GoldPro Review

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GoldPro is a Texas-based, seasoned dealer in precious metals. The company helps its clients seek the best value in precious metals investing.

They deal in collector coins, bullion products, and precious metals IRAs. Here is a review of their services and policies to help you make an informed decision about investing with them.

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Company Background on GoldPro


goldpro homepage

GoldPro was founded in Vidor, Texas, by Michael White who still runs the company today. The company works with several wholesale establishments to enable the smooth transport of precious metals from different locations around the country.

Mr. White has extensive experience in finance and precious metals. He started his career with one of the nation's biggest precious metals firms as a broker.

During his five-year tenure with the company, he saw how the other brokers were marking up the metals to extreme prices without transparency.

The cover-up went against his Christian values because his goal was to help his clients maximize their returns on their investments. So, he decided to go against the industry norm and started to do things differently.

After he left the company, he started a career at Merrill Lynch as a traditional investment advisor. He was a top performer in the area of general investment advising, but he felt a calling back to his first passion of precious metals investing.

What is a Precious Metals IRA?


In 1997, Congress enacted the Taxpayer Relief Act which was one of the most significant tax reform acts in U.S. history. This allowed investors to purchase precious metals as an investment for retirement in the form of a self-directed IRA.

The SDIRA allowed investors to purchase non-traditional assets like precious metals, art, real estate, and other investments that are not eligible in a regular IRA.

The Precious Metals IRA is a type of SDIRA. It allows investors to purchase certain types of precious metals that are eligible for IRAs. The metals include gold, silver, palladium, and platinum products which the investor can hold in their retirement portfolio.

According to the IRS, only certain types of precious metals products are eligible for the retirement account. These include precious metals coins minted by the U.S. Treasury.

These include certain U.S gold coins with 1, 1/2, 1/4, or 1/10 ounce of gold content, and certain one-ounce silver coins. These coins must meet purity standards to be eligible for a precious metals IRA.

A service will be launched soon that will help clients set up their self-directed precious metals IRAs where they can buy and deposit bullion products for their retirement accounts.

How a Gold IRA Works


two gold coins and four gold bars

A gold IRA is similar to a regular IRA in many ways except in the type of investment products they can hold.

The gold IRA has the added advantage that it lets the investor have more control over their specific holdings including IRS-approved precious metals coins, bars, and products in gold, silver, platinum, and palladium.

The tax treatment of a gold IRA is similar to that of a regular IRA. You can invest pre-tax or post-tax dollars and follow the same rules around contribution limits and distribution that regular IRAs follow.

You can name your beneficiaries, get statements every quarter, and log into your SDIRA account to check your balances whenever you want.

Categories of Gold IRA Accounts


Like regular IRAs, gold IRA accounts have different categories that offer different kinds of tax benefits.

Here are the three different types:

  • Traditional Gold IRA

In a traditional gold IRA, income tax is deferred until you make a withdrawal. The tax treatment is similar to what a pretax traditional IRA is subject to.

The money you contribute and the gains earned from the investment will not be taxed in the year you contribute, and the contribution is tax-deductible in most cases.

For 2022, The annual contribution limit is $6,000 if you are below 50 years of age and $7,000 if you are 50 or older. After you retire and you withdraw the funds from your pre-tax IRA, you pay taxes on the distribution.

  • Roth Gold IRA

In a Roth gold IRA, you make your contributions with post-tax dollars. The tax treatment is similar to that of a regular Roth IRA.

You do not get any tax deduction benefits during the year you make your contribution, but when you withdraw your funds after you retire, you do not pay any taxes on the distribution.

  • SEP Gold IRA

The SEP gold IRA is designed for the self-employed and business owners. The tax treatment on these is similar to that of a pre-tax traditional IRA. Your contributions are not taxed until you make a withdrawal after you retire.

The contribution limits are higher. For 2022, the contribution limit is $61,000 or 25% of your income, whichever is less.

What is Gold Bullion?


Gold bullion is a type of physical gold with high purity. They can be coins or bars. A long time ago, gold coins were legal tender, and people preferred to own gold this way. They were not as hard to trade or sell as gold nuggets and bars.

This was the preferred way of ownership until refiners came up with gold bars specifically for the investment market.

