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Goldco is one of the most popular choices for people who want to invest in precious metals IRAs. In the industry, they have a reputation for being the best at what they do. But how do they compare to their competitors, and what should you know before you get started?
We've broken down all of the important information to get you started.
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Goldco Precious Metals is a company that revolves around precious metals IRAs. You can put gold, silver, and other precious metals into a retirement account. But to do so, you need to adhere to strict guidelines and regulations set out by the IRS. Companies like Goldco help to simplify the process so the paperwork isn't as confusing.
Goldco is one of the fastest growing precious metals IRA firms in the country. They are among the top firms handling wealth and asset protection, with thousands of customers nationwide. When you look for online feedback, you're able to find thousands of reviews from past customers.
Goldco started under the name Gerson Financial Group in 2006. At first, their main focus was on B2B sales rather than selling precious metals to individuals. Trevor Gerszt bought the company in 2011 and rebranded it as Goldco Direct. From there, it became Goldco Precious Metals instead.
The company has been working in the precious metals and finance industries for 16 years. While that isn't the longest on the market, it is an impressive length of time. Many of the top competitors have been in business for less than a decade.
Goldco has top marks from multiple third party organizations. For example, the Business Consumer Alliance gives them a perfect AAA score, while the Better Business Bureau gives them a top score of A+. Over the years, the company has been featured in a variety of financial publications and talk shows.
Goldco has been endorsed by conservative personalities like Sean Hannity. During the American Business Awards in 2021, Goldco was given the award as Company of the Year.
If you want to invest part of your retirement into precious metals, you'll need to open a self-directed IRA. From there, you will need to fill out the paperwork to transfer the funds and purchase the metals. Your custodian of choice will put the metals into your depository of choice.
Goldco streamlines this entire process for a flat setup fee of $50. Not only will they quickly walk you through the paperwork, but they will also handle all communication with your custodian and depository. That way, you don't have to coordinate with more than one person.
There are several accredited depositories that Goldco works with. For custodians, they most strongly recommend Equity Trust Company. This is one of the most popular and well-reviewed IRA custodians in the US.
Once you have set up and funded the account, your Goldco representative will help you determine which products are right for you. You'll need to adhere to the IRS regulations regarding the purity and the type of metal. Goldco will explain which products are available. They'll also get to know your personal goals and situation, so they can make the recommendations that most truly benefit you.
Goldco has a variety of gold and silver coins available for purchase. You'll be given a price quote by your representative once you've decided what you want to buy. When the purchase is finalized, the package will be sent to your chosen depository and handled by your custodian.
There are some special offers that are given to new customers. If you meet certain qualifications when opening an IRA with Goldco, you can reap the benefits.
For example, if you invest $50,000 with your IRA, then Goldco will completely waive the first year of fees. Between the setup fee, the storage fee, and the custodian fee, this is a value worth over $300.
If you make a purchase of over $50,000 for your precious metals IRA, you can receive free silver worth up to 5% of the total purchase. You should talk to your Goldco representative about this promotion before investing to make sure that it's still active.
You can also buy gold and silver from Goldco for your personal investment portfolio. In this case, you don't need to worry about opening an IRA or adhering to IRA guidelines.
You will have the option to open an account with a depository regardless. But if you choose not to do this, then your items will be shipped to your home. All packages are fully insured, so someone will need to be home to sign for them.
Fees and Pricing
When you're working with a precious metals IRA company, you want to have a clear idea of their fees. It can be extremely frustrating to invest with a company, only to find out later that they have tons of extra fees that you didn't know about.
Fortunately, Goldco doesn't operate with hidden fees. They are extremely transparent about their fee structuring, so you know just what to expect. In addition, instead of operating with percentage-based fees, they have flat fees. This means that no matter how much you add to your account, you will always pay the same amount. There's no punishment for accruing more metals.
