We are all hearing that the economy in America is recovering, yet a lot of people are still losing their entire retirement savings each day.It is high time that you started investing in a gold IRA if you want to protect your savings.
In this review, we are going to discuss Goldmart company to see whether they should play a part in your investment strategy.
The name says it all: Goldmart is a dealer of precious metals. Besides gold, the company also sells silver, platinum, palladium bullion and various coins. If you are an enthusiast of rare coins, you will love the company’s separate website for these types of coins. I’d like to remind you all that they are not ideal for investment, anyway.
The company also offers other services and products:
- Investors Kit
- Live chat
- Want List
Unfortunately, Goldmart is not an official IRA custodian. The company still offers to refer you to one of four different custodians to do business with, including: Self Directed IRA Services, Goldstar Trust Company, Sterling Trust Company,New Direction IRA.
Note: I find it quite strength when Goldmart would refer their customers to Sterling Trust Company, since there are so many negative reviews and controversies surrounding this particular custodian. If you want to know more about this, check out my review of Sterling Trust.
In this part, as usual, we will see several reviews written by Goldmart’s previous customers to understand better the business.
The first customer was happy for what she got from an old ring she found in elementary school:
“Turned in an old white gold ring I found in elementary school that had just been sitting around collecting dust and got $150. More than happy about that” – Breana L.
This customer, however, accused the company of fraud and selling items they do not actually have:
“I was trying to see if anyone else has been ripped off by Goldmart.com like me.
I order PM’s 3 weeks ago and until today, I have been told repeatedly that my shipment is being dispatched tomorrow, tomorrow and again tomorrow. They do not have any inventory as stated on their website, and they even displayitems on the website that state in stock yet they are not.
Their manager Nick told me that their insurance has lapsed into a month to month, and that they cannot insure shipments. These guys are selling stuff they do not actually have. Sooner or later they will end up like MF Global. I have already started fraud proceedings against them with the FBI.” – Philip K.
Another similar accusation reads as follows:
“They are selling things they do not have, andthey DO NOT even update their website. They also DONT reply to your emails, evenif they do it will take 5-10 days (no exaggeration). This is pure negligence as a bullion dealer and a business in general. I tried calling them, and the lady kept making excuses that made no sense as for why my order hasn’t shipped out. They said since I paid with a credit card, it will take 2 to 4 days for processing. BUT I’ve waited a total of 10 days and so far nothing.
They said my order was going to ship the week before. And it never did. Goldmart’s video on their website claiming why they are “America’s leading bullion dealer” is completely misleading. You can try visiting the BBB website to see for yourself, they receive a D- NOT AN A-. Honestly, Goldmart is the ONLY bullion dealer that I’ve EVER had problems with. I will never buy from them again. All this hassle for an order of 6 Silver philharmonics. Ridiculous.” – Liao C.
The company received pretty terrible ratings from different sources on the Internet as you can see.
The most noticeable thing about Goldmart during my research for this review was perhaps their share of negative reviews, accusations and warnings. My first Google search result for ‘Goldmart’ was actually a YouTube review where a customer complains about the company’s customer service and accuses them of selling items they don’t have.
Another thing that worsens the image of Goldmart is the fact that they refer their customers to Sterling Trust despite all the negativity surrounding this company.
I decide that my final rating for Goldmart would be: 2/10
To be honest, I would not recommend Goldmart to you because they don’t appear trustworthy enough. You should do business elsewhere.