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Are you interested in investing in precious metals but unsure where to start? A gold IRA is a good choice, offering tax advantages that can help you maximize your retirement account savings.
Investing in precious metals offers a hedge against inflation, protection against stock market crashes, and investment portfolio diversity. By buying precious metals, you preserve your wealth for the future and can pass it on to the next generation.
Although there are many ways to invest in physical precious metals, you will likely need guidance. Bishop Gold Group offers professional advice for buying gold coins and investing in precious metal IRAs.
We have carefully researched this company to learn as much as possible, including reading all available Bishop Gold Group reviews. This Bishop Gold Group review will detail all the facts we have learned in an easy-to-read format. We invite you to compare this dealer with others by reading our many company reviews. We also offer tables to make comparison easier. At the end of this review, we will provide a final verdict so you can learn if we recommend the company to our readers.
At The Gold Information Network, we understand the importance of your financial choices and the trust you place in our insights. We conduct in-depth research on each company we review, evaluating its reviews, reputation, product offerings, fees, and history while also meticulously comparing it with similar market products.
In a financial landscape where banks appear geared towards serving the wealthy, we hold reservations about these institutions, the monetary system, and politicians. We passionately advocate empowering individuals like you with greater control over their finances. We firmly believe that you should have the authority to shape your financial future independently, reducing your dependence on institutions and politicians.
We conducted a comprehensive review of Bishop Gold Group, a precious metals dealer based in Los Angeles, California.
BGG opened in 2017 and operates in Los Angeles, California. Ted Nugent is the company's celebrity spokesperson. They sell a range of precious metals, including gold, silver, platinum, and palladium.
They want to help clients invest wisely by educating them on how physical precious metals compare to paper assets. BGG seems to be one of the few companies more concerned about helping its clients invest wisely than making itself tons of money.
The company's owner is Paul Stone, also the Senior Managing Director. We searched the website and its about page and could not find any further information on the team that runs BGG. We will update this review if we learn more.
Does BGG have many positive reviews? Has it received negative feedback? To learn about a company, start with the Better Business Bureau and research customer reviews, complaints, and lawsuits.
A check with the BBB revealed accreditation and an A+ with 5 out of 5 stars based on ten customer reviews. The Bishop Gold Group BBB profile page shows two complaints that have been closed in the last three years and one over the previous twelve months.
The first customer complaint concerned the company's failure to do what the customer had asked. The investor wanted to invest money in bullion but received marked-up coins instead. BGG responded to the complaint and said everything had been resolved, though the customer did not respond to the BBB.
The following customer complaint stated the company refused to honor a buyback agreement. Prices were dropping then, and the company was offering below wholesale. BGG responded that the customer signed a deal for the exact buyback price and was now happy with the result.
Subjects of customer reviews include:
We also checked with Trustpilot to learn more about the quality of negative and positive reviews the company has received. Here, the dealer has an excellent rating with 57 customer reviews. BGG has 4.6 stars out of 5, and 98% of customers leave five-star reviews.
There was one complaint on Trustpilot. The customer says the company is not what it appears to be and that he received unsolicited calls from BGG. He says they ordered precious metals for him without his consent and charged more than double the market value.
His review states that the company has refused to contact him despite numerous calls to get help with the issue. Despite claiming the page, BGG has not responded to any negative reviews on Trustpilot.
Pros
Cons
Bishop Gold Group is not a scam. It has been in business since 2017, earned accreditation with the BBB, and has an excellent customer service rating.
We found three lawsuits related to BGG. Paul Stone filed one as a labor dispute, and another involved a labor issue in an additional lawsuit.
In 2024, a female plaintiff filed a lawsuit against the company under the Telephone Consumer Protection Act. We do not feel these lawsuits impact BGG's being labeled a scam.
BGG offers gold, silver, platinum, and palladium. Unfortunately for customers, BGG does not include prices on its website, and you cannot purchase online. Although this is common in the precious metals industry, some people prefer to buy online without dealing with a sales pitch.
As you can see, BGG has a broader selection of gold and silver than platinum and palladium. This is not uncommon in the precious metals industry because platinum and palladium are rarer than gold and silver.
We would have loved to include current pricing information in this Bishop Gold Group review, but you must fill out a contact form online and have someone from the company contact you before you can learn more about the prices.
Bishop Gold Group provides gold IRA services to its clients, though it partners with custodians and depositories and does not provide these services in-house. The company offers a “Why Invest in Gold” page that includes information on the advantages of investing in precious metal investments.
Opening a precious metals IRA is a smart move for many. Throughout history, gold has usually retained its value or risen during periods of economic distress, resulting in stock market downturns. Depending on your investment goals, there are many ways to invest in precious metals, including SEP IRAs, mutual funds, and other investments.
Understanding Gold IRAs
It would be best if you educated yourself on how gold IRAs work. Many people seek an IRA custodian to guide them in their understanding, but you can also research on your own. We offer many articles that can provide you with sound information.
Gold IRAs differ from traditional IRAs because they allow you to hold physical gold. There are strict IRS guidelines, which is why research becomes essential. Educating yourself ensures you can make informed decisions as you begin the investment process.
