Goldco Reviews – Should You Invest?
When it comes to opening gold IRAs, the Goldco precious metals company is one of the top picks for most investors.
Aside from being one of the best gold IRA companies due to its longevity, it also provides different investment options, assets, and services for you to discover.
Retirement should be something to enjoy and not stress over. If you truly want to enjoy your retirement, you must take good care of your retirement savings, and one of the best ways to do it is to invest in gold IRAs or precious metals IRAs in general.
Will Goldco be the right precious metals IRA company for you? These Goldco reviews will help you make a smart and effective investment choice that will help you make the most out of your retirement savings in the future.
Advisory! Prior to diving into this review, we’d like to stress that at Investors Circle, our mission is to protect your wealth. We know that our research reports may alter your investment decisions, so we want to be 100% sure you are investing your hard earned money with the right company!
With this in mind, we urge you to check out our list of the top five companies in this space (we found 1 that fits 99% of investors needs)
>> Click Here To View Our Updated List of the 5 Best Companies <<
See what made Goldco IRA the BEST on our list, or continue with this review below to see if they are possibly the right company for your investment needs.
Goldco (also called Goldco Precious Metals) is a company that deals with gold and silver through an Individual Retirement Account (IRA).
In essence, Goldco Precious Metals is one of the top gold or silver IRA companies in the United States for a wide variety of reasons which we’ll cover further into this page.
Goldco was founded back in 2006 under another name (Gerson Financial Group LLC).
Back then, the company focused on B2B transactions instead of precious metals. However, the company was bought in 2011, and Trevor Gerszt, the new owner, changed its name to Goldco Direct, which then got changed to Goldco Precious Metals.
Currently, the company can help investors manage their savings by rolling over a regular IRA, a 401 (k), 403 (b), or similar to a precious metals IRA, which gives them access to different assets like gold or silver coins.
Goldco currently has 16 years of experience, giving it a long track of success with many customers. There are dozens of positive Goldco reviews online, so you won’t have to worry about any scams.
Moreover, this company has a positive rating from reputable institutions like the Business Consumer Alliance and the Better Business Bureau.
Moreover, Goldco has gained several awards for its exceptional service, including:
Los Angeles Business Journal – Award to the 17th Fastest-growing Company in the LA Area
Inc. Magazine – Award to the 3rd Fastest-growing Financial Services Firm in the US.
American Business Awards – 2021’s Company of the Year
What Does Goldco Sell?
In essence, Goldco offers two things: Precious metals IRAs and gold and silver assets. Typically, gold IRA-approved coins will be your best option, as gold tends to hold its value better than silver IRA-approved coins.
Either way, you must comply with the IRS guidelines surrounding IRA-approved gold or silver.
Regarding gold assets, they must meet a minimum fineness of .995 to be eligible for your Goldco precious metals IRA. On the other hand, your silver coins will have to meet a minimum of .999 fineness to be eligible.
Some gold IRA precious metals you can purchase include:
Gold American Eagle Type 1-2
Gold Australian Striped Marlin
Gold American Eagle Proof
Gold British Lunar Series
Gold Liberty Coin
Gold Maple Leaf
American Gold Buffalo
Gold Freedom Coin
Gold Valor
Gold Freedom and Hope
Gold Lucky Dragon
Gold American Bald Eagle
Gold Australian Saltwater Crocodile
Gold Military Guinea
On the other hand, if you’re going for silver coins, these are the options you can consider:
Silver American Eagle Type 1-2
Silver American Eagle Proof
Silver American Bald Eagle
Silver Great Barrier Reef
Silver Australian Striped Marlin
Silver Australian Spotted Eagle Ray
Silver Liberty Coin
Silver Valor
Silver Maple Leaf
Silver Military Guinea
Silver Freedom and Hope
Silver Freedom
Silver Lucky Dragon
Silver 20th Anniversary Britannia
Silver Britannia Lunar Series
Silver Australian Saltwater Crocodile
Silver World War I
Silver World Ward II Victory
Are There Any Non-IRA Precious Metals You Can Purchase?
Yes, but remember that Goldco only sells gold and silver items, so if you’re looking for platinum or palladium, you may find your needs somewhere else.
