Blanchard Gold, also called Blanchard & Company or just Blanchard, is one of the oldest precious metals dealers in the US. They have been offering their products since the 1970's, when owning precious metals first became legal. With such a long history under their belt, they should be great to work with, right?
Or is there something more sinister lurking under the surface?
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About Blanchard Gold
Blanchard Gold has specialties in gold, platinum, palladium, and collectible numismatics. You can purchase gold coins and bullion, platinum bars, palladium bars, and a variety of different rare coins. The available inventory varies depending on the day.
Blanchard Gold also helps people to open precious metals IRAs. You can open a self-directed IRA, fund it using a rollover from your existing retirement account, and then purchase IRS-approved precious metals. Multiple precious metals companies offer IRA services because of how complicated the setup process can be.
When you work with Blanchard, they will set you up with a custodian and walk you through the application. But Blanchard doesn't appear to specialize in precious metals IRAs. There are other companies with in-house IRA teams that are much more streamlined. For the most part, it seems like Blanchard focuses on its rare coins.
How to Buy
The buying process outlined on the Blanchard Gold website is fairly simple and straightforward. Once you know which coins you want to buy, you can either place an order online through the company's eCommerce platform, or you can call the customer service line and place the order over the phone.
You'll then decide on your payment method. There are several different payment methods to choose from.
Available Payment Methods
Blanchard Gold does have some of the most versatile payment methods on the market. Some companies only accept bank wire transfers or checks.
However, you have the option to pay with your debit or credit card in addition to the bank transfer or check. That makes it a lot easier to check out from the eCommerce platform without ever even needing to talk to another human being.
Another unique option is to use Bitcoin or other cryptocurrency to pay for your items. Blanchard Gold isn't the only company to offer cryptocurrency payment options, but this choice is a rarity. People who prefer to use their digital wallets will appreciate it.
Keep in mind that checks will be slow to process. They first need to be mailed to the bank, and then they need multiple days to clear before your items can ship. So if you want your items to ship quickly, you should probably use a different payment method.
With debit and credit cards, the customer is subject to a $10,000 limit. If you purchase more than this, you'll need to use a check or wire transfer or Bitcoin. Similarly, cryptocurrency payments are capped at $50,000 per transaction.
Pick Storage
Your final step is to pick how and where your items are stored. If you're not making a purchase for a precious metals IRA, you can have them shipped to your home. You can also open an account with a secure depository and place your items in a vault.
The Blanchard Gold website has a page that talks about the variety of storage options available to you.
One of the key options is to open an account with International Depository Services. International Depository Services has a precious metals depository located in Toronto, Canada. Their facility is extremely secure and outside the reach of any governments or national banking systems.
All vaults with IDS are completely insured. There are also regular audits from third parties, and you'll receive a quarterly statement to update you about your holdings. If you have a lot of bulk precious metals, this is the best option.
Is Blanchard Gold a Scam?
Blanchard Gold is not a scam. This business is accredited with the Better Business Bureau and has an A+ rating. It has been established in the industry for 40 years, and there is a high level of transparency regarding the management. Blanchard Gold is a business with multiple locations, and it has had its BBB accreditation since 1982.
That said, Blanchard Gold is not necessarily the best place to invest with. On the BBB website, there are four customer reviews with a total rating of 1.25 out of 5 stars. That indicates that almost every customer had a terrible experience. There has also been one complaint closed in the prior three years, although that's not necessarily a red flag. No complaints have been filed in the prior twelve months.
Complaints and Negative Reviews
It's concerning when a company's customer feedback seems to be mostly or entirely negative. That appears to be the case here, at least as far as the Blanchard BBB page is concerned. Despite being in business for 40 years, there are only a handful of reviews, most of which are intensely negative.