Buy Gold and Silver Coins (BGASC) claims to be one of the largest, fastest, and most trusted precious metal coin dealers in the United States, with thousands of positive customer reviews. Below, we explore everything you need to know based on real reviews and company information, so you know whether or not its gold products and IRA options are right for you.
Brief History of BGASC
Buy Gold and Silver Coins (BGASC) began in 2012 in Calabasas, California. The company’s mission from day one was to create a gold and silver online dealer that people want to trade with. What does that mean?
BGASC aims to offer convenience and excellent customer service across every transaction. Since its inception, the company has prioritized keeping its selection in stock, at a reasonable price, and ready to ship fast. With this convenience, BGASC has quickly become one of the largest precious metal coin dealers in the United States.
Is BGASC a Legit Company?
Yes, BGASC is a legitimate company that is Better Business Bureau accredited with an A+ Rating, a member of the Certified Coin Exchange, an Official PCGS Dealer, a U.S. Mint lister dealer, an NGC Collectors Society member, and a Bulk Purchaser of U.S. Mint non-bullion coins. BGASC provides full insurance on all product shipments to ensure everything stays safe during transit. Based on the above credentials and positive customer reviews, shoppers can trust BGASC to provide products as advertised.
What Products Do They Offer?
Because BGASC specializes in a wide range of precious metal products, BGASC reviews would be incomplete without diving into its catalog. On the company website, you’ll find IRA-approved gold, silver, and platinum products, plus various other fun options.
IRA-Approved Gold Products
BGASC sells gold coins and bars in one-ounce, half-ounce, quarter-ounce, and one-tenth-ounce sizes. Depending on your preferences, you can find bullion, numismatic, and commemorative coins. Some popular options for IRA eligibility include the following:
- Gold American Eagles
- Gold bars
- Canadian Gold Maple Leaf coins
- Gold American Buffalos
- South African Krugerrands
- Australian Gold Kangaroos
- Austrian Gold Philharmonics
- Mexican Gold Coins
IRA-Approved Silver Products
Silver coins offer a cheaper entry point for investors just joining the precious metals market or seeking an easier way to diversify their portfolios. BGASC offers a variety of unique silver products, from IRA-eligible coins to hand-poured bars and solid skulls. A few popular IRA-eligible products are as follows:
- American Silver Eagles
- Canadian Silver Maple Leaf coins
- Australian Silver Kangaroos
- South African Silver Krugerrands
- Austrian Silver Vienna Philharmonics
IRA-Approved Platinum Products
Platinum and palladium provide unique opportunities for investors wanting to buy into a precious metal critical to sustainability in the future. Both metals, like gold, come at higher price points and can work with IRAs. A couple of popular IRA-approved products from BGASC include the Australian Platinum Kangaroo and Canadian Palladium Maple Leaf coin.
Many investors choose copper products for commemorative coins or collector’s items. BGASC offers a variety of copper investment products, including rounds, bars, and bullets. Some popular rounds cost as little as under $2 per coin, depending on your purchase weight.
Aside from the metals listed above, BGASC offers a long list of unique products ranging from rarities to basic coins you can invest in:
- Palladium products: As mentioned above, palladium coins work in IRAs and provide a similar price point to gold. Popular palladium products include the American Palladium Eagle Reverse, palladium bars, and more.
- Notes: BGASC also sells rare legal tender notes, like the 2023 $2 Year of the Golden Rabbit Hologram Rabbit Legal Tender Note.
Does BGASC Offer Precious Metals IRAs?
BGASC does not technically offer its own precious metals IRA custodian services. IRA custodians are the companies that help you create your account, roll over funds, fund the account, purchase precious metals, and so forth. Instead, BGASC partners with a few popular IRA custodians, so you can select one of their preferred options to create your account with.
The precious metals IRA custodian options are as follows:
- GoldStar Trust Company
- Equity Trust
- STRATA Trust Company
BGASC also partners with its preferred depository, which is the vaulting service that would secure your precious metals for safekeeping in your IRA. You must keep your precious metals in an approved depository to adhere to IRS requirements.
What Are the Fees Associated With Using BGASC IRAs?
BGASC’s fees for creating and managing a precious metals IRA will depend on the custodian you select. BGASC does not disclose exact fees on its website, as the prices will vary based on the company you choose. In general, you can expect to pay the following IRA fees:
- A one-time account setup fee
- Rollover, wire, or transfer fees
- Precious metals delivery fees
- Annual vaulting fees
- Annual account maintenance fees
- Insurance costs
We recommend researching these fees across BGASC’s preferred custodians before making your decision. You can calculate your total expenses to better understand the most cost-effective and valuable option for your needs.
What Type of IRA Does BGASC Prefer?
BGASC does not prefer a certain type of IRA, as you will create your account through one of its partners. The partner custodian may have account type preferences affecting your contributions. Preferences could include the type of IRA, like traditional versus Roth, or the type of precious metal, like gold versus silver.
Can You Rollover Funds From an Existing Retirement Account to BGASC Precious Metals IRAs?
Yes, most IRA custodians offer various payment method options to fund your IRA, including account rollovers. Essentially, the custodian will roll over funds from your previous retirement accounts to your precious metals IRA so you can begin purchasing gold, silver, platinum, or palladium. Rollovers work with all previous account types beyond IRAs as well.
Because BGASC does not offer its own IRAs, it will not conduct the rollover for you. After you choose a custodian for your account, the company will walk you through your funding options. Keep in mind that any transactions, including rollovers or wires, typically come with additional fees.
Advantages and Disadvantages of BGASC
Like all precious metal dealers, BGASC comes with advantages and disadvantages. Weighing the pros and cons can help you make an educated investment decision. Based on BGASC reviews and our in-depth investigation, we found the company’s top advantages to be the following:
- Free secure shipping on orders over $199
- Full insurance on all packages
- Multiple payment method options
- BBB accreditation with an A+ rating
- No order minimums
- Wide selection of precious metal coins and other oddities
- Helpful customer support team
- Fast shipping, often by the next day
- Competitive buyback prices when you’re ready to sell
- Live spot prices listed on the website
- Member of the Certified Coin Exchange, Official PCGS Dealer, and U.S. Mint lister dealer
The primary disadvantage we found with BGASC is the outsourced IRA custodian service. Because the company does not offer its own IRA custodian option, you cannot find information on fees, pricing, management services, minimums, or any other details. You must communicate with two vendors (BGASC and your preferred custodian) to create your account, which could be a hassle.
How To Start Investing in BGASC
You can invest in precious metals with BGASC by buying non-IRA-related items directly on the website for delivery to your home or by following its steps for creating an IRA account.
Because the company does not offer its own IRA products, you may find creating your account more challenging. BGASC recommends the following steps:
- Open a self-directed IRA account with one of the preferred custodians.
- Fund your account with basic cash. Your custodian will walk you through your options on how you can do so. After funding it, your custodian will notify BGASC of your total contribution amount so you can begin creating your precious metals order.
- Purchase IRA-approved precious metals with BGASC. All IRA transactions must occur over the phone to meet IRS requirements. After your purchase, BGASC will securely ship the items to your depository with included delivery insurance.
Based on BGASC reviews and our thorough research, we found the company legitimate, though it has pros and cons. At Learn About Gold, we want to help you find the best gold IRA option. If BGASC isn’t right for you, try taking our Find a Gold IRA Partner quiz or contact our Learn About Gold team with any questions.