GoldCo Review 2021
Goldco offers precious metals-funded IRA brokerage services and helps individuals roll over their traditional IRA into a precious metal IRA. Goldco is essentially a company that helps individuals transfer their retirement to gold, or any other precious metal of choice, backed IRA.
The company can either sell the precious metals through the metals market or buy them back when you start doing distributions from your IRA. Goldco is among the leading companies that provide precious metals IRA and are best known for their impeccable customer service and ability to help their clients diversify their IRA.
The company is popularly known as Goldco, but it is formally known as Goldco Precious Metals. It is a precious metals company located in Woodland Hills, California, and was established in 2006. The company was founded with the intent to offer individuals with self-directed IRAs precious metals options.
This includes gold, palladium, platinum, and silver as investment options instead of the conventional investments like bonds and stocks that they would be restricted to if they had a standard IRA. One can invest in a specific precious metal or a combination of them.
The Taxpayer Relief Act of 1997 is what made the self-directed IRA option possible. This act made an exception to the collectibles rule for a couple of specific qualifying coins and bullion types. As mentioned earlier, Goldco is a precious metals broker.
The company closely works with its clients and IRA custodian companies to open new accounts. They also offer rollover services to their clients who may want to transfer their holdings from their traditional IRAs or financial institution into their new self-directed precious metals IRAs.
The firm is a full-service precious metals company, and although they specialize more in silver and gold IRAs, they also directly sell precious metals to other clients who may want to own the metals outside IRAs. As a result, they have helped thousands of individuals protect, grow and diversify their wealth with precious metals.
There is an about Goldco section on their website if you would like to know more about the company. You can also read the testimonials of some of the clients they have worked with. You can also find several educational resources on their website.
It is worth mentioning that Trevor Gerszt is the founder of Goldco. Their mission is to help Americans safeguard their IRAs from inflation and volatility in the stock market by investing in precious metals.
Investing with Goldco
Investing in stocks is great except for risks, such as inflation and market volatility, since the investment is tied to the dollar. However, when you choose to invest in precious metals, you can protect your investments because their market is not connected to the dollar, so you will not be affected even in an economic crisis
Therefore, investing in a precious metals IRA with Goldco best suits individuals who do not want to risk the bonds and stock market volatility. In addition, individuals who would like to invest in tangible items instead of a company that could disappear or in a company’s percentage that will likely change in mergers can also benefit from investing in a precious metals IRA.
Their precious metals are IRA-approved and adhere to the IRS rules, so you do not have to worry about whether what you are buying is legitimate or fake. As mentioned earlier, when you begin your distributions from your IRA, the company will buy back the precious metals or sell them in the market, so you do not have to worry about where you will find the market for your investment.
It is worth noting that they work with and can refer you to a custodian, but they are not precious metals custodians and do not offer storage services. If you are unsure about how to go through with the whole process, they can help you set up the services by recommending some vendors you can work with. They are nationally recognized and have also had very impressive growth since their establishment.
The main services offered by Goldco are direct purchases and precious metals IRAs. However, if you would like to invest in alternative assets such as cryptocurrencies, they have a sister company where you can procure the services from.
Non-IRA Precious Metals
If you are an investor who would like to purchase precious metals from the company, you can do so. There is no income restriction or any age restrictions on who can buy precious metals through the company. When you outright purchase precious metals from Goldco, you can have them deliver the metals to your home or have the metals kept in a secure vault. However, it is worth noting that it is often best to have precious metals held in storage instead of having them in your house.
Precious Metals IRAs
There are restrictions as to who can have a standard IRA. For instance, you need to be below seventy and a half years, and you also need to have earned an income. If you would like an IRA with Goldco, you can choose the silver IRA, gold IRA, or combine both.
The IRS regulations require IRA precious metals to be kept in storage, and Goldco adheres to this rule. Their precious metals are stored in a state-of-the-art vault by a third party. Equity Trust Company is their preferred IRA custodian, although you do not have to use them as your custodian. You can have your preferred custodian.
As mentioned earlier, if you are interested in cryptocurrency, you can get them from Goldco’s sister company, CoinIRA. CoinIRA is an excellent choice for investors who would like cryptocurrency IRAs. Cryptocurrency is another great investment option that is not tied to the dollar, so you will not be affected by an economic crisis. It would be best to do some research to make an informed decision when choosing the kind of cryptocurrency you would like to invest in.
