Are you about to invest in precious metals like gold and silver to diversify your retirement savings? If so, you’ve might have come across Bishop Gold Group in your research.
It has not yet reach my top-5 list of gold IRA companies, However, Bishop Gold Group might have a good chance of getting a spot there in a near future as they have been going pretty strong lately. Can they be the right choice for you?
In this detailed Bishop Gold Group review, I’ll cover everything you need to know:
- Overview of Bishop Gold Group
- Products and services offered
- Account setup process
- Storage and security
- Fees and pricing
- Pros and cons
- Customer reviews
What is Bishop Gold Group? (quick overview)
Bishop Gold Group (BGG) is a precious metals dealer founded in 2017, their business managment are Ms. Ashlyn O’Brien, Public Relations Director and Mr. James Alton, Executive Officer. The company mainly focuses on gold and silver IRAs, allowing retirees to invest in gold and silver as part of their retirement portfolio.
Based in Los Angeles, California, Bishop Gold Group has an A+ rating from the Better business Bureau and have so far only had 1 complaints closed there in the last 3 years. They are endorsed by a couple of famous celebs, the rock & roller Ted Nugent and the former white house press secretary Sean Spicer.
The physical address of the company is: 1801 Century Park East, 24th Floor, Los Angeles, CA 90067
Bishop Gold Group stands out for their focus on offering a wide variety of gold, silver, Platinum and Palladium. Their company is still very new in the industry and that can be a minus, at least in my book.
Overall, BGG looks like it might be a good option for those seeking to diversify their retirement savings.
Bishop Gold Group Review (Products and services):
You can invest in precious metals through cash purchases, and also through an IRA. It also seems (according to their website) that they can help you invest in gold stocks/bonds and also in annuities.
You can also get help with your Thrift Savings Plan (TSP), 457 plan, and 403B plan.
The products to choose from are a lot of different variations of Gold, Silver, Platinum and Palladium bars, coins and rounds. It seems that the selection of metals is higher than most other gold IRA dealers, so that is something that make Bishop Gold Group stand out in the industry.
Yes, a gold IRA service is offered by BGG, it looks in my opinion to be one of their main services.
A gold IRA, or a precious metals IRA more correct is just like any traditional IRA, only that you hold physical gold, silver and/or other precious metals in it instead of paper assets. It provides the same tax advantages as any other IRA but acts more as a hedge against inflation due to obvious reasons.
Bishop Gold Group offers a wide variety of IRA-approved gold, silver, plattinum and palladium coins and bars, including:
- Gold coins examples: American Gold Eagles and Canadian Maple Leafs
- Silver coins: American Silver Eagles, Canadian Silver Maple Leafs
- Gold bars (1 gram – 1 Kg)
- Silver bars (1 oz-100 oz)
- Platinum bars and coins
- Palladium bars and coins
Yes, cash purchases are available on the BGG website, gold, silver, Platinum and Palladium in the form of bars, coins and rounds. You are going to have to reach out to BGG in order to do so, either through e-mail, phone or by filling out their contact form on their website.
Storage and delivery (small overview)
The storage options you have with BGG is Brink’s Global Service and Delaware Depository.
I cannot find any information about this on their website, so for the moment I am going to leave this question for later. If you know anything about this then please tell me in the comment section below and I will make sure to include it in this review.
You can contact BGG by either calling or sending them an e-mail with any questions you might have, and that is a good thing in my opinion. However, personally I am a big fan of a live-chat function on a website, that is something that BGG does not have that I would appreciate if they did.
Opening a Gold IRA with BGG (in 4-steps)
The process is simple and as follows:
1: You Transfer Your Funds to Your New Custodian
On their website you can see that some of the custodians they work with are Strata Trust Company and Kingdom Trust.
2: BGG Help You with Your Purchases
You decide what to purchase, BGG send the metals to your established depository account within 28 days.
3: Your Metals are Stored in Your Name at an Approved Depository
Your metals are stored at either Brink’s Global Service or Delaware Depository. Moreover, BGG make sure your precious metals are insured up to $1 billion against property and casualty losses.
4: BGG Help You Monitor Your Retirement Accounts
BGG claim to maintain a strong relationship with their clients after the set-up process and are always there to answer your questions about your investments.
**Set-up and annual fees apply. You need to contact BGG to ask about this
Storage and security (more detailed)
As mentioned, the storage options you got is either Brink’s Global Service or Delaware Depository. Both are among the most well-known and trusted storage alternatives in the country. Your investment is also going to be insured in case of some unforseen event.
This was a bit of a surprise to me that there was no info about on their website. So, I guess you are simply going to have to contact BGG and ask about this as well as at least I couldn´t find any info about this on their website…
What about the Fees?
There are no info about the fees, and that is another minus in my humble opinion…
Important: Please make sure that you ALWAYS know exactly what fees you are going to have to pay before you move forward with anything. There are so many horror stories online of people who have gotten surprised with so-called hidden fees that have been extremely high, and in many cases completely devastating to their investment. A 100% transparency is what you want from a company when it comes to these things.
PROs & Cons of BGG
As always in my reviews I provide you with the good things and the not so good things about the company I review:
- Wide variety of precious metals
- insured gold IRA investment
- Overall mostly positive reviews
- Very new in the industry
- No info about their fees on their website
- No info about home delivery on cash purchases
Bishop Gold Group Customer Reviews
One of the best ways to determine the quality of a product or service is to go to the most well-known, independent, third-party consumer protection agencies and see what rating the particular product or services got on there. Below are the results for BGG:
BBB (Better Busines Bureau)
Rating: 5/5 (from 12 reviews) click here for details (opens in new window)
Rating: 4.8/5 (from 48 reviews) click here for details (opens in new window)
BCA (Business Consumer Alliance)
Rating: 4.1/5 (from 46 reviews) click here for details (opens in new window)
Rating: 4/5 (from 4 reviews) click here for details (opens in new window)
Is Bishop Gold Group a Scam?
So, is Bishop Gold Group a scam? I personally do not think it is, it got a real physical address, real owners and have been in business for some years now, eventhough it´s still a very new company in the industry. They also have a decent amount of positive reviews, so I would dare to say they are legit. However, if they are your best alternative out there is a whole other story.
Personally, I would rather go with a company that has been proven over a larger period of time, and also one that is a bit more transparent on fees, etc…
Do you own or represent Bishop Gold Group?
If you are a representative or associate of Bishop Gold Group and have found something not to be correct in this review please, feel free to tell me and I will make sure to update the info on this post. The easiest way to do it is in the comment section below and/or simply by sending an e-mail to email@example.com.
Final words and verdict:
Overall rating: 3,5 / 5
Im just going to say it straightforward here without p##sy footing around the topic. In my humble opinion, at the moment, I see Bishop Gold Group as a legit company but as an average company in the indstry.
With average I mean that I do not see them being close to the leading top companies in the industry, at least not yet. This can, of course, change in the future. I try to update these reviews as soon as something new comes up on every company reviewed on this website.
First of all, please ALWAYS make sure to do your own research and to compare different options before you decide on what company to invest with. You clearly understand the importance of this as you are reading this review, right?
You are a smart person, so am absolutely sure that you will find the right company for you to do business with and one that suits your particular needs needs the best
I hope you found this short review on Bishop Gold Group to be helpful and that you now have a better understanding on if it´s one that you want to research a bit more, and maybe even invest with! Please, if you got experience with this company yourself then share your experience in the comment section below as it can help others!
Much success to you!
Michael, founder of GoldRetired