Select the Best IRA Custodian
We have already discussed the IRA custodians associated with Bishop Gold Group. You must choose a qualified custodian to invest in precious metals as part of an IRA. These professionals ensure your compliance with the IRS rules and regulations so you purchase qualifying silver coins. Research the custodian's fee structure, customer service approach, and transparency level to choose wisely.
Understand the Storage Requirements
As mentioned, you cannot store IRA gold at home or in a bank. The IRS is stringent when it comes to storage. Before investing in an IRA, you must know about your storage options. Choose a high-security facility. Although Bishop Gold Group has its preferred depositories, you are always free to select any IRS-approved option.
Learn About the Fees
There are fees involved with investing in precious metals IRAs. The fees are up to the provider but stay consistent throughout the industry. You will pay for the account setup, which varies but typically hovers around $50.
There is also an annual maintenance and storage fee. Delaware Depository, for instance, offers segregated and commingled storage and charges a percentage fee based on the value of your precious metals.
If you fail to pay your annual fees, the depository will liquidate your metals to pay your debt. Remember this when setting up storage.
Finding a Reputable Dealer
In addition to finding a suitable custodian, you must choose a reputable dealer. There are many competitors in the industry, making the decision more challenging. Bishop Gold Group is one of the available options, but is it the best? We recommend careful research and comparison to choose companies to help you achieve your investment goals.
Consider the Tax Implications
Before investing in precious metals, you need to understand the tax implications so you are not burdened with unexpected tax penalties and fees. It is essential to realize that gold IRAs grow tax-deferred. This means you will not owe any taxes until you make a withdrawal.
You can begin withdrawing from your IRA at the age of 59 1/2. There are minimum distribution requirements once you reach age 73. If you withdraw too early, you will be subject to withdrawal penalties. It is vital to work with a custodian to ensure you remain compliant and can avoid tax penalties.
Setting up gold IRAs with Bishop is simple. There are only four steps involved, and Bishop Gold helps you every step of the way.
You will talk to a Bishop Gold IRA account specialist to discuss transferring funds from your traditional IRAs to gold IRA accounts. They will provide you with a list and information on their custodian partnerships.
Once you select a custodian, Bishop Gold will start the process and help with any paperwork involved. Some of their top custodian partnerships include STRATA and Kingdom Trust. Bishop claims on its website that it only partners with the top companies with an A+ rating with the Better Business Bureau.
A Bishop Gold account specialist will help you make purchases of precious metals. They will provide information on IRA-approved metals, including gold, silver, platinum, and palladium. You will learn about the current price, inventory, and approximate depository delivery times.
You must meet specific purity requirements for gold IRA:
Bishop Gold Group ships your chosen precious metals directly to your chosen depository. You cannot store precious metals at home as part of a gold IRA. Bishop partners with two top names in the precious metals industry: Brink's Global Service and Delaware Depository.
Both of these depositories have excellent industry ratings. In addition to shipping your metals for storage, Bishop Gold Group ensures your purchases are insured up to $1 billion against theft and casualty losses.
BGG will also help you monitor the growth of your precious metals IRA account. They promise to maintain a strong relationship with clients long after purchasing their physical gold. Bishop representatives will update clients about their accounts and offer guidance in future precious metal investments.
We could not find fee information listed on Bishop's website, so we had to dig deeper to discover information. Learning about fees before you pursue a company like Bishop Gold to handle your self-directed IRA is essential.
We want you to know that the fees listed below are subject to change at any time. You must call the company for accurate fee information and discuss retirement planning.
It is important to remember that these fees are third-party, which may explain why they remain undisclosed on the Bishop Gold Website. You may want to check with third-party providers, like Delaware Depository, to learn about the cost of storing your precious metals safely. You will pay more for allocated storage than unallocated.
Bishop Gold Group provides IRA services and sells precious metals. The company has a good rating with the BBB and customers but lacks transparency on its website regarding pricing, fees, and management.
In this Bishop Gold Group review, we have provided much information to help you get started. This company has a good track record in retirement planning, but we urge you to research carefully and compare them to other companies we have reviewed. Ultimately, you decide whether Bishop Gold is worth your time. Your hard-earned money deserves careful research to make truly informed decisions.
We recognize the significance of your financial decisions and the trust you place in us. We've extensively researched reviews, reputation, past products, fees, and history to ensure you receive accurate insights.
Amidst a financial landscape where banks often favor the wealthy, we believe it's time you take control.
The information provided in this website is intended solely for educational purposes and general informational use. It is not intended as, nor should it be considered, financial or investment advice. Investing in gold or any other financial asset carries inherent risks, and decisions regarding investments should not be made solely based on the information presented here.
We strongly recommend that you consult with a licensed and qualified financial advisor or investment professional before making any investment decisions. They can provide you with personalized guidance and take into account your individual financial situation and goals.
We do not assume any responsibility for the accuracy, completeness, or suitability of the information provided on this website for your specific circumstances. Any reliance you place on such information is strictly at your own risk.
Any opinions offered by The Gold Information Network are The Gold Information Network’s opinions and not to be relied on by anyone for any purpose.
