Last updated September 2022
Overall Rating Summary
Goldco is fast gaining the reputation as one of the best gold ira companies around. This is due to their dedication to providing high-quality service to all of their clients, as well as educating potential clients as to whether a gold IRA is right for them. When you look at their various reviews across the internet at places such as the BBB the Business Consumer Alliance, where they have a AAA score, and Trustpilot, where they have a rating of excellent, it is obvious that this is a company that highly values its clients.
Ease of Set Up
Goldco Pros & Cons
Here Are The Key Takeaways
In all my dealing with Goldco, I have found them to be excellent in their communication, as well as friendly and extremely helpful, answering all my questions quickly and concisely. On other review sites, I have noticed comments from people who Goldco advised not to invest at that particular time, for whatever reason. For me, this is excellent customer service, showing they are not a company that is just out for your money
Who Are Goldco?
Goldco is a precious metals company that has been in operation for over a decade and was founded in 2006 by Trevor Gerszt and is based in Woodland Hills, California. Goldco provides self-directed precious metal IRAs funded by gold and silver, as opposed to traditional investments in bonds or stocks.
Why Invest With Goldco?
Goldco offers its clients retirement accounts, which are backed by physical precious metals and not paper assets, to help them avoid market crashes such as the one that happened in 2008.
Goldco provides a number of reasons why investors should consider investing in physical metals, which include
You might be surprised at just how easy and effortless it is to transfer your existing retirement funds into a self-directed IRA. The Goldco team certainly makes it a transparent and simplified process, as they answer any questions you have at every step of the process.
Precious metal investments in IRAs, just like regular IRAs offer users the ability to accrue gains without tax obligations.
The supply of metals such as gold and silver increases by only a minuscule amount each year, which means that there’s little risk of inflation. In contrast, the average inflation rate associated with fiat currencies is about 2 to 3 percent annually.
Investing in gold ira or silver ira can protect against default risk, currency risk, monetary crises, geographic risk, currency risk, and even inflation. If you are close to retirement, this security is a luxury that other asset classes simply don’t offer.
The price of gold and silver has increased consistently over the years despite the stability of their supply. In fact, gold has managed to outpace the stock market for almost half a century.
Diversifying your assets, and in particular, your retirement portfolio can help you manage risk and reduce the potential market volatility.
Taking into account your own personal circumstances, investing in various metals, such as goldand silver by rolling over your traditional and Roth IRAs may be a good way for you to diversify, but you need of course to take the relevant advice from professionals before making such a decision.
Speaking with a Goldco ira specialist is a good start, but again, make sure you are comfortable purchasing metals and rolling them over into precious metals IRAs. You never want to transfer all your funds from your traditional retirement accounts, into any one investment vehicle, let alone a Gold IRA or Silver IRA.
|One Time Fees||Annual Fees|
|IRA Set up - $25||Maintenance Fee - $80|
|Wire Transfer - $30||Storage Fees - $100 - $150*|
*= The storage fees vary. It is $100 for non-segregated storage and $150 for segregated storage.
It is also worth discussing the annual fee with the Goldco representative you are speaking to, as it may be reimbursed, depending on the level of investment.
Fees for Non-IRA Transactions
If you want to purchase your precious metals outside of an IRA, it is possible to do so via Goldco for no more than the asset’s cost. You won’t be required to pay any fees for setup, maintenance, or even storage. Shipping fees, however, are still applicable.
What Makes Goldco Unique
Goldco is an attractive option for many precious metals investors for a variety of reasons, which include the following:
Special Offers for New Customers
Goldco offers new customers two offers to consider:
– Waiving of fees for the first year if you have an account with $50,000 or more
– 5 percent refund in metals for qualified orders of $50,000 or more
Simply put, if you have an account with $50,000 or more, you could get $2,500 in metals thus saving as much as $320.
Exceptional Customer Service
The main goal of Goldco is to do right by its customers. Goldco’s customer service team does a great job of providing the necessary assistance throughout the process if you want to buy precious metals or invest in a precious metals IRA. The company doesn’t use aggressive sales techniques.
Great Education Resources
If you want to learn more about how precious metals work as an investment, you can find all that information in the education center integrated into the Goldco website. You will find a very comprehensive blog that covers many essential concepts. The company also provides information, tips, and advice regarding investing in precious metals via video format.
