Goldco Review: Is it the Best Precious Metals IRA Provider?
Written by
John Csiszar
Edited by
Melanie Grafil
Commitment to Our Readers
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20 Years
Helping You Live Richer
Reviewed
by Experts
Trusted by
Millions of Readers
GOBankingRates Score
-
Fees
3.0
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Ease of Use
4.0
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Investment Options
4.0
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Customer Service
5.0
Pros
- A+ rating from the Better Business Bureau
- 4.8 stars on TrustPilot
- Free informational sign-up kit
Cons
- $25,000 account minimum for IRAs
- Can't open an account online
Goldco Overview
Goldco was founded in 2006 in Woodland Hills, California, where it remains headquartered. It has earned 4.8 stars from TrustPilot as of June 16, 2023, and a AAA rating from the Business Consumer Alliance, but unlike some of its competitors, it also holds an A+ rating from the Better Business Bureau.
Goldco focuses on gold and silver coins and bullion, but it also offers platinum and palladium to its customers. The company can either ship out purchases to customers directly or hold them in storage in a Precious Metals IRA.
Read: 3 Things You Must Do When Your Savings Reach $50,000
Key Features
- Buyback guarantee
- Live chat available on the website
- Free shipping and bonus metals with qualified purchases
- Free beginner’s informational kit
Buyback Guarantee
If your circumstances change, Goldco offers a buyback program that is “guaranteed at the highest price,” according to the company. Of course, you can’t get a specific guaranteed price when you buy your precious metals, as the “highest guaranteed price” will always depend on current market conditions when you want to unload your holdings. But it’s a nice knowing that Goldco will always be a willing buyer in a market that can be somewhat illiquid.
Live Chat Available on the Website
Precious metals companies are generally not very forthcoming about availability, pricing, fees or other important information. Although you can call Goldco’s phone number and speak with a representative at any time, the company also offers live chat on its website, which is a nice feature that not all companies offer. In a matter of seconds, you can get basic information without having to contact a phone representative and potentially find yourself in a sales situation.
Thanks!
Free Shipping and Bonus Metals With Qualified Purchases
Goldco offers free shipping on all purchases. For qualified purchases, however, it also tosses in between 5% and 10% in free silver. If you invest $50,000 to $99,999 with one of Goldco’s premium products, you’ll receive up to 5% of your purchase back in the form of “free” silver. For qualified investments of $100,000 or more, you’ll earn up to 10% in “free” silver.
Free Beginner’s Informational Kit
By providing Goldco with your name, email address and phone number, you can receive a free informational kit about the ins and outs of owning a Gold IRA. The kit offers information about using a Precious Metals IRA to protect yourself against inflation, dollar devaluation, taxes and penalties. It also includes additional information about how Goldco operates, including the bonuses like the “free” silver promotion. Goldco is offering the kit 100% free.
How Goldco Stands Out
Goldco stands out by offering the four primary precious metals for investors — gold, silver, platinum and palladium — while maintaining solid customer service and business industry ratings. Unlike some other competitors, which have gone through bankruptcies and/or have negative press surrounding them, Goldco maintains a strong reputation.
Comparable Gold and Precious Metal Options
Goldco is not the only option when it comes to finding a precious metals dealer. Both American Hartford Gold and Advantage Gold are well-known players in the industry that compete directly with Goldco.
American Hartford Gold
American Hartford Gold is the no. 1 seller of gold and silver in America by volume, in spite of only existing for about eight years. American Hartford Gold offers free IRA storage for up to three years, depending on the size of your deposit, and it offers a price match guarantee for the products it sells, a rarity in the industry.
Advantage Gold
Calling itself the “#1 Rated Gold Company in America,” Advantage Gold has seen frequent writeups in the press, including Forbes, USA Today and even The Wall Street Journal. Although “gold” is in its name, Advantage Gold also offers a wide range of platinum and palladium investments, not just gold and silver.
How To Apply
Although you can request a free informational kit online, you can’t actually open an account at Goldco without speaking with a representative. You do have the option of chatting with a representative online to get the ball rolling, but you must eventually call the company directly at (855) 450-1394 to open an account.
Who Goldco Is Best For
If you want to primarily invest in gold and silver, Goldco could be a good option for you. The company focuses on these products in its advertising, but it does also offer platinum and palladium products.
Final Take
Based on recent reviews and its solid A+ rating from the Better Business Bureau, Goldco has a good reputation in the industry. However, it doesn’t offer online ordering, and its website has minimal details about its offerings. Whether or not its the best precious metals dealer for you depends on your needs and your personal interaction with the firm, which does offer solid customer service.
FAQ
Here are the answers to some of the most frequently asked questions about Goldco.- Is Goldco a legitimate company?
- Yes, Goldco is a legitimate company. It sports high ratings from customers as well as the Better Business Bureau.
- How does Goldco make money?
- Like all precious metals dealers, Goldco primarily makes money by marking up both purchases and sales. For example, if the spot price of gold is $1,000 per ounce, you'll have to pay that "true" value plus a markup that Goldo builds into the price. The same is true for any sales. Dealer markups apply to all metals, from gold and silver to platinum and palladium. This is standard practice in the industry, although you may want to shop around to see if Goldco offers the best price or not.
- Who owns Goldco?
- Goldco is a privately held company based in the greater Los Angeles area. Trevor Gerszt is the founder, CEO and owner of the company.
- How much does Goldco cost?
- Goldco doesn't go out of its way to provide information about fees on its website. Markups are certainly not disclosed, at least not until you perform a transaction, but even information regarding the fees on its IRAs is hard to pin down. If you speak with the company directly, however, you'll learn about the $50 setup fee for your Precious Metals IRA, along with the $80 you'll pay for annual maintenance. If you store your precious metals with the firm, fees will range from $150 to $200 annually. This amount does include insurance.
Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.
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- Crunchbase. "Goldco - Crunchbase Company Profile & Funding."
- Business Consumer Alliance. "Goldco Precious Metals."
- Investors Circle. "Goldco Owner - Who Owns Goldco.com?"
- Money. 2023. "8 Best Gold IRA Companies of 2023."
