- Gold company has at least 10 years with a solid reputation!
- The business is an authorized dealer of the US Mint
- Have an A+ rated with the Better Business Bureau
- Stay away from cheap gold offers
- Are licensed, bonded and registered with the attorney general’s office
Nugget: Gold business with at least 10 years and a solid reputation!
An overview of precious metals — the top precious metals are gold, silver, platinum, and palladium. They are naturally occurring metals with high economic value because they are rare. Their rarity makes them wanted and much sought after because they are difficult to mine. They are valuable as a currency, an investment, and needed in many industries. Industries that often use gold, silver, platinum and palladium as key components are those in electronics, jewelry, automotive, appliances and medical applications. Precious metals, in particular, gold, has been used as a currency that began thousands of years ago in the Asia Minor, when they started minting gold coins in Lydia around 560 BC. Today, investors still seek physical gold, silver, platinum, and palladium as an alternative currency and to diversify their long-term retirement portfolio such as a Gold IRA. Many investors seek precious metals to protect against inflation, financial and/or economic turmoil.
Among all those that “glitter”, the precious metals industry has also had its share of scammers that tarnish and corrode the true precious metals industry. Good signs are gold companies that have more than ten years because they are probably not going anywhere. They have made it through many high and lows and are in it for the long run. They have been accredited and have a steady base of clients. Many have build relationship with wealth managers, financial advisors, associates and companies that also refer a steady stream of clients to the gold dealer.
Choosing a newer company over one with at least a decade of experience, you may risk more than just your investment. Jonathan Rose who has been an active trader and an authorized seller for the US Mint for the last decade, says
“the horror stories of gold buying get swept under the rug. Countless gold and silver companies have filed for bankruptcy or closed for fraud, leaving the customer with no gold and no money! This has been occurring at an alarming rate. An example of this is the recent $38.3 million chapter 11 filing of Northwest Territorial Mint and the Merit Gold & Silver company were shut down under the Californian Protection Act and alleges that Merit engaged ‘in an aggressive, nationwide fraud scheme that has bilked consumers out of tens of millions of dollars’, Discount Gold Brokers, Superior Gold Group, the list goes on and on.”
Nugget: The business is an authorized dealer of the US Mint
In two steps, you can check if the company you want to buy precious metals from is an authorized coin and bullion seller. The US Mint allows free searches but only based on location. To search for an authorized bullion dealer you will need to have the city, state, zip code of the company.
Example: Capital Gold Group Inc., is located in “Woodland Hills, California, 91367”.
Next got to the US Mint Locate a United States Mint Bullion Coin Seller in the search form put in the the location. Such as, Capital Gold Group Inc., is located in “Woodland Hills, California, 91367”.
Capital Gold Group Inc., is an authorized US Mint bullion company and we have been happily serving customers locally and nationally since 2003.
Have an A+ rated with the Better Business Bureau
Pick a precious metals company a strong Better Business Bureau (BBB) rating. Preferably only A+ BBB rating. The Better Business Bureau has been rating businesses for more than 100 years. Better Business Bureau reaches millions of consumers every year and one of the top most visited sites. The BBB has helped consumers find companies and brands they can trust. The BBB grades the businesses from A+ to F through 16 different variables such as “time in business”, “competence”, “complaints” and “background information”. The BBB is a good indicator and is trusted by the consumers.
Business Consumer Alliance rating (BCA) is another well-trusted consumer site to find trusted businesses and brands. Through their sophisticated algorithm that evaluates several different aspects of businesses, BCA is able to assign letter grades, ranging from “AAA” to “F” which assists the public in identifying reputable or disreputable companies. The Business Consumer Alliance, Inc. is a non-profit organization founded over 80 years ago. The Business Consumer Alliance provides free services to consumers to learn everything they need to know about a business before engaging with them. The purpose of BCA is to promote business self-regulation.
Many complaints fail to get an “A+” or “AAA” rating for misleading claims, lack of customer services, lack of a return policy and a failure to deliver.
Scam companies don’t honor returns. Many will dupe buyers with finals sales and offer a no return policy. These types of companies have even threatened buyers with legal action! These illegitimate companies do anything but focus on the needs of their customers and delivering quality products. Some would rather buy fake reviews to hide or bury customer complaints then to actually build a good reputation. Using sites like the BBB or BCA can help you find companies that care about their customers and company.
Our advice: Pick a gold company that is on the Better Business Bureau and the Business Consumer Alliance. Check if they partnered with Trustlink and Trustpilot and have verified customer reviews. At Capital Gold we have an “A+” BBB rating, “AAA” with BCA rating, 5 stars with Trustlink and TrustPilot with all verified customers and awarded 100% in outstanding customer service, we care about our customers!
Nugget: Stay away from cheap gold offers
Stay away from scammers, discount coins, novelties and cheap gold offers. When people are duped into buying “cheap gold” that should be the warning right there and then, although attractive and heavily advertised by these companies, Jonathan Rose states,
“That there should nothing cheap about transferring a portion of your savings into gold.” Mr. Rose comments,
“That the new trend he is noticing is seeing gold dealers pop up and touting that they have been in business for 40 years and have very convincing websites and fake reviews. An investor buying gold coins as a 30-year investment will have to ignore day-to-day volatility, avoid the scammers and try to capitalize on sound investing with a solid company.”
Mr. Rose feels, with a regulated Gold market for physical products would help weasel out the rise of these dishonest companies. Heavily regulated, reputable companies will stick to the standards while scammers will try anything including setting up a fancy website, open an eBay store or pay high dollars in online ads to convince novice investors they found the cheapest gold on the web.
Our Advice: Pick a company that honors returns, has customer service and Capital Gold Group prides ourselves on getting gold, silver, at the best prices for our clients. Besides that we have been selling precious metals over 10+ years. We have an “A+” on BBB and “AAA” with BCA. Award winning best customer service and we are an authorized bullion seller with the US Mint and an INC 500/5000 with Three-Year Sales Growth of 79% company.
Nugget: Are licensed, bonded and registered with the attorney general’s office
Are licensed, bonded and registered with their state attorney general’s office.
Our Advice: Ultimately it is hard to get accredited and some memberships require a lot of work and dedication. Capital Gold Group Inc, cares about you, our clients, employees and community. We not only are licensed, bonded and registered with the California state attorney general’s office but also registered with the the Department of Justice. We are also a proud member of ICTA (Industry Council for Tangible Assets. Authorized dealer of the US Mint, Authorized dealer of PCGS (Professional Coin Grading Service), Authorized dealer of NGC (Numismatic Guarantee Corporation). We also have numerous accolades and CEO Jonathan Rose is an international registered financial consultant with a series 3 commodity license. Mr. Rose has lectured in London, Singapore, Hong Kong, Malaysia and at the Financial Advisor Symposium in America on the benefits of Precious Metals for portfolio diversification.
Our Final Advice: Savvy buyers get the best investment by following these 5 steps. Feel free to reach out if you have any other questions. At Capital Gold Group we always have reps to help M–F 7am–4pm PST, you can download our FREE Consumer Gold e-guides or watch Capital Gold Group TV.