As mentioned, the initial fee for setting up an IRA is $50. Most of the competition charges somewhere between $100 and $200 for the same services. Goldco is also unlike many of the competitors in that they'll talk to your custodian for you, rather than just referring you to the custodian for the application.
The annual fees for storage and maintenance will vary depending on the custodian and depository. If you work with Equity Trust Company, you will pay an $80 annual fee for maintenance. Storage generally costs $100 for a segregated vault or $150 for a non-segregated vault.
Goldco has a minimum investment of $25,000 for their IRA services. If you meet a minimum investment threshold of $50,000, you may be eligible for further perks.
One of the biggest issues with precious metals is the ability to liquidate them. You can't pay for goods and services with pure gold. So if you want to use your cash, you have to sell the metals. But if you can't find a dealer who will make a fair offer, then you might end up selling at a loss.
That's where Goldco's buyback program comes in. Like many of their competitors, they will buy your metals back from you when the time comes. They promise to give you a fast and fair price quote, which is based on the current spot price of the metals.
As with any precious metals investment, there will be some spread between the buying and selling prices. But past customers have indicated that they've been able to sell back to Goldco for a solid profit. As long as the price of precious metals increases steadily throughout your holdings, you have a good chance to sell your items back at a profit.
If you have a different buyer in mind, you can have your precious metals delivered directly to you instead. But oftentimes, Goldco will make the best offer on the market.
When you want to sell your precious metals back to Goldco, all you need to do is call your representative. They will give you a price quote for the metals you're selling. Assuming you agree to the trade, they will contact your custodian to initiate the trade. Your custodian will send the metals to Goldco.
The package will arrive and be processed. Then you'll be given your payment, generally through a bank wire transfer. Goldco does its best to process these transactions quickly and simply so that you can receive your funds as soon as possible.
Several past customers have mentioned that they've had success using the buyback program. They have mentioned that Goldco has given them better pricing than their local dealers.
Is Goldco a Scam?
Goldco is not a scam. There are thousands of reviews from past customers online, the vast majority of which give the company top marks. On the BBB website, they have an A+ and a 4.85 out of 5 star average based on over 300 reviews. That shows that the satisfaction rate is about 99%.
In addition, the company has made an effort to resolve any complaints. As can be expected with any company of this size, there have been a handful of complaints. But the management handles them promptly and with a high level of customer service.
Let's take a look at what the positive reviews have to say, as well as what some of the resolved complaints were.
As mentioned, there are thousands of positive customer reviews online. The BBB website, Trustlink, and Trustpilot all have hundreds of reviews by themselves. As such, we won't be able to look at all of the positive feedback. But we can examine some of the most recent reviews.
One reviewer said that she was apprehensive because this was her first time investing in precious metals. But her representative answered each question and clarified every step of the process. Once the initial consultation and purchase was over, the customer was told that she could call any time with further questions. She said that she was pleased by how well the company walked her through things as a beginner.
Many other customers have left shorter reviews, but they have similar sentiments. They praise the customer service and the helpfulness of the representatives. Several people have said that the process is extremely smooth, especially compared to other gold IRA companies they've worked with in the past. It's common for reviews to mention different representatives by name when citing their helpfulness.
One person said that they worked with Goldco as their second precious metals IRA option. In comparison to the first company, Goldco had an immediate difference. Apparently the first company never sent a proper invoice. Before any transaction with Goldco was finalized, the representative went over every single aspect of the purchase, ensuring that the customer was sure about their choices.
That customer noted that the transaction wasn't confirmed until they approved it. Once the transaction was approved, the customer received an invoice electronically. He said that Goldco was very transparent and honest, and he was pleased that they didn't take advantage of customers with little investment experience. In the future, he intended to make all of his precious metals purchases from Goldco.
There have been 17 complaints filed about Goldco with the BBB, which is a tiny fraction of the number of positive reviews. A dozen of these complaints were filed in the past year. It's been a difficult time for the precious metals industry, largely due to supply chain issues and political turmoil.
