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Colorado Gold is a reputable and long-standing precious metals business located in Colorado. With over four decades of experience, they have assisted individuals in investing in precious metals since 1977.
As one of pioneers in the industry, they have played a significant role in helping people open gold IRAs following the IRS regulations in the 1990s.
When evaluating the legitimacy of Colorado Gold, its extensive history and track record assure its credibility. Their longevity in the industry is a testament to their ability to adapt to market changes and consistently meet the needs of their clients.
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About Colorado Gold
Colorado Gold is a reputable company that has been operating since 1977 and actively assisting clients with precious metals IRAs since their approval by the IRS. Besides offering IRS-approved IRA metals, they provide a diverse range of precious metals products.
The primary precious metals Colorado Gold offers include platinum, gold and silver. While palladium is not regularly available on their website, they may occasionally provide a limited supply of this metal.
Colorado Gold takes a different approach than some gold IRA companies that partner exclusively with a single custodian and depository. They provide a list of custodians they have worked with in the past, allowing clients to compare options and make an informed decision based on factors such as depository services, associated fees and suitability for their individual needs.
Colorado Gold has collaborated with some custodians, including Equity Trust, Strata Trust, Entrust Group and New Direction Trust. The selection of a custodian will determine the annual fees associated with the gold IRA, as different custodians have varying fee structures.
When liquidating your precious metals, Colorado Gold offers a buyback service. They are willing to purchase precious metals from clients even if they were not originally acquired through their service.
However, if the metals were not purchased from Colorado Gold, there is a 1 percent charge for the buyback service. Additionally, clients are responsible for arranging and covering the costs of transport and shipping insurance for the metals.
Company Management
The management team of Colorado Gold consists of a group of experienced industry experts who bring their knowledge and expertise to the company.
The founder of Colorado Gold, Don Stott, established the business in 1977 and served as its leader for nearly four decades before retiring in 2015. Despite his retirement, the company remains family-operated, maintaining a legacy of trusted service.
Don continues contributing to the industry through his weekly blog, published on the company's website. His ongoing involvement demonstrates his commitment to providing valuable insights and guidance to clients and the broader community.
Regarding custodians for gold IRAs, Colorado Gold takes a unique approach. Rather than partnering with a single preferred custodian, they offer clients the freedom to choose their custodian. This flexibility gives individuals greater control and decision-making power over their accounts.
While some may appreciate the opportunity to manage their custodial relationship directly, others may prefer a company that handles all aspects, including communication with a designated custodian.
The ability to select a custodian that aligns with one's specific preferences and requirements is a positive aspect for those seeking a more personalized approach to their gold IRA.
Products Offered
Colorado Gold sells platinum, gold and silver products, focusing on offering items that meet IRS regulations for IRAs. While they do not offer numismatic collectibles, they provide a range of common coins suitable for investment purposes.
The company offers popular coins such as the American Eagle, American Buffalo, Gold Maple Leaf and Australian Kangaroo in various metals and weights. The specific selection of metals and weights may vary depending on the availability of each coin.
It's important to note that Colorado Gold does not prioritize the sale of palladium and this metal is not frequently offered in their marketplace.
Although Colorado Gold does not specialize in precious metals IRAs, they assist clients in navigating this investment option by referring them to reputable self-directed IRA specialists.
Companies like STRATA Trust Company, New Direction IRA and The Entrust Group can provide custodial services and guidance for individuals wishing to include precious metals in their IRA portfolios.
Colorado Gold sells platinum, gold and silver products, focusing on offering items that meet IRS regulations for IRAs. While they do not offer numismatic collectibles, they provide a range of common coins suitable for investment purposes.
The company offers popular coins such as the American Eagle, American Buffalo, Gold Maple Leaf and Australian Kangaroo in various metals and weights. The specific selection of metals and weights may vary depending on the availability of each coin.
It's important to note that Colorado Gold does not prioritize the sale of palladium and this metal is not frequently offered in their marketplace.
Although Colorado Gold does not specialize in precious metals IRAs, they assist clients in navigating this investment option by referring them to reputable self-directed IRA specialists.
Companies like STRATA Trust Company, New Direction IRA and The Entrust Group can provide custodial services and guidance for individuals wishing to include precious metals in their IRA portfolios.
Buying Precious Metals from Colorado Gold
Purchasing precious metals from Colorado Gold is designed to be a straightforward and hassle-free process, offering convenience for customers. The company has streamlined the purchase procedure, making it easier to buy through its website than many other industry competitors.
The initial step involves submitting a Client Agreement, a legally binding document that must be completed before purchasing. It's important to note that you are entering into a contractual obligation by signing this agreement.
Consider alternative companies if you prefer to have more flexibility and avoid a binding contract.
The Client Agreement includes several important points:
To facilitate transparency, Colorado Gold lists prices on its website, reflecting the current prices of the offered products. This transparency is beneficial as it allows customers to easily research and compare prices with other providers in the market.
Unlike other stores that offer online shopping carts, Colorado Gold's ordering process requires customers to call and place their orders. Each telephone call is recorded to ensure accurate information is captured regarding the charge.
