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Goldco - precious metals review

Goldco is an award-winning provider of Gold and Silver IRAs. The company helps investors move their tax-advantaged retirement savings into the security and protection of physical Precious metals.

There are numerous dealers specializing in Gold IRAs, yet Goldco maintains a keen competitive edge due to its consistent and reliable customer service. Goldco's Precious metals specialists focus on educating their customers as they assist each individual with the setup of a Gold IRA.

Goldco's customer service is is an excellent reason to select them as your Gold IRA provider, but there are additional factors that separate Goldco from their competitors. In this Goldco Precious metals review we focus on the factors that impressed us about the company.

Company highlights

A+ rating with BBB

The Better Business Bureau was founded in 1912 to protect consumers against unfair and fraudulent business practices. Goldco has earned their A+ rating by being honest and transparent with all of their customers.

4.8 out of 5.0 rating with TrustPilot

TrustPilot has compiled more than 167 million reviews from consumers just like you and that number grows by 3 million every month. Only the best Precious metals companies, like Goldco, achieve high rankings with TrustPilot.

AAA rating with BCA

The Business Consumer Alliance has been rating companies for reliability and performance since 1928. According to BCA, their AAA rating predicts the type of interaction you will have with Goldco.

4.7 out of 5.0 rating on Google

Google collects customer reviews on the web including third-party review sites. A Google rating of 4.7 / 5.0 shows that Goldco is widely respected by both consumers and independent reviewers.

Storage options

Goldco works with the Delaware Depository to provide segregated storage for the metals in your Gold IRA. You can choose to have your metal stored in either Delaware or California.

Precious metals specialists

Goldco customer service representatives are experts on all aspects of IRAs. They have the knowledge needed to help you convert your retirement savings into physical Gold and Silver.

Educational resources

Goldco provides an in-depth guide to Gold IRAs and regularly publishes articles on topics related to investing for retirement.

Wide selection of metals

Goldco offers Gold, Silver, Platinum, and Palladium in both Coin and bar form. Selections are available from both government and third-party mints.

Free metal on qualifying transactions

When new customers deposit $100,000 or more into a Precious metals IRA, Goldco gives them up to 10% back in free Silver on qualifying transactions.

Goldco has been helping investors move their tax-advantaged retirement savings into the security of Precious metals for over a decade. More than 1,000 of those customers have given the company 5-star reviews and Goldco is also highly rated by BBB, Business Consumer Alliance, and TrustPilot. Goldco provides educational resources on their website and has more in-depth materials available via email after you speak with one of their Precious metals specialists. When new customers invest $100,000 or more with Goldco they will receive $10,000 or more in free Silver.

Protecting Wealth

Self-directed IRAs were created in 1974 as part of the Employee Retirement Income Security Act (ERISA). The revised tax laws didn't specify what types of assets could be held in a self-directed IRA, only that specific assets like Life insurance and Collectibles were not permitted.

In practice, investors primarily used self-directed IRAs to hold Real Estate until 1997 when the Taxpayer Relief Act specifically added Gold and Silver to the list of permissible IRA assets. Platinum and Palladium were added in 1998. In 2016 the first IRA offering Cryptocurrency appeared.

For over a decade, Goldco protecting Wealth has been a foundational aspect of the Gold and Silver IRA industry. The company also acts as a Broker-Dealer selling Precious metals to investors who want to take personal possession of Silver and Gold and store the metal locally.

diversification

Computer models show that an Investment Portfolio will perform better throughout all phases of the market cycle when it is diversified with a 2-to-10% allocation of Gold.*

inflation hedge

As demonstrated in the 1970s, Gold thrives in an environment where Inflation and/or Stagflation are dominant. These are the exact conditions occurring today. 

timeless VALUE

Human beings have inherently recognized Gold as something of value for at least the past two thousand years, perhaps as much as five thousand years.

* see Hypothetical Blended Portfolio Results in The Role of Gold in Today's Global Multi-Asset Portfolio.

