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Seven Star Enterprises International (SSEI) is one of the world's top specialists in gold, silver, platinum, and palladium.
With their headquarters in Minneapolis, MN, they have created a unique position in the marketplace by advising, educating, appraising, and trading precious metals.
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What is Seven Star Enterprises International?
SSEI is a privately held corporation founded in 2003 and accredited in 2006. Bruce Kalata, an expert on precious metals, numismatics, and the world monetary system, is the founder and CEO.
Bruce's experience has had him be a guest on 21st Century Television with Donald Trump Jr., The Money Show, Fox Business Network, CNN Headline News, etc., for industry analysis and market updates.
He's also an active member of his local church and frequently volunteers as a prayer counselor, as well as organizing seminars on wealth preservation and biblical finance.
Seven Star Enterprises International is a member of the American Numismatic Association and works closely with Paper Money Guaranty and Numismatic Guaranty Corporation to ensure all coins, bars, and rounds they deal in are genuine.
They pride themselves on having a hands-on approach to customer service and providing their clients with valuable insight into the precious metals industry.
Services Provided by Seven Star Enterprises, International
SSEI provides several services that allow people to make sound investments in gold, silver, platinum, and palladium.
Their experts help their clients evaluate their current portfolio and give free advice on which coins or bars may be the best fit for them based on their investment goals.
If their client has a collectible or any other precious asset that they want to sell, SSEI has professional appraisers and graders that will give them a current, accurate market evaluation.
They will then guide them on how best to liquidate their asset and provide them with the most competitive price. They also allow their clients to buy precious metals, jewelry, diamonds, currencies, and other valuables from reliable sources all over the world.
To add icing to the cake, they offer immediate delivery on all products anywhere in the country.
For those who want to invest or preserve their wealth for retirement using precious metals, the company also specializes in IRA and 401k investments.
They help with the entire process from start to finish, including setting up and managing the account, choosing the right metals, depositing funds, and making sure their clients comply with all IRS regulations.
Is Seven Star Enterprises International a Scam?
No, Seven Star Enterprises International is not a scam. SSEI has been operational for 20 years now, providing its services to many satisfied clients over that time.
They have a solid track record of successful operations and continue to lead the way when it comes to pricing and customer service.
Being an accredited business with the Better Business Bureau since 2006, you can rest assured that their services are reliable and trustworthy. They also have a physical location where clients can visit and speak to their staff directly.
However, if an interested party lives far from Minnesota, they can visit their official website, https://www.sevenstarenterprises.com/, for contacts and more information.
Investing in Collectibles
Among the many products and services SSEI offers, collectibles seem to be one of the most popular.
They are a great way to diversify an investment portfolio because their value is independent of the stock market or government regulations but rather their desirability, rarity, and condition.
In other words, people's moods and perceptions are the driving forces for what they are worth.
So, if an investor were to buy a rare coin today for, let's say, $100, and a story were to come out about that specific kind of coin, driving interest into the masses, the value of that coin could skyrocket overnight to even $100,000.
Similarly, if some bad history were to be uncovered about that particular coin, people could lose interest in it, making it worthless in just a matter of hours.
SSEI has the knowledge and expertise to help clients identify, purchase, and sell collectibles that are authentic and desirable.
Of course, an investor will still need to do their own thorough research about what they are interested in collecting to be sure they are getting a good deal.
Taxes and Collectibles
Taxes apply to everything that the government considers a means of making money or growing wealth. So, if an investor's collectible increases in value, the IRS will tax that growth (capital gains) the moment they decide to sell it.
The rate is usually 28%, which appears to be even higher than what's charged for stocks (15%). However, if an investor sells a collectible after owning it for less than a year, the ordinary income tax rates will apply.
The amount the IRS will take will be determined by the amount the investor paid for the collectible when they bought it (this includes broker or auction fees), plus the money spent on maintaining, restoring, or refurbishing it, subtracted from the sale price.
This difference is the capital gains that the IRS taxes accordingly.
Precious Metal IRAs
On their portfolio, SSEI also offers precious metal IRAs and 401(k)s to their clients. They are retirement accounts but with actual physical gold, silver, or palladium as the underlying asset.
To create this account, an investor must buy precious metals, store them in a secure place (such as a bank vault), and then invest in them tax-free, deferring their profits until retirement.
The primary advantage of gold or silver IRA accounts is that they protect the investor against financial ruin in the event of an economic crisis or stock market crash. It also helps diversify its portfolio by adding physical assets to it.
Still, gold and silver can be volatile, and like collectibles, there are no profits or dividends to be earned until the day the investor starts withdrawing from their account, i.e. when they turn 59 1/2 or 73 years.
SSEI helps their clients with setting up the account, selecting the right metals, depositing funds into the account, and keeping them in compliance with all IRS regulations.
For example, an investor can't buy their metals from just anyone; they must find an IRS-approved broker with a good track record. Also, there are limits on the amount of money they can contribute each year and the types of metals they can add.
As of 2023, that limit is $6,500 (and $7,500 for people over 50 years).
Types of Precious Metal IRAs
Precious metal IRAs come in different forms. The most common types are traditional, Roth, and SEP accounts.
Any individual that has earned income in the USA can create a traditional precious metal IRA. They will fund it with pre-tax dollars (their net income earned before subtracting taxes) that will grow tax-free until retirement.
Then, when the investor starts withdrawing money from their account, they will pay income taxes on all withdrawals.
Roth IRAs are a bit different because these require post-tax dollars, and earnings are not taxed even when withdrawn in retirement.
Therefore, if someone expects to be in a higher tax bracket at the time of withdrawal, they may benefit more from this type of IRA than from a traditional one.
To be eligible for Roth precious metal IRA, the investor's income must be under a certain limit: $153,000 for individuals or $228,000 for a married couple that files their taxes jointly.
Nonetheless, their greatest advantage is that from 2024 onward, there would be no required minimum distributions or early withdrawal penalties for those that want to enjoy their retirement earlier.
Finally, SEP accounts are for self-employed individuals and small business owners that want to save for retirement but don't have a 401(k) or traditional IRA plan. And similar to Roth IRAs, the money is taxed when it goes in and not when it comes out.
The amount an investor can contribute each year depends on their income and whether the profits from their business are taxed as ordinary income or at lower capital gains rates.
That said, since SSEI will help clients set up a precious metal IRA plan within the guidelines of IRS rules, investors should consult with them to take advantage of such accounts.
Rollovers
A rollover is a tax-free transfer of money or assets from one retirement account to another. That means investors can transfer their money from a traditional IRA to a precious metal IRA without paying taxes on the distribution.
Rollovers between different types of IRAs are only allowed once per year. Additionally, an investor has 60 days to complete the transfer, and if the deadline is not met, they may face tax penalties of up to 10%.
Conclusion
Seven Star Enterprises International offers its clients a wide range of services and products, from collectibles to precious metal IRAs.
Its staff is knowledgeable and experienced in the field, capable of helping investors create wealth safely and securely through long-term investments.
No matter what their particular interests or goals may be, SSEI has the solutions their clients need to build a portfolio that works for them.
Seven Star Enterprises International is a reasonable company, they are not a scam, but we do not recommend them.
They are not the best option for individual purchases of precious metals, and certainly not the best option for investors looking to protect their savings with a gold IRA.
There are much better companies to work with that we have written about extensively on this website.
You can get a Free Gold Investors Guide from our top gold and precious metals company recommendation by clicking the link above or you can read our article of the top companies we reviewed this year:
>> CLICK HERE to read our list of the Top Gold Investing Companies. <<
Or, if you like what you have read about Seven Star Enterprises, you can go to their website below:
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.