Precious metals from Goldco come in coins or bars and are minted in different countries, including Australia, the UK, Canada, and New Zealand.
A nice item you can purchase is the Chuck Norris (Five Principles) coin, which features the actor’s life principles engraved on the coin.
In these cases, you wouldn’t need to provide proof of earned income, and you could store them at home, but you may have to pay taxes in the future.
What Services Are Available in Goldco?
Goldco offers a wide range of services to all investors. As mentioned before, the primary service you can expect from this company is the ability to create a precious metals IRA.
Depending on your needs, you can open a new precious metals IRA from scratch or roll over your funds from an existing retirement account of your choosing.
In any case, you will get help from Goldco’s reputable support team so that you can find the best precious metals to invest in, as well as a good depository to have them in.
It’s vital to note that Goldco, unfortunately, doesn’t have proprietary depositories, but it still partners with some of the best storage companies in the country, including Equity Trust Company, which is regarded as one of the best gold IRA custodians out there.
Now, are there any other services you should be aware of? Here’s a complete list of the services Goldco offers surrounding precious metals:
Gold or Silver IRA Rollover
SEP IRA Planning
Simple IRA Planning
Traditional and Roth IRA Planning
As you can see, Goldco is a full-service company if you want to open precious metal IRAs.
What Are Goldco's Fees?
One of the drawbacks to Goldco is that it doesn’t list its fees on the website. However, this is because there are many variables that could affect your total order price, so placing a general list would not be practical at all.
Still, you can contact this gold IRA company online, and the service employees will give you all the information you need on how much you will spend on your purchases.
These employees are transparent and not pushy, which is something that most clients will appreciate.
However, there are some fees that we can share with you, as they’re fixed costs that you may have to pay when you open a gold IRA account with this company.
Take a look at the following list:
Minimum Investment – $25,000
IRA Setup Fees – $50
Wire Transfer Fees – $30
Annual Maintenance Fees – $80
Annual Storage Fees – $100 for non-segregated storage and $150 for segregated storage.
Keep in mind that the IRA setup and wire transfer fees are a one-time payment.
In most cases, Goldco will waive new users the cost of storage for a year. This means that, during the following years, you will have to pay a minimum of $180 in annual fees plus any extra storage fees you may come across, depending on the case.
It’s vital to note that, once your investment value goes over $100,000, you will have to pay a slightly higher storage fee, which will place your final costs to $225, approximately.
To summarize, Goldco is a more than qualified precious metals dealer. Its fees are rather decent considering what other companies on the market offer.
How Does the Buyback Program Work?
If you’re looking forward to selling gold or other precious metals, then you won’t have any issues working with Goldco.
Typically, you would have to look for random coin dealers online who typically offer low-ball prices for your precious metals.
Thankfully, Goldco’s buyback program takes care of that. You can ask a Goldco specialist to help you sell your precious metals back to the company; then, all you will have to do is wait for the payment.
On the other hand, if you regret making the offer to sell your precious metals, you can decline it.
How Does Shipping Work?
Goldco does a great job at dealing with the shipping of your precious metals. Depending on your purchase of IRA-approved gold or silver, you may be eligible for free shipping.
Moreover, every package you ship with Goldco gets fully insured for the value of everything you purchased.
Once you place your order, the company will ship your precious metals within five or 14 business days. In most cases, delivering your assets may require a signature.
Another thing to keep in mind is that sometimes, market volatility and lack of availability could make your assets take longer to get shipped. In some cases, you could get your precious metals shipped within 45 business days.
Any investors who pay with a check will have to wait at least 12 days for Goldco to clear it. The time you have to wait for the check to get cleared doesn’t have anything to do with the time you will still have to wait for shipping.
What Are Goldco's Storage Options?
Storage is key when it comes to opening a precious metals IRA. First, you must ensure that the depository you choose is approved by the IRS.
Generally speaking, the IRS requires any precious metals used to fund a gold IRA to get stored in an approved, secure vault, as well as administered by an approved custodian.
As mentioned before, while Goldco doesn’t have proprietary depositories, it does have partnerships with some of the best ones in the gold IRA industry.
These storage options have state-of-the-art security, insurance, and technology, which will help you store your gold and silver without any problems.
