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It's interesting to think about how the internet has only been around for a few decades, but it's shaped so much of our lives. Online stores began cropping up almost as soon as the internet began. Gold and silver have been sold online for equally long. And as with any online marketing and retail, you have to be concerned about scams.
GoldSilver.com is among the most popular choices for people who want to shop for precious metals online. The simple URL takes people to a store where they can look at information about precious metals, view available products, and even fill up a cart and check out online.
Thousands of people have used GoldSilver.com during the website's existence. But how many of them have been happy with their experiences? Does this business really follow through on everything that it promises? Here are the basics that you should know, including a couple of red flags.
STOP! Before we continue with this review, we want you to know how seriously we take your investment. We know our research and information may sway your investment decision, so we want to make extra sure you are investing with the right company!
With this said, we do have a list of our top 5 companies (we have found that at least 1 of these 5 companies fits what 99% of our visitors are looking for and all have great reputations & customer reviews):
See if GoldSilver.com made our list this year, or continue with this review below to see if they are possibly the right company for your investment needs.
GoldSilver first began in 2005, and then became one of the most sought-after brands in the entire industry. The company started by providing a host of educational resources to people who wanted to keep up with news about the precious metals industry. Then it branched out into retail.
The company has a huge number of different bullion products available. Some are investment-grade bullion that's eligible to keep in your retirement account. Some are collectible coins with historical or commemorative value. The inventory can vary depending on the day, so you should check the website to get the best sense of what's available.
The main idea is that people should be able to buy precious metals with as little hassle as possible. It doesn't matter whether you're getting a small gift for a friend or making a major move for your own portfolio. GoldSilver caters to every type of client, from the hobbyist collector to the massive financial institution.
The company ships everywhere in the world, so you don't need to worry if you're located outside of the US. Some IRA-focused companies only ship to US addresses and clients. There are also private storage options available, since the parent company is actually the owner and operator of the Texas Depository.
There are multiple methods of getting in touch with the salespeople if you need to talk to them. For example, you can fill out the online contact form, start an online chat, or send an email. You can also place orders via the phone and ask whatever questions you have about the company's products, delivery services, storage, or general policies.
GoldSilver was created by Mike Maloney, a wildly successful businessman with a long background in gold and silver investment. He hosted the Hidden Secrets of Money podcast and has written a bestselling book about how people can invest in silver and gold.
When you go to the website, you'll find an educational section that's populated by tons of different videos. You can watch these videos to get quick insights on different aspects of the industry. The concepts are all carefully and simply explained.
One of the big advantages of this company is that people can pay with a huge number of different options. You can use cryptocurrency like Bitcoin, Paypal, your credit card, and a bank wire transfer. All of these methods allow for quick and easy processing of your payment, which in turn allows for faster release of your shipment.
Unlike some of the competing gold and silver dealers in the industry, GoldSilver.com doesn't sell bullion alone. They actually sell many different forms of precious metal. You can buy jewelry, numismatic coins, rounds, and other items.
Some of the top sellers are pricey bullion coins like American Eagles and American Buffalos. There are more of these minted every year, and they are a staple in the US Mint. Because they have such a high purity value, they're able to be kept in an IRA. They also don't tend to lose value over time the way some collectibles do.
If you make a purchase that's $500 or greater, then you will get free shipping. Any order that doesn't meet that threshold will cost $25 to ship. Whether this is worth it will depend on the distance, the weight of the package, and other factors.
Every order is placed in discreet packaging without any hint as to what the package contains. If you place an order that's over $75,000, then there will probably be several packages sent. By splitting the order up, there's less liability and a better chance of you getting all of your items without any losses.
Every package is fully insured while it's being delivered. The insurance coverage lasts until you open the door and sign for the package. So if anything looks "off" about the package, you shouldn't sign for it. If your package was to get lost or damaged, you're able to file an insurance claim to get your money back for the loss.
Is GoldSilver.com a Scam?
