Blanchard and Company, also known as Blanchard Gold, is a precious metals dealer that aims to stand apart from the crowd. However, they have questionable shipping practices and some extremely negative reviews. So are they really worth the hassle?
We've taken a look at everything this company offers, who can benefit most from their services, and whether you should consider investing with them. We also have recommendations for more reputable gold dealers if you want someone who's guaranteed to give you the customer service you deserve.
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Blanchard has been in the business for more than four decades. They helped people to invest through some of the worst financial crises in modern history. The goal of the company is to help people invest in precious metals so they can diversify their portfolios.
In addition to buying precious metals, investors can purchase rare numismatic coins. These cannot be used as part of a self-directed IRA, and they are considered a risky investment. But for coin collectors, they can be excellent finds. The company says that their main pride is in their integrity and honesty.
The staff is made up entirely of experts in the precious metals business. You can ask them about precious metals, their history, and how their value changes over time. They'll provide knowledgeable answers that help point you in the right direction.
The company is based in New Orleans. Part of their business practice is to give clients relevant information before they invest. Their experts know not just about precious metals, but also about investment strategies and predicting economic factors.
The experts help teach you about what a balanced portfolio looks like. Precious metals are a popular choice because they perform in opposition to the stock market. When stocks crash, precious metals go up in value; when stocks are great, precious metals lose their value.
That means that precious metals are a key part of a diverse portfolio. If you're retired or need to have wealth on hand for emergencies, precious metals help to safeguard against market volatility and economic recessions.
Though there are a lot of solid aspects that make this a compelling investment option, there are also other companies that do better. You can use Blanchard's services to purchase metals that you then store yourself. But the company's storage services aren't really worth the fuss.
If you want to invest in precious metals for a retirement account, we recommend working with a specialized gold IRA company. These types of companies understand tax codes and can help you get your account set up and funded without any trouble.
One of the most interesting aspects of the company is how they have worked to shape the precious metals landscape. The company's founder was one of the leaders of the push to allow US citizens to own their own gold. Prior to this, American citizens couldn't invest in gold as a personal precious metal.
This movement had several key moments. One of the most iconic was when a banner plane was flown over the second inauguration of President Nixon.
It wasn't until 1974 that the movement bore fruit. President Ford listened to the demands of Americans and made owning gold legal again. The company founder Jim Blanchard was named the World Gold Association's Man of the Year in 1984 for ongoing contributions to the precious metals industry.
There are more than 40 years of company experience with selling gold. In addition, the company gives you a more diverse strategy for your investments than many of the competitors. As mentioned, all of the staff members can offer knowledgeable pointers for the best investments to meet your unique goals.
Blanchard exists as a precious metals dealer. You can use their marketplace to purchase platinum, palladium, gold, and silver coins and bars. These have the appropriate purity levels for use in retirement accounts.
There is also a buy-back promise from the company. When you want to liquidate your assets, you can sell them back. You will be given a price that matches the current market rate. If you paid more than the market rate, you'll lose money; however, you don't have to worry about being ripped off.
This is a service that gold companies often offer because it motivates people to buy. One of the trickiest aspects of gold investment is turning the precious metals into usable currency. Since you know you have a buyer from the get-go, you don't have to worry about losing your money when it's time to sell.
If you have gold of your own, you can also sell this to Blanchard. Many gold firms don't offer this. Instead, they'll only buy back items that they've sold. You can track the market price to gauge how much you can ask for from the company. All quoted prices will be based around the current market price of gold.
Lack of Gold IRA Services
One of the most popular types of gold investment is a gold IRA. This allows you to make tax-deferred precious metals investments that you don't need to pay taxes on until you're ready to take out dividends. It's a popular choice for people who want a more diverse retirement portfolio in case of economic crashes.
But Blanchard doesn't have specific IRA services. They will not manage an IRA account for you, and they do not have relationships with equity trusts or IRA custodians. Many competing companies specialize in IRAs.
If you do want to open an IRA, you'll want to work with a specialist. Specialists can streamline the entire process so that you don't need to talk to any third parties. They'll walk you through the paperwork, set you up with a custodian, and explain the entire process.
You won't find that with Blanchard. This company is best for people who want to make personal investment purchases. They aren't ideal for those who want to invest for the long term.
There aren't a lot of customer reviews of this business, and the ones that do exist are not very favorable. It's unusual to have trouble finding consumer reviews when a business has been part of the industry for several decades.