Upon placing an order, customers receive a trade number and are required to pay the total amount. The order is then fully insured and shipped using UPS. Due to the insurance coverage, a signature will be required upon delivery. Alternatively, customers can request a USPS shipment if preferred.
Selling Precious Metals to Colorado Gold
When selling precious metals to Colorado Gold, the company offers a buyback service for metals purchased through their marketplace and those obtained elsewhere. However, specific fees are associated with selling metals from a different marketplace.
There is a buyback fee of $25 plus a 1 percent fee. Additionally, if you choose to receive payment via wire transfer, a $50 fee applies.
Completing the Customer Agreement, like the purchasing process, is required when selling metals to Colorado Gold. This agreement outlines the shipping guidelines, including insurance, transportation and shipping responsibilities, which fall upon the seller.
Accepted metals for sale include gold, silver, palladium and platinum, with good hallmarks. Once you receive a trade number, the order price becomes locked. It's important to note that if the value of the metals increases after the trade number is issued, Colorado Gold is not obligated to provide additional compensation.
Upon completing the purchase agreement, it is essential to ship the metals within two days to the designated depository. Failure to adhere to the shipping timeline may result in potential legal action to collect the metals.
New customers may be requested to show the metals to Colorado Gold before finalizing the trade. This allows the company to inspect to verify the quality of the metals. After inspection, a final price will be agreed upon.
The condition of the shipped metals is crucial, as any poor condition or damage may affect the price quote. It's important to note that the determination of state and subsequent price adjustments are made by the supplier who ultimately possesses the metals, not by Colorado Gold.
Colorado Gold recommends utilizing USPS Registered Mail service for shipping precious metals. Each box should be accompanied by Postal Form 3806, which can be obtained from your local post office. Additionally, it is advisable to double-box the metals to ensure the packaging remains intact and protected during transit.
Fees Information
As a broker of precious metals, Colorado Gold operates differently from a traditional coin shop. They facilitate purchases on behalf of their customers through their network of distributors.
Colorado Gold applies a fee of 1% for each transaction, including insured shipping. However, for larger orders, they offer reduced prices. Orders exceeding $50,000 incur a fee of 0.75%, while orders surpassing $100,000 or higher qualify for a fee of 0.5%. These tiered fees provide potential cost savings for customers making substantial investments.
When it comes to IRA fees, the charges will vary depending on the IRA custodian chosen by the customer. Different custodians have their fee structures and it is important to review and compare them to determine the most suitable option for your specific needs.
Payment Methods
Colorado Gold offers a range of options to accommodate different preferences. While credit or debit card payments are not accepted, other payment methods are available for customers.
Venmo can be a convenient transfer method for small purchases, such as a few coins. In addition, traditional payment methods include cashier's checks, personal checks and bank wire transfers.
It's important to note that certain circumstances may require funds to be transferred before the order is confirmed. This may be applicable in cases where there is a history of payment default or for large orders.
If you pay with a check or money order, please know the bill will take approximately seven business days to clear. This ensures that the company's bank can verify the transaction and prevent fraud.
Should you have any questions regarding payment methods or any other inquiries, it is necessary to contact the company directly via phone. However, Colorado Gold only gets customers when necessary, respecting their privacy and communication preferences.
It is worth noting that Colorado Gold occasionally offers bargain-priced items on its website. These special deals arise when the company's supplier provides discounted rates on specific coins or bullion. Customers can watch for these opportunities to secure items at more favorable prices.
Pros of Colorado Gold
Cons of Colorado Gold
Is Colorado Gold a Scam?
Colorado Gold is a legitimate business operating for over 40 years and holds an A+ rating with the Better Business Bureau. While their long-standing presence and accreditation indicate their legitimacy, it is important to note the limited availability of customer reviews and complaints online.
The scarcity of online customer reviews on third-party platforms like Trustlink or the Business Consumer Alliance makes it challenging to gauge the overall customer experiences with the company. Additionally, the lack of reviews or complaints on their BBB page further adds to the difficulty of assessing their reputation.
Colorado Gold's focus may not heavily rely on the online presence or internet-based customer feedback. As a family-owned business with a long history, it may have established a clientele that primarily relies on word-of-mouth recommendations rather than online reviews.
However, you may prefer exploring other options if you prioritize a company with a robust online presence, extensive online resources and verified customer reviews. Some reputable companies prioritize online outreach, making accessing information and customer feedback easier.
Final Thoughts
Colorado Gold is a legitimate and long-standing precious metals business. With over 40 years of experience, it has built a reputation for reliability. However, the company's online presence and customer feedback are limited, which may make it difficult to assess the quality of its services.
While being a family-owned small business can appeal to some customers, it's important to note that Colorado Gold does not specialize in IRAs. Unlike other companies that offer streamlined IRA services with in-house experts, Colorado Gold leaves much of the IRA setup process to the customers themselves.
This can be a more involved and complex process, requiring customers to handle the paperwork and communicate with custodians and depositories independently.
For those specifically interested in setting up a precious metals IRA, there are alternative companies that offer more comprehensive support and guidance throughout the entire process.
These companies typically have dedicated teams to assist customers with paperwork, custodian communication and depository arrangements, providing a more streamlined experience.
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