Goldco Review
Goldco
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Goldco Review

For you to hold a Gold IRA account, you are required to register with an IRS-accredited depository. Goldco is one of the few accredited Gold IRA services that oversee the purchasing and storage of precious metals.

Here is everything you need to know about working with Goldco as a retirement investment option.

Who is Goldco?

Goldco is a Gold IRA brokerage service that assists investors in creating and managing gold IRAs and can help roll over existing IRAs to gold or precious metal individual retirement accounts. When you finally want to sell your gold holdings, the company will help you with this by buying your precious metals from you or selling them on your behalf in the metal market.

Based in Woodland Hills in California, Goldco Precious Metals was started in 2006 as a service that provided self-directed IRAs for different precious metals like silver, gold, platinum, and palladium. Investors can choose to distribute their funds to own one of these metals or a few of them to diversify their portfolios. While it is not registered as a custodian company, the company works closely with IRA custodians to deliver seamless services.

Goldco has become increasingly popular in recent days due to expected taxation on the horizon as investors look for tax-friendly ways to protect their wealth. More people are looking to invest in precious metals to protect their funds against inflation, and the company provides services to help investors with this.

Goldco is a company that understands that most people find investing for retirement intimidating. Even after doing all the right things when investing their savings, sometimes a shift in the economy can wipe out years’ worth of investment.

Goldco offers retirement investment products backed by tangible precious metals instead of paper assets to protect people from market crashes. According to the company, there are several benefits to investing in precious metals. These are:

  • Tax benefits – Gold IRAs gains are tax-free.
  • Easy rollover – investors can rollover/transfer existing retirements funds into Gold IRAs.
  • Stability – there is less risk involved in precious metals since the value appreciates minimally every time.
  • Diversification – gold investments protect your money from currency risk, inflation, geographical risks, default risk, and a financial crisis.
  • Wealth building – the price of precious metals continues to increase over the years, even outpacing stocks since 1971.

If you are interested in opening a Gold IRA, you can simply contact the Goldco team online. Once your application is received, you will be contacted by a representative who will take you through the process.

Investing in a Gold IRA with Goldco

Gold IRAs are excellent investment options for anyone interested in a different form of retirement investment from the usual stocks and bonds.

The investing process is relatively easy:

  • Open an account – as mentioned earlier, the Goldco support team will schedule a sales call where you will discuss your options. Opening an account cannot be done fully online, as it came with some other precious metal IRA companies.
  • Funds transfer – you have the option to roll all or some of your saved retirement funds into your Goldco IRA, with a minimum of $25,000 required to set up an account.
  • Choose your preferred metals – you get to choose the coins and bars you want to hold in your precious metals IRA.

As is the case with any financial account opening, you will need to provide your identification information. The company assists clients with account opening processes with IRA custodians. Once your account is set up, the company sends a comprehensive guide to inform your precious metal investment choice.

Once you have successfully created your account, an order is placed to have your precious metals transferred to one of six Goldco partner depository locations. The company itself does not offer storage or custodian services, but they will help their clients to set up these services with their trusted vendors.

As one of the most successful precious metal IRA brokers, Goldco ranked as one of the 5000 fastest-growing private companies in the country from 2015 to 2017, when it ranked 670th with $89.5 million in revenues and a 676.77% growth rate.

  • Often have offers for new customers
  • Low fees and a great buyback program
  • Excellent customer reviews
  • Free storage for non-IRA precious metals
  • Provides educational resources
  • Requires a minimum deposit of $25,000 to set up an IRA
  • IRA set-up cannot be done completely online

Goldco customer reviews and complaints

One of the areas Goldco takes pride in is its customer service. They take their customer service seriously, and clients feel it from when they decide to engage the company when opening an account and long after.

The company gets 5-star ratings for fees, pricing, reputation, service, and expertise.

Clients get lifetime white-glove service, access to an excellent buyback program, multiple storage options, a 5% refund in metal on orders over $50,000, and a fee waiver for the first year for orders above $50,000.

For the most part, feedback from Goldco investors is positive. Most clients seem satisfied with the products and services offered by the company. In August 2020, Goldco became an accredited business by acquiring the BBB rating with a TrustScore of 4.7/5 based on feedback gotten from more than 500 investors. So far, there are no registered complaints about the company on the Consumer Financial Protection Bureau.

Clients also express their enthusiasm with the way Goldco handles its paperwork. The company personally handles all paperwork required when signing up for a Gold IRA account. This way, the client does not have to contact IRA custodians or storage facilities.

Negative customer reviews

Most of the negative reviews about Goldco stem from a misunderstanding of value calculations and how the precious metals market operates.

Notably, the most common complaint about Goldco is about the value of collectible coins. Most people do not understand that the value of collectible coins is listed in the melt value. This refers to the value of metal if it is melted. This means that the coin value is not a reflection of the current market value, which is the value of the solid coin.

When customers understand the difference in value allocation, most negative reviews are amended to positive higher rating reviews. This goes to show that there are no negative reviews on Goldco yet since most of them stem from a misunderstanding on the investor’s part, for which the company is more than happy to clarify.

Goldco precious metals services

Goldco offers a wide range of precious metal brokerage services, operating within the IRS guidelines. On top of its brokerage services, the company also invests in precious metals and sells them in the market.

Some of the products offered include:

  • Gold IRA – Goldco offers Gold IRA services. They guide on the available options for investing in gold.
  • Silver IRA – if you are interested in investing in silver, Goldco has the expertise to guide you through the process of opening and managing a silver IRA account.
  • 401k rollover – Goldco offers rollover services for anyone interested in transferring their 401k into a precious metal IRA.
  • Roth and traditional IRA planning – Goldco can compare traditional and Roth IRA and assist in rollovers.
  • Simple IRA planning – Goldco offers simple IRA account opening guidance, ensuring you understand the rules for simple IRAs.
  • SEP IRA Planning – Goldco has the expertise to offer clarifications on SEP IRAs, including contribution limits and eligibility requirements.

The cost of a precious metals IRA with Goldco

You will not get the services charges on the Goldco website. According to the company, many variables determine the final cost, depending on individual customer needs. Some fees such as storage feel and custodian fees rely on the custodian company you choose, which affect the overall cost of an account.

However, upon reaching out to a representative, Goldco has a minimum recommended account opening amount of $25000.

On top of the minimum account opening requirements, investors also pay $175 annual fees, which increases to $225 when your investment becomes worth more than $100,000. For every 25000 USD invested with Goldco, the company ships precious metals worth the amount to the account holder.

It is also worth noting that the price of gold changes every day. The Goldco website displays market rates for different metals in real-time. Factors that can affect the price of precious metals include mining, instability in the central bank reserves, inflation, and interest rates.

Frequently Asked Questions

Investors must do due diligence and ask questions about IRA investments. Some of the Frequently Asked Questions include:

Should You invest with Goldco?

With their excellent customer care and expertise, it is safe to say that Goldco is one of the best precious metal IRA companies to work with.

It is easy to see that Goldco has the interests of investors at heart. The company has years of experience in precious metals investments, allowing them to offer guidance when making this vital decision to look after your funds.

Goldco works to make signing up for a precious metal account easy by taking over the paperwork and planning process, making the process as seamless as possible. They also work with a team of IRS accredited custodian and storage services to ensure your investment remains safe over the years and available when it is finally time to take advantage of it.

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