About Golden State Mint
A private mint with operations out of Sanford, Florida, Golden State Mint a.k.a. GSM, produces its own unique silver rounds and bars distributed to other gold retailers as well as selling its product on its website. Not only are they a private mint, but they are also a precious metals dealer who sells sovereign government coins, gold and silver bars, numismatics, and rare coins.
Established in 1974 and according to Mr. Andrew Pavlakos LinkedIn page, he is the owner of a family-owned and operated business. The company operates out of Florida but has melting, extruding, and striking operations in California. For over 30 years, the company has been refining and minting gold and silver rounds and bars.
Proud of their products, Golden State Mint offers a satisfaction guarantee. This ensures buyers get the products they are purchasing.
Many of the products GSM produces has "ISO 9001" stamped on the product. ISO 9001 is an international standard that specifies requirements for a quality management system. They receive this designation from the International Organization for Standardization (ISO). It indicates that their business demonstrates the ability to consistently provide products and services that meet customer and regulatory requirements.
As a Private Mint, producing its own distinct rounds and bars, they are held to a high standard for producing products that have the purity standard requirements based on IRA/IRS requirements. Look for a purity of .9999 for your silver and .995 purity for your gold rounds and bars.
Contact Information for Golden State Mint:
Purchase online 24/7 - completely secure website www.goldenstatemint.com
Email - customer support @ support@goldenstatemint.com
Email - Dealers/Wholesale @ sales@goldenstatemint.com
Phone Trading Hours:
Toll-Free - 800-320-8260 Monday - Friday 8:00 am - 5 pm EST (closed bank holidays)
Golden State Mint does not have a physical address listed on its website. In addition, they mention there is no business location for in-person sales. All sales are completed online via the phone or through their website.
Before we continue on with Golden State Mint's Review:
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What Products or Services Does Golden State Mint Offer
When working with GSM you have the opportunity to purchase gold and silver rounds and bars that are sold direct from the Mint. The private Gold State Mint offers its products for sale on its websites. They also offer additional bullion that they do not mint including coins, collectibles, and supplies.
Their slogan is you get the gold and silver at discounted prices (lower premiums) since you are buying from the Mint.
In addition to offering the GSM-minted coins and bars, they also work with customers who are buying using their SDIRA. If you don't have a self-directed Gold IRA you are able to work with Golden State Mint to open a new IRA account.
Australian Striped Marlin
Gold Canadian Eagle
Canadian Silver Soaring Eagle
Canadian Silver Eagle with Nest
Gold and Silver Coins Offered:
- $20 Liberty Gold Double Eagle Coin AU
- $20 Saint-Gaudens Gold Double Eagle Coin BU
- 1 oz American Gold Buffalo Coin BU
- 1 oz American Gold Eagle Coin BU
- 1 oz Canadian Gold Maple Leaf Coin
- 2020 1 oz Australian Gold Kangaroo Coin
- Morgan Silver Dollar Coin BU
- Peace Silver Dollar Coin BU
- 1 oz Silver American Silver Eagle Coin
Not all coins are listed as there are too many to mention. Check out the GSM Golden State Mint website for more offerings.
Gold Rounds Offered:
- 1 oz Aztec Calendar Gold
- 1 oz Bitcoin Gold Bullion Round
- 1 oz GSM Gold Eagle Bullion Round
- 1 oz Incuse Indian Gold Round
- 1 oz Litecoin Gold Bullion Round
- 1/10 oz Incuse Indian Gold Round
There are fewer gold rounds on the market than silver rounds. This is true because the cost to acquire gold is much higher than silver. While there are only six bullion gold rounds found on the website they offer a variety of gold coins.
Silver Rounds Offered:
- 1 oz AG-47 BU Silver Round 2023
- 1 oz 9/111 Remembrance Silver Round
- 1 oz Apollo 11 50th Anniversary Proof Silver
- 1 oz Apollo 11 50th Anniversary Silver Round
- 1 oz Aztec Calendar Silver Round
- 1 oz Bankster Justice BU Silver Round
- 1 oz Bitcoin Silver Round
- 1 oz Buffalo Silver Round
- 1 oz President Donald J. Trump Proof Silver Round
- 1 oz Pope Francis Silver Round
- 1 oz Lincoln Wheat Cent Silver Round
- 1 oz Morgan Silver Round
- 1 oz Happy Birthday Silver Round
- 1 oz Happy Graduation 2023 Silver Round
- 1 oz Justice BJ Silver Round
- 1 oz Competition is a Sin Proof MiniMintage Silver Round
- and much more
Gold and Silver Bars Offered:
Golden State Mint produces a wide range of Silver Bars stamped with GSM or Golden State Mint. The gold bars we found on their website are from a variety of different mints including Royal Canadian Mint, Argor-Heraeus, PAMP Suisse, The Perth Mint, and Valcambi Gold Bars.
- 20 Gram Perth Gold Bar
- 50 Gram PAMP Suisse Cast Gold Bar
- 50 Gram Valcambi Gold CombiBar (50 x 1 gram bars)
- 10 Gram PAMP Suisse Lady Fortuna Gold Bar
- 100 Gram PAMP Suisse Cast Gold Bar
- 1 Kilo Royal Canadian Mint Gold Bar
- 1 Kilo Gold Bar (various mints)
- 1 Kilo 32.15 Troy Ounce Silver Cast Bars
- 1 Kilo GSM Silver Car
- 1 oz Aztec Calendar Silver Bar
- 1 oz Den of Thieves Silver Bar
- 1 oz Duality Silver Bar BU
- 1 oz Golden State Mint Silver Bar
- 1 oz Samurai Silver Bar
Golden State Mint IRA Process
Choosing to purchase gold and silver for retirement using existing retirement savings in a 401(k) or IRA you will need to open a new self-directed IRA.