In addition to looking at the positive feedback for a company, it helps to look at the negative. This will show you how they resolve any potential issues. While we won't look at all of the complaints, we will examine a handful.
One customer left a review in March of 2022 regarding what he believed was poor pricing. The previous year, he'd bought several silver coins for about $130 apiece. When he made the purchase, he wasn't given any choices on other coins to buy.
Over time, he was sent newsletters telling him that the price of silver had significantly increased. But when he asked to withdraw his coins in cash, the buyback price he was offered was only $104 apiece. This would have meant incurring a loss of over 25%.
The customer said that he was overwhelmed by the concept that all of his investments might lose that much value. He clarified that he is a 79 year old man who needs to take minimum distributions every year.
Goldco responded to say that this kind of conduct is not their usual standard, as shown by their positive reputation. They asked to contact the customer privately and find out more about what had happened, so they could come to a satisfactory agreement. Though the customer has not followed up, they were presumably able to get in contact and work something out.
There are a few complaints from several people regarding unsolicited calls. They say that they received several unsolicited calls each day, despite not actually reaching out to Goldco.
Goldco responded to each of these to say that the customer's number would be taken off their call list. They also reached out to find out what had happened, so that hopefully they could avoid this issue in the future. The customers had given Goldco their information at some point, likely in exchange for a free gold IRA guide.
There have not been any complaints of this nature in several months. So whatever was wrong with the original call list, it seems that Goldco has resolved it. They do seem to have done everything they can to fix a frustrating situation.
Overcharged Melt Value
One complaint was filed in August of 2021. The person said that they bought Goldco's precious metals twice. When they made the purchase, the spot price of the silver was around $14. Then they found out that they had paid 350% more than the silver's spot price. They were extremely unhappy because they wanted to have the metals shipped to them in order to liquidate them.
The customer said that they'd tried to get in contact with Goldco several times, but they were never able to get a call back.
Goldco responded to say that they were able to get in contact with the customer. The reason it was difficult at first is because the customer's representative wasn't working with the company anymore.
It turned out that the customer was being quoted for the melt value of the silver. The coins themselves were worth much more than the melt value. Goldco made a buyback offer that allowed the person to sell the silver coins at an enormous profit.
This seems like a complaint that was caused by a simple misunderstanding. The customer said that they were satisfied with how the company had resolved the issue.
Difficulty Contacting Representative
One customer said that he and his wife had bought precious metals using Goldco. Part of the reason they chose this company is because of the buyback program. But now that the customer wanted to sell his coins, he was unable to get in contact with the company. No matter whether he emailed or called, he was unable to get a response.
The customer said that he wanted to get a refund for the price of his precious metals.
Goldco responded to apologize for the customer not getting a response quickly enough. They stated that they were able to get in contact with the customer, and that he and his wife were able to sell their coins at a profit.
At first the customer didn't accept the response, stating that the funds had not yet reached his account. But the funds came through just a few days later, resolving the issue. Goldco reiterated that they were happy they were able to get in contact and help the customer sell his metals at a profit.
Pros & Cons of Goldco
Goldco is one of the best precious metals IRA companies in the business. Not only have they impressed those in the industry, they also have thousands of happy customer reviews. They really are the gold standard when it comes to precious metals IRAs.
Though there have been a handful of complaints over the years, there aren't any patterns of mismanagement. It seems like there were issues with Goldco's call system, which seem to have been resolved since then. There were also a few complaints filed over misunderstandings, all of which Goldco was able to resolve to the customer's satisfaction.
Goldco's pricing for precious metals is reasonable, and they have solid educational tools. Customers have mentioned that their representatives were extremely professional and helpful. They've also mentioned being able to sell their metals at a profit when the time finally comes to liquidate.
Overall, we do wholeheartedly recommend this company. As long as you meet the minimum threshold for investment, it's hard to find a company that performs better.
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We hope that we were able to help you determine where or where not to put your investment!