Gold Coins

Goldco has the common Gold Coins available for IRA investors: American Eagles, American Buffalos, Austrian Philharmonics, and Canadian Maple Leafs. They also have some unique Coins like the Australian Striped Marlin. Goldco has pre-1933 Gold Coins available for investors who want to take personal possession of their Gold and store it locally.

American Gold Eagle

British Gold Britannia

Australian Gold Striped Marlin

Canadian Gold Maple Leaf

When you are selecting the Gold Coins to hold in your Precious metals IRA keep in mind that you always want to get the most metal for the least amount of money. While the special edition Coins are pretty, they typically cost far more than other Coins. Ask your Goldco Precious metals specialist which bars and Coins carry the lowest premiums and spend the bulk of your hard-earned money on those products.

Silver Coins

At Satori Traders we advise our clients to overweight the Precious metals portion of their Investment Portfolios towards Silver. Silver has more commercial demand than Gold and, because of its lower cost, more investors are able to purchase the white metal. Because of this two-pronged demand Silver tends to outperform Gold on a percentage basis during periods of Inflation and Stagflation.

American Silver Eagle

Austrian Silver Philharmonic

Australian Silver Saltwater Crocodile

Canadian Silver Maple Leaf

Goldco offers the common Silver Coins and some special edition Silver Coins as well. Silver is no different than Gold when it comes to premiums. There is a large difference between the least expensive Coins and the most expensive Coins, even though the Coins contain the exact same amount of Silver. Always ask for the Silver bars and Coins with the lowest premiums.

If you are purchasing Silver outside your Precious metals IRA consider getting some 90% "junk" Coins. These Silver dimes, quarters, and half-dollars were minted by the US Mint through 1964. Because of investor demand these Coins are becoming increasingly hard to find and the premiums on them have risen substantially in recent years.

Pros and cons

All Investments have pluses and minuses - Gold IRAs are no different

Pros

  • Free Silver for qualifying accounts
  • Demonstrated desire to satisfy customers
  • Highly rated by BBB, BCA, TrustPilot, and Google
  • Educational resources on website
  • 15+ years in business

Cons

  • Proof Coins are offered for IRAs
  • Fees aren't listed on website
  • Premiums for Coins aren't listed on website
  • No mention of Platinum or Palladium on website

Conclusion

The "pro" side of Goldco's pros and cons definitely outweigh the "con" side. If you read the customer reviews on BBB it is obvious that Goldco attempts to satisfy all of their customers and that is what matters the most.

The items in the "con" list are typical for most Gold IRA companies. Proof Coins have high premiums and are not a good Investment for most people but most Gold IRA companies offer them. Premiums change on a daily basis, that is just part of the Precious metals industry. Keeping a website up-to-date with the latest premiums would be a significant challenge so none of the Gold IRA companies try. When you speak to a Goldco Precious metals specialist ask them which Coins and bars carry the lowest premiums.

Goldco is unique because of the sheer number of reviews it has received over its 16 year history. These reviews are mostly positive and often mention the professional nature of the Goldco representatives. Goldco has received a few negative reviews and customer complaints involving proof and special edition Coins. This issue can occur with any of the Gold IRA companies and it is easy to avoid by NOT buying proof or special edition Coins.

Reach out to Goldco today and get your free Precious metals investing kit.

IRA review

One of the best ways to evaluate a company is by reading reviews provided by the company's customers. These people have interacted with the company and were motivated enough by their experience to write a review.

Goldco IRA reviews can be found on these websites that collect customer reviews:

  • Better Business Bureau (BBB)
  • TrustPilot
  • TrustLink
  • Business Consumer Alliance

Start with reviews on the BBB - they have been evaluating businesses since 1926 and they make an effort to verify that the reviews they publish come from legitimate customers.

BBB reviews

When you read Goldco BBB reviews you will notice that many customers talk about how professional the Goldco representatives are and how easy it was to setup a Gold IRA with Goldco.

You may also see some negative reviews but notice that they are from customers who purchased special edition Coins. You can avoid their problems by only purchasing Bullion bars or Bullion Coins with the lowest premiums.

When you are ready to purchase metal for your IRA, tell your Goldco representative that you want the products with the lowest premium over the spot price of the metal.

