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Beverly Hills Precious Metals Exchange Review: Pros, Cons, & More

Last Updated: October 31, 2024

In your quest to begin investing in precious metals, you have likely come across the names of many companies listed in the industry. One of them has undoubtedly been Beverly Hills Precious Metals.

When purchasing precious metals, you need a company on which you can fully rely. Is Beverly Hills Precious Metals a legit company, or is it a scam? Have there been scam accusations made against the company?

Our detailed review will give you all the facts about the company and help you determine if it is right for you. We will share the BBB rating and much more.

 

The Gold Information Network's Quick Summary & Opinion

Based on our recent research and experience, here are our thoughts:

We have mixed feelings about Beverly Hills Precious Metals Exchange. On one hand, the company has been in business since 2003 and has some high-profile conservative clients like General Michael Flynn, which lends it credibility. The founder Andrew Sorchini started the company with the goal of helping people with their investment options.

However, there are a few red flags that give us pause. Most concerning is that the company is not accredited by the Better Business Bureau and only has a 3/5 star customer rating on BBB. A company that's been in business for several decades will usually have a rating by now.

Customer reviews are fairly limited and mixed, with an average of around 3.5 stars across sites like Google. With so few reviews for such a long-operating company, it's hard to get a true sense of their reputation and trustworthiness.

Overall, while Beverly Hills Precious Metals Exchange has some positive attributes, the lack of BBB accreditation and limited customer feedback makes us hesitant to give a full-fledged endorsement. BHPM may be a decent option for some, but there are likely more transparent and highly-rated precious metals dealers out there to consider as well.

You can check out our best gold IRA companies list for 2024, which has been created based on our personal experience in the precious metals industry, personal interactions, online research, and customer feedback.

Is Beverly Hills Precious Metals on our list???

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How Did Beverly Hills Precious Metals Get Its Start?

Our online research showed that the company opened its doors in 2003. The founder of Beverly Hills Precious Metals is Andrew Sorchini. He wanted to start the company to help people with their investment options, whether they were new to investments or experienced pros.

The address for Beverly Hills Precious Metals is 9663 S. Santa Monica Blvd #811, Beverly Hills, CA 90210.  There phone number is (866) 346-5325

Notable clients of Andrew Sorchini include Clay Clark and Michael Flynn. Beverly Hills Precious Metal Exchange has been a stable name in the industry by providing clients with the best precious metal in the industry.

Is Beverly Hills Precious Metals Exchange a Scam?

In our experience it is rare for a precious coins company to have been in operation for 20 years while scamming clients. Many conservative professionals also endorse this company. General Michael Flynn is one of the most famous.

Although it has fairly good ratings and is endorsed by top names, that does not mean Beverly Hills Precious Metals is the best company or even right for you. We dug a little deeper to help you discover what kind of gold dealer you are dealing with before investing in gold or other precious metals.

Ratings & Customer Reviews

Better Business Bureau

BBBB Beverly Hills Precious Metals

When investigating this company, and any other precious metals company one of our first stops was to look at the Better Business Bureau rating. Unfortunately, we discovered that BBB does not accredit Beverly Hills Precious Metals. What does this mean?

The BBB does not accredit a company unless it has a B rating. A is the highest rating, and F is the lowest. Accreditation means the company is trustworthy and credible.

Of course, we were concerned to learn this dealer is not accredited. While there have been no complaints on the BBB website, the customer rating is only 3 out of 5 stars.

Business Consumer Alliance

We checked this precious metals investment business on Business Consumer Alliance. At present, the company has an AAA rating with no customer reviews.

With so few customer reviews on major consumer sites, it is difficult for us to measure the trustworthiness of any business, especially one that has been in operation so long.

