold remains outside of the estate, you aren't required to include it in your final estate report.
First, an individual retirement account will be set up to allow you to open a golden IRA. After you have done this, an IRA custodian will be assigned to you. This company acts in the role of a middleman between your IRS agent and you.
Your gold IRA custodian can handle all paperwork and submit necessary forms to IRS. This includes filing annual reports.
After you have established your gold IRA you will be able purchase gold bullion coin. Minimum deposit is $1,000 You'll get a higher rate of interest if you deposit more.
When you withdraw your gold from your IRA, you'll pay taxes on it. You will be liable for income taxes and penalties if you take the entire amount.
If you only take out a very small percentage of your income, you may not need to pay tax. There are exceptions. However, there are exceptions. If you take 30% or more of your total IRA asset, you'll owe federal Income Taxes plus a 20% penalty.
It's best not to take out more 50% of your total IRA investments each year. A violation of this rule can lead to severe financial consequences.
How is gold taxed in an IRA?
The fair market price of gold when it is sold determines the tax due on its sale. When you purchase gold, you don't have to pay any taxes. It's not considered income. If you sell it later, you'll have a taxable gain if the price goes up.
Loans can be secured with gold. Lenders will seek the highest return on your assets when you borrow against them. Selling gold is usually the best option. It's not guaranteed that the lender will do it. They might just hold onto it. They may decide to resell it. Either way you will lose potential profit.
You should not lend against your gold if it is intended to be used as collateral. It is better to leave it alone.
What is the tax on gold in Roth IRAs?
A tax assessment for an investment account will be based on the current market value, and not what you paid initially. If you invest $1,000 in mutual funds or stocks and then later sell them, all gains are subjected to taxes.
You don't pay tax if you have the money in a traditional IRA/401k. You pay taxes only on earnings from dividends and capital gains — which apply only to investments held longer than one year.
Each state has its own rules regarding these accounts. In Maryland, for example, withdrawals must be made within 60 days of reaching the age of 59 1/2 in order to qualify. Massachusetts allows you up to April 1st. New York allows you to wait until age 70 1/2. You should plan and take distributions early enough to cover all retirement savings expenses to avoid penalties.
Statistics
- If you take distributions before hitting 59.5, you'll owe a 10% penalty on the amount withdrawn. (lendedu.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- You can only purchase gold bars at least 99.5% purity. (forbes.com)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
External Links
bbb.org
irs.gov
cftc.gov
law.cornell.edu
- 7 U.S. Code SS 7 – Designation of boards of trade as contract markets
- 26 U.S. Code SS 408 – Individual retirement account
How To
The best place to buy silver or gold online
Understanding how gold works is essential before you buy it. The precious metal gold is similar to platinum. It is rare and used as money due to its durability and resistance against corrosion. It is very difficult to use and most people prefer to purchase jewelry made of it over actual bars of Gold.
There are two types of gold coins available today – one type is legal tender, while the other is called bullion. The legal tender coins are issued for circulation in a country. They usually have denominations such as $1, $5, $10, and so on.
Bullion coin are not intended for investment. However, their value will increase with inflation.
They are not exchangeable in any currency exchange system. For example, if a person buys $100 worth of gold, he/she gets 100 grams of gold with a value of $100. Every dollar spent on gold purchases, the buyer receives one gram of gold.
When you are looking to purchase gold, the next thing to know is where to get it. If you want to purchase gold directly from a dealer, then a few options are available. First, go to your local coin shop. Another option is to go through a reputable site like eBay. You might also consider buying gold from an online private seller.
Individuals who sell gold at wholesale and retail prices are called private sellers. You pay a commission fee between 10% and 15% for each transaction when you sell gold through private sellers. This means that you will get less back from a private seller than if you sell it through a coin shop or on eBay. This is a great option for gold investing because you have more control over the item’s price.
The other option is to purchase physical gold. Although physical gold is easier to store than paper certificates you will still need to ensure it is safe. To ensure that your physical gold remains safe, you need to secure it in an impenetrable container such as a vault or safety deposit box.
When buying gold on your own, you can visit a bank or a pawnshop. A bank can give you a loan up to the amount you intend to invest in Gold. Customers can borrow money from pawnshops to purchase items. Banks usually charge higher interest rates that pawn shops.
Another way to purchase gold is to ask another person to do it. Selling gold is also easy. You can contact a company like GoldMoney.com to set up an account and receive payments right away.
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By: Learn About Gold
Title: BGASC Reviews: An Investor’s Guide
Sourced From: learnaboutgold.com/review/bgasc-reviews-an-investors-guide/?utm_source=rss&utm_medium=rss&utm_campaign=bgasc-reviews-an-investors-guide
Published Date: Mon, 26 Jun 2023 21:27:37 +0000
