Investment Rarities Incorporated is one of the oldest precious metals dealers in the United States. It was founded in 1974, immediately after it became legal for Americans to own precious metals. With nearly half a century of experience, how does this company compare to the competition?
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About Investment Rarities
Investment Rarities has been in business for 48 years. It was founded by Jim Cook as a way to connect Americans with precious metals, right after owning these materials became legal. Since its inception, the company has processed over 400,000 purchases for over 60,000 customers. They have sold $3 billion worth of gold and silver.
When Investment Rarities began, the public didn't have a lot of interest in precious metals. But within a few years, it became clear that precious metals were an important part of balanced investment portfolios. Investment Rarities managed to grow significantly and reach a new client base. Today, they are one of the longest-lasting companies in the US.
The company believes in physical delivery of your exact products. Instead of buying stocks or other intangible items, you get tangible assets. The company philosophy involves integrity and high quality.
While there are a variety of testimonials available on the company website, it's much harder to find third party reviews. Third party reviews give you a more impartial view of the company's performance. It's hard to verify the information provided in client testimonials on the business website.
Investment Rarities offers IRA services for those who want to put precious metals into a retirement account. However, their options aren't necessarily the most streamlined. They have partnered with GoldStar Trust, but they refer you to the custodian to do the application paperwork. Other top competitors have in-house teams that walk you through the application themselves.
Once you do create and fund an account by communicating with GoldStar Trust, you can purchase precious metals from Investment Rarities. Several of their bullion options are eligible for holding. You can talk to one of the company representatives about which investments are right for your specific needs.
There isn't a lot of information on the website about how the company handles IRAs. Precious metals IRAs don't seem to be their main focus.
Whether you're making a purchase for an IRA or for your personal portfolio, Investment Rarities recommends that you open an account with Brinks Global Services. Like with GoldStar Trust, you have to facilitate the communication with Brinks yourself. The Investment Rarities website emphasizes that your agreement is with Brinks as a customer.
Brinks depositories are located both in multiple regions of the US and internationally. The right one for you will vary depending on your specific needs. Some people might prefer offshore storage, while others might want a depository close to home. Whatever you choose, Brinks facilities are licensed and compliant with IRS regulations regarding the storage of precious metals IRAs.
Every account with Brinks is fully insured for the value of the contents. Your items are segregated, meaning that they are never mixed with the holdings of other customers. When you remove your metals, you'll take out the exact items that you put in. Only you and your account custodian can access the vault.
You are the legal owner of all the holdings in your Brinks vault. That means that even if Brinks was to declare bankruptcy, your assets couldn't be seized the way some other investments could. You also have the right to remove your holdings at any time, although if they're in an IRA, you will incur penalties for removal prior to age 59 and 1/2.
According to the company website, Investment Rarities sells silver bars, silver coins, and gold coins. They have a strong emphasis on silver, but some gold is available as well.
If you want to make a purchase, you are required to call the company directly to get a price quote.
Silver bars are available in sizes of 10, 100, and 1,000 ounces. Meanwhile, some of the available silver coins include:
Also available are large bags of silver that are worth $1,000 apiece. The exact contents vary depending on the price of different silver items at the time of buying.
Some of the gold coins that are available include:
There are also Indian Eagle and Liberty Eagle coins available in denominations of $10, $5, and $2. The $10 is the heaviest and the $2 is the lightest.
Not all of these products are available to store in an IRA. The website also doesn't have any way to sort IRA-eligible products from non-IRA products, which can be frustrating for some people.
Is Investment Rarities a Scam?
Investment Rarities is not a scam. According to the BBB, the company has been in business for a whopping 48 years. They received their accreditation in 2019 and have an A+ rating.
Though there have been two complaints filed in the last three years, both have been resolved. Neither is publicly listed on the BBB website, indicating that the customer asked for it to be removed following the resolution.
However, it can be difficult to find reliable reviews of the company. Aside from the unlisted complaints, there are zero customer reviews on the BBB website. On Yelp, there is only one review, which was posted in 2012. The customer said that the company was expensive but decent to work with.
Pros & Cons of Investment Rarities
Investment Rarities is an impressive precious metals dealer because it has been in business for nearly 50 years. Since being founded, the company has worked with 60,000 customers and sold $3 billion worth of bullion. It is definitely not a scam, but it is a relatively small business.
There's nothing major that indicates a red flag. Though there have been a few complaints, both have been resolved. The text of the complaints has been removed, so we can't see what was said or how the company responded. But it seems that the customers were satisfied with the solution.
The biggest issue is that it's hard to find reviews from past customers. There aren't any reviews posted on the BBB website. There's only one review on Yelp, and it's from over a decade ago. It seems that this company struggles to create the kind of online reputation that many of the competitors have.
All in all, we recommend working with a different company. Again, there's nothing major that seems wrong with this one. But if you can choose between a company with no feedback and a company with universally positive customer feedback, which do you want more? There aren't any products or services available here that you can't get elsewhere instead.
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