Opening up a precious metals IRA or diversifying your investment portfolio by purchasing gold and silver products is a great way to protect yourself from economic or political uncertainty.
When the economy is going through a rough period, investors move away from traditional assets, such as stocks, bonds, mutual funds, and ETFs, and invest in gold and silver.
Precious metals remain relatively stable and have shown significant growth over the long term, making them an excellent investment option to help cushion the losses from an unstable economy.
In this BlueVault review, we will explore more about the dealer, what products it offers, and the different payment options. Keep reading until the end, as we will go over how you can set up an IRA with BlueVault.
Let's get started!
About BlueVault
Licensed by the California Department of Insurance, BlueVault opened in 2012 in San Diego. Over the years, the company has grown to become one of the largest over-the-counter gold and silver retailers in Southern California.
According to the company's website, BlueVault offers a wide range of precious metal products at the lowest prices. By working with reputable self-directed individual retirement account (IRA) administrators, this dealer also offers IRA depository services for those looking to diversify their investment portfolio.
Besides allowing customers to trade (buy/sell) gold and silver coins and bars, BlueVault also offers secured storage facilities at two of its locations. Whether you're looking to store large or small valuables, this dealer ensures security and privacy, giving you peace of mind.
With everything you need under one roof, BlueVault promises to be the best place to purchase, sell, and store your precious metals. You can even visit and inspect your gold or silver physically.
After experiencing strong customer demand in California, BlueVault decided to open its second location in Orange County in 2017. You can stop by anytime at BlueVault San Diego or its branch in Orange County for a quick tour of the premises and learn more about the facilities.
What Types of Products Does BlueVault Offer?
Whether it's BlueVault San Diego or Orange County, you'll find a wide range of gold and silver products. There are different types of coins and bars at every price point, ensuring that the company has a variety of precious metals that cater to all sorts of budgets.
The following are some of the gold products that BlueVault has to offer:
- 1oz Gold Eagles
- 1oz Gold Krugerrands
- 1oz Gold Maple Leafs
- 1oz Gold PAMP Veriscan
- 1oz Gold .999 bars
- ¼ oz Gold Eagles
- 5g Gold .999 bars, and many more gold products.
Besides a huge range of gold products, BlueVault also trades in silver coins and bars, with the following available in their inventory:
- 1oz Silver Eagles
- 1oz Silver Maple Leafs
- 1oz Silver Krugerrands
- 1oz Silver rounds
- 1oz Silver bars
- 100oz Silver bars and many more silver products.
Does BlueVault Offer Precious Metals IRA?
BlueVault offers IRA services along with gold and silver trading. Investors can purchase precious metals, open up an individual retirement account, and store their investments at one of the BlueVault locations.
What's great about BlueVault is that you're free to choose your own IRA administrator who may offer a better deal than this Southern Californian precious metals dealer.
It's important to note that self-directed IRAs require you to execute the transaction, as the administrator is not responsible for managing buys and sells for you.
Whether you're looking to open up a traditional, Roth, or Simple IRA, you can fund that account with the precious metals you have purchased from BlueVault or any other IRS-eligible product from reputable retailers.
Most precious metal IRA administrators do not have their own vault or secure storage facility. They partner up with storage providers thousands of miles away, which means whenever you fund the account, you'll have to send your gold, silver, and other precious metals far away. This can be scary and unnerving, especially if you're investing your retirement savings.
BlueVault's team carefully inspects every gold and silver purchased before storing them in a secure facility on its premises. Every account holder receives a separate vault, which means that their precious metals do not mix with others. Plus, the company provides insurance on every account through AXA, a global A+-rated insurance leader.
An interesting fact about BlueVault is that this company is an insured depository for ForgeTrust, one of the largest precious metal IRA providers in California.
Getting Started with BlueVault
If you're looking to set up an IRA with BlueVault, you can follow the steps below:
Contact BlueVault
Since BlueVault offers two locations, contact the one that's the closest to you and speak to the IRA specialist.
Before you set up an IRA with BlueVault, you must do your due diligence. Ask the IRA specialist about any queries or concerns you may have.
Once you're ready, you can request the IRA specialist to start the account setup process. They'll guide you on what to do next and the documents you must submit.
Transfer Funds into the IRA
Before you can start purchasing precious metals for the IRA, you must have funds available in your account. The IRA specialist will guide you through the transfer process of how to transfer your IRA to gold.
There are two ways you may go about funding your account. You can either transfer some of the funds from your existing IRA by requesting the current custodian or withdraw the money and make the transfer yourself.
Purchase Precious Metals
Once you have funded your BlueVault IRA, you can use the funds to purchase IRS-eligible precious metals. It's important to note that although BlueVault is a precious metals dealer, the company does not trade in palladium and platinum.
There is a wide range of investment-grade gold and silver products available in BlueVault's inventory for you to choose from.
Store Your Precious Metals
BlueVault offers a secure and insured depository vault, allowing investors to store their precious metals in California instead of transporting them all across the country.
Once you've made the purchases, you can store your precious metals at BlueVault's segregated vaults. The IRA specialist will guide you if you have any concerns regarding the process.
What Are the Different Storage Options Offered by BlueVault?