Goldco helps you to ensure that you are purchasing bullion and coins that are IRA-approved. Once you have selected the metals, you would like to purchase. They will coordinate with your custodian and your chosen storage facility. As mentioned earlier, they also offer rollover services. Listed below are some of the products offered by Goldco.
Simple IRA Planning
Goldco offers information on how you can open a simple IRA and all the applicable rules that work for silver and gold IRA.
SEP IRA Planning
If you are not certain about SEP IRAs or how they work, you do not need to worry about it. Goldco will offer you all the information you may need to know, such as contribution limits and eligibility requirements.
Suppose you do not know how to open a silver IRA or what it is. Then, Goldco will provide you with tips on how to begin and go about the process, what coins are allowed in your IRA, and any other information you may be interested in learning.
Goldco offers their customers information on opening a gold IRA, and they also offer you information on the metals you can invest in.
Roth and Traditional IRA Planning
The company provides a knowledge base and resources that compare the traditional IRA and Roth IRA. They can also help you roll them over into a precious metals account.
Goldco provides rollover services if you would like to move funds from your traditional IRA or any other IRA into a new self-directed precious metals IRA.
Reasons to Choose Precious Metals
It is essential to invest in precious metals if you would like to diversify your portfolio and protect yourself from an economic crisis. For instance, most investors can remember the great recession that happened back in 2008. Unfortunately, millions of investors were devastated by that recession because they lost everything, and up to date, some investors are still feeling the sting of that recession.
Therefore, if you would like to protect your assets from an economic crisis, precious metals are an excellent choice since they will offer you all the protection and stability you may seek. Furthermore, since precious metals are not tied to the dollar, they will not be impacted when there is a market crisis.
Finally, it is worth mentioning that often when the stock market is not doing great, precious metals are usually doing great, and many investors tend to resort to them at this point. Essentially, when you historically look at the precious metals market, you will note that they usually move in the opposite direction of conventional securities such as mutual funds, bonds, and stocks. Therefore, the price of silver and gold rises when that of stocks drops.
As with any other investment, precious metals IRA investments also have specific risks associated with them. Therefore, it is essential to do your due diligence and be wary of any claims that promise you to make a lot of money in any investment with zero risks.
Past performance is not always a guarantee of future performance. The only thing you can be sure of is that precious metals have a much lesser risk than the one associated with conventional investments.
How to Start a Goldco Gold IRA
Starting a Goldco IRA is not a complicated process. Listed below is a step-by-step guide on how to start a Goldco Gold IRA.
- First, you will need to contact the customer care support at Goldco. Their contact details are 877-360-0011. A representative from Goldco will help you get started with the process of setting up a precious metals IRA from start to finish. Alternatively, you can fill out an application online on their website.
- Suppose you decide to proceed with the process once you have spoken with their customer care representative. You can choose to set up an appointment to go over the process later at a time that is convenient for you, or you can allow the customer care representative to transfer you to their IRA specialist.
- Goldco will send you an email or mail of their comprehensive guide explaining the options of precious metals they have available so you can go over them before you decide what metals you would like to have in your IRA.
- Once you are connected to the IRA specialist, they will collect all the necessary information needed to complete your application, set up your account, and transfer funds to the account if need be.
- After you fund your account, you have to talk to their account executive, and they will help you select the appropriate precious metals you can have in your account.
The process is that straightforward. As long as all the metals you would like are in stock, they will be transferred to your preferred depository in a couple of business days. However, if the precious metals you want are out of stock, it may take about three to four weeks for them to show up. You should also note that this is a financial account, so personal identification information like your social security number may be needed when setting up your account.
Goldco has not listed any of its fees or costs on its website. If you would like to know about GoldCo Fees, you have to contact a customer care representative from the company. According to their customer care representative, the below listed are the GoldCo Fees.
- The required minimum purchase is $25000.
- Their annual fee is $175. When you reach the $100,000 investment level, the annual fee increases to $225.
- The storage fee is dependent on the storage service you choose to use since Goldco does not offer storage services.
- They also do not have a custodian fee since they do not offer custodian services.
- The metals available do not have a fixed price because the prices tend to fluctuate every day. However, when you visit their website, there is a live chart of the prices of gold, platinum, silver, and palladium in the USA.
Goldco has bullion and coins in gold, platinum, silver, and palladium, which are IRS approved. Note that the price of gold is often affected by different factors such as inflation, interest rates, central bank reserves instability, and mining or production.
