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When you're looking into investing in a precious metals IRA, Goldco is one of the first names that comes up. Goldco is one of the leading precious metals IRA companies in the US. But is their reputation actually deserved? How do their services and reviews compare to the competition?
We've broken down the biggest things that you need to know before getting started.
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Goldco has been part of the precious metals industry for more than a decade. Their main focus is on helping people create precious metals IRAs. You can convert some of your existing retirement funds into precious metals, and the setup process has a flat fee of $50. That's much lower than you get with a lot of the competition.
You can also make direct gold and silver purchases for your personal portfolio. In these cases, you don't have to worry about any ongoing setup or maintenance fees. Regardless of the type of purchase you're making, you can talk to one of the company's specialists to determine which is the best for you.
Goldco is one of the largest and most popular precious metals IRA firms in the country. In addition to being endorsed by a variety of conservative personalities, the company has thousands of online reviews from past customers. They have also received top marks from the Business Consumer Alliance and Better Business Bureau.
When you're ready to liquidate your assets, you can use the company's buyback program. This program is available whether you purchased for your personal portfolio or for an IRA. You'll be given a buyback quote and easily trade in your assets for cash.
Gold and Silver IRAs
The main goal of Goldco is to help people open gold and silver IRAs. You'll fill out the account paperwork, transfer the funds into the account, and then buy the precious metals. You won't need to pay any taxes until the time comes to take distributions from the account.
Goldco works as the precious metals dealer in the equation. They provide the items that go into your storage vault. But they have also streamlined the setup process to make things much easier than you'll find with the competition.
For example, you'll be given a dedicated account representative. This one person walks you through all of the paperwork, answers your questions, and gives you account updates in the future. They handle all the communication with your custodian and depository, so you never need to interact with more than one person.
Many other gold IRA companies require you to communicate with your custodian to set up and transfer your funds. They don't offer much help until the time comes to make a purchase. By offering extra help, Goldco makes the whole process much simpler and more convenient.
Goldco's website does not explain which custodians they work with. They mention that they are partnered with several reputable custodians, but they don't say which. Similarly, they don't explain which storage depositories they work with. However, an older news post does indicate that they frequently work with the Delaware Depository.
From opening your account to having your purchase shipped, there's usually around 10 business days. This is one of the fastest turnaround times in the industry, which can be partly attributed to Goldco's streamlining. Most other companies take three weeks or more to send out your items.
You can request a free investment kit from the company. This has information about precious metals, how they impact your retirement, and the different types of precious metals that you might invest in.
Goldco has an extensive buyback program to try to reduce the hassle of liquidating your assets. When you're ready to take distributions, you can sell your items back and receive cash.
Not only will Goldco buy back your items, but they also promise to give you the highest buyback price. They make an effort to pay very close to the spot price so that you receive the most cash for your investment.
There is no obligation to sell your coins to Goldco if you don't want to. You can also take distributions by having the precious metals themselves mailed to you. But it makes sense to let Goldco make an offer, especially since they tend to offer more than their competitors.
When you open a precious metals IRA, you can expect to pay certain fees. These vary depending on the dealer, custodian, and depository that you work with. Some of your Goldco fees may fluctuate depending on the storage depository and custodian that you choose.
There is a minimum account investment of $25,000. This is higher than some people can afford, so if you don't have much money available to you, Goldco might not be accessible. You'll be better off working with an alternative company.
If you want to make a purchase that's not related to a gold IRA, the minimum investment threshold is $3,500. While this is lower, it is still a little pricey if you're only investing casually. That means that Goldco's inventory is better for serious investors than casual hobbyists.
Goldco has a flat fee of $50 for setting up an IRA. This is a low fee compared to many other companies, especially considering that they handle all of your custodian communication for you. For just $50, you can streamline and seriously simplify the entire process.
You can expect to pay about $180 for combined storage and custodial maintenance per year. Again, this will vary somewhat depending on the custodian and storage facility. The custodian may also have additional fees for things like transactions and reports.
If you invest a minimum of $50,000 when setting up an account, Goldco will waive the setup fee and cover your storage and maintenance fees for the first year. You will need to pay annual fees going forward after that, though.
If you store your items in the Delaware Depository or the Brinks in Salt Lake City, you'll pay $100 per year. All of these storage options are non-segregated, meaning that your items will be commingled with other people's. They are fully insured, audited, and inspected, though.
If you choose to store your items in the International Depository Services vault in Texas, you'll get segregated storage. Your items will be kept separate from everyone else's, so only you and your custodian can access them. When you make a withdrawal, you'll withdraw the exact coin you put in. This costs $150 per year.
Goldco also has an offer to cover the storage costs for personal investments. If you don't want to store your items at home, you can keep them in one of the accredited depositories for free. This also comes with a full insurance policy in case of theft, loss, or damage.
If you make an investment of more than $50,000, Goldco will send you 5% back in silver. These silver items will be shipped to you directly and held outside of your IRA. They are not meant to be deposited into your retirement account.
Customer education is one of the most major aspects of Goldco's setup. They want to make sure that every customer has the information necessary to be confident in their purchases. Even if you choose not to work with Goldco, they want you to be able to wisely choose precious metals from another dealer.
To that end, the Goldco website is outfitted with a Knowledge Center. This center has live charts that update with the prices of different precious metals. It also has a huge number of free eBooks and video lessons and tutorials.
The eBooks cover topics such as:
On top of this, Goldco has educational videos available through Youtube. These cover a huge number of different topics. They'll help you learn about how the stock market works, the history of banking in the United States, the global factors affecting European markets, the benefits of investing in hard assets, and the most common issues that threaten a person's retirement funds.
