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Is Goldco Legit? 2024 Updated Review!

In this review, we will look into Goldco’s offerings, IRA setup process, advantages and disadvantages to determine if this company is the right one for you.

Goldco
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Hello and welcome to my Goldco review!

Investments are a great way to stabilize your finances and make it grow but they can be affected by economic uncertainty. If you want to avoid this, you can turn to precious metals investments. This type of investment is beneficial especially for retirement since they hedge against inflation, have intrinsic value, are highly liquid and have no credit risk.

If you have considered getting precious metals or precious metals IRA, you might have seen the name Goldco a lot. It’s only natural because it is one of the best and highly recommended precious metals investment companies.

In this review, we will look into Goldco’s offerings, IRA setup process, advantages and disadvantages to determine if this company is the right one for you. Let’s get started!

What Is Goldco?

Goldco - as simple as its name sounds, it has made such a loud noise in the precious metals industry, thanks to the quality it delivers to its clients. Their goal is to help people secure their retirement or diversify their portfolio using a stable investment material: precious metals.

The award-winning company was founded by Trevor Gerszt in 2006. Gerszt used his expertise and experience in business and finance to develop Goldco into what it is now. Since then, he has always aimed to aid people in making their finances grow.

Moreover, Goldco did not become the leading precious metals investment company just by selling gold and silver and offering IRA services. They are also dedicated to educating their clients about the mechanics of precious metals investments through consultations and learning materials. This ensures trust and rapport among the company and the clients.

Products And Services

The two main purposes of people buying precious metals is investment diversification and retirement security - Goldco offers both of these.

You can buy precious metals directly as part of your savings or investment strategy. Goldco provides one of their specialists to help you fund your savings accounts with your purchased precious metals. You can also opt to physically hold the precious metals yourself or store them in an approved and secure depository.

Goldco’s specialty lies in Individual Retirement Accounts or IRAs. Once you buy gold, or silver from them, you can then fund your IRA with them. But if you have an existing retirement account like 401(k) or a Thrift Savings Plan (TSP), you can roll over the funds from it into your new account.

Goldco also assists clients in creating their self-directed IRAs, as well as choosing the appropriate precious metals. They are also capable of Roth IRA conversions and rollovers.

Goldco’s product catalog includes gold and silver in the form of bars and coins. If you are to open an IRA, make sure to check if the precious metals you want are eligible for IRA. As you navigate Goldco’s website, you can see a section dedicated to precious metals IRA.

To qualify for an IRA, gold must have a minimum fineness of 99.5%, and 99.9% for silver. Goldco sources precious metals from different parts of the world that meet this requirement. They also offer the highest prices for IRA-eligible gold and silver coins when they buy them back.

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Prices And Fees

When partnering with an investment company, naturally, you will incur some fees. Here’s what you need to know when doing business with Goldco:

  • Flat annual fee instead of percentage of assets
  • One-time gold IRA setup: $50
  • One-time wire fee: $30
  • Annual account management (if you choose Goldco’s preferred custodian): $80
  • Annual storage fees: $100 (if storing with other people’s assets); or $150 (if storing your assets separately from other people’s assets)
  • Minimum deposit to start IRA: $15,000 (for cash purchases); or $25,000 (for IRA transfers)
  • For non-IRA investments, fees can vary depending on the chosen depository, but can range from $10 to $60 per month or a percentage of assets that range from 0.35% to 1% yearly.

Regarding the prices of their products, Goldco provides price charts of gold and silver on their website. The prices of precious metals fluctuate depending on various factors, including interest rates, mining, production, and others.

How To Start With Goldco?

If you’re interested in opening an IRA with Goldco , you need to know the following steps to get started:

1. Open A Precious Metals IRA. You can either call Goldco directly or fill out an online application form to get your free information kit. You’re required to provide identification information, including a Social Security number.

Goldco will then provide you with a detailed guide via mail or email about how to appropriately choose precious metals for your investment and other important matters. At this point, you can also send queries regarding concerns, if any.

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2. Fund Your IRA. Contact your account executive and ask for assistance in funding your account, or setting up an IRA rollover. This step may take several weeks to complete.

3. Choose And Buy Precious Metals. Select the metals that you want for your investment. Afterward, store them in your chosen depository.

4. Contract Signing. To seal the transaction, Goldco will provide contracts and other documents that you need to sign. This indicates that you conform to the company’s terms and will also secure the newly bought assets under your name.

