There are hundreds of online companies that purport to sell gold and silver. But just like with real life storefronts, there are also plenty of shady businesses. It can be hard to find the right company online, especially since you can't actually see the employees in person.
BGASC is an online precious metals dealer with a hefty reputation and a lot of reviews. While most of the customer feedback is positive, are their services legitimate? What can you actually get from them, and what should you be aware of prior to getting started?
BGASC operates out of Calabasas, California. They have been using their online website since 2012, which allows people from far away to purchase products. With thousands of online reviews, they are one of the fastest growing precious metals companies in the entire US.
According to the BGASC website, the company's main driving goal is to provide the kind of service that they'd want to be given. They say that they want to have a consistently stocked inventory, ship items fast, offer reasonable pricing, and operate with honesty and integrity.
In addition to being accredited with the Better Business Bureau, some of BGASC's qualifications include:
When you place an order with the company, it will be shipped with a full insurance policy during the time that it is in transit. There is no minimum order size, even though the company is best known for fulfilling large bulk orders in a short amount of time.
Over the course of the company's decade in the business, they have shipped over 500,000 orders to thousands upon thousands of customers. These orders have been made up of billions of dollars worth of precious metals. In addition to having no debt, the company fully owns all of its inventory, so investors don't have to worry about being put on the financial hook.
Shipping and Insurance
The BGASC website has a great deal of information about the shipping policies for the business. The majority of orders ship the day after your payment clears. Shipping is done Monday through Friday to US addresses.
According to the BGASC website, the preferred method of shipping is through USPS with Priority Mail or First Class Mail. But sometimes FedEx and UPS are used depending on the specific needs.
If you place an order for at least $5,000, then your order will ship for free. Meanwhile, if you place any order for less than $5,000, you will pay a flat shipping rate of $9.95. This remains the same no matter how much or how little you bought.
BGASC will ship to every state in the US except Minnesota. Because Minnesota has extra regulations regarding licensing and registration to sell bullion, they are not registered to do business there.
All of the packages are given a full insurance policy for the time they spend in transit. So if the package becomes damaged or lost in transit, you'll be fully refunded for the price. The company website does note that the insurance policy can only cover damage done in transit, and once you sign for the package, you will no longer be covered under the insurance policy.
There is a return policy, but you must initiate the return within three days of your shipment's arrival.
Is BGASC a Scam?
BGASC is definitely not a scam. It is one of the largest precious metals businesses in the US, and it has largely positive customer reviews. In fact, there are thousands of 5 star reviews across multiple third party websites. The business is also accredited with the BBB and has an A+ rating.
On Trustpilot, there's a rating of 4.8 out of 5 stars based on 7,352 reviews. That's a massive level of customer satisfaction, especially considering the sample size. About 86% of online reviewers give 5 out of 5 stars, with most of the rest giving 4 stars. Negative reviews do occasionally happen, but they're much rarer.
There have been no complaints filed with the BBB. There are some mixed reviews on the BBB website, though. Keep in mind that the sample size here is just 14 reviews, and the rating is 3.86 out of 5. That indicates that most of these customers have also been satisfied.
One negative review posted to the BBB was from a customer who said that he'd been told that he was getting free FedEx shipping. But instead, the company sent his coins through USPS and charged him for shipping. The USPS delivery was much slower than FedEx, and the customer felt misled based on the conversation he'd had with the customer service representative.
A representative from BGASC did respond to this review. They said that the customer got exactly what had been paid for. He had placed his order and selected paid USPS shipping with insurance. A courtesy upgrade had been offered for free, which meant that the customer wouldn't pay more than the original shipping price. But the representative didn't make a note of the upgrade, so the package was sent out as originally ordered.
The company said that they apologized for failing to apply the courtesy upgrade, but they reiterated that they had never offered fully free shipping. They'd just offered to upgrade to express shipping for the original price.
This complaint largely seems to be caused by a miscommunication, and the BGASC representative did a good job at clearing it up. Some negative feedback is inevitable with a company of this size, so it's good to see how it's handled. BGASC wasn't actually obligated to respond to this since it wasn't an official complaint, but they still did.
Pros & Cons of BGASC
BGASC is among the biggest precious metals dealers in the US. They offer a huge amount of bullion at competitive prices. On Trustpilot, they have been reviewed over 7,000 times and have a satisfaction rating of over 95%. The vast majority of customers leave 4 or 5 star reviews, with negative feedback being few and far between.
In cases where people have left negative feedback, the company has done its best to respond and resolve the situation. There are no BBB complaints, but BGASC has responded to every negative BBB review regardless. Similarly, they reach out on other third party sites to try to resolve problems with customers.
Most people report that they're extremely happy with the customer service, pricing, and overall experience. They say that they would recommend BGASC to a friend.
One major drawback, though, is that BGASC does not appear to specialize in IRAs. If you're looking to invest in a precious metals IRA, you're better off working with a different company. There are other gold dealers that will help you streamline the paperwork and communicate with your custodian. That makes the whole setup and maintenance process a lot less overwhelming.
The only other major downside is that the return policy is just three days. If you're unsatisfied with the quality of your purchase, you have to hustle to get in contact with the company. While this is fairly standard for the industry, some customers have said that the policy has made them feel like their needs weren't prioritized.