GoldCo Precious Metals Review (2024) | Scam Risk
Goldco Precious Metals Overview
Goldco is a company that operates as an IRA broker for precious metals.
In recent years, these IRAs have been made available to clients to help them diversify their retirement portfolio with precious metals.
In addition, they purchase precious metals and re-sell them via the metals market after a client launches the dissemination of their IRA.
Of course, people who want to invest for retirement should be careful to research these options thoroughly before moving conventional retirement accounts to a precious metals IRA.
This Goldco Precious Metals review has been thoroughly researched with information and testimonials that are available to anyone in the public. Any conclusions drawn by myself are opinions.
- Goldco focuses on Precious Metals IRAs
- The company has more than 10 yrs experience with Precious Metals IRAs
- They have a BBB A+ rating
- Goldco could be more transparent with account holder fees
- You must have $25,000 to open a Goldco gold or silver IRA account
- Any new assets added to your IRA must come from Goldco
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What Is Goldco?
Goldco (aka, Goldco Precious Metals) was founded in 2006 and is a precious metals firm that is headquartered in Woodland Hills, California. Its main goal is to offer investors self-directed precious metal IRAs that are underwritten by metals like gold, silver, platinum and even palladium rather than backing an investment with conventional items like stocks and bonds.
Even though it's a precious metals brokerage firm, GoldCo also collaborates with guardian IRA companies making accounts and offering assistance to their customers who want to transition to a precious metals self-directed IRA.
With the passing of the Taxpayer Relief Act in 1997, this class of IRA investment became an option while including an exemption for certain bullion and other types of coins.
Should I Invest With Goldco?
A Precious Metals IRA is a good choice for people who want to invest in a more secure product than your typical stocks and bonds. The stock market is a merry-go-round, and the market value of bonds is creeping downward.
Investors also like Precious Metals IRAs because it's a hard asset investment instead of a percentage stake in companies that could be victims of hostile takeovers or dissolve altogether.
GoldCo is a brokerage firm for precious metals underwritten with IRAs and follows IRS regulations. They also purchase precious metals and sell them via the metals market after a client begins the IRA dissemination process.
With that said, they don't offer storage services, but they will help clients get squared away with their associate suppliers.
From 2015-2017, Inc. Magazine ranked them on their list of the top 5,000 privately-held companies. In 2017, they came in at 607th and grew by 678% with nearly $90 million in income.
Keep in mind that a gold IRA, as well as other precious metal IRAs can be a risky investment. If customers are told that they can clean up with this investment, they should take it with a grain of salt.
The previous accomplishments of any investment is not an indication of future performance results, so losing money is a possibility.
Make yourself aware of the fees you'll be charged prior to the investment.
If you’re ready to invest in precious metals IRA, Goldco may be a good fit for you.
This is born out by its reputable customer service, seamless retirement account setup process, low fees, and educational resources.
If your goal is the bolster your retirement savings via precious metals, Goldco is a great choice.
What Does GoldCo Offer?
Goldco offers Precious Metals IRAs make up primarily of gold IRAs along with silver IRAs.
However, Goldco doesn't control your IRA account. You'll need to have your own account executive. They only buy and sell precious metals.
But they will help you fill out your account application with a guardian company.
Goldco assists customers in purchasing IRS-approved coins and bullion for inclusion in their Precious Metals IRAs and coordinates these purchases with the customer’s custodian and storage facility.
They also help customers with buying bullion for their precious metals IRAs and transitioning things over from current retirement accounts.
Here is a quick list of products offered:
- Gold IRAs: They give your the information you need to start a Gold IRA and the metals that can be invested in it.
- Silver IRAs: They provide you information to get started on a Silver IRA and what silver coins can be included.
- 401(k) Rollover: They assist you in rolling over your current IRA into precious metal IRAs.
- Traditional and Roth IRA Planning: They provide tools to compare a traditional IRA and Roth and plug it into Precious Metal IRAs.
- SEP IRA Planning: They give your information on what you need to do to qualify for SEP IRAs.
- Simple IRA Planning: They show you what the rules are for opening a Simple IRA and a gold or silver Simple IRA
How Much Does It Cost To Invest With Goldco?
Fees are not displayed on their website, but the minimum is $25,000 per company rep.
For a $25,000 investment, Goldco will cover the storage fees for the account owner up to a year by way of credit for silver of the same value.
Keep in mind that silver isn't included in the IRA account, and owner of the account will need to pay the company up front for storage fees.
Goldco's fees are $175/year for a $25,000 investment.
Their fees increase to $225/year once you've reached the $100,000 investment mark.
There is no information regarding fees on the Goldco website.
We tried to live chat with a customer service rep regarding information about fees and were told that we would need to call a Goldco sales rep.
Who Started Goldco?
The company was founded by Trevor Gerszt out of Woodland Hills, California. You can research his information for IRAs on the internet. The purpose of Trevor's company is to assist customers by helping them include precious metals into their current IRAs.
