As you probably know, saving for your retirement by putting your capital in a bank savings account is one of the most secure ways of building your wealth. However, when bank interest rates are low and inflation is high, the overall value of your savings account may actually decrease over time.
The problem for most folks planning for retirement is often not that they didn’t invest; it‘s simply that they didn’t choose the right investments. Even when you know how essential investing is, it’s not worth much if you invest incorrectly.
Sure, investing bears more risk than a savings account simply because your hard-earned capital is at risk. And, of course, some investments are riskier than others and many have seen massive rises as well as tremendous falls.
So, if you’re serious about investing for your retirement years or even just diversifying your 401k plan, one of the areas that’s the least volatile is precious metals. And, it’s good to invest in precious metals for the purpose of diversifying your portfolio and hedging against inflation.
Our test of Govmint Metals in a few words
Company name: Govmint
BBB grade: A+
Summary: In short, our evaluation of this gold company that offers investments in gold from bullion to rare gold coins is pretty high. The only drawback is that they don’t offer any gold IRA services.
GovMint has been in business for almost 40 years and has very few complaints lodged against them for any reason from products to shipping and even customer service. The company’s inventory of both American and foreign coins is quite admirable as is its overall trust rating.
Our score: 4/5
Should you work with Govmint in 2023?
We understand how difficult it is to choose a reliable precious metals company to work with. For that reason, we created a list of gold IRA dealers that we think are best to avoid. Click on the button below to make sure Govmint isn’t one of them and discover our top 3 recommendations for this year.
What's the Best Method of Precious Metals Investing?
When it comes to precious metal investing, many consumers ask what the best method available is. There are quite a few different ways of doing it. From your investment goals to your experience level, finding the right way will depend on several factors.
During periods (long or short) of economic volatility, gold can serve as a safe haven asset. Remember, however, that it's extremely important to do your research before investing in gold and to work with a reputable company like Govmint.
That’s why we created this GovMint evaluation so that it can help you with the process of deciding whether it’s the optimum gold dealer for fulfilling your investment needs. We always use a review methodology that’s exceptionally stringent for every precious metals dealer that we audit.
This GovMint assessment will also be covering a wide range of important aspects that may be exclusive to this company, including all of its customer service attributes, products, and services.
In addition, our evaluation of GovMint will provide accurate and very precise details regarding their uniqueness and trustworthiness as well as a list of pros and cons. Once you’ve read through it from start to finish, you should possess the ability to confidently decide for yourself if you’re going to purchase your precious metals from them.
Our Gold Company Assessment Methodology
When looking at any financial area, we start by collating a list of the players, which allows us to do a more complete analysis. We only publish gold company evaluations for those companies that measure up to our strict standards. And, every company that we assess goes through our rigorous investigation process.
Unlike some other internet reviewers, we don’t just research what other people are saying online. Instead, our process involves some unique steps aimed at ensuring that we give you the most unbiased information and completely accurate info available, including:
- Identifying all of the players in the potential area that we’re going to evaluate.
- Contacting every company and acquiring any educational material that they can provide and then evaluating it.
- Evaluating all of the comments and testimonials on the company’s website.
- Reviewing and evaluating any complaints and/or testimonials on the following websites:
- Better Business Bureau (BBB),
- Business Consumer Alliance (BCA),
- Google Reviews,
- Most Trusted,
- My 3 cents,
- National Ethics Association,
- The Rip-Off Report,
- Doing a preliminary company ranking and eliminating any company that we have serious concerns about.
- The most important step of the process is to compile a long list of any testimonials that we discover on the company’s website. We make sure to get five or more checks done for each company that we evaluate. If any company doesn’t have five customer assessments for us to check, then they don’t get a spot on our recommended list.
- Our final step is ranking the companies so that we can provide our highest recommendations.
Gold vs. Wall Street
While investing in stocks and bonds is not only good but also how most retirement plans have usually been supported, Wall Street is extremely vulnerable to the negative effects of inflation and potential crashes.
So, investing in something more stable and less volatile will give you the optimum chance of keeping pace with inflation, if not outperforming it over time. And, the long-term benefits of investing in precious metals have been demonstrated throughout history.
As part of our evaluation of GovMint, we’ll include our findings regarding all of its current offerings. And, GovMint is not just a precious metals dealer but one of the top retail rare collectible coin dealers in the US.
First of all, we’d be remiss in not mentioning that GovMint neither belongs to a government nor is it a mint, as is typical with many other companies around the globe with official-sounding names.
By combining two words that suggest reliability, the company appears to be aiming to gain a measure of dignity and standing. Not that this is a bad thing. It's actually pretty clever although most people tend to see right through it.
