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Looking to partner with a company that can guarantee that your assets are safely and wisely invested? If yes, consider checking out Colorado Gold.
The company has over four decades of experience in the precious metals investment industry and they offer a wide range of bullion bars and coins to investors who are keen to divest their portfolios by venturing into precious metal investing.
One of the most unique things about Colorado Gold is its quality of customer service. Their exceptionalism in this area has been a major attraction point for precious metals investors from all walks of life.
Before we get started with this review:
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Colorado Gold Background Info
Colorado Gold is a family-owned business that is managed by two sisters and a brother – Melissa, Morgen & David.
Investing in precious metals seems to run in the family blood given that their father and company founder, Don, hang up his boots in February 2015 after nearly four decades of dealing with precious metals investing.
Over the years, the company has built a solid industry reputation that they would not wish not to soil. The company managers work from home, and this means that they have flexible hours of operation.
It is however worth noting that company operations are closed on weekends and legally recognized holidays.
Don, Colorado Gold’s founder maintains a weekly column that may be worth checking out.
If you visit the archive link on the company’s website you can find thousands of previous columns with invaluable tips on precious metals investing authored by Don and other company-affiliated contributors.
What Investment Products Does Colorado Gold Offer?
The company mainly deals in four types of precious metals. They are:
These precious metals are offered to investors in the form of bullion bars and coins. For example, you can purchase the Tudor Beast of England coins or 10 oz Credit Suisse Gold Bars.
The company also helps investors looking to maintain their retirement savings in physical form by selling and buying various types of precious metals within their IRA plan.
It is important to note that Colorado Gold does not specialize in precious metals IRAs.
If you want to invest in precious metals through your IRA, Colorado gold will not personally handle the trade rather they will refer you to reputable self-direct IRA specialists like the STRATA Trust Company, New Direction IRA, or, The Entrust Group.
What is a Precious Metals IRA?
This is a type of tax-differed retirement investment option that allows you to invest in physical precious metals.
The term ‘tax-differed’ means that once you invest in a precious metals IRA, you will not have to pay taxes until you decide to withdraw your money upon retirement.
One of the key benefits of this type of retirement account is that you do not have to pay taxes on the money that you withdraw until you retire.
If you own this type of account, you can withdraw money for any purposes you desire, and, you can also contribute any amount you wish to your precious metals IRA without paying any tax.
These are some of the reasons why precious metals IRA accounts are considered safe investment vehicles.
How to Buy Precious Metals with Colorado Gold
Key Things to Know When Buying or Selling Precious Metals Through Colorado Gold
Payments for precious metals orders to the company can be done through personal cheques, cashier’s cheques, wire transfers, or, VENMO – if the order is small.
The company retains the discretion to request for you to transfer funds before making an order based on your purchase history and the size of your order. All payment cheques need to be made out to Colorado Gold.
Note that cheques take 7 business days to clear (this includes money orders and cashier’s cheques).
The reason cheques take a long to clear is that there is a verification period since sometimes people present counterfeit cheques when purchasing precious metals.
Colorado Gold does not accept credit card purchases.
If you previously bought precious metals from Colorado gold and wish to liquidate (sell) your investment, the company will charge not charge you anything but they will ask for a $25 sell fee.
You will also be responsible for shipping the precious metals you wish to sell.
Occasionally, the company’s precious metals suppliers sometimes provide them with certain precious metals to be sold at a bargain. If any such items exist in Colorado Gold’s inventory, they are usually placed on the company’s website.
It is also important to point out that Colorado Gold only ships precious metals within U.S. territories. Due to customs restrictions, the company does not trade precious metals in Canada or any other foreign countries.
Storage and Security Options from Colorado Gold
Before buying any amount of precious metals through your IRA account, ensure that you check the storage and security options offered by your preferred precious metals dealer.
Note that some companies keep physical reserves of precious metals on-site while others rely on off-site storage vaults managed by secure third-party companies.
To ensure that your assets are safe, ensure that you are dealing with a company that has secure and insured storage vaults when buying precious metals.
