A large portion of investors swear by the stability and longevity of precious metals, and for good reasons. These metals have proven their resilience against times of global economic downturn many times in just the past 25 years. Not to mention the fact that they’re also a fantastic hedge against inflation which seems to be getting worse as time goes on.
This long-term reliability is also why many trust these metals for their Individual Retirement Accounts (IRAs). The only aspect of a precious metal IRA that might cause issues for someone is the initial setup and investment.
Fortunately, there are companies that aim to streamline the creation process of precious metal IRAs by providing a one-stop shop for these metals. One such company is the topic of today’s discussion — Bishop Gold Group.
My first impressions of this precious metal retailer are fairly positive. The amount of coin and bar variety on its website is admirable and the buying process looks effortless. Join me as I take a closer look into Bishop Gold Group to see if it earns my recommendation.
While I couldn’t find an official launch date on its website, I did some digging and found that Bishop Gold Group was launched in 2017. During this time, the company has managed to build quite a name for itself in the US with investors and collectors alike.
Over the years, Bishop Gold Group has also earned endorsement from two notable figures. The first of these is Sean Spicer, a politician who has served as a White House Press Secretary and as White House Communications Director in the past.
The second endorsement of this precious metal IRA company is from Ted Nugent, a beloved musician who used to be the lead guitarist of The Amboy Dukes.
Even if you ignore these endorsements, the general consensus on Bishop Gold Group appears to be unanimously positive. Let’s take a look at what the general public thinks of this company across multiple customer review websites.
Reviews and Ratings
Number of Reviews
Complaints in Past 12 Months
Better Business Bureau (BBB)
1 (1-star review)
The Best Gold IRA Companies in 2024
Before I get started with this review, I want to inform you that I have reviewed dozens of precious metal IRA companies over two decades, and I have curated a list of the top 6 gold IRA companies in 2024. I highly recommend reading this article before proceeding with an IRA transfer.
The #1 Best Gold IRA is Goldco, with its A+ rating from Better Business Bureau, thousands of 5-star reviews, and one of the highest buy-back guarantees. Read my review on Goldco, or visit the official Goldco website to learn more.
What Makes the Company Stand Out?
As you can see from the highly positive customer reviews, Bishop Gold Group has a fantastic reputation. My initial impression of the company was also quite good. The big question, however, is if the services of this company match this reputation.
So, I analyzed almost every aspect of this precious metal retailer, and here’s what I found.
Unlike many of the other precious metal IRA companies I’ve reviewed, Bishop Gold Group does not have an online retail component to its website. In other words, the company provides all of its sales and IRA services by directly contacting the customer through a phone call or email.
I can understand why this might seem like a hassle for some investors, especially if they just want to quickly purchase a small amount of precious metal.
That said, talking to an actual person can help many investors understand the inner workings of the precious metal market. This type of call-based service is especially useful for the elderly who are looking to set up a precious metal IRA or roll over their existing IRA/401(k).
The true effectiveness of this call-based service depends on the implementation, which brings me nicely to my next point.
Responsive customer support
Given the positive customer reviews, I had high hopes for the company. So, for the sake of this review, I contacted Bishop Gold Group via phone and email and the experience matched my expectations.
For starters, the representative who answered my call was extremely polite and well-informed. He answered all of my queries clearly and in detail. Even when I told him that I was just calling to get some info and not to buy anything, his behavior remained consistent.
On the other hand, the reply to my email was actually faster than I expected it to be. My overall experience with the email side of Bishop Gold Group’s service was also just as pleasant as it was on call.
Suffice it to say, while calling or emailing the company is not as convenient as a direct online purchase, the experience with this company is not far behind.
Let’s get back to the services this precious metal company provides.
Effortless precious metal IRA
From what I’ve seen, Bishop Gold Group offers a fairly comprehensive precious metal IRA service. Since you’re talking to an actual person when availing this service, they can learn about your financial situation and offer recommended options that match your retirement goals.
The company will also help you roll over your existing IRAs or other retirement funds like 401(k)s into a precious metal IRA. Plus, once your IRA is up and running, Bishop Gold Group will also stay in contact to monitor and assist your future investments.
Diverse precious metal collection
To summarize, Bishop Gold Group offers a fantastically large variety of precious metals in different forms. Here’s what you can purchase from the company:
Among these, the collector in me is a big fan of the American Eagle platinum coin and the World English Sovereign Queen Victoria Jubilee gold coin.
I did not find any officially published list of fees and charges on Bishop Gold Group’s website. This is, in my opinion, the biggest downside of purchasing precious metals from this company.
If you want to learn about the initiation and annual fees of its IRA service, you have to either call or get in contact via email. The same is true for other charges like delivery fees.
The silver lining, however, is that the customer support system of Bishop Gold Group is fairly robust.
As far as I’m aware, Bishop Gold Group does provide a fairly complete storage service for its IRA-related customers. Of course, you can also choose to have your precious metals delivered to your home. But, if you choose the company’s storage solution, it’ll store your assets in one of the following depositories:
Both of these depositories have excellent track records. Brink’s Global Service is especially notable as it has been in business since 1859. Delaware Depository is also in a similar position with a history dating back to 1999.
In addition to this, Bishop Gold Group has also insured the precious metals stored in these depositories for 1 billion USD. So, even if something unfortunate does happen — however unlikely — you won't lose your retirement funds.
How to Invest with the Company
The process of purchasing precious metals from Bishop Gold Group is fairly straightforward. Here’s how:
Buying precious metals
The first thing you’d want to do is visit the Bishop Gold Group’s website and browse the available options. Once you’ve chosen the metal, weight, and design (coin or bar) you have three options.
- You can call the company on its number at 833-589-8100;
- You can email the company about your choice at firstname.lastname@example.org;
- You can fill in the contact form on its website’s Contact Us page.
For any of these options, a representative from Bishop Gold Group will reach out and guide you through the purchase process.
Setting up an IRA
The process of setting up an IRA is quite similar to the one I’ve mentioned above. The primary difference here is that there might be a few additional steps before the process is complete if you’re converting your existing IRA or 401(k) into a precious metal IRA.
Is It Reliable?
Considering the general customer reviews and my own experience with the company, yes, Bishop Gold Group is a reliable option for investors. Additionally, the company also has an A+ rating on Better Business Bureau — further increasing my trust in its services.
Complaints about Bishop Gold Group online and on social media are also quite rare. The few that exist are mostly about the lack of pricing and fee structure on its website, which I agree with. But, as I mentioned above, the robust customer support system of Bishop Gold Group pretty much negates that issue.
Pros and Cons
Here’s a summary of my thoughts regarding the Bishop Gold Group company:
Taking everything into account, I would recommend Bishop Gold Group to both investors and collectors. This mostly comes down to its service quality, which is some of the best I’ve experienced in a while. That said, just like with any other company, make sure to consult a financial advisor before making any investments.
After getting in contact with the company, it’ll provide info relating to the metals you wish to purchase, including current price, inventory, and delivery time. Once you’ve finalized and paid for your order, you should receive the precious metals within 28 days.
Unfortunately, no. Bishop Gold Group’s website doesn’t have an online retail interface. So, the only way to purchase even an ounce of silver is to get in contact with the company via phone, email, or through its website.
I did not find any evidence that points towards support outside the US. The company is located in Los Angeles, California and the only contact number is for North American callers. That said, you can always email Bishop Gold Group and ask about their services in your country.
As far as I’m aware, the Bishop Gold Group company deals in the following precious metals:
All of these are available as both coins and bars.