As opposed to most American gold and silver companies that are based on the west coast or in the south, GovMint.com is located in the Upper Midwest, near Minneapolis, MN.
The company’s precise location is on Southcross Dr. West, in Burnsville, MN. With its lakes and crystal blue skies, this northern area of the country is a decidedly interesting place to locate a company like GovMint.
This American LLC is almost 40 years old and offers a variety of silver and gold bullion products for sale, as well as a large number of numismatic gold coins and collectible items. And, as one would expect from a company based in the United States whose primary customers are American citizens, GovMint.com offers many American coins.
They offer 24/7 telephone service via a toll-free number for US customers. Unfortunately, if you’re calling from outside the US, may have to pay for your time on the phone. You can also fax in your order, and all orders can be placed online via the company’s “shop” function at www.govmint.com.
GovMint.com Products & Services
GovMint.com offers a wide range of gold and silver coins as well as paper currency and gold bars. You can check out GovMint’s product catalog on the company’s website.
In addition to some ungraded bullion options that include fractional gold, GovMint has many pages on their website devoted to customer favorites like Gold Eagles and a wide range of selection of other past and present American coins. And, you’ll also find plenty of web pages continuing numismatic coins from quite a few other countries worldwide.
Although the overall number of coins offered by GovMint from each of those countries isn’t that huge, there are many coins from foreign countries available and include certain obscure nations that aren’t even available from other bigger companies.
GovMint's coin stock .com is probably best evaluated as “medium” since it’s not quite as broad as some larger companies, however, it’s a great deal more of a variety than most others.
As far as gold IRA services go, they don’t offer any at this time so the website doesn’t have any information regarding IRAs. However, if you desire, you could acquire your precious metals from GovMint and have another precious metals company handle putting them into your IRA.
Checking some of our other precious metal company assessments can give you some excellent insight into which one to choose for this purpose. Finally, it’s also important to note that GovMint.com only offers coins for sale and doesn’t purchase any from customers.
Currently, GovMint.com offers shipping to the following countries:
- UK (including England, Isle of Man, Northern Ireland, Scotland, and Wales)
- US (including the U.S. Virgin Islands and Puerto Rico)
Is GovMint a scam?
No, it's not a scam. In fact, 100 percent of the coins that GovMint offers are authentic and legit. They also come from mints all over the world for greater variety. GovMint has been in business since 1984 and currently has more than seven million satisfied customers in its database. They are accredited by all of the major precious metals grading services as well as mints worldwide.
How is the GovMint customer support?
The GovMint customer service phone line is quite responsive and especially polite. Sometimes, however, they may have difficulty finding a specific order in the system. In addition, there are many benefits to having a live chat feature on a precious metals website.
Unfortunately, GovMint doesn’t currently offer live chat but perhaps they’ll add it in the near future for their customers’ convenience.
Have there been any complaints about GovMint?
In this day and age, especially in complicated areas like gold, a few complaints are to be expected. The important thing is how a company handles those complaints. After 38 years in business and with 34 total BBB customer reviews, GovMint has been BBB accredited since 1/10/1986 and boasts an A+ BBB rating.
They’ve had three complaints on the BBB site that were closed in the last three years and one that was closed during the past 12 months. GovMint's overall trust rating with the BBB is currently 2.62 out of 5 stars.
They still don't have any Trustpilot reviews and several of the other rating sites listed above either have nothing posted or appear to just be rantings that could possibly be from uninformed customers.
GovMint Pros & Cons
All companies in all fields, foreign and domestic, have their own pros and cons. So, here are a few of each related to GovMint for your consideration:
- They offer a wide range of coins that are for sale from their vault.
- They have unlimited access to some of the rarest coins in the precious metals industry.
- They’ll guide you through all of the particulars of the best time for selling their coins, the best prices, and all of the best clients for generating high profits.
- Their website offers a comprehensive and insightful FAQ section for answering pertinent questions.
- They’re more of a coin specialty company than one that specializes in IRAs or bullion.
- Buybacks aren’t guaranteed.
- Not quite enough testimonials and reviews online for getting a good feel for their professional history.
- Some customers have found their customer support lacking when it came to answering difficult questions.
Why Should You Invest in Gold Anyway?
Many consumers ask why investors love gold so much, so here are several valid reasons for acquiring it:
- Investors love gold since it’s a safe haven asset.
- The value of gold tends to soar when the NASDAQ goes down.
- Gold is an excellent way for diversifying your portfolio.
- When you own gold, it means that if a stock market crash hits, your gold investments will help by protecting your wealth.