Compare Beverly Hills Precious Metals to Top Gold & Silver Companies

BHPM American
Hartford Gold
Goldco Birch
Gold Group
Noble Gold Augusta Precious
Metals
Year Founded
2010
2015
2006
2003
2016
2012
Founder
Andrew Sorchini
Sanford Mann
Trevor Gerszt
Laith Alsarraf
Collin Plume &
Charles
Thorngren
Isaac Nuriani
BBBB Rating
3.5 (Not
Accreditied)
4.89 (A+)
4.81 (A+)
4.38 (A+)
4.9 (A+)
4.9 (A+)
Trustpilot Rating
NA
4.8 (1,000+)
4.8 (1,000+)
4.2 (<500)
4.9 (<500)
4.8 (<100)
Google Rating
3.3 (<50)
4.8 (1,000+)
4.9 (2,000+)
4.7 (<500)
4.9 (500+)
4.9 (<500)
No Penalty
Rollovers
YES
YES
YES
YES
YES
YES
IRA Setup Fees
Unavail
$230
$50
$50
$0
$250
Annual
Storage Fees
Unavail
$200 Yearly
$100 Yearly
Maint Fee + $150
Yearly (Seg Storage)
$80 Yearly Maint
Fee + $100
Yearly Storage
$80 Yearly (Seg
Storage)- $150
Yearly in TX & DE
$200 Yearly
Minimum
Investment
Unknown
$5,000 Cash
Acct, $10,000 IRA
$15,000 Cash
Acct, $25,000
IRA
$10,000
$20,000
$50,000
Buyback Program
Yes
Yes
Yes
Yes
Yes
Yes
Free Shipping
No
Yes
Yes
Yes (Over $10k)
Yes
Yes
Low Price
Guarantee
No
Yes
No
No
No
No
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Detailed Review
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Customer Reviews

When we searched for reviews on Beverly Hills Precious Metals, you will find they have an average rating of around 3 1/2 stars. The dealer has 20 customer reviews on Google, with a rating of 3.3 out of 5 stars.  Based on our years experience, there are many better rated companies.

 For in-depth testimonials from customers who have invested through Beverly Hills Precious Metals, click here.

Pros & Cons of Beverly Hills Precious Metals Exchange

When investing in gold IRAs, you must find the right dealer for acquiring precious metals.

The following are some of the pros and cons we discovered about the dealer during our research and personal interaction with them:

Pros

Cons

As you can see, the cons of this company seem to overshadow the pros. If you have a self-directed IRA, we urge you to carefully research before you choose any company, including Beverly Hills Precious Metals Exchange.

Rates & Fees

We found that generally, the fees charged by Beverly Hills Precious Metals can differ from customer to customer due to its tailored services. If you're interested, it's advisable to contact the company directly.

However, one fee remains consistent across all customers: the storage fee. Based on our research, the company charges an annual storage fee of 0.75% of the current ask value of your precious metals assets. Alternatively, they may opt for a flat fee of 15 USD, whichever amount is greater.

This fee is assessed semi-annually as either 0.375% of your assets or 7.50 USD, depending on which is higher. Each time this fee is billed, the company provides a detailed account statement that includes all billing information.

Drawing on our experience, companies that require phone contact for transactions tend to have higher rates compared to those offering direct online services. However, Beverly Hills Precious Metals does not follow this norm. The rates we were quoted over the phone were competitive with market standards.

With Beverly Hills Precious Metals, you seem to receive a fully customized and personal service without any extra charges.

How to Get Started Buying Precious Metals

With Beverly Hills Precious Metals, buying gold and other materials is easy. We recommend asking about free silver to see what the company offers.

You simply need to take the following steps for your precious metals investment:

1. First, you will need to select the gold and rare coins you want for your IRA. The management team is said to have a wide array of choices, though we could not verify the inventory.

2. You will need to select your payment method. You must pay for your shipment and any shipping costs.

3. You will also need to choose a third-party storage option. The IRS forbids investors from storing their gold. Unfortunately, it does not appear Beverly Hills Precious Metals has depository vault partnerships. It seems they expect investors to arrange for storage in a bank.

4. The company will ship your gold anywhere you choose. Just remember that you cannot store gold IRA investments at home.

We have found positive reviews from those who have made purchases from Beverly Hills Precious Metals for their personal investment. We could not find information on their inventory, but reviews let us know many customers have been happy with the services in California.

Steps for Selling Your Precious Metals to a Precious Metals Dealer (Buyback Program)

Once you decide to withdraw your gold, you have the option to sell it to anyone, but you may want to consider the buyback program available from many gold dealers.

Besides purchasing precious metals from Beverly Hills Precious Metals, you also have the option to sell them back.  Compared to other companies we have researched, BHPM has a robust buyback program, enabling you to exchange the metals you hold for cash. Like the buying process, however, you must contact the company to negotiate a deal prior to dispatching your assets for sale.

Before withdrawing your precious metals, make sure you know the IRS regulations. If you withdraw too early, you could face penalties.

Most investors choose to wait until they reach retirement age, which is 59 1/2 or over.

If you decide to use the buyback program, you will need to carry out the following steps:

1. Talk to the management team or go online to schedule a free consultation appointment about your retirement plan.

2. A team member will give you a price quote based on the condition of your metals and the current selling price. They buy platinum, bullion, and silver, among other metals. Once a staff member gives you the quote, your price is locked in.

3. Next, you will receive a detailed price quote and shipping instructions to send your silver or other metals to California.