Typically, Goldco advises users to store their gold or other precious metals in the Delaware Depository, which has over 200 years of experience working with people who purchase precious metals.
While some people prefer to store their gold coins at home, it’s not advisable.
If you’re planning on holding those precious metals for your gold IRA, the IRS requires people to store them in an authorized place. People who don’t follow this rule may have to pay penalties and taxes in the future.
Choosing Your Own Storage Company
If Delaware Depository isn’t appealing to you, you can still choose from Goldco’s wide range of approved custodians/storage services.
However, considering Goldco’s reputation and transparency, we recommend you go for any recommendation its team gives you.
Opening a Goldco Precious Metals IRA
Now, how do you open a gold/silver IRA with Goldco? Let’s cover the process!
First, keep in mind you can choose to open your gold IRA online or over the phone, whichever feels more comfortable and appropriate for you.
Moreover, remember you will always get guidance from one of Goldco’s representatives, so you don’t have to worry about getting lost.
Step One – Opening Your Gold IRA Account
Contact Goldco through one of the two options we just mentioned. The company’s representative will ask for some information so that they can create the account for you.
Once you agree to Goldco’s policies, you can move on to the next step.
Step Two – Funding Your IRA
There are a few ways to fund your new gold IRA account. The most common one is to roll away your assets from other retirement accounts.
Depending on the case, IRA rollovers won’t incur any tax consequences, but we’ll cover that further into this page.
The second option is to transfer funds from your current bank account. Make sure to choose the option that feels more appropriate for your case.
Step Three – Purchasing Your Precious Metals
When you’re finished with the funding process, you’re now able to choose the precious metals you want to have in your account. Remember that if you want any guidance, you can ask Goldco’s representatives for advice.
Step Four – Choosing Your Depository
Finally, your order will get processed and shipped to the safe depository of your choice within a specified frame.
That’s it! Working with Goldco is rather easy for new and seasoned investors. Even if you get lost along the way, there will always be a team member willing to guide you through those hard steps.
Can You Do a 401 (k) to a Gold IRA Rollover?
Following up on information surrounding rollovers: Yes, you can make a rollover with Goldco, although there are a few things you must keep in mind.
If your 401 (k) was sponsored by a former employer, you shouldn’t have any issues with the rollover process with Goldco. On the other hand, if your 401 (k) is sponsored by your current employer, you must check the policy terms to avoid any legal problems.
In some cases, employers don’t allow their employees with a 401 (k) to invest in gold and silver while they’re still employed with them. If you want to be safe, make sure to contact your employer and ask what the rules for your 401 (k) are and whether you can roll over your funds to a gold and silver IRA.
The time it will take for your new custodian to roll over the funds into a new IRA will depend on the case. In some cases, it could take as little as two weeks, but it can also be higher.
Remember, if you have any questions surrounding the rollover process, you can ask one of Goldco’s team members. They’re trained to address these issues, so you won’t have to worry about anything.
Goldco Reviews Online - Complaints
One of the primary factors you must always keep in mind before investing in a gold IRA company is its reputation. Thankfully, due to Goldco being around for the past 16 years, you can expect a wide range of reviews available for you to read.
You will be pleased to know that Goldco has mostly positive reviews. Some of the praises this company gets are in regard to the high-quality service, the reasonable fees, and the customer support team.
As mentioned at the beginning of this review, Goldco is currently rated A+ by the Better Business Bureau and AAA by the Business Consumer Alliance.
Some other important reviews include:
Google – 4.9 stars out of 5 (based on over 800 reviews)
TrustLink – 4.8 stars out of 5 (based on over 250 reviews)
TrustPilot – 4.9 stars out of 5 (based on over 750 reviews)
ConsumerAffairs – 4.8 stars out of 5 (based on over 820 reviews)
Now, we should also point out that there are a few negative reviews around. However, keep in mind that these are only a few compared to the hundreds of positive reviews out there.
Most of these negative reviews were driven by misunderstandings from the client, and most of them were already resolved by the company.
It’s virtually impossible for a company to not have negative reviews, as there are some customers who are hard to please. Still, it’s safe to say that Goldco is a reputable company that many people trust today.