Ratings And Reviews

Given Goldco’s reputation and many years in the industry, it is no wonder why it has garnered thousands of reviews from different sites and most of them exhibit positive remarks. Here are their ratings:

  • Better Business Bureau (BBB) - Accredited since 2011, 4.8 out of 5 from 710 reviews and an A+ rating.
  • Business Consumer Alliance (BCA) - AAA rating and 5 out of 5 rating based on 1 review.
  • Consumer Affairs - 4.9 out of 5 based on 1,685 reviews
  • Trustpilot - 4.8 out of 5 from 1,250 reviews
  • Trustlink - 4.8 out of 5 from 254 reviews
  • Google - 4.9 out of 5 based on 2,181 reviews

As you can see, Goldco has attained almost perfect ratings in each platform, which is a testament to their high-quality service and reliability. However, there are still areas of improvement. The common complaints that the company receives involve their marketing campaigns or strategies.

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To combat this, as well as other complaints, Goldco strives to respond to each customer’s concerns on a timely basis and they apply the improvements in their operations. This ensures that customers are satisfied not just with the products but also with the customer service.

Aside from reviews and ratings, Goldco has also received several awards, including the Stevie Award for the Company Of The Year during the 19th Annual American Business Awards. Goldco has also been featured five times as one of the fastest-growing private companies in the

nation in the Inc. 5000.

Advantages And Disadvantages

Pros

  • High-quality products
  • Available educational resources
  • Flat custodian rates which allow investors to save money
  • Hassle-free IRA setup
  • Responsive and knowledgeable customer service and experts
  • Numerous and high reviews and ratings
  • Highest buyback guarantee in the industry

Cons

  • Minimum investment of $25,000
  • Lack of other precious metals like palladium and platinum

Goldco Review FAQ

1. What educational resources does Goldco provide?

Goldco makes sure that clients are well-informed about investments and how they should make them grow. With this, they provide educational resources, including brochures, ebooks, and videos which give the latest updates and news about precious metals. You can also obtain assistance directly from their service team.

2. Is it possible to sell my precious metals from my IRA?

Yes. Goldco guarantees one of the highest prices for precious metals in their buyback program. Because of this, you don’t have to look for other buyers and spend time negotiating with them.

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3. Where are my precious metals stored?

If your precious metals are for your IRA, the IRS requires that they are stored in an approved and insured depository. Also, you can only withdraw your precious metals when you turn 59 ½ years old. If you violate this rule, you will be penalized by the IRS. You can start receiving distributions without penalties from your account when you reach the aforementioned age.

On the other hand, if the precious metals are not for an IRA, you may still opt to store them in a depository or in a safety deposit box at your home.

4. Does Goldco insure my investments?

Yes. Usually, Goldco partners with insured and secure storage facilities to ensure that your precious metals are well protected. But, you must also be aware of certain insurance coverage and limitations.

5. Does the IRS impose penalties for transferring assets from a retirement account into a gold IRA?

Usually, the IRS does not impose penalties when you roll over from a retirement account such as a 401(k) into an IRA. If you want to make sure that you won’t pay penalties, you can contact the company of your previous retirement account so they can make a direct gold IRA rollover.

For an indirect method, you can withdraw your funds from the old account and deposit them into the new IRA. But, this method may result in tax consequences if the transfer will be completed for more than 60 days. Also, if you withdraw below the age requirement of 59 ½ years old, you will pay a 10% penalty.

This Highly Rated Precious Metals Company Might Be What Your Investments Need!

Conclusion

Goldco has legitimately operated for almost two decades, and based on its ratings and reviews, it has continually provided the best services to its clients and shows no signs of slowing down. If you value amazing customer service, organized buying processes, up-to-date educational resources, and high-quality products, Goldco is the best investment partner you could have.

However, despite seeming like the ideal precious metals company, Goldco is not entirely flawless. For instance, it lacks diversity in precious metals, being able to provide only gold and silver. If you are hoping to include platinum, palladium, and other precious metals in your portfolio, I’m afraid Goldco will not be able to help you.

Nevertheless, Goldco is dedicated to providing the best services, especially in IRAs. Perhaps in the future, they will expand their product line to cater to more clients.

Diversify Your Portfolio With One Of The Best Gold IRA Companies!

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