If you need to raise money and don’t know what to do with your precious metals Goldco has a great buyback program. The great thing about Goldco’s buyback program is that you will often get a much better rate than other dealers online. While you have the option of selling your precious metals to any business you like, it is generally much easier and rewarding to stick with Goldco.
Goldco’s fees are affordable and allow you to hold onto your money instead of putting it all on metals. If you start a precious metals IRA, you can expect to pay at least $260 in fees for the first year and $180 annually for subsequent years. If you don’t start an IRA, you basically won’t pay anything in fees. It is actually possible to have your metals stored completely free, which isn’t the case with many other precious metals firms.
Advanced and Secure Storage
According to the IRS guidelines, storage for your precious metals ira has to be properly accredited. The storage agencies that Goldco works with are some of the best in the industry; all use sophisticated, modern techniques to keep your items safe.
Goldco Reviews And Complaints
When it comes to doing business with any company, it is always good to see what previous customers have said about their experience. I looked at a number of the leading review sites, and this is what I found that confirms my Goldco review.
At consumneraffairs.com, they have a score of 4.8/5 from over 800 customer reviews as of 11th August 2022
On Trustpilot also, as of 2nd June 2022, they have a score of 4.9/5 from over 750 reviews.
On the Better Business Bureau as of 2nd June 2022, they scored 4.86/5 from 285 customer reviews.
The complaints I saw across these sites were few but nonetheless important, especially to the people who made them. The majority were related to communication issues, which Goldco worked on resolving.
If working with a company that has not had any complaints is important to you, then you should check out other gold ira companies such as Augusta Precious Metals, which has had zero complaints since its inception in 2012
Goldco Services and Products
Goldco offers its customers a wide selection of products and services, which include the following:
I. Cash Sales of Precious Metals – Goldco can help you identify the gold and silver coins or bullion that are right for you, help you buy them at competitive prices, and arrange secure and insured delivery of the same to either a secure vault or your home. Storage and delivery are usually free. However, sales are limited to the U.S. and no international sales are available.
II. Self Directed IRA – Goldco is one of the leading gold ira companies and can help you purchase IRS-approved bullion and coins to be included in your Precious Metals self directed IRA and coordinates these purchases with the custodian and storage facility of your choosing. The company will also help you roll over your existing retirement account into a Precious Metals IRA. The two most popular Precious Metals IRAs offered are:
– Gold IRA
A gold IRA is an Individual Retirement Account, which holds physical gold for the account owner. It shares many similarities with a Traditional IRA with the key difference being that it holds precious metals as opposed to paper assets. Goldco provides its customers with information on opening a Gold IRA, including with metals to invest in.
– Silver IRA:
A silver IRA is very similar to a Gold IRA with the key difference being that it uses silver for wealth storage. A key benefit of choosing silver over gold ira is that it is known to make larger percentage gains in price compared to gold. It can be more attractive to investors looking to grow their wealth. If you aren’t sure of how to start a Silver IRA, Goldco will give you tips on how to get started, what coins are acceptable, and much more.
III. Cryptocurrency IRAs – Goldco works in conjunction with its sister company CoinIRA to help you identify which digital currencies are suitable for you and set up a Crypto IRA if you wish to use it as a means of investing in cryptocurrency. However, the company doesn’t offer the option of combining precious metals and cryptocurrencies in the same IRA.
IV. Traditional IRA and Roth IRA Planning – Goldco gives you the resources and knowledge base comparing a Traditional IRA and a Roth IRA and ill help you get them rolled over into your Precious Metals IRA. Such high-quality information regarding IRAs isn’t easy to find online and the company shines in this regard.
V. SEP-IRA Planning – A Simplified Employee Pension (SEP) IRA is a type of plan that financial institutions provide for business owners to provide themselves along with their employees with retirement benefits. If you need clarification when it comes to SEP IRAs, Goldco provides information on things such as contribution limits and eligibility requirements.
VI. Simple IRA Planning – A Savings Incentive Match Plan for Employees (SIMPLE) IRA is a plan that allows both employers and employees to contribute to regular IRAs that are set up for employees. It is best used as a start-up retirement savings plan for the small employers that are currently not sponsoring a retirement plan. Goldco explains how to open a Simple IRA along with how the rules work for a precious metals ira.
How Does Goldco Approach Precious Metals IRA Investing?
