Bishop Gold Group Reviews

Disclaimer: Gold and other precious metal IRAs are an investment and carry risk. Consumers should be alert to claims that customers can make a lot of money in these or any investment with little risk. As with any investment, you can lose money and past performance is not a guarantee of future performance results. Consumers should also obtain a clear understanding of the fees associated with any investment before agreeing to invest.

Bishop Gold Group can help you buy precious metals directly or establish a self-directed IRA for eligible metals. If you’re purchasing physical metals outside of a retirement account, you can select your bars or coins and have them shipped directly to your personal address within 28 days of placing your order.

For a precious metals IRA, Bishop Gold Group says customers work with a third-party custodian of their choosing and can fund the account by transferring or rolling over from an existing eligible retirement account.

Whether you choose to invest in gold, silver, platinum or palladium, the general process works like this:

1. Open and fund a self-directed IRA: Choose from a list of approved third-party self-directed custodians to open your account, then transfer your funds or initiate a direct rollover from an existing 401(k), 403(b) or traditional IRA.
2. Select your precious metals: Not every precious metal product qualifies for IRA ownership, so you need to confirm that the specific coins or bars meet IRS requirements before buying. After the transfer, Bishop Gold Group provides product availability, live spot-adjusted pricing and IRS-eligibility guidance to help you select approved coins and bars.
3. Ship to a depository for storage: Your metals are stored at one of two depositories, Brink’s Global Services or Delaware Depository, until you’re ready to sell them or withdraw them from your account. Your investment is insured for up to $1 billion against property and casualty losses while in storage.
4. Maintain your account: Once the products are in storage, Bishop Gold Group helps monitor your account and provides ongoing account assistance.

Bishop Gold Group sells a wide selection of bullion coins, bars and rounds across four precious metals. Its products come from reputable sovereign and private mints in the U.S., Canada, Mexico, South Africa, Australia and Europe:

• Gold coins: American Gold Eagle, Canadian Gold Maple Leaf, South African Krugerrand, Mexican Gold Libertad, Austrian Philharmonic and British Britannia coins.
• Gold bars: Minted bars available in 11 sizes ranging from 1 gram to 1 kilogram.
• Silver coins: American Silver Eagle, Canadian Silver Maple Leaf and Australian Silver Kangaroo coins.
• Silver bars: Minted and cast bars in four sizes ranging from 1 ounce to 100 ounces.
• Platinum products: American Eagle platinum coins, Canadian Maple Leaf platinum coins and assorted bars in various weights.
• Palladium products: Canadian Maple Leaf palladium coins and assorted bullion bars in standard weights.

For IRA accounts, all purchased metals must meet IRS purity standards.

Bishop Gold Group doesn’t publish individual product prices on its website because precious metals prices fluctuate continuously. Instead, it maintains a live spot price tracker with 24/7 updates on the prices of gold, silver, platinum and palladium.

You can expect to pay setup and annual fees if you’re opening a retirement account with Bishop Gold Group, though the company doesn’t disclose these fees upfront. To help you understand the total cost of investing, we recommend contacting a representative directly for a quote so you can compare it with other options.

Bishop Gold Group is a legitimate precious metals dealer that connects customers with established custodians and secure depositories. The company says its employees are experienced specialists in the gold and silver markets who can assist with portfolio diversification and retirement rollovers.

Precious metals stored in its partner depositories, Brink’s Global Services and Delaware Depository, are backed by all-risk insurance policies covering up to $1 billion against theft, loss or casualty damage.

However, like any investment, precious metals carry risk: their market value can decline, and storage insurance generally doesn’t cover losses caused by market price changes. Research your options to make sure diversifying your portfolio with precious metals is right for you before opening an account.