Nowadays, you can find sealed gold bullion bars in one gram to one kilogram, and in one to 100 troy ounces. The largest size in the retail investment market is the gold kilobar.

For institutional investors in gold, the standard gold bar is the Good Delivery bar in 400 troy ounces. On the COMEX futures market, gold contracts might involve 100 ounce gold bars, kilobars, or 400-ounce gold bars.

What are Numismatic Coins?


Numismatic coins are sold at a premium for their collectability and rarity.

The actual content of the precious metal and the purity of the coin are not as important as their condition, mintage, historical value, and other characteristics that add to their potential collectability.

These are sold at a higher premium than the daily spot price of the precious metal. These coins are often dated, graded, and certified, and are no longer produced.

These traits add to their rarity and make them highly desirable to collectors who are seeking particular mint markings or dates to add to their collections.

So, rather than evaluating the product based on the content of the precious metal, these coins are evaluated by their rarity, historical value, and other characteristics that have nothing to do with what the metal is worth.

It is important to point out that, unlike the select bullion coins, numismatic coins are not eligible to be held in a precious metals IRA.

Gold Proof Coins


In the coin industry, the proof finish on a coin is the mint's highest standard in striking. The dies that are used to make the proof finish are meticulously handcrafted and checked to produce the sharpest and most detailed strike on the gold and silver coins.

The striking of the proof coins is done at lower thresholds, thus creating a coin with unparalleled details and definition. 

In the striking process, the pressure is reduced, and the speed is adjusted to achieve the sharpest and most exact marking. This process is much more labor-intensive.

The proof dies used during the minting process produce fewer coins than the dies used for the bullion counterparts.

So, with all the extra attention and work involved, the proof finish is the highest standard in coin minting and is a representation of the masterful technique of the strike.

Proof coins are limited in availability. Depending on the mint and the coin itself, they are usually sold with a box and a certificate. Because of their scarcity, proof coins are highly desirable to coin collectors and they usually command a higher premium.

Shipping Options with GoldPro


After GoldPro receives funds for your precious metal purchase, they will ship the metal to the address in your account without delay. This is usually within 28 business days of receiving your funds unless your state of residence requires a shorter delivery time.

In some rare cases to accommodate unforeseen and uncontrollable supply chain or shipping issues, GoldPro asks clients to allow up to 50 business days for the delivery.

All shipments are fully insured by GoldPro. Their insurance policy will cover anything that happens to your package during transit.

However, if you instructed the delivery service to leave your packages unattended and you do not require a signature, or if you instructed the carrier to leave your package with another person other than the addressee, GoldPro will not take responsibility if the package does not result in your possession.

If the precious metal is lost or damaged during transit, GoldPro will take responsibility for filing a claim with the insurance company. At their discretion, they reserve the right to either re-send the product or issue you a full refund.

For more information on their policies around shipping, contact GoldPro before you decide to invest with them.

Frequently Asked Questions


For how long should you hold your precious metals investments? 

GoldPro advises long-term holdings of precious metals investments. The recommendation is three to five years at the minimum, with an ideal duration of five to ten years.

Market conditions might affect your decision on the duration of your holdings.

How much will the price of precious metals increase? 

It is impossible to predict with certainty how much precious metals prices will increase or decrease. GoldPro does provide a lot of information on the precious metals markets.

You can review historical and real-time data on price movements and related news in the industry.

What is the ideal proportion of precious metals in an investment portfolio? 

GoldPro advises allocating five to twenty percent of your investment portfolio to precious metals in a general investment environment. This recommendation might not be the same as what other institutions or investment advisors say.

Each investor is different, so you should choose what suits best for your particular situation.

Is GoldPro a Scam?


No, GoldPro is not a scam they are a legitimate business. They offer sound advice on precious metals. The products and services from this company are solid and reliable.

They have a website that has helpful information that can help their potential client's order products online. However, the ratings and reviews that are found online are not the highest.

Conclusion

When you are choosing a company to help with your precious metals investing, you should go with a company that provides the services you need, that fulfills your requirements, and most importantly, that you trust.

GoldPro's philosophy is that asking good questions is just as important as getting good answers.

They are committed to educating their clients, and explaining things to them in ways that are easy for them to understand. They provide analyses of the market that are tailored to their needs.

GoldPro is still a young company, and it still needs to gain a firm position in the precious metals industry.

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