Since you will be putting your retirement savings in the hands of the precious metals dealer, it is important to settle on a company that gives you a sense of safety when it comes to the storage of your assets.
When choosing a precious metals dealer, check out the company’s FAQs to fully understand the storage options that will be made available to you.
It's important to remember that Colorado Gold does not store physical reserves of precious metals on-site rather it relies on secure off-site storage vaults provided by a verified third party.
How Much of Your Investment Portfolio Should You Dedicate to Precious Metals?
The answer to this question depends on a lot of factors, the key among them being the number and type of assets you have in your portfolio.
On average, consider investing between 5 - 15% of your IRA in precious metals. If you are a conservative investor, consider investing anywhere between 5 - 10% of your IRA in precious metals.
The reason why many investment gurus recommend the 5 – 15% range is that though gold is universally accepted as a medium of exchange, you cannot just take your reserves out of your storage vault and liquidate them in the unfortunate event that there is a financial collapse.
The range above will provide your retirement account with great stability while allowing you to bolster your account through other investment options.
If you want to invest more than 15% of your IRA in the precious metals industry, consider putting your money in stock options from gold mining companies as they have proven that they can complement your IRA index fund well.
Benefits of Investing in Gold & Other Precious Metals
One of the ways that you can minimize risk to your investment portfolio while maximizing your ROI is to diversify your portfolio.
Gold is a good way to diversify your investment interests since it is a safe and reliable asset that is rarely greatly affected by inflation. Its scarcity usually makes the commodity even more precious.
History has shown that gold is a reliable investment asset beating other popular forms of investment such as bonds and stocks, especially in times of financial turmoil.
Gold can also act as a hedge against currency fluctuations since it is not subject to the monetary policies applied to paper-based currencies.
One key advantage of investing in gold is that it can withstand the effects of inflation. When the prices of goods and services are on the rise, the value of paper-based currencies usually diminishes.
As a result, the value of investments such as stocks which are typically done through paper currencies usually also diminishes.
On the other hand, while paper-based investment assets are losing their value due to inflation, the value of gold usually tends to rise. This is why gold is considered a great hedge against possible inflation.
Gold is a reliable investment asset since its value can be preserved and grown as time passes. Gold is also a universally accepted medium of exchange and it can be easily sold over the counter.
Historically, gold has proven that it can maintain and increase its value even in times of economic downturn which is why many investors like including it in their portfolios.
Gold has a timeless appeal since it does not tarnish or corrode over time. These properties also make gold extremely durable.
Is Colorado Gold a Scam?
No, Colorado Gold is not a scam. Colorado Gold has been in operation since 1977. This is too long a duration for a company that is not legitimate.
Further, the company has an A+ rating on the Better Business Bureau (BBB) – something that wouldn’t happen if the company is known for scamming clients.
Conclusion
Headquartered in Montrose-Colorado, Colorado Gold is a family-run precious metals dealer that was founded in 1977.
Through the company, you can trade in different precious metals such as gold, silver, platinum, and palladium. These products are available in the form of bullion bars and/or coins.
The company also offers clients a decent collection of IRA-eligible precious metals bullion products.
Note that Colorado Gold makes it clear that it does not partner with any depository company or IRA custodian.
When investing in precious metals through the company, the choice of IRA custodian and/or storage depository is usually left at the discretion of the customer.
However, the company has in the past dealt with reputable custodians and depositories such as The Entrust Group, Equity Trust Company, New Direction Trust Company, and, the Strata Trust Company.
Colorado Gold is not a scam, they are an ok company, but we do not recommend them.
They are not the best option for individual precious metals purchases and definitely not the best option for investors that want to protect their saving from inflation with a Gold IRA.
There are much better companies to work with that we recommend.
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I started BMOGAM Viewpoints as a way to compile all my views on investing in one place. I own my home, have some real estate, and own a few stocks like most people, but what really drives my interest in investing is I have a strong love of precious metals, especially gold.