TrustLink shows just one verified review, which is one star. With the BBB reviews, the company holds a total average of less than 1.5 stars. That said, the BBB itself has given the company an A+ rating.
All of the complaints filed with the BBB have been closed and resolved. But since there are so few reviews to go by, the number of BBB complaints is concerning.
The Business Consumers Alliance is another trusted place where people get information about different businesses. They publish information about industry leaders in the precious metals business so that people know which companies are most reputable.
There have been no complaints filed against the company with the BCA within the past three years. Despite this, though, the company has a B rating instead of one of the top available ratings. We're not sure why this is, but it might have something to do with the spotty track record.
TrustLink shows only one review of the company. An unhappy client rated their experience as one star. They said that the firm charged unnecessary fees and exorbitant commission rates. In addition, they said that the collectible coins are not worth the purchase, and that people should only buy bullion.
It's disheartening that there are no good reviews on TrustLink. This single poor review may be enough for people to reconsider where they're investing their funds.
With the Ripoff Report website, two reports have been filed. Blanchard has made an effort to resolve the complaints through the website. Both of the complaints were related to dissatisfaction with the company's services and products. One said that it took ten days for their precious metals to arrive, which is fairly standard for the industry.
Positives of the Company
There are some key positives of the company that should be taken into account, especially when you see the negative reviews.
Some of these include:
Really, the biggest incentive to work with them is the buyback program. Many other companies won't buy your metals back, or they'll pay less than market price so that they can make a profit. That's not the case here.
The buyback program does have some caveats. The biggest is that you can only sell collectible coins for ten days after the purchase. After that, Blanchard will no longer take them back. This is typical, as collectible coins are a risky investment.
If you aren't sure whether your assets will be covered, you can call the company to ask about coverage for your potential purchases. The representatives can explain any other aspects of the program that you need to be aware of.
But there are some established companies that do have good buyback programs. They also have better customer service and more reputable reviews than Blanchard does. So we'd recommend going with one of these before you waste your money on a potentially frustrating experience.
The company states that trust is one of the most important factors in their client relationships. They want to foster long-term relationships with room for growth. That said, for all the emphasis they place on trust, it is strange that it's so difficult to find positive user reviews online.
The expertise of the staff is a solid selling point. In fact, it might be the most important aspect of the company. The founder has been working in the precious metals industry for his entire life. He's passionate about gold and allowing Americans to invest in precious metals.
There are also some organizations that the team is a part of. Some of these organizations include:
These organizations stay apprised of new developments in the precious metals industry and the global economy in general. In addition, the Coalition for Equitable Taxation works to make financial regulation fairer. They also work to encourage more transparent tax laws for people with diverse investment portfolios.
In addition to putting a portion of your wealth into precious metals, Blanchard provides guidance for how different assets will protect you. The type and purity of different gold will make a difference for the long-term value.
You can invest in multiple types of gold assets to create better overall balance for your portfolio. Some of their rules of thumb include:
Is the Company a Scam?
Blanchard and Company has been in business for decades and offers legitimate products. They don't mislead customers about the nature of their products. Because of this, they can't be considered a scam. But they do have shipping practices that have caused issues in the past, and they have multiple consumer complaints with the BBB.
It's better to invest with a company that you can be sure will take care of your assets. A good company will have knowledgeable representatives, a robust market, a good buy-back program, and helpful customer service. You should feel good about doing business with them.
Unfortunately, it seems like many customers have not felt good about doing business with Blanchard. If you just want to purchase precious metals without paying for ongoing storage, they're a good choice. But if you intend to have an ongoing customer relationship, you'll probably want to invest elsewhere.
The company uses its forty years of expertise to prove their competence. But it's possible that they haven't been able to keep up with the demands of a changing economy. They don't have the internet-savvy presence of many of their competitors.
Blanchard and Company isn't the worst precious metals investment firm on the market, but it's also not the best.
The main problem is that there have been several consumer complaints regarding their customer service, shipping, and fees. People have also noted that it's taken a long time for their purchases to reach them. As such, they're not the best company if you want to have an ongoing relationship.
However, their precious metals market does have affordable options. Because of this, it's an ideal choice for people who want to make a single precious metals purchase without needing to pay for ongoing storage fees. You can set up a storage vault yourself.
If you want to do something like set up a self-directed IRA with precious metals, you'll find better results by working with a company specializing in that.
Although we do think that Blanchard Gold is a decent company, we believe that there are better companies out there to make your investment with.
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