From two inches all the way to 72 inches in height, investors can choose from a wide range of storage options. The following are the monthly prices of lockers according to the different sizes (height x width x depth):
- 2'' x 5'' x 24'': $20.00
- 3'' x 10'' x 24'': $33.00
- 10'' x 10'' x 24'': $53.00
- 10'' x 18'' x 24'': $74.00
- 18'' x 18'' x 24'': $115.00
- 24'' x 24'' x 24'': $160.00
- 36'' x 18'' x 24'': $175.00
- 36'' x 24'' x 24'': $220.00
- 36'' x 48'' x 24'': $330.00
- 72'' x 24'' x 24'': $330.00
- 72'' x 48'' x 24'': $495.00
Investors who rent safety boxes at BlueVault receive a private key, which they can use to access their storage lockers. You can visit the facility and have a peek at your precious metal investments anytime you want.
At BlueVault, you can pay the monthly cost of the safety deposit boxes via credit card, check, or cash. If you're looking for larger vaults than the standard size, the company offers a personalized service where it will custom-build one for you according to your requirements.
What's great about working with BlueVault is that you don't need to buy gold or silver from this dealer to use the storage facility. You can simply have your precious metals delivered to the company and pay the monthly fees for storing your gold and silver.
How Safe Are the Vault Facilities at BlueVault?
Before storing your precious metals in the vaults offered by BlueVault, you may have some safety concerns. After doing a bit of digging, we found out that the company insures every safety box up to $5,000, with the option to increase the coverage at an additional fee.
The safety lockers are guarded by Siemens 24/7 and housed in concrete-fortified bunkers, making it impossible for anyone to break into them. This level of security provides investors with peace of mind, knowing that their precious metals investments are safe at all times.
Can Investors Sell Their Precious Metals to BlueVault?
BlueVault trades in precious metals, meaning they buy and sell. Investors who are looking to sell their gold and silver can reach out to this Southern Californian dealer. You can call the company on its registered contact number for more details about the transaction and even get a quotation.
However, it's important to note that the quotation you receive over the phone may not be the same as what you may get at the store locations (BlueVault San Diego or Orange County). The specialist can only give you a rough estimate on call, as they can't physically inspect the gold or silver.
Another thing to remember is that BlueVault does not buy jewelry or scrap precious metals, including palladium and platinum. The company has a minimum quality requirement when it comes to purchasing gold and silver.
When you want to sell your precious metal, you can visit any of BlueVault's store locations to have your gold or silver inspected. The specialist will examine your item and give you a fair value. If you accept the offer, the company will pay you by bank wire, check, or cash, depending on your preferred payment method.
It's important to understand that the company is not liable to make you any offer if the precious metal is not in the condition you promised over the phone. BlueVault has the right to either issue a new quote or refuse to purchase your item.
BlueVault Pricing and Fees
According to the company's website, the pricing of the products may vary slightly depending on the location. However, BlueVault does not charge any additional fees for the services it provides.
What Types of Payment Options Does BlueVault Prefer?
Most dealers offer an online payment option, allowing their customers to either pay by credit card or fund their purchases with a debit card. Unfortunately, BlueVault does not provide any of these payment options.
If you want to purchase gold or silver online or remotely, you can complete the transaction by sending the payment through a bank wire.
When making an online transaction with BlueVault, you must submit a proper photo identification. There is no need to fill out the IRS Form 8300 since you're not making cash purchases.
Alternatively, you can head over to BlueVault San Diego or its Orange County branch to make cash purchases. Any cash transaction over $10,000 will require you to file Form 8300. You would also need to submit a photo identification.
Besides cash and bank wire, BlueVault allows you to make purchases using checks as well. When you buy the products, the company will lock in the price and hand you the precious metals after 10 days.
Another thing to remember is that California does not have a sales tax for those purchasing precious metals over $1,500.
How Can You Buy Precious Metals from BlueVault?
There are two ways you can buy precious metals from BlueVault, and these include the following:
- You can visit BlueVault San Diego or its Orange County branch to make in-person purchases; or
- Open up a depository account to make purchases online or remotely.
Competitors You Should Check Out:
Is BlueVault a Legit Company?
Before opening up an IRA or purchasing precious metals, you must do your research into the company. Fortunately, we've done most of the legwork for you.
BlueVault opened its doors to investors in 2012, and it's been in business for more than a decade. The dealer has an average of 4.6 out of five stars on Google Reviews, with most customers praising its customer service and pricing.
Another platform that can help you assess whether BlueVault is a legitimate company is Facebook. The dealer has an average of five out of five stars on the social media platform, with most of the reviewers recommending the business.
Final Thoughts
BlueVault is a legit dealer in California that offers investors a way to diversify their investment portfolio. Whether you're looking to purchase precious metals, open up an IRA, or subscribe to its safety locker boxes, this company offers everything you need under one single roof.
Besides the convenience offered to investors, BlueVault only deals in investment-grade gold and silver bars, coins, and rounds. You can confidently carry out transactions with this Californian dealer.
However, as with any investment, it's essential to do your own due diligence. When we explored the offerings at BlueVault, we didn't like its limited payment options and relatively small inventory compared to its competitors. The company is fairly new, which may be something to consider when looking for a reputable dealer.
About Tim Schmidt
Tim Schmidt is an Entrepreneur who has covered retirement investing since 2012. He started IRA Investing to share his expertise in using his Self-Directed IRA for alternative investments. His views on retirement investing have been highlighted in USA Today, Business Insider, Tech Times, and more. He invested with Goldco.