Investing in a precious metals IRA is remarkably different from buying paper assets via a brokerage account. Here is a brief breakdown of the process:
Step 1: Account Opening
To get started with your precious metals ira investing via Goldco, you first need to get in touch with the customer support team to schedule a call with one of the sales representatives who will help you get started with setting up your account.
Step 2: Funds Transfer
Once you have set up your account, it is now time to get it funded. Rollover part or all your current retirement account funds into your newly established >Goldco Precious Metals IRA. You will need at least $25,000 to open your account.
Step 3: Metal Selection
The next step is choosing the bars and coins you would like to add to your IRA from Goldco’s catalog. While the IRS strictly regulates the bars and coins that can be added to IRAs, you don’t have to worry about this requirement since Goldco only offers IRS-compliant bars and coins.
Step 4: Storage
The final step is to place your order to have your precious metals shipped to any one of the 6 of partner depository locations for safe storage. When you are ready to cash out, you have the option of selling the metals back to Goldco or a third-party dealer.
Note: Any precious metals that you add to your account must be purchased through Goldco. You cannot add any silver, gold, or other precious metals you own to your Goldco account.
What Precious Metals Can You Add To A Goldco Precious Metals IRA?
Gold IRAs are not allowed to have numismatic or graded coins within, only approved gold IRA coins or bullion. Whatever type of gold you add to your gold IRA must be approved by the IRS. When setting up your Goldcogold IRA, your account executive will present you with the various options in eligible coins.
The gold coins that you can add to your Goldco
- Gold American Eagle coin, Gold American Eagle Proof coin, Gold American Bald Eagle coin, Gold Freedom coin, Gold Buffalo coin, Gold Maple Leaf coin, Gold Lucky Dragon coin, Gold Australian Saltwater Crocodile coin, Royal Mint Gold Lunar coins.
For a silver IRA, if you want to add silver to an existing ira, Goldco has a good selection of silver coins.The following silver bullion coins are available from Goldco direct for adding to your Goldco precious metals ira:
- 1 oz Silver Dragon coin, 1oz American Eagle coin, 1/2oz Silver Freedom coin, 1oz Canadian Maple Leaf coin, 1/2oz Australian Saltwater Crocodile coin, 1oz Lucky Dragon coin, 2oz World War 1 silver coin, 2oz World War II Victory coin, 2oz American Bald Eagle coin, Royal Mint Silver Britannia Lunar coin
You can also add silver bars with a purity of 0.9999 and they come in the following sizes for you to choose from 1, oz, 5 oz, 10 oz, and 100 oz.
With Goldco the metals options are limited. Whereas other companies allow investment in gold silver platinum and palladium, gold and silver are the only options for investment
Are You a Good Match With Goldco?
Goldco is a great investment vehicle for many different people. If any of the descriptions below apply to you, then you could be a good fit:
•You want to invest in physical precious metals
Investing in a company via shares exposes you to the real and serious risk of losing your investment if they ever go into the red and close their doors. With silver and gold, however, there’s no such risk since they generally hold their value rather well. Precious metals will always perk up your portfolio. It definitely won’t do you any harm.
• You Don’t Want to be Hurt by Stock Market Fluctuations
It can be rather unnerving to follow the stock market. It is due to this reason that metals such as gold silver platinum and palladium are such a great investment. They usually rise in value even when other types of investments fall. So, if you are looking to avoid any uncertainties associated with the stock market, you should seriously consider investing in gold and silver via Goldco.
• You Are Approaching Retirement Age
It might be hard to come by a stress-free retirement if the economy goes through another severe recession. Unfortunately, a recession seems almost inevitable in the coming years. So, whether you are retired or just about to, having precious metals in your retirement savings ira can be an excellent way to bring equilibrium to your assets.
My Final Verdict on Goldco
Goldco is the company to work with if you want to invest in precious metals. The company genuinely seems to care about its investors. It is even quite easy to do things such as setting up your account. If you wish to invest in an IRA, you will be working with an account executive who will work hard to ensure that you get your metals without delay.
If you want to check out another precious metals IRA company for comparison, then I recommend my second choice, Augusta Precious Metals. They offer a similar service to Goldco, but with a few minor differences, such as a one-to-one presentation with their Harvard-educated economist and a higher minimum investment of $50,000.
If you want to boost your investment portfolio or introduce precious metals into your assets, you should seriously consider partnering with Goldco.