How should you research a gold and silver dealer before you do business with them?
First, you should determine the industry credentials of the precious metals firm.
-Are they a member of ICTA? (The Industry Council for Tangible Assets – this is the industry’s legislative and ethics organization.)
- Are they an Accredited Better Business Bureau organization?
-How long have they been in business?
-Are they willing to provide credible client references?
-Do they offer a bank reference? You are welcome to speak with our bank at any time, as we have done our banking with them since incorporation!
-Do an internet search on any firm or dealer you are considering doing business with – Google will help you find customer complaints and blogs.
-At the end of the day, make sure your chosen precious metals firm has been in business for at least five years and has a reputation that is as clean as a whistle.
Do you hold the appropriate state and county licenses?
The licensing for precious metals is not a straightforward set of requirements, as it varies by state and county. We are registered with the State of Texas as an S-Corporation with a Sales and Use Tax Certificate.
There is no actual state license for gold and silver bullion dealers in the state of Texas.
We also hold several other certificates and memberships at many reputable precious metals organizations. We also are certified dealers and wholesalers at various mints.
While the precious metals business is still primarily unregulated, a precious metals firm that is on the up and up should hold the appropriate license required by their state, county and city in which they operate their business.
Thank you for joining us for video one in our series on GMRgold.