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Bishop Gold Group is a relative newcomer to the world of precious metals. But the company has grown significantly over the past few years. It has also garnered a reputation for excellent service. Is that reputation actually deserved? Is this really the best company that you could use to purchase investment grade bullion?
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About Bishop Gold Group
Bishop Gold Group is a US-based precious metals dealer that sells gold and other products. But their overall goal isn't to sell as much as possible. Instead, they aim to help clients make the right decisions for their personal investments. They want clients to feel confident and secure in their finances.
Precious metals have provided a hedge against inflation and stock market volatility for decades. The management at Bishop Gold Group believes that these investments are essential to secure your portfolio. They help each client to diversify their investments in a way that's right for them, their personal circumstances, and their long term goals.
A focus on the client is the biggest driving factor. Clients are considered part of the team. You will always have the full attention of any employee. Even if you just have questions and don't want to make a purchase, Bishop Gold Group is still a safe place to do so.
The website states all of this. But the customer reviews do seem to confirm that this is how they operate. They really do put the customer first, which is why they've been so highly praised for their service.
The company offers several different services:
Gold IRA Services
You can store gold in a self-directed IRA, but only if you comply with IRS regulations. The paperwork to do this can be overwhelming. That's where companies like Bishop Gold Group step in.
Bishop Gold Group is not a licensed custodian. But they do work with licensed custodians. You'll be given a list of different custodians to choose from, so you can pick the payment setup that's best suited to your needs. Bishop Gold Group only works with custodians that maintain high marks with the Better Business Bureau.
Two of the companies that Bishop Gold Group works closely with are Strata Trust Company and Kingdom Trust. Both of these have an excellent reputation.
After you choose a custodian, set up your account, and move funds into it, then you can make a purchase. Your company representative will answer whatever questions you have about the metals you want. They'll also give you information like the current inventory, price, and amount of time for delivery. Your metals will be moved to your depository of choice within four weeks.
Bishop Gold Group works with two depository companies: Delaware Depository and Brinks Global Service. Between these, they give you access to storage options throughout the US and even internationally. Every vault in these depositories is fully covered with insurance for up to $1 billion.
Once you've purchased the gold and had it delivered, Bishop Gold Group has an ongoing relationship with you. They can answer questions about your holdings, accounts, and whether you want to liquidate your assets.
Bishop Gold Group has a variety of products including gold, silver, palladium, and platinum.
There is a fairly large selection of silver coins, not all of which are eligible for an IRA. Some of these include:
There are also a variety of silver bars available in sizes of 1, 5, 10, and 100 ounces.
With gold coins, there's the biggest variety in the inventory. You can get gold coins from all over the world, including the following areas:
For comparison, the silver coins only come from three countries in total.
There are also gold bars in a huge range of sizes. In addition to buying in grams, you can make purchases in ounces. Gram bars are available in sizes of 1, 2.5, 5, 20, 25, 50, and 100 grams. Ounce bars are available in sizes of 1, 5, and 10 ounces. You can also buy a 1 kilogram bar of gold, which is a huge amount to own.
For platinum, you can buy an American Eagle coin. It's also possible to contact the company to ask about whether there are rounds or pure bars available for purchase.
For palladium, you can purchase a Canadian Maple Leaf coin. You can also contact the company to inquire about purchasing pure bars.
Is Bishop Gold Group a Scam?
Bishop Gold Group is not a scam. The company actually has an excellent reputation. It is accredited with the Better Business Bureau and holds an A+ rating with no complaints, indicating excellent customer service. There are over 20 customer reviews that are all overwhelmingly positive, with customers saying that they'll happily recommend this company to their friends and family.
Customers particularly praise the patience and knowledge of the employees. Even for beginners, there's no feeling of being rushed or condescended to. The employees are always happy to talk about precious metals, and they don't engage in pressure-y sales tactics. You don't even need to commit to making a purchase.
This reputation is a big part of the reason that Bishop Gold Group has grown so much over the past few years. Word of mouth travels fast. Several customers have even said that they passed on the store information to their family members because of how excited their families were about the products.
Bishop Gold Group's IRA services are also fairly solid. They make sure to only work with custodians that have high markings with the BBB. There are several partnered custodians to choose from. But you have to handle the application process and contacting your custodian yourself. Some other companies take care of the application and communication for you.
Pros & Cons of Bishop Gold Group
Bishop Gold Group is a very solid company overall. It has gained a stellar reputation in a short period of time thanks to its focus on quality customer service. Customers report that the employees are always patient and helpful, the service is quick, and the products are high quality.
There aren't any red flags here that would detract from Bishop Gold's overall status. They have a good selection of products and quick shipping times. Several customers say that the pricing is transparent and competitive. Since past customers seem to be so universally pleased, we can recommend Bishop Gold in general.
Our only note might be that there are other gold IRA companies with a more streamlined overall process. When you work with Bishop Gold Group, you have to contact your custodian and handle the application process on your own. Some of the competitors walk you through all the paperwork and talk to your custodian on your behalf instead, which can be easier
Although we do think that Bishop Gold Group is a solid company, we believe that there are better companies out there to make your investment with.
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