Golden State Mint can assist with the process of opening a new IRA. They also will work with your current IRA Custodian and Depository.
Six-Part Process to Open a New IRA:
- Begin by completing the precious metals IRA application packet
- Make a contribution - rollover
- Work with GSM to determine the silver or gold for your IRA
- Submit a buy direction letter to the trustee to request a purchase in IRA
- Metals are transferred and stored in a depository
- Monitor your account and updates
According to the GSM website, their preferred custodian is Equity Institutional. Here is the Fee Schedule outlined.
- Account Set-up Fees $50
- Annual Maintenance Fee $80
- Segregated Storage Fee $150 (year)
- Non-segregated Storage Fee $100
- Service Fee $30 for cashier's check certified mail, overnight mail
- Service Fee $75 for expedited process service fee
- Service Fee $15 for paper bill pay
- Service Fee $40 annual for paper statement
- Service Fee $75/hour for miscellaneous activity request
- Service Fee $25 for special handling fee
- $30 for funds wired
- $30 for stop payment
- $225 for termination
- $10 per asset for Precious Metals Liquidation
- Coin Shipping / Handling Cost + $10
- Late Fees $50
Why Put Gold in Your IRA?
Gold in an IRA is used as a hedge against inflation. But it is more than that, it is used as a store of value when the value of the U.S. Dollar declines the precious metals gold or silver will be a stable physical asset.
Long-term investment involves buying physical assets such as Gold and storing them for later in life, which is easy to do in a gold IRA. Owning physical Gold takes the actions of government and market conditions out of your retirement savings.
When banks collapse and government starts printing money Gold and other precious metals are your way to retain the liquid cash in a physical asset that cannot be taken from you.
Choosing a Gold IRA is a good way to move current retirement savings to an account that you manage. You control the investments. Staying within the guidelines of IRS / IRA-approved bullion you can choose when, how much, and how often to buy. In addition, you're preserving your wealth for yourself in retirement and for your family after you've gone.
Gold and Silver Pricing
Bullion is priced based on the Spot Price + Premiums. Since, the spot price fluctuates constantly throughout the day, typical transaction periods are short. Golden State Mint has a 5-minute window to purchase once an item is placed in a sales cart. After 5 minutes the price will change based on the adjusted spot price of that product.
As for silver pricing, since GSM produces a variety of rounds and bars, its premiums tend to be lower than that of traditional online gold and silver retailers. Having the minting process as part of their business, they are able to give buyers a discounted premium on their products.
GSM Order Process
To get started with Golden State Mint an individual needs to open an account. This is free of charge and provides the company with your information including name, address, phone, and email.
Once you have your customer account you can choose your precious metals. You have 5 minutes to pick the coins or bars that you are interested in and purchase them before the price is modified. As the spot price is liquid GSM can only hold that price for 5 minutes.
There are no minimum or maximum order sizes. But, based on the payment selected your order will be delayed accordingly before shipping.
All orders over $199 will have free shipping and insurance. Signatures are required for proof of receipt.
Once an order is made you are unable to cancel. You can sell your metals back to GSM based on their current buyback price. Not all orders can be bought back.
Orders are mailed once payment has been confirmed and the product is available. Typically, the receipt of metals is within a few days. But, situations may occur that delay delivery.
Payment Options:
- Mail Check - needs to be received within 10 days or your order is canceled. The check will be deposed but your order will be held for 6-10 business days to ensure the check clears.
- Bank Wire - requires orders of $1,000 or more. Receipt of the bank wire is within 36 hours or your order is canceled.
- Credit or Debit Card - is available for orders less than $10,000. 1 business day processing time after payment is received and verified.
- Paypal - is available for orders $5,000 or less. 1 business day processing time after payment is received and verified.
Is Golden State Mint a Reputable Gold Dealer or Scam
Based on our findings, there is no indication GSM is a scam. They have been in business as a precious metals mint and dealer since 1974. While there is little information found on the Better Business Bureau website the company has a A+ rating and has been Accredited Since 2019. In addition, there are 4 reviews with a 5-star rating.
On Trustpilot, GSM has 2 reviews and a 3.8 out of 5 Star Rating.
Overall, there is no information found that says the business is not reputable. But, like any purchase or investment, do your own due diligence and ask questions to be certain how the transaction and the pricing are determined.
Pros and Cons
Pros
Cons
Final Thoughts for Golden State Mint
If you are a silver stacker looking for the best silver price from a private mint check out GSM. They have several rounds and bars to offer.
As a gold and silver precious metals dealer, they are favorable but maybe not the best company to work with for your Gold or Silver IRA. GSM's primary business is minting and selling its own products. Secondary is offering IRAs or IRA-approved coins. As a private mint, they are not allowed to make coins only rounds. While American Silver Eagles and privately minted rounds both have similar .9999 fine silver, coins have a face value and are minted by a sovereign mint like that of the U.S. Mint.
As a secondary business, Golden State Mint sells coins and offers an IRA service. They are not specialists working with IRA custodians and when you are purchasing gold and silver using your retirement savings you should work with a company that specializes in facilitating a IRA transaction.
