Hard Assets Alliance
I’m curious what business(s) folks would recommend to purchase and hold gold and silver from? Has anyone worked with Hard Assets Alliance? If so what is/was your experience?
Thanks for any feedback.
I haven’t worked with HAA, so I cannot comment on them specifically. But one thing I would recommend, for any precious metal group that you consider having store your gold or silver: take a good hard look at storage and admin costs. %s can be deceiving, seem small. It helps to actually figure out how much you expect to store, and how much that would cost you. If you want, make a simple spreadsheet to see what that looks like cumulatively over time.
I had considered rolling my retirement savings into a precious metals IRA some years back, but was surprised by how much I’d have to pay yearly in fees. For folks that are wealthy, it may not be that big a deal. But for someone with a more humble amount to start with, the idea of losing that much money to fees every year was discouraging. I know it stalled my pursuit of a PM IRA.
I have used HAA and currently have some silver stored in Singapore. The system seems to work fine, but over a long period of time the storage fees could be an issue as Pinecarr indicates. The other problem is the bid/ask spread which is extremely high at present. That’s a problem almost everywhere at the moment so I would be more inclined to use the Sprott physical trusts right now, PSLV for silver and I think it is PHYS for gold. Those funds actually have the metal, but they are closed end funds so sell at a discount or premium to the actual net asset value. Most of the time the premiums are quite reasonable, but they can be too wide. But nothing like buying from Kitco or HAA. I have used Mish International in Menlo Park (see the recent interview with him that Adam did) and found them excellent to deal with on both the buy or sell side, but their spreads are wider than usual at present like just about everybody. Personally I would use the Sprott trusts right now if I wished to buy and wait until spreads return to normal before buying the physical.
I would caution people about HAA . I just glanced at their BBB rating at it is very low (F). HAA, to my surprise, is owned by GBI – the “Investor”. Why is hasn’t been disclosed ever by PP? Beats me. Since several notes on this subject are cancelled by Moderator/Administrator – chances are this one will be cancelled , too.
I haven’t had any issues with HAA. Any reputable gold/silver business will charge storage fees, because storing physical PMs costs money. I’d be very cautious about “cheaper” options that don’t charge these fees. Chances are, the PMs only exist on paper.
I’ve had bad experiences with Goldmoney, so I consolidated to HAA.
There are just not that many good options out there. It’s a fairly small market.
You can “store” at home, but if you want it insured, you will pay easily 1% p.a. just in premiums.