Hello and welcome to my 'Is GMR Gold A Scam?' article.
Undoubtedly, the precious metals industry is growing at a rapid pace. As such, many firms are sprouting here and there. 'Is GMR Gold A Scam?', you might ask.
Thus, it is imperative to look at this company at a neutral point of view. In any case, this article will provide you with great details if this firm is indeed a scam or not.
Of course, I will be presenting important details to back my claims. That is why, this good read can help you decide if this company is the one for you.
Without further ado, let us start this 'Is GMR Gold A Scam?' article.
GMR Gold Review Quick Summary
Name: GMR Gold
Founder: Glade Michael Ross
Account minimum: No information given
Prices: Varies
Rating: 3.5/5
What is GMR Gold?
This Texas-based precious metals dealer and IRA firm has many different associations. To name a few, they are a member of PCGS, NGC, and American Numismatic Association.
In a way, they have already built their name by being associated with these organizations. But, their products and services are nothing sort of amazing on their own.
Naturally, these types of companies must have a connection to several mints and coins distributor. In our case, GMR Gold has indeed a number of them.
Admirably, GMR Gold allows a two-way market. In simpler terms, they allow their clients to buy, sell, and trade their metals. Truthfully, only a few companies allow these types of transactions.
Moreover, they boast a high sense of business productivity and honesty. In a way, this became a great help to them in staying afloat in the industry. Kudos to them for putting their customers above all else!
However, is this the best company for you? With top rated competitors such as Goldco, what can GRM Gold offer you?
GMR Gold Products and Services
As already mentioned, GMR Gold is precious metals dealer. Hence, they are conducting business regarding bullions. Also, investing in gold is one of their main guns.
In addition, they have new products on their online platform. The list below shows all the products and services they have in store for you.
1. Precious Metals
Commonly, precious metals company will offer you these items: gold, silver, platinum, and palladium. For GMR Gold, they also have an abundant supply of these four metals.
On their online platform, you will be directed to a new page whenever you click their specific buttons. There, you will see a distinct YouTube video for each of these metals.
As already established, GMR Gold puts their customer at the start of the line. These educational resources are a good way to help their clients gain knowledge.
Going back, each of these metals can come in any of these forms:
- Ingots (Bars)
- Numismatic Coins
- Commemorative Coins
- Collectible Coins
- Others
2. IRAs and 401(k)
Self-directed IRAs are also available in GMR Gold. Specifically, they handle precious metals IRA. To add, they also allow creation of 401(k) accounts, as well as rollovers.
If you are still new to these terms, worry not because GMR Gold has resources for you. Moreover, I have written articles about these two. You can read more about self-directed IRAs and rollovers here.
In this certain section, the company lists the FAQs regarding these concepts. Fortunately, the most basic of questions is also there. However, I must put emphasis on the requirements they have laid out.
For the specific requirements, here are the things that must be met. One, coins and bullions must be manufactured by accredited mints or companies.
Two, the metals will have minimum purity percentages. These are the following:
- Gold - 0.995
- Silver - 0.999
- Platinum - 0.9995
- Palladium - 0.9995
3. Pre-Built Portfolios
With their experts, GMR Gold is introducing a new item on their website. All in all, the company has eight distinct portfolios for the varied needs of their clients.
In this way, even newer investors have a chance to invest on metal assets. Remarkably, these portfolios are done with budget, allowance for risk, and diversification in mind.
You can have your shot at these portfolios. You can reach out to one of their representatives.
4. Other Products
A bullion subscription allows one to get a 'bullion box' once every month. Of course, you will have to pay a certain amount to obtain this. Regardless, your box will be filled with various metals in line with the payment you made.
Also, they have supplies and items that is needed for metal caring and storage. Materials such as housing, cleaners, and more can be found on their online platform.
GMR Gold Prices and Fees
Obviously, these products and services will come with various fees. Unfortunately, this is where GMR Gold falls off somehow. This is the reason why GMR Gold might disappoint you.
