Merit Gold And Silver Review
Starting an account with the Merit Gold And Silver Company looks to be quite lucrative. At the time of this writing, for example, if you buy a tube of ¼ ounce Brittanias, you get one additional coin free. Looks like a pretty good deal, right? Until you realize that the market price of gold right now at this writing is $1,300 per ounce. Merit Gold is therefore pricing gold at $2,000 per ounce! That’s nearly a 50% spread, or more than 20% more than most other agencies would ever dare to price their fees. Does that mean everything else is that expensive at Merit Gold And Silver as well?
How Much Does It Cost to Start a Gold IRA?
Merit Gold And Silver offers new or rollover gold IRA customers a zero fee plan for the first 12 months. After the 12 months is over, the fees that you will be charged are variable and are based on the activity, size, and contents of the precious metals that are in your account. First-time users of this organization have access to a 7 day return policy. Otherwise all sales are considered final, bouillon sales are not guaranteed for quality, and if coins arrive damaged, you have 5 business days to contact Merit Gold And Silver or the order will be considered final.
As of August 2014, however, new IRA accounts are not currently being taken by Merit Gold And Silver. The company has been sold to a non-profit organization called Credit Management Association. This was done in order to avoid a complete bankruptcy and liquidation of company assets. The organization remains under Assignment for the Benefit of Creditors, so all orders are being fulfilled based on legal priority when funds are available to place orders.
What Types of Precious Metals Are Offered?
Merit Gold And Silver deals exclusively with gold and silver purchases for your IRA, but does offer platinum and palladium options if specifically desired. You can either choose to make these purchases privately or have them included with your gold IRA. There may be a higher spread and additional fees for gold IRA purchases depending on the total order amount of the precious metals being added to an IRA account.
You may have seen the nationwide commercials for Merit Gold And Silver on TV in the past, advertising gold sales for just 1% over cost. These purchases were in regards to gold bullion only and as of July 2014, those products were no longer for sale. Because of its ABC status, there are likely no precious metals that are being offered to new customers. Existing customers may be able to access available inventories of gold or silver coins.
What Is the Buying and Selling Process?
Inventory purchases are encouraged to be made directly from Merit Gold’s website. You can select the preferred products you want, but there is no guideline in place to help you make sure you stay within IRS guidelines for your coin or bullion purchases. You can also place your order through a toll-free number to speak directly with this gold IRA company’s representatives. A $1,500 minimum order is typically requested. Most sales through Merit Gold And Silver focus on liquidation.
Any new orders that would be placed through Merit Gold And Silver today must originate through Credit Management Association as they are now the principal owners of the organization. Current orders are being fulfilled based on outstanding orders that have been already placed when assets or cash on hand becomes available. New orders may not be accepted at this time depending on the current status of fulfillment. Before placing an order, it would be wise to contact the organization directly to see if this is even possible.
At the time of this writing, there was no method of placing an order for new products from Credit Management Association’s website.
What Are the Expected Timeframes For Order Completion?
Most orders are completed by Merit Gold And Silver in 12 business days. For orders placed with a bank transfer or cash, the shipping time may be less. The initial home page of this company states that all customers receive free shipping on all orders, but their FAQ page tells consumers that the shipping price they are charged is based on their order and that all of these charges will be fully disclosed before the order is completed. Why the discrepancy? If you choose to donate your shipping fee to the Wounded Warrior Project, Merit Gold And Silver will ship your order for free.
At this time, however, the expectation is that no new orders will be fulfilled. Calls to Merit Gold And silver in August 2014 indicated that the organization was planning to cease all operations. After being sold to Credit Management Association, the company could be restructured in the future to once again accept and ship new orders. Until then, an alternative option for new gold, silver, and other precious metals purchases should be considered.
If you have already placed an order with Merit Gold And Silver and are still waiting for it, then your order is based on the current legal priority of fulfillment that is based on the liquidation status of assets.
Is Merit Gold And Silver the Right Gold IRA Company To Use?
The bait and switch on the shipping fee is bothersome. There’s no doubt that the Wounded Warrior Project is a worthy cause and that donations will be handled well, but why not just be forthright about it? “You’ll pay a shipping fee, but if you want, we’ll donate that fee to the Wounded Warrior Project.” Say that and they’d get a full recommendation. With the bait and switch tactic, it makes us wonder what else is being misrepresented at Merit Gold.
That’s why our preference is to utilize gold IRA companies like Regal Assets. Trust a company that isn’t telling its customers that it plans on shutting its doors. You’ll get an honest conversation, consistent pricing, and a fair spread on every purchase you make for gold, silver, or your preferred precious metals.
There’s also the benefit that you can actually place an order through Regal Assets today, which is something that can’t be said of Merit Gold And Silver.