Pro’s and Con’s of Goldco
There are multiple pro’s and con’s of Goldco. Generally, the pros outweigh the cons.
- They have an A+ rating by the Better Business Bureau.
- Their customer service is exceptional since they will guide you from start to finish.
- They offer free storage if you purchase non-IRA metals from them.
- They have overall low fees.
- They have over a decade of experience dealing with IRA precious metals.
- Their prices are competitive.
- They specialize in IRA-backed precious metals.
- They do not offer storage or custodian services.
- Their minimum IRA deposit is $25000.
It is worth considering Goldco if you are an investor who would like to diversify your portfolio. They have been operational for an extended period, so you can trust them since they have the experience and help inform you on which precious metals would be the best choice. Besides, they are also known for their exceptional customer service, and they have informational resources up on their website.
Generally, clients who have worked with Goldco have given positive reviews of the products the company provides and their customer service. More specifically, many clients seem to be impressed by how the company handles their paperwork from the purchase point to coordinating with the custodian and the storage facility. In addition, the process is quite seamless, and clients are not subjected to making relentless calls contacting several entities.
There are very few complaints about Gold co, and most of them are due to a misunderstanding of how the value of precious metals is calculated and their market. For instance, a popular complaint about Gold co is often related to the value of the collectible coin. Note that when you purchase a collectible coin, their listed IRA value is their melt value.
What this means is the metal will cost the listed value when it is melted. However, most customers do not understand this concept, and Goldco has to explain several times that the market value of a specific coin is not the same as the coin’s value. Often, after understanding this, a customer may amend a negative review.
Another issue can be the pricing. As mentioned earlier, many factors affect the price of gold, so the prices tend to fluctuate. This is why Goldco has taken the initiative to have a live chart of the prices of precious metals in the United States. Customers need to understand the paperwork since it helps avoid any misunderstandings.
It is also worth noting that generally, when a customer leaves a bad review, Goldco tries to help fix the issue so that it is not a problem in the future. So if you have any problem with their services or product, it would be best to reach out to them so they can resolve it.
Clients also absolutely love the IRA specialists at Goldco’s as per their reviews, which can be found on the Goldco website. Many of the reviews left by clients specifically state the names of the Goldco members, talking about how professional, knowledgeable, friendly, or respectful they were when they attended to a client. As mentioned earlier, a Goldco IRA specialist is often assigned to you to help you through your process from start to finish.
Other than the Goldco team being easy to access via phone calls, answering clients’ questions in detail, helping with IRA rollover, and helping you purchase your desired precious metals, there are many other positive reviews about the company. But, fundamentally, it is safe to say that the customer service at Goldco is unmatched.
What Sets Goldco Apart from the Rest
Several factors set Goldco apart from other companies providing the same services in the industry. These factors are what makes it a better choice for a lot of investors. Listed below are a few factors that set it apart from other companies in the industry.
Excellent Customer Service
The customer service at Goldco is impeccable, and serving customers is their top priority. It does not matter if you are outright purchasing precious metals or opening a precious metals IRA. Goldco will do everything to ensure that you are satisfied with both their product and services.
If you have any issues or complaints, they will be immediately resolved by the company. It is also worth mentioning that the company does not push you to make a purchase. They will give you all the information you need without making you feel obliged to make a purchase.
New Customers Get Special Offers
The company has two types of special offers for all their new customers. When a customer places a qualified order above $50k, they can earn back 5% in free metals, or you can get all your first-year fees waived when you open an account with them, and it has at least $50k. Simply put, you will have saved about $320 fees if you open an account with exactly $50k, and depending on the metals you purchase, you will receive $2500 worth of free metals.
As mentioned earlier, Goldco has a buyback program. Suppose you want to sell your precious metals. The company can buy them from you, which is an excellent thing because chances are you will receive a much higher price from Goldco than you would from a coin dealer. It is worth noting that you don’t need to sell your precious metals to Goldco, but it would be the ideal thing to do because they will most likely offer you the best deal, and you do not have to go through the process of dealing with people who want to low ball you.
Extensive Educational Resources
The company has extensive resources on its website, as stated earlier on. This information is intended to inform investors about IRAs and precious metals. In addition, they have a blog that covers a wide variety of topics such as the debt bubble, trade wars, and recession. They also have multiple ebooks that you can download, but they have videos you can watch if you are not huge on reading. They also have live price trackers and customer support.
If you would like to invest in precious metals, Goldco may be the right option for you. It will help if you did