Goldco's News center also lets you stay up to date on current events. They publish articles discussing the latest political and economic occurrences, explaining how these things relate to the precious metals industry. Sometimes they provide analysis of the performance of different investments.
You can also call and speak directly to a representative if you have questions that you want answered.
Is Goldco a Scam?
Goldco is not a scam. The company definitely offers all of the products and promotions that it claims to. In addition, they make it easy to liquidate your items with their buyback program.
The easiest way to determine a company's reputation is by looking up customer reviews. Website testimonials can be feigned, but there are third party websites that capture consumer reviews. Goldco has hundreds of positive reviews through these websites, along with very little negative feedback.
For example, they have 4.8 out of 5 stars based on 757 reviews on Consumer Affairs. Trustpilot gives them 4.8 out of 5 stars based on 728 reviews. Trustlink gives them 4.8 out of 5 stars based on 253 reviews. On the BBB website, their customer rating is 4.84 out of 5 stars based on 303 reviews.
This all indicates that Goldco has received almost universal praise. It's difficult to find major negative feedback amidst these reviews. Customers consistently praise the service, convenience, and simplicity.
The company's BBB page also has some additional qualifications. They maintain an A+ rating, meaning that they respond to and attempt to resolve all consumer complaints. They are also accredited.
With that said, there have been 17 complaints filed in the past three years. Of those, 13 were filed in the past year. It's inevitable that a company of this size will generate some complaints. So let's take a look at how they responded.
Goldco has responded to each of the complaints filed on the BBB website. We can't look at every single one, but we can examine some of the most recent. It's important to see how Goldco has tried to resolve the issues.
Loss of Funds
One customer filed a complaint in May of 2022 about orders that were placed in June and September of 2021. The customer had sent a check to the address listed in their checkout instructions for both purchases. The funds were supposed to be converted into precious metals for the customer's precious metals IRA.
Once the check was processed, however, the customer was told that there wasn't any gold available. Therefore, the money would be used to purchase silver instead. According to the customer, their account showed that the value of the silver was less than what they'd paid for the gold. The customer believed they had lost money unnecessarily, especially since the price of silver had risen since the purchase.
According to the customer, they had spoken to Goldco representatives without much luck. They wanted to have enough silver added to their account to rectify the discrepancy, or for the original funds to be returned so they could invest with another company.
Goldco responded to say that the account value was the spot price of the metals, rather than the actual value of the metals. They said that the customer's account executive would reach out to discuss the issue and respond to the customer's questions.
The customer responded to say that they weren't satisfied because they didn't understand the difference between the spot value and actual value. However, these questions seem like ones they could have had answered by their account executive.
In this case, Goldco appears to be correct. The issue might be based around a misunderstanding. When you purchase precious metals, there will always be a slight markup. This markup is how the precious metals company turns a profit. Goldco's markup is much lower than the industry average. Many other customers have stated that they're satisfied with their prices.
Depreciation of Value
One customer left a complaint in March of 2022 regarding a purchase he made in July of 2021. At the time, he bought silver coins for his IRA. The coins were all sold for about $132 apiece. Following this, he was sent newsletters informing him that the price of silver was skyrocketing.
A week before filing his complaint, the customer had requested that he withdraw a certain amount from his cash account. But he was told that the coins would only sell for $104, even though the price of silver had increased since the purchase.
He said that he was 79 years old and relied upon these funds for his retirement. He was overwhelmed by the idea that his investment could have dropped in value by 1/4th.
Goldco responded to apologize profusely for what the customer had experienced. They said that the customer should not have received such a low buyout offer, so they wanted to investigate further. They asked that the customer reach out so they could answer questions, go over his account, and make things right.
The customer never responded to indicate whether he'd had his issues resolved. However, Goldco did seem determined to fix the issue however possible. Their apology goes a long way.
Unwanted Phone Calls
In November of 2021, a customer left a complaint about being called multiple times per day by Goldco. He stated that he was not interested in making any purchases with Goldco, and he wanted the company to stop contacting him.
Goldco responded to thank the customer and to apologize for the unwanted calls. They explained that they only call customers who contact them. This customer had made an information request ten days before. Goldco had added the customer's contact information to their Do Not Call list in response to the complaint.
They further stated that the customer shouldn't receive any more communications, but if he did, he could email immediately to resolve it. The customer said that he accepted this response, so the issue was resolved.
Another customer filed a complaint around the same time regarding phone calls. She said that despite never working with Goldco, they kept calling her multiple times a day. No voicemail had ever been left. She had answered the calls several times and asked to have her information removed from the database.
Even though the customer had made this request several times, the company continued calling. She wanted the company to stop contacting her.
Goldco responded to apologize for the issues. They stated again that they only call numbers that they're given. However, they said that when they looked in their database for the customer's mailing address or email, they came up empty.
They believed that another person had provided an incorrect phone number, which had led to the unwanted calls. The company stated that if the customer could provide her phone number, it would be added to a no call list so that she would not be bothered again in the future.
Pros & Cons of Goldco
Goldco is one of the most reputable choices for investing in a precious metals IRA. They have been in the business for years and have garnered thousands of positive reviews. In addition, they have been given top marks by the BBB and the BCA.
While there have been a handful of complaints, Goldco has responded to each one and tried to resolve it. The vast majority of customers report being extremely satisfied with their experience. Every complaint has been handled well, with Goldco openly apologizing for any errors on their end.
All in all, this is a company that cares deeply about providing quality service. They work to make sure that customers have the secure future that they deserve. The only potential drawback is the somewhat high investment threshold. If you don't have much money to invest in precious metals IRAs, then you may want to work with a competitor instead.
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