Last Updated on February 21, 2023 by George
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Once a little coin shop, SilverTowne has expanded into a multi-million dollar business with two successful retail divisions under one roof.
SilverTowne provides a wide selection of coins and bullion to investors and collectors across the country via its online catalogs, website, and showroom in historic Winchester, Indiana.
Before we get started with this review:
We are aware of the difficulty in selecting a company to which you may put your arduous savings. We create educational and helpful content to arm you with the knowledge you need to make the best choice.
We’ve compiled a list of our favorite investment businesses to make comparing and choosing the firm most suited to your needs as easy as possible.
SilverTowne, which Leon Hendrickson founded in 1949, is today one of the nation’s most reputable and significant dealers of precious metals, contemporary coins, and rare coinage.
With his wife, Ruhama Hendrickson, Leon took delight in creating a company built on a solid foundation of honesty and integrity.
Leon thought you could tell whether you could trust someone by their handshake.
SilverTowne Product Range
A wide range of Palladium, Platinum, silver, and gold coins, bars, and other goods are available from SilverTowne.
There are various well-liked IRS-approved bars and coins in addition to the bullion options.
Examples of some of them include:
- American Gold Eagle
- Gold American Buffalos
- Canadian Silver Maple Leaf
- Gold Canadian Maple Leaf
- Gold Austrian Philharmonic
- Platinum Eagles
- American Silver Eagle
- Australia Gold Kangaroo
- Palladium Canadian Maple Leaf
- Silver Britannia
Why Put Gold in Your IRA?
Individual Retirement Accounts (IRAs) protect your retirement and your family’s financial security.
These specific tax-sheltered accounts allow you to save money for future use.
Investing a large portion of your long-term funds in reliable and robust assets is essential to enjoy a secure and worry-free retirement.
two persons following the advice of a financial advisor
It is feasible to deposit cash into an IRA, but the value quickly diminishes, and inflation is out of control.
Gold is the ideal asset for this because it is trustworthy, maintains its value over time, and even increases in value.
Investors protect themselves by putting genuine gold in IRAs as the world economy struggles due to lockdowns, shortages, conflicts, and inflation. There is more uncertainty than ever before.
The majority of other assets were negatively impacted by these economic crises, whereas gold investments benefited.
Risk is ignoring economic dangers to your family and yourself even though you are aware of them.
Safety is being aware of the threats to your financial future and taking action to protect it. This is simple to accomplish with a Gold IRA.
What Exactly is a Precious Metals IRA?
There are many methods you can employ to safeguard your savings until you are of retirement age.
You may be familiar with IRAs (individual retirement accounts), which let you save a portion of the money you’ve worked so hard for a while you’re still employed, so you’ll have it when you retire.
To clarify, an IRA is comparable to a savings account that you can only access once you have satisfied the age-related restrictions.
Although they function similarly to traditional IRAs, precious metal IRAs allow you to diversify your current investment portfolio.
A precious metal IRA or a gold IRA is designed to hold priceless precious metals. In contrast, standard retirement accounts store paper-based assets like bonds, stocks, money, transfer certificates of tile, and other contracts with value.
It’s crucial to understand that an IRA doesn’t own any precious metals, and that can only be done through a depository facility affiliated with the IRA firm you have selected.
At the same time, the IRS has established strict restrictions and rules that apply to gold IRAs. That is because of the government’s desire to prevent tax-related abuses and infractions from using these financial products as a channel.
How to Setup Your Precious Metals IRA with SilverTowne
Create an Account and Add Money
Your IRA precious metals, such as gold, must be kept in a trustee or custodian account by IRS regulations and standards.
The duration of creating the account varies depending on the custodian, but it typically takes 1 to 2 business days after your application. After your account has been set up, you can make deposits via transfers, rollovers, or a mix of contributions.
Rollover procedures can take several weeks, so if you have a timetable, you should account for this.
The common custodians employed are:
- The Entrust Group
- New Direction IRA
- Millennium Trust
- The Self-Directed IRA Services
The New Direction IRA is SilverTowne’s preferred custodian.
Choose a Storage Facility for Your Precious Metals
Direct ownership of precious metals held in an IRA is forbidden by IRS regulations. It would help if you stored your prized metal assets in a third-party depository.
Your selected custodian will open the account at your preferred depository in your IRA’s name. Your purchased precious metals will be delivered right to the storage.