GoldSilver.com is an immensely popular business. Many people use the website when they want to purchase gold online. When you go online, you can find thousands of reviews from past customers. Many of these reviews are positive. But there are a concerning number that are mixed to negative.
Poor reviews don't automatically mean that a company is a scam. GoldSilver.com definitely provides the services that it offers, and it does sell the products that it claims to. But there are some major red flags that point to potential issues with mismanagement.
The most glaring problems can be seen when you visit the company's Better Business Bureau page. In addition to not being accredited, they have an F rating. That's the worst rating that you can get. Most businesses strive to maintain a good reputation with the BBB, so that's concerning.
The reason for the rating is listed as a failure to respond at all to two official complaints. Since many customers use the BBB as a go-between when they have issues with a company, this is concerning. If you're unsatisfied with your service, and the company ignores your BBB complaint, then what avenues do you have to pursue a solution?
There are three complaints listed on the BBB website. In addition, there are two customer reviews, both of which give the lowest possible rating. It's possible that these customers are both complainants.
Only one of the three complaints is currently displayed on the website. It was filed in February of 2022. The customer said that they had received an alert that the data with their GoldSilver account had been compromised. Hackers had managed to obtain the password, username, and other stored data.
The customer said that they needed to change the contact info, password, and email associated with their account. Otherwise, the hackers would be able to get into it. They provided the previous email that was registered with the company. Their request was that the company would reach out to them so that they could work this issue out.
The company never responded to this complaint. Since the customer never followed up, it doesn't seem like they were ever able to change their account information. Or if they did, it wasn't because the company decided to honor their BBB complaint.
Both customer reviews displayed online seem to be from different people, though.
One customer said that the customer support staff was passive aggressive, the website was untrustworthy, and that the company struggled to get the customer's contact info right. Even when the customer tried to resolve the issue, they were just sent rude emails.
The customer said that they were extremely perturbed by the blame shifting and lack of accountability. They wanted to receive a higher quality of care. The insult was especially bad because this customer had bought several hundred dollars worth of items.
The other review came from someone who said that they felt like the company had trapped them. The customer had originally bought some items online, but then realized that there wasn't information about how pure the metals were. He also found that the company had received several negative reviews.
The customer tried to cancel the order, but wasn't able to. The company repeatedly refused to drop the charge. When the customer got in contact with the company, he was told that there would be a fee for cancellations. Several weeks went by with the customer not sending the payment, which caused the debt to go to collections. His credit rating dropped by over 250 points.
When the customer went to small claims court, the judge sided with the company. Then he was repeatedly told that he'd be sent paperwork to reopen his dispute, but the paperwork was never sent. He never had any product sent to him, but was still forced to pay.
This is common when companies have ironclad contracts regarding order payment. You should always make sure that you know exactly what you're signing before you sign it. That means reading all of the fine print, no matter how many pages of it there are. And failing that, it's important to look up past reviews of the company's conduct to see whether you're missing anything.
Pros & Cons of GoldSilver.com
GoldSilver started out as an educational website, but has since become an eCommerce platform. When you go to the site, you can purchase a huge variety of different products. Some of these products are eligible to hold in an IRA, and others are collectibles or gift items.
There have been thousands upon thousands of customers. Many have left reviews saying they're happy with their purchases. But the company has failed to respond to several complaints filed with the BBB, and there are negative reviews saying that the customer service team is rude.
In addition, some customers report being blindsided by the contract. You need to sign a contract to pay for your order. This contract legally requires you to send payment, and if you decide that you want to cancel, then you will be charged a fee.
There was also one complaint stating that the customer's security information had been compromised through their account. This may have been a freak accident, as data breaches happen on secure websites all the time. But the company never responded to the customer's request to change their account information so that the hackers wouldn't be able to access it.
Because of all of this, we don't really recommend that you work with GoldSilver.com. It's true that they're a quick and convenient marketplace, and that many customers have had no issues. But the company doesn't seem to care to resolve issues when they arise. How can you be confident in your purchase if you don't have a guarantee that the company has your back?