Is Goldco the Right Company for You?
Now that you know everything about Goldco, let’s answer the most important question: Should you consider this precious metal IRA company?
In a general sense, yes; Goldco is a trustworthy company that’s definitely worth your time. However, you must first address your needs and budget before going for this company.
If you’re looking to deal palladium and platinum, for example, then Goldco may not be such a good option for you. On the other hand, if your focus is on gold and silver assets, then you will be able to find a wide range of options for you to choose from.
Goldco is a leading company in the gold IRA industry, and with over a decade of experience, it’s safe to say that it’s one of the best options you can consider to gain better control over your retirement savings.
Even if you’re not convinced yet, you can go ahead and read what other people have to say about Goldco online, as we showed you in the previous sections, Goldco has a plethora of positive reviews around, including those from the BCA and the BBB.
Overview - Goldco's Pros and Cons
Here’s an outline of everything we’ve learned so far about Goldco. This will help you gain easier access to the most notable features of this company.
Pros
- Wide range of silver and gold assets
- Beginner-friendly company
- Transparency
- Excellent customer service
- Several rollover options
- Several rollover options
- First-year fee waiver
- 10% back on silver coins
- Free storage for even non-IRA precious metals
- Simple account setup
- Positive reviews
- High buyback offers
- Free resources
Cons
- Considerably high minimum investments
- Zero availability of platinum and palladium assets
- No available prices on Goldco's website. People must ask a representative directly
Bottom Line
Paying attention to how you’re handling your retirement savings should become your priority. Your goal should be to live a stress-free life once you retire, and one of the best ways to achieve that is to open a precious metals IRA.
Even if you have no idea where to start, companies like Goldco do an excellent job at guiding beginners while they open their self-directed IRA.
Why would you invest in gold or other precious metals? In essence, precious metals like gold tend to hold their value even in times of financial turmoil, which means that if the stock market gets too volatile, for example, your gold assets could still hold their value, providing you with a hedge against inflation.
Precious metals are also an excellent way to diversify your portfolio, so although they’re considerably expensive, you can slowly work your way up by purchasing more affordable precious metals and then start to go up as you gain more money.
Now that you know everything about Goldco, you’re ready to make your decision. If you feel like this company is worth your time and money, make sure to contact it right now by visiting its website.
Frequently Asked Questions
Do you have any extra queries surrounding precious metals or Goldco? You’re in the right place! Keep reading for some extra details regarding this topic.
What Is a Precious Metals IRA?
It’s a type of self-directed IRA, which allows investors to hold non-conventional assets like precious metals. A traditional IRA doesn’t allow you to hold any physical precious metal, which is why more people are going for this alternative.
Self-directed IRAs also allow you to invest in interesting assets like cryptocurrencies, but most people use them for precious metals like gold.
How Can a Gold IRA Benefit Investors?
In a nutshell, the benefits you get from opening a gold IRA include:
Tax benefits
Portfolio diversity
Hedge against inflation
Long-term holdings
Greater control over your assets
Can You Hold Your Precious Metals?
While you can hold any precious metals outside your IRA at home, you cannot do the same for your IRA’s precious metals. The IRS requires investors to hold their metals in a safe depository. Otherwise, the IRS may treat these assets as a taxable IRA distribution, removing the tax advantages.
Even if your precious metals aren’t part of your IRA, it’s not recommended to store them at home, as that would make you a target of theft and burglary. If you want to be safe, it will always be better to invest in a safe depository.
Who Can Open a Precious Metals IRA?
Anyone with earned income is eligible for a precious metals IRA.
What Assets Can You Keep in Your Precious Metals IRA?
In most cases, the assets you can hold in a precious metals IRA include gold, silver, platinum, and palladium.
Is the Value of Your Precious Metals Guaranteed?
No, as the market value of precious metals is something that most companies cannot control. While these values tend to be stable, it’s not possible to guarantee a fixed value since some market conditions could force these assets to increase or drop in price.
When Can You Start Taking Advantage of Your Gold and Silver IRA?
According to the IRS, most people will be able to enjoy from their contributions when they reach age 59 and a half. In most cases, you will get a fixed date when you’ll be able to take penalty-free distributions from your IRA.
