Most of the Goldco complaints on BBB involve unwanted phone solicitations. The complaints allege that Goldco is aggressively cold-calling consumers. Goldco maintains that they only call phone numbers that are provided to them by the consumer. All of these complaints were resolved by adding the consumer’s contact information to the Goldco ‘do not contact’ list.
One complaint is from a person who didn’t understand the qualifications for a free giveaway. Goldco resolved this case by giving the person two free Silver Coins instead of the one Coin they were expecting.
The complaints that cause more concern than cold-calls or free giveaways involve consumers who feel like they overpaid for their Precious metals. There are several of these complaints and they are all quite similar.
Based on the filed complaints it appears that the consumers are confused by the statements they receive from the IRA Custodian. These statements show the number of ounces of metal that an investor has in their account and the value of those ounces based on the current spot price for the metal.
Spot price doesn’t include the premium that mints charge for manufacturing metal bars and Coins.
For example, a one ounce US Silver Eagle Coin costs at least $34.92 at any reputable dealer today (06/17/2022). The spot price of Silver, on the other hand, is only $21.66 per ounce so the difference of $13.26 is the premium charged for the Coin.
It is certainly understandable that an investor would be upset if they purchased a Coin for $35 and then received a statement saying it was only worth $21.66.
In Goldco’s response to these complaints about price, the company apologizes for not explaining spot price versus purchase price and asks that the investor contact customer service. Most of the complaints are closed after the investor speaks with a Goldco IRA specialist who explains the difference between spot price and the value of the investor’s metal.
Based on these complaints and their resolution, the A+ Goldco BBB rating appears to be warranted.
The company shows a history of working with customers to ensure that they are satisfied with their Precious metals Investments. Phone solicitation issues are easily resolved with the Goldco ‘do not call’ list. Free giveaways often attract unqualified participants who aren’t happy that they don’t qualify. And the difference between spot price and purchase price is confusing for many investors at first.
None of the BBB complaints raise alarm bells about Goldco as a company or Precious metals dealer.