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More individuals are investing in precious metals and want to be sure the gold dealer they entrust their investments to is legitimate and reliable.
Research before choosing a precious metals dealer is always a good idea. When you're informed about gold investments, you can select the company that best suits your needs.
Michael Scott Gold & Silver in the Dallas/Fort Worth area sells gold, silver, and platinum products and is an authorized Dillon Gage dealer.
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Table of Contents What is Michael Scott Gold and Silver?Precious Metals ProductsHow the Company OperatesHow to Buy Precious Metals from Michael Scott Gold and SilverShipping ProcessSelling Precious Metals to Michael Scott Gold and Silver
Bullion Precious Metals ConversionsNon-Bullion Precious Metals ConversionsStorage OptionsCustomer SupportPros of Michael Scott Gold and SilverIs Michael Scott Gold and Silver a Scam?Conclusion
What is Michael Scott Gold and Silver?
Michael Scott Gold & Silver is a United States Mint bullion coin seller authorized to sell American Buffalo Gold Bullion Coins, American Eagle Silver, America the Beautiful Silver Bullion, and Gold and Platinum Bullion.
The precious metals dealer sells gold, silver, and platinum for self-directed IRAs or to personally hold. The company offers a safe, secure way to add precious metals to your retirement portfolio.
Precious Metals Products
The company offers a selection of 24-karat gold bars and coins, including American Gold Eagles, American Gold Buffalo, Australian Gold Kangaroo Coins, British Gold Brittania Coins, and South African Krugerrands.
Silver products also include Germania, Morgan, and Walking Liberty Silver Bars. Investors should visit the website to view the entire product line.
When the economy is unstable, platinum prices decrease due to less demand and because gold prices tend to increase during economic instability.
Michael Scott Gold and Silver sells a selection of platinum products that include Australian Kangaroo Platinum Coins, Austrian Platinum Philharmonic Coins, Canadian Platinum Maple Leaf Coins, American Eagle Platinum Coins, and a selection of Platinum Bars.
How the Company Operates
Transactions for each Michael Scott Gold and Silver customer are guaranteed to be private. The client's personal information is never shared with third-party businesses.
The customer knows their information is secure since the in-person or over-the-phone appointments are confidential to buy or sell precious metals, including gold, silver, and platinum bullion.
When an investor schedules an appointment to open a gold-backed, self-directed IRA, all appointments and private and held in one of the company's private suites. For your convenience, appointments by phone are also available.
How to Buy Precious Metals from Michael Scott Gold and Silver
Investors may place orders by phone or schedule an appointment to handle your transactions in one of the company's offices. Michael Scott Gold and Silver offers a variety of payment methods for investors.
The price of your precious metals is locked in once you complete your purchase, regardless of how market prices change. Payment options include:
Shipping Process
Some investors prefer to pick up their gold, silver, and other precious metals at one of our offices. However, if you choose to have your precious metals shipped, most products are shipped within 5 to 7 days unless purchased with a personal check.
Selling Precious Metals to Michael Scott Gold and Silver
Michael Scott Gold and Silver buys and sells all types of precious metals in a secure environment, including:
Gold Coins and Bars The company will purchase gold coins minted before 1933, gold bullion coins, gold bars, and gold medallion coins. Michael Scott Gold and Silver will buy gold bars or coins in any size that are damaged.
Silver Coins and Bars Michael Scott will buy your silver bars and rounds of all sizes, U.S.-minted silver coins, including junk silver, constitutional silver, and silver bullion coins.
Platinum Coins and Bars Michael Scott Gold and Silver will buy your platinum bars of all sizes, platinum commemorative coins, and platinum bullion coins.
Bullion Precious Metals Conversions
When choosing the precious metals you want to convert into bullion, contact Michael Scott Gold and Silver to receive a quote. The price the company quotes is based on the current market prices of gold, silver, and platinum.
When the precious metals are refined, Michael Scott Gold and Silver contact the investor to make arrangements for the purchase or payment of the products.
Non-Bullion Precious Metals Conversions
If you own non-bullion precious metals, Michael Scott Gold and Silver offers refining services to convert precious metals into bullion products that are investment grade.
Metals are melted down at a local refinery and tested to determine their quality of the metals. The company's refining process is available for gold and silver jewelry and silver flatware.
Customers may choose to receive electronic funds for their precious metals. Another option is to convert the payment into gold, silver, or platinum; that's investment grade.
Storage Options
Specific rules apply to holding precious metals in a self-directed gold IRA. IRS regulations don't allow individuals to keep precious metals in their possession. Gold, silver, and platinum products must be stored in an approved depository.
The precious metals dealer you work with may assist you in choosing the precious metals you want to invest in. The dealer and custodian of your gold and silver work together to arrange payment of your precious metals.
Custodians of self-directed IRAs handle the paperwork and payments when you set up your self-directed IRA. The custodian you choose to store your precious metals may be a trusted company or bank with IRS approval.
Customer Support
Michael Scott Gold and Silver strives to provide excellent customer service for each investor. The company's precious metals experts take the time to answer investors' questions and ensure they're satisfied with their purchases.
Pros of Michael Scott Gold and Silver
Michael Scott Gold and Silver is a trusted precious metals dealer founded in Texas in 1976. The company has offices in the Dallas/Fort Worth region.
The company is an authorized dealer for Dillon Gage, one of the most prestigious global companies that service a variety of businesses, including:
Dillon Gage has the authorization to purchase precious metals, including gold, silver, platinum, palladium, and rhodium bullion, from major global mints, including the US Mint and the Royal Canadian Mint.
Very few companies have the distinction of doing business with these major mints.
Is Michael Scott Gold and Silver a Scam?
No, Michael Scott Gold and Silver is not a scam. Michael Scott Gold and Silver is a reputable precious metals dealer that has been doing business in the Dallas/Fort Worth area since 1976.
The company conducts business globally and has earned excellent reviews from satisfied clients around the world. All in-person and phone transactions are confidential and out of public view.
Whether clients wish to purchase or sell precious metals, including gold, silver, or platinum, investors know all the products are in perfect, new condition, and have the backing of certified commercial mints or government mints.
Customers know they're dealing with a reputable precious metals dealer since all gold, silver, and platinum bullion products come with a 100 percent buy-back guarantee.
ConclusionOne of the services that are not always available from other precious metals dealers is free product testing. It doesn't matter where your gold, silver, or platinum products were originally purchased.
Michael Scott Gold and Silver offers free testing for all your precious metals. You never have to worry about whether your precious metals purchases comply with regulations.
Michael Scott Gold and Silver complies with all the laws relating to the purchase or selling of all precious metal products.
If you're purchasing gold, silver, and platinum products for your investment portfolio, the custodian you choose for the storage of your precious metals is responsible for you being compliant with IRS regulations regarding precious metal purchases.
You must use Form 1099-B, also known as the Proceeds from Broker and Barter Exchange Transactions Form, for reporting purchases of precious metals that are sold to a precious metals dealer from a customer that isn't registered as a corporate customer.
The form is designed to inform the Internal Revenue Service of a very large purchase of bullion to prevent any possible tax evasion.
The IRS always keeps track of individuals who may be selling any type of precious metals as a source of income.
Michael Scott Gold and Silver is a fair company, but we do not recommend them.
They are not the best option if you are looking to make cash purchases and certainly not if you are looking to protect your savings with a precious metals IRA, like other companies we have written about.
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