Goldco Customer Reviews and Complaints
The reviews provided by Goldco investors are positive for the most part for its customer service and products.
According to Consumer Affairs, Goldco has a 5-star rating from 142 customer reviews and the Better Business Bureau shows a 5-star rating with 49 reviews. All in all, investors are happy with the way Goldco handles their IRA products.
Goldco's trust score is 4.7/5 from 523 investors with no complaints by name according to the Consumer Financial Protection Bureau.
For the most part, all the bad reviews come from an ignorance of how values are determined in the precious metals market.
So let's look at the complaints related to collectible coin value. Their IRA value of collectible coins is the melt value... that is, how much the metal is worth after it's been melted.
So when Goldco has the opportunity to clear things up to the investor who left a bad review by explaining that the current coin value does not reflect the market value, the reviews are typically amended up to a higher number.
The Goldco Buy Back Program?
When it's time to put your precious metals on the market, Goldco will be the first in line.
This is better for investors, as a run-of-the-mill coin dealer will most likely lowball you.
Now, you don't have to sell Goldco the metals you purchased; however, it will save you time and hassle because you will have a hard time finding a better deal somewhere else.
Opening A Goldco Precious Metal IRA
Customers can call Goldco or complete an online application in order to open an account.
And as with any other account, you'll need to have your personal information (like your SSN) on hand.
Goldco will help you find a custodian company (with a personal account executive) for your precious metals account.
When you're setting up your account, you'll be contacted by Goldco either by email or by snail mail. You'll get a brochure that steps you through the precious metals options so that you can review it before you make your final decision on which metals you want in your gold IRA.
You can refer to your Gold IRA guide for more information about the investment.
Pros & Cons Of Goldco
If retirement is in your future, Precious Metals IRAs are a great way to bolster your retirement accounts. They have tax advantages and the precious metals allow for diversifying which is a good way for investors to protect their investment from inflation.
Below are a couple of the advantages that a Goldco account offers:
- Set it and forget it investing: No need to second guess yourself. Your Goldco account admin will provide you with a brochure of accessible bars and coins for your gold and silver IRA. You just need to pick out what you want..
- They're in good standing: Goldco reviews are beyond reproach throughout many online review organizations like the Better Business Bureau.
Pulling out cash from your Precious Metals IRA can be a little tricky as some products may not be eligible. Finding a buyer or coin dealer for your bullion and coins that will give you a good value can be tedious.
So if you are going to start a Goldco account, take these into consideration:
- Transparency: Goldco keeps a tight lid on what their account fees are.
- Deposit Minimum: Their competitors charge as little as $5,000 to open an account, but Goldco will charge you at least $25,000 to open a gold IRA or silver IRA.
- Additions are restricted: If you plan on adding precious metals to your Goldco IRA, you must buy them from Goldco.
Is Goldco A Scam?
No. It's definitely Legit.
Inc 500 Magazine has list Goldco as one of the fastest growing organizations in the precious metals IRA field. From 2015-2017, the company grew at a rate of 677%.
What Is Gold IRA Investment?
A gold IRA (as well as silver IRAs) is a type of retirement account that is self-directed. This permits you to add tangible gold and precious metals into it.
You can also set up both conventional and Roth IRAs and you can use your current retirement account to open the new IRA.
You account admin will handle the transfer of your metals into a storage facility after you're made your metals purchase.
You have to follow the IRS standards of purity (99.9%) in order to add metals to your precious metals IRA.
What Kinds of Accounts Can You Roll Over Into A Goldco Precious Metals IRA?
- Roth 401(k)
- Roth 457(b)
- Traditional IRA
- Roth IRA
- SEP IRA
- SIMPLE IRA
Will Goldco Take Other Brands Of Gold And Silver?
A Goldco IRA will accept the following types of gold and silver:
- American Eagle
- Bald Eagle
- American Eagle Proof
- Maple Leaf
- Lucky Dragon
- Australian Saltwater Crocodile
- Royal Mint Gold Lunar Series coins
- Gold bars
- Silver bars
- Royal Mint Silver Britannia Lunar Series coins
- Silver World War I
- Silver World War II Victory
Why Should I Consider Precious Metals?
Remember the 2008 Financial Crisis?
Remember when so many investors lost their shirts?
If you would like to protect yourself from that kind of tragedy, the precious metals can offer that.
Precious metals run against the norms of stocks and bonds. If the stock market crashes, typically gold and silver go up.
Who Is Best Suited For Goldco?
It's best for investors who want to be hands-off. A self-directed gold and silver IRA by Goldco allows investors to build a precious metals buffer against standard investments.
How Do I Contact Goldco?
For any questions, or if you're needing help with any snags during the account setup process, you can reach out to customer service or your account executive by:
- Live chat: You can chat with a Goldco rep live right from the website.
- Phone: Call 877-360-0011 Monday - Thursday from 8 am - 5 pm PT and Fridays from 7 am - 4 pm PT.
- Email: Contact email@example.com for any concerns.
- Contact form: Fill out the contact form on Goldco’s website.
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