The International Depository Services of Delaware, the International Depository Services of Canada, and CNT Depository Inc. are well-known third-party depositories employed.
Since they are all of comparable quality, SilverTowne doesn’t have a preferred depository; instead, they choose a warehouse based on the requirements of their clients.
Choose and Purchase your Precious Metals.
You can purchase precious metals from non-disqualified suppliers like SilverTowne using your IRA.
After you have made your purchase, SilverTowne will send an invoice to the custodian, who will then utilize your IRA funds to acquire actual precious metals. SilverTowne then delivers your metals to the depository of your choice.
The IRS has established strict fineness requirements for precious metals permitted for IRAs. Gold must be, at least.995 pure (with only one exception, which includes the Gold American Eagles at .9167).
Silver must be, at least.999 fine, Palladium, at least.9995 pure, and Platinum at least.9995+ pure
Why do Investors Diversify Their Portfolios with Assets like Gold and Silver?
Precious commodities like gold, which offer liquidity and diversification without any credit risk, may become incredibly alluring when the markets are erratic.
More investors prefer diversifying their portfolios with alternative assets unrelated to or impacted by the stock markets.
Are Precious Metals for an IRA Allowed to be Stored at Home?
When precious metals are kept in your IRA, you are not permitted to keep them in your home. A qualified trustee or custodian must handle your IRA’s physical assets and then maintain them in a depository that has received IRS approval.
These depositories typically offer segregated or non-segregated storage. If you choose the separated option, your name will be used to identify and store your metals.
How to Sell Precious Metals Held in an IRA
You can distribute all or a portion of your precious metal assets held in depository storage at any time.
You were retrieving your physical property, whether a partial or complete distribution of precious metals, which will typically result in penalties and taxes until you roll it over to the following eligible custodian. That is similar to other early IRA distributions.
Additionally, you have the choice to sell the precious metals to the authorized dealer of your choice, with the proceeds going back into your IRA.
How to Make a Purchase on SilverTowne.com
You can browse the SilverTowne website to find an item you’re interested in purchasing.
To add your purchases to the shopping cart from here, click the “Add to Cart” symbol on a product page, the homepage, or a category page.
The “mini-cart” that displays each time you add something to the cart or the “cart icon” in the top-of-the-page navigation bar allows you to access your shopping cart any time from any of the pages on this website.
Use the green “Checkout” button in the “mini-cart” or click the “My Cart” link under “YOUR NAME” or “My Account” at the top to the left to examine or amend the shopping cart.
On the page for your shopping basket, you can:
- Edit the item quantities in the cart or/and remove items
- Enter special instructions or order notes regarding the order
- Apply a unique coupon code if you received one
Use the green “Checkout Now” button to finish placing your order if you are happy with the items in your cart.
SilverTowne Return Policy
You have ten days to return your product for a refund of the purchase price if you are okay with your purchase.
Call (800) 788-7481 and request a return number confirmation before sending your items back to ensure that the refund is completed quickly.
Some of the returns will be subject to a few conditions, so be sure to speak with SilverTowne, so you are entirely aware of these procedures.
What are Numismatic Coins?
Coins that are rare and collectible are referred to be “numismatic.” The majority of numismatic coins have value, making them regarded as investments. However, they are distinct from bullion because of the possibility of a change in value.
Although numismatic coins can sometimes contain extra values that typically exceed these base values, the precious metal base value remains constant.
The study or collection of coins is referred to as “numismatics” in coins, medals, and paper money; it also applies to collector coins.
Some of the coins deemed the most valuable globally fall under the category of numismatics because they are uncommon for various reasons, such as the fact that they are unique, have historical significance, or were produced in unusual methods.
Is SilverTowne a Scam?
Not a scam, SilverTowne is one of the most reputable honest precious metals vendors. The fact that the business has been around since 1949 already says a lot, and they offer high-quality goods and services.
This company’s website offers a lot of knowledge and a wide range of goods.
Although this firm has a few drawbacks, such as a few unfavorable reviews and ratings, they are a respectable business overall.
Final Thoughts – SilverTowne Review
In the seventy years after its founding by Leon Hendrickson, SilverTowne has emerged as one of the industry’s most reputable and dependable precious metals dealers.
This dealer strongly emphasizes offering customers bullion, various other appealing products, and collectibles permitted by IRAs.
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