Interested in investing in gold but not sure where to start?
If you’re like most people, you probably first turn to Google to find reputable gold dealers and investment specialists, and you might have been overwhelmed by the sheer number of options out there. Do you buy locally or online? How do you know who to trust?
At Learn About Gold, we help take the mystery out of investing in gold. We put together an honest review of Bishop Gold Group so that you can decide for yourself if this company is a good fit for your wealth-building and retirement strategies.
Brief History and Background of the Bishop Gold Group
Founded in 2017, Bishop Gold Group is a financial services firm with dozens of advisors and customer support personnel on staff to demystify investing and guide you through precious metals investment strategies.
The company’s Los Angeles headquarters is in a corporate office building with multiple banking and investment firms.
Since the company’s debut nearly a decade ago, Bishop Gold Group has had a singular focus to “help clients make confident and intelligent precious metals decisions.” The advisors have decades of combined experience and work with Americans from all walks of life to advise them on methods for investing in precious metals and achieving financial security, especially for retirement.
Bishop Gold Group is a convenient one-stop-shop for precious metal investments, offering physical gold, silver, platinum, and palladium, as well as gold-backed IRAs (Individual Retirement Accounts).
Is Bishop Gold Group Trustworthy?
We can confidently say that Bishop Gold Group is a trustworthy company that supports clients’ best interests. The company employs an expert staff committed to a client-first mentality.
In addition to having vast knowledge and experience, the advisors tailor a custom strategy to meet an individual investor’s needs.
Bishop Gold Group also has a stellar reputation, boasting an A+ rating with the Better Business Bureau (BBB) and dozens of positive Google reviews. The company has also been extensively featured in the press, including favorable coverage from Forbes and Bloomberg.
Further, the company works with reputable mints to source top-quality metals, and investors can choose between two secure storage options: Delaware Depository and Brinks.
Finally, Bishop Gold Group offers investors peace of mind by providing $1 billion in insurance to cover property and casualty losses.
What Products Does Bishop Gold Group Offer?
Bishop Gold Group offers popular precious metals from a variety of sources and in a range of weights. The list below includes the company’s main offerings.
Gold Coins and Bars
You can source both gold coins and bars from seven international regions:
- South Africa
If you prefer bars, Bishop Gold Group sells 11 different sizes, ranging in increments starting at 1 gram up to 1 kilogram.
Like options for gold, Bishop Gold Group also provides convenient methods for investors of all levels to purchase silver coins and bars. For coins, you can choose from American, Canadian, and Australian coins, and there are additional options for bars. Four sizes of silver bars are available, starting at 1 ounce and going up to 100 ounces (6.25 pounds).
Platinum enthusiasts can purchase coins, bars, or rounds from Bishop Gold Group. Unlike coins, rounds are not minted by the government and have no face value in the marketplace.
Savvy investors often choose rounds because their value is based on the content of the precious metal, so they tend to be more affordable than investments that can be used as currency. They are still easy to liquidate and maintain their intrinsic value.
For platinum coin collectors and investors, Bishop Gold Group sells the American Eagle platinum coin at a 0.9995 purity rating. In terms of bars and rounds, pricing and availability vary, so you’ll have to get in touch with the company for more details.
Palladium coins, bars, and rounds are all available for purchase through Bishop Gold Group. Of the four major precious metals, palladium is the most expensive. This metal belongs to the platinum family, and it’s especially resistant to corrosion while boasting superior malleability.
Palladium has a variety of applications, including extensive use in the fields of medicine, electronics, chemistry, solar power, transportation, and infrastructure. It’s also a popular jewelry material because it is harder than gold and platinum, making it ideal for jewelry that undergoes daily wear and tear, like wedding rings.
Investors interested in palladium can purchase Canadian Maple Leaf palladium coins, as well as bars and rounds, at multiple weights and price points.
Does Bishop Gold Group Offer Any IRAs?
If you’re interested in precious metals and want alternative options for your investment portfolio, Bishop Gold Group also offers precious metal IRAs.
As a reminder, a precious metal IRA is an IRA backed by physical assets (like gold, silver, platinum, and palladium), while a conventional IRA holds paper assets such as:
- Savings bonds
- Treasury bills
- Money market funds
- ETFs (exchange-traded funds)
- Mutual funds
If you choose to invest in an IRA through Bishop Gold Group, you’ll have to follow a couple of extra steps outlined below:
- Choose a custodian for your precious metals. Bishop Gold Group has a list of pre-approved custodians to choose from, all with a minimum BBB “A” rating.
- Transfer funds to the custodian. Bishop Gold Group makes this part of the process relatively simple.
- Purchase metals for your IRA. When you buy gold and other precious metals, the metals will be transferred to your chosen depository within 28 days.
- Store metals in an approved depository. Bishop Gold Group works with the most reputable and secure depositories in the United States to keep your investment safe and secure.
Bishop Gold Group prides itself on providing a diverse range of investment options for clients, including both IRAs and physical precious metal investments.
We encourage you to explore various investment vehicles, including gold IRAs, to gather as much information as possible. Though Bishop Gold Group has patient advisors on staff, we recommend learning and doing due diligence before you invest.
Can You Rollover an Existing Retirement Account into a Gold IRA?
The answer here is also a definite yes. If you have a conventional IRA, the financial team at Bishop Gold Group will help facilitate a rollover into a gold IRA. Depending on what assets are in your current IRA, a rollover can help you diversify your portfolio while increasing your returns.
Pros and Cons of the Bishop Gold Group
In its relatively brief history, Bishop Gold Group has earned a reputation for trustworthiness in the investment community.
To help you determine whether Bishop Gold Group has everything on your wish list, we’ve listed the company’s pros and cons below.
- Positive reputation in the investment community
- Extensive precious metal offerings
- Option to create or rollover gold IRAs
- Two secure storage options
- $1 billion in insurance
- Free consultations are available
- Lengthy 28-day delivery window for precious metals
- Lack of transparency regarding fees
- Not all inventory and pricing information is listed on the website
Are There Any Minimum Investment Requirements with Bishop Gold Group?
If you’re just starting out on your investment journey, you might not have a lot of funds yet, and that’s okay. As long as you have the minimum amount of funds available to purchase, you can get started with Bishop Gold Group.
During your initial consultation, your financial advisor can suggest an appropriate minimum investment. There may be additional minimums in place for investing in a gold IRA.
The Bottom Line
If you have an interest in investing in precious metals, including gold IRAs, Bishop Gold Group is a solid company with a strong reputation in the community. To compare Bishop Gold Group to other firms selling precious metals and gold IRAs, check out our other reviews of gold dealers and investment firms here.