Generally, rookie investors will have little to no knowledge about these ventures. Hence, a price indication must be present to allow them to think beforehand.
Regrettably, their online platform is not consumer-friendly. Personally, it was hard to navigate and confusing at times. What's more, there is no indication about the fees for IRA, 401(k), and rollover services.
To give you an advise, I suggest purchasing from a company that practices the highest degree of transparency. As such, I heartily recommend Goldco.
How Does It Work?
In this section, I will be talking about three processes. Purchasing from them, selling to them, and IRA services.
First, if you are looking to purchase, you can simply go to their 'Shop Now' section. After that, the common process of adding to cart and checking out will then follow.
Second, if you are looking to sell to them, here are the steps you need to follow:
- Contact their representatives to organize the transaction
- Have your metals shipped to their headquarters for analysis. Usually, this takes 2 business days.
- If you are approved, they will send you your payment through USPS mail, wire transfer, or direct deposit. If disapproved, your metals will be sent to you, no incurred fees.
Third, if you are looking to open an IRA, these are the steps you need to follow:
- Open a custodian account to accommodate your needs. Normally, this will already be IRS-approved.
- Next, you need to add assets on your account.
- Lastly, you need to fund your account. This can be done through wire transfer, rollover, or annual contributions.
Payment Methods
GMR Gold accepts the following payment methods:
- Checks
- Bank wire
- eCheck
- Credit Card
- Paypal
Take note that GMR Gold will send you a confirmation email once your payment is processed. Furthermore, GMR Gold currently only accepts U.S. dollar as the currency for payments.
There are no minimum order required at GMR Gold. International orders need to be paid a minimum of $250 with a credit card. If you are paying via bank wire, the amount is $1500.
GMR Gold Shipping
GMR Gold offers free shipping for all orders that exceed $75. However, if you don't meet that minimum amount, you need to pay a shipping fee of $9.95 per order.
If you purchase a lot of precious metals for investments, this won't be a problem since you can easily meet this requirement.
Moreover, some of the precious metals cost $1000. You can freely check the prices of the products through the company's website.
How to Sell to GMR Gold?
Apart from buying, you can also sell to GMR Gold. It claims that the company ensures clients that they will be given transparent, honest, and confidential portfolio evaluation and that they will be compensated fairly.
GMR Gold is open to buying authentic precious metal bullion and coins.
To do this, you will need to follow the 3-step process below:
- Contact GMR Gold for a free consultation. Their team of professionals will check your precious metals and give you a price for them within 48 hours.
- Ship your precious metals to their office. GMR Gold highly suggests to insure the precious metals.
- Once GMR Gold receives the precious metals and they have verified it, you will be paid.
Customer Ratings and Reviews
- Better Business Bureau - no rating and accreditation available
- Business Consumer Alliance - no rating available
- Trustpilot - 4.3 out 5 based on 738 reviews
- Yelp - 1 out of 5 based on 2 reviews
As you can see, GMR Gold is lacking in the ratings and reviews department. Being an investor, you really need to make sure that the company you are working with is reputable.
One of the best ways to find out is by checking their ratings and reviews. If you are wondering what alternatives you can check out with thousands of positive ratings and reviews, click here.
Pros and Cons
Pros
Cons
Conclusion
To conclude, this 'Is GMR Gold A Scam?' article arrives at a resounding no. This company has different associations and their products are legit and tantalizing.
Moreover, they have certain offerings for customers. For one, they are great at giving their clients many options to choose from. As an example, they have built portfolios for those who are still new.
However, there are red flags pertaining this firm. One, their level of transparency is not great. Second, there seems to be a mixed reaction from their customers regarding their servicing.
All in all, it is a legit company, but there are better alternatives. One great example is Goldco, the top rated gold IRA firm.
As usual, any comments and suggestions are appreciated. Do leave them at the appropriate section below. Again, thank you for reading this 'Is GMR Gold A Scam?'.
