Today we take a look at Dallas Gold & Silver Exchange. Is it a scam or a legit company? Do they offer self-directed IRAs? Are there better alternatives out there for you? These are some of the questions this short review will focus on. Ok, here we go!
Company: Dallas Gold & Silver Exchange
Owner: John Loftus
Price: Depends on the size of your investment
Who is it for? Precious Metals investors
Overall rating: (3.9 / 5)
Important to mention (before we go into more details of this review)
We strongly recommend doing your research online before choosing a company to invest in. There are so many reviews online of clients being ripped off and scammed. So please investigate thoroughly and compare different alternatives before you make your decision.
One example: 99.9% of companies got “pushy” salespeople trying to stress you into acting fast.
Here is the thing, the #1 Recommended Gold & Silver IRA Dealer on our top-5 list got No-salesy representatives… So they won´t bother or terrorize you with phone calls.
You are a smart person, so I am sure that you understand the benefits of dealing with such a company instead, right?
+They got a couple more benefits you might appreciate as much as I do. You will understand yourself once you have visited the page (link) above.
==> See our Top-5 List of Precious Metals IRA Companies on this page <==
With that being said, let´s continue with the Dallas Gold & Silver Exchange review!
What is Dallas Gold & Silver Exchange about?
Founded in 1965, Dallas Gold & Silver Exchange is one experienced wholesaler of precious metals and fine jewelry, watches, etc.
The company’s physical address (main office) is in Dallas.
How does it work?
It is a place for you to either buy or sell products, or you can set up a precious metals IRA account with the company’s partners.
Below is the main products offered by the company (both to sell and buy)
- Rare Coins & Currency
Yes, IRAs are offered, not directly by the company but through their IRA custodian partners.
Important to mention here:
In this part of the review, I normally provide a screenshot of the Fees associated with setting up an IRA with the particular company. Still, as DGSE doesn´t have storage options (by themselves), the cost of storing any of your metals purchased from DGSE would depend on the pricing policies of the custodian that DGSE recommends.
The two most important factors to pay attention to when comparing custodians are:
- Pricing Policies – sliding scale fees will always cost more than a flat-rate fee in the long term.
- Reputation and Ratings – companies with plenty of positive reviews and ratings online are usually reputable.
Can you get the gold (and other metals) delivered to your home?
This is not mentioned on their website, but you can (most likely) assume that you can… Even if it would be nice to see some shipping policy, costs, etc…
Can you store your investment with the company?
No, you can not. They offer storage through their third-party partners if you set up an IRA through them, but this makes it very hard to know what fees are associated as it will depend on the custodian that DGSE will give you.
Can you sell back to the company?
Yes, you can.
Can anybody in any country use the service?
No, their services are for people living in the U.S. only.
Is Dallas Gold & Silver Exchange a Scam?
So, is Dallas Gold & Silver a Scam? No, it is not a scam, it is a legit company with real owners and addresses. It would never have survived this long (founded in 1965) if it wasn´t.
However, if they are your best options for buying gold and other precious metals separately or setting up an IRA, is another story… That leads us to the following:
Dallas Gold & Silver Exchange reviews, rating & complaints
BBB (Better Business Bureau)
Rating: (5 / 5) (out of 2 reviews) click here for details (opens in new window)
BCA (Business Consumer Alliance)
Rating: (4 / 5) (out of 53 reviews) click here for details (opens in new window)
Are there any Red Flags?
The independent 3rd party consumer protection agency that I normally put the most weight on is Trustpilot, the reason for that is because only real customers of a particular company can leave their reviews there. As you can see above, there is nothing to be found on Trustpilot, and I find that a bit weird. There are a pretty decent amount of reviews on the company on the Yelp website though, and 2 on the BBB.
I would have expected a bit more though, especially when you know that the company has been in business for more than 50 years.
However, the ratings to be found are a bit above average, which is good, of course. On the other hand, there are some pretty serious complaints that you should be aware of also.
Below you got some examples from “not so happy” customers:
These 2 complaints above are from the Yelp website (see link further up)
Important to mention here:
Some companies got thousands of reviews and better overall scores than DGSE. Many even got hundreds of positive reviews only from the Trustpilot site.
How´s the support?
One thing I always put a lot of weight on when it comes to the support quality of a company is if they got a live chat function. DGSE does not have this, and that is another minus, at least in my book.
They offer you an e-mail and physical address and a phone number to call with your questions or inquiries.
PROs & CONs Dallas Gold & Silver Exchange?
A good way to get a better overall picture of a company is to compare its pros against its cons. Below I have highlighted some obvious points to make this job easier for you:
- Offers a broad range of products
- Decent overall ratings
- The IRA fees are not clear
- Nothing to be found on Trustpilot
- The negative reviews online
- No live chat and website lacks in some info
Do You Own or Represent Dallas Gold & Silver Exchange?
If you are a representative or associate of Dallas Gold & Silver Exchange and have found something not to be correct in this review, please, feel free to tell, and I will make sure to update the info on this post. The easiest way to do it is in the comment section below, or else you get the e-mail on the about page.
Final Words and Verdict on Dallas Gold & Silver Exchange
Overall rating: (3.9 / 5)
Ok, that sums the overall picture of this company up pretty well for now. This is absolutely a legit company, no question about that.
However, if they are your best alternative or not is another story and something you (as always) have to decide for yourself.
I can not give a higher rating for now than 3,9 as there are some pretty serious complaints online for anyone to see, and their website also lacks in support and some info, IRA storage fees, for example.
So for now, 3,9 out of 5 stars it is!
It can change to a higher or lower one in the future as the reviews on this website are getting updated as soon as some “news” on a company comes up.
You have made a smart choice reading this review as it is always recommended that you research and compare many different companies against each other before making an educated decision.
I Am sure that you will find an IRA custodian that is right for you as you clearly understand this concept (you wouldn´t have read this far if you wasn´t) 😉
As always, the choice is up to you!
Which Company Do You Recommend?
If you are looking for a reputable gold IRA custodian besides any other company, you should check out Augusta Precious Metals.
AUGUSTA has ZERO complaints from A LOT of real users. They are used by celebrities respected by well-known publications and websites.
And A LOT more benefits!
I hope you found this short review on Dallas Gold & Silver Exchange to be helpful, and now you should have a better understanding of what it is and if it is something for you or not. If you have used any of its services, please share your experience with us in the comment section below, as it can help others. Also, if you got any other questions on this review, I will be more than happy to answer them below.
I wish you the best!
Founder of: Gold Retired