4. After they have your precious metals in hand, you will receive payment. If you are sending many metals, you should also buy insurance for the package to protect against theft or loss. Make sure the package is secure.

As you can see, the process is fairly easy. Some people do not like that they have to schedule a consultation, but all customers require this.

Unfortunately, we were not able to verify any customer reviews regarding the company's buyback services. If you want to sell your precious metals, make sure you know how much money they are offering. Do not send your metals if the price is not fair!

How to Invest in Precious Metals IRAs

You can invest in metals with a self-directed IRA retirement account. Putting money in precious metals gives you tax advantages while contributing or withdrawing to your retirement plan.

Many people are buying metals because it allows them to diversify their retirement plans without being stuck with only intangible assets. Once you withdraw, you can sell your metals to increase your wealth.

What Is a Gold IRA Rollover?

If you have a conventional retirement account or certain types of 401K, you can roll over your funds into gold IRAs. Once you move the funds, the account becomes self-directed, giving you options for purchasing metals.

What Is the Difference Between a Gold Rollover and a Transfer?

A transfer occurs between two of the same types of retirement accounts. For example, you can transfer funds from one 401k to another. A gold rollover involves converting your IRA to a self-directed account so you can purchase gold.

Remember that IRS rules are in place, and you will incur storage fees and fees from your custodian. A staff member can tell you about the fees involved and whether they offer free silver with purchase.

What Percentage of Your IRA Should Be Gold?

From our first hand experience most experts recommend investing around 15% of your IRA in silver or gold. The key to diversifying your investment portfolio and increasing your wealth is to buy silver in moderation.

Why Should You Invest in Precious Metals?

When talking to customers we find the primary reason they invest in gold is that it provides a hedge against failing economies.

If you want to protect your wealth, do not tie up your entire investment in the stock market.

Investing in gold gives you insurance for the future. Once you decide to retire, selling precious metals gives you income.

Understanding the Dynamics of Gold Prices: Historical Trends and Future Predictions

Gold has long been a cornerstone of investment portfolios, prized for its ability to retain value in volatile economic climates. Historically, gold prices have experienced significant fluctuations driven by a myriad of factors.

Over the past century, gold has seen periods of both dramatic increases and declines. The price of gold surged during times of economic uncertainty, such as during the Great Depression and the 2008 financial crisis. In contrast, during periods of economic stability and growth, gold prices tend to stabilize or decline as investors seek higher returns from other assets.

Looking ahead, the future of gold prices is influenced by several key factors. Analysts predict that continued economic uncertainty, rising inflation rates, and potential recessions could drive gold prices higher. Additionally, the shift towards green technologies and the demand for gold in electronics may bolster its value.

Various economic factors play crucial roles in determining gold prices. Inflation is a primary driver, as gold is often seen as a hedge against inflation. When inflation rates rise, the value of fiat currencies tends to decrease, making gold a more attractive investment. Interest rates also impact gold prices; lower interest rates reduce the opportunity cost of holding non-yielding assets like gold, thus making it more appealing.

Global events significantly affect the price of precious metals. Geopolitical tensions, such as conflicts in the Middle East or trade wars between major economies, create uncertainty and drive investors towards safe-haven assets like gold. International trade policies and sanctions can also disrupt supply chains and affect the global flow of gold, influencing its price.

For instance, the ongoing tensions between the United States and China have created volatility in global markets, pushing investors towards gold. Similarly, the Russia-Ukraine conflict has heightened geopolitical risks, contributing to a rise in gold prices.

gold ira rollover faq

FAQ About Precious Metals IRAs

The following are some commonly asked questions:

The company is definitely legit and has been around for 20 years. While our research found there have been accusations, the company is not a scam.

Gold and silver are always popular choices. Gold tends to retain its value, despite inflation.

Metals help you diversify your portfolio. Consider gold, silver, palladium, and platinum bullion and bars.

He is the founder and owner of the gold dealership.

Our Final Verdict on This Precious Metals Dealer

While we did not find the company to be a scam, we are not comfortable recommending them. Although there are some positive reviews, we also saw a lot of negatives. Without accreditation with the BBB, we would not feel comfortable recommending this company. Having years of experience in this field, there are much better companies out there that can truly offer expertise.

Best Alternatives to Beverly Hills Precious Metals in 2024

#1: Best For All Level Investors

9.6

American Hartford Gold

5 Star customer service, easy to work with, and a low price guarantee.

#2: Best For $50,000+ Investors

Goldco

Excellent customer service from precious metals experts.

#3: Best For $25,000+ Investors

Birch Gold

High level of customer service and a solid reputation