A very satisfying experience

The Goldco rep was very informative and easy to work with making our experience very satisfying. Questions were answered and rep was very thorough. We felt very informed and comfortable with our decision to use Goldco.

Kay E.

Apr 25, 2024

Everything was absolutely perfect!

Everything was absolutely perfect! My precious metals specialist was very knowledgeable about the process and products that were available. He was happy to answer all my questions and sent me a lot of info about your products to read so that I could make the best choice for my situation. The experience was amazing.

Rich C.

May 7, 2024

IRA fees

The required minimum purchase at Goldco to start a gold IRA is $25,000. Goldco’s preferred Custodian charges a flat annual account service fee which includes a one-time IRA account set-up fee of $50, as well as a $30 wire fee. Annual maintenance is $100, and storage is $150 for segregated storage or $100 for non-segregated storage.

Fees for gold storage and custodianship can vary depending on the company you select to handle these services (required by the IRS, as all IRA assets must be managed by a custodian). Depending on the Custodian, storage fees can range from $10 to $60 per month, or as a percentage of assets, from 0.35% to 1% annually. Goldco does not charge any storage fees for cash transactions over $25,000.

Frequently asked questions

Reddit

Reddit is an online forum where people can discuss topics they are interested in.

Reddit readers can upvote or downvote each posted entry on a given topic. This voting feature makes it easy to quickly determine what people like and also what they don't like.

There is a Goldco thread on Reddit but it contains only one post and the post has no text, only a website link. If you follow the link you will arrive at the website of an affiliate marketer.

This Reddit post is an excellent example of how shady affiliate marketers attempt to separate inexperienced investors from their hard-earned money.

Lawsuit

There are a few Goldco lawsuits that show up in online searches.

Goldco Direct, LLC, plaintiff, v. Warren Wilson, Wholesale Gold Silver IRA, Inc., and Wild West Coins, Inc., defendants

At the center of this lawsuit is a Goldco customer who made three Precious metals purchases over a period of 17 months and then requested a full refund of all purchases.

Goldco appropriately refunded the most recent purchase but chose not to refund the first two purchases which had occurred months earlier.

The case is complicated because the customer involved another Gold IRA provider who engaged in illegal activity that could have harmed Goldco's stellar reputation.

In this lawsuit, Goldco is suing Mr. Wilson and his business entities for fraud and violations of the RICO Act.

Goldco won the lawsuit and was awarded damages as a result.

Jodi Judson, individually and on behalf of all others similarly situated, v. Goldco Direct, LLC

This class action lawsuit alleges that Goldco used autodialing systems to send text messages to telephone numbers on the National Do Not Call Registry in violation of the Telephone Consumer Protection Act.

Goldco has denied all allegations while agreeing to a Settlement. March 30, 2021 was the final date to file a claim form as a participant in the Settlement.

Resolution of this Goldco lawsuit will occur after any appeals are resolved and the Court grants Final Approval.

Goldco Direct LLC vs. Howard Aronson and Howard Aronson vs. Goldco Direct LLC

Howard Aronson served briefly in 2017 as the executive vice president for sales and marketing at Goldco.

Mr. Aronson is suing Goldco over an alleged breach of an oral contract.

What does the company do?

Goldco is an award-winning provider of Gold and Silver IRAs (Individual Retirement Accounts). The company facilitates rollovers and transfers from tax-advantaged Retirement accounts into self-directed Precious metals IRAs. They can also help you setup a Roth Precious metals IRA if you would like to protect your after-tax money with Silver and Gold.

In addition to establishing and servicing IRAs, Goldco acts as a Broker-Dealer in Precious metals. The company offers a wide range of Bullion and Collectible products for investors who want to purchase Silver and Gold with after-tax money.

Complaints

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 representative 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.

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About Satori Traders

Hi, my name is Bryan Post and I love the shiny stuff - Silver and Gold.

I've been investing in the Precious metals and mining stocks since 2002 when I realized that Gold is the only real money on the planet.

Here on SatoriTraders.com I share everything I've learned about the metals, Financials markets, trading, Technical analysis, and the numerous games that central banks play with fiat currencies.