- Gold is the perfect inflation hedge because when the cost of living rises, the value of gold does, too.
How Should You Invest in Gold?
Now, that’s a question that may not be so easy to answer, especially if you’re new to the subject. It definitely depends on both your investment goals and your financial situation. So, let´s start by looking into it and trying to assist you in deciding what could make the most sense for you.
Many people believe that gold is a smart investment today because it has been valued for centuries. So, if you’ve often wondered just how you can invest in gold, you’ve come to the right place. This article discusses some of the best methods for investing in gold while also answering some of the most common questions.
There are many different ways that you can invest in gold. The best one for you depends on not only your investment goals but also your experience level, and risk tolerance. Here are some of the many different ways that you can do it:
- Gold bullion
- Gold IRAs
- Gold Certificates
- Gold ETFs & Mutual Funds
- Gold Mining Stocks
- Gold Futures & Options
- Gold Jewelry
- Numismatic Gold Coins
So, What Exactly Are Numismatic Coins?
As an investor in gold and precious metals, you may have heard the word a few times. We hope that this article will give you a better understanding of the subject overall so that you’ll be able to make informed decisions when acquiring gold (online or offline) in the future.
It’s quite common for dealers to try hustling you by using terms like “rare numismatic coins” that can make you believe that those particular coins are actually worth much more than their actual value. And, the fact is that commission structures usually encourage this practice.
For example, if a salesperson sells you some bullion, they’ll make about $50. On the other hand, if he or she switches you to allegedly rare and a lot more valuable numismatic coins, the commission could be $1,000. So, as you can see, you don’t have to be a genius to be able to figure out exactly where to lead potential customers.
Acquiring numismatics can be an especially perilous journey, so you must educate yourself. Getting a rare coins book is a good first step. Also, staying on top of our gold company assessments is an excellent option and we’ll advise you of any red flags that we find. Just think of us as your own personal online gold mentor.
It’s quite common to use technical and specific terms in various fields, niches, and industries in all walks of life. Precious metals are a very good example of this. In this particular field, one of the most commonly used terms is “numismatics”.
Because this word can apply to a broad range of precious metals, we’re just focusing on its use in the gold coin trade. So, let’s take a closer look at exactly what numismatic coins are. We’ll accomplish this via a systematic study of the facts about them.
An object that is considered to be numismatic is any form of money, which includes coins, paper currency, tokens, and other related objects. And, people who collect and/or study them are commonly known as numismatists.
It used to be that most transactions involved trading goods for goods, also called barter trade, or trading goods for odd currencies like animals and lambskins, but the present world relies on more fundamental forms of payment that carry a certain value, which is referred to as the “monetary value”.
The value of numismatic coins is generally greater than their face value. In many cases, the extra value of these coins comes from the historical information that they contain. The rich history and potential value of numismatic coins make them very popular among coin collectors.
What About Numismatic Gold Coins?
Numismatic gold coins, like those offered by GovMint, usually trade differently from the gold they are made of. In most cases, the numismatic value does not change with fluctuations in gold prices.
Both rarity and the condition of the coin at the time of the transaction determine the value of numismatic gold coins. Consequently, coin collectors often purchase these coins as long-term investments. The most popular gold coins worldwide include American Gold Eagles, the Canadian Maple Leaf, Chinese Pandas, and South African Krugerrands.
The advantages of numismatic gold coins include:
- They possess a face value and can be utilized as currency
- They’re only produced by government agencies
- They’re quite a bit more affordable than, let’s say, gold bars
- Most reputable dealers are offering warranties on coins
In most cases, the basic rule of thumb is that the older the numismatic gold coin is, the higher its overall value goes. Therefore, investing in these coins for the long term is considered by experts to be a wise financial move.
Our Final Thoughts About GovMint
Thanks for taking the time to read our assessment of GovMint. Hopefully, you found it helpful enough that you now better understand what it is and whether it’s right for you.
We used our standard research methods to conduct this extensive GovMint analysis. And, as stated, in our experience, Govmint is not a scam company based on our interactions with its employees, online investors, and offline customers.
However, based on a low number of online customer ratings online, a few negative testimonies, and a complete lack of any IRA offering, we wouldn’t rate them quite as high as we might have if that were not the case.
Although we do recommend doing business with GovMint, no matter what, it’s always our strong recommendation that you perform your own in-depth research prior to choosing any company to invest in.
That’s especially true since there are so many online reviews from consumers who have been scammed and ripped off. And, each one of them usually has their own personal horror stories to tell.
So please thoroughly investigate any gold company that you’re considering investing with and compare the wide range of alternatives prior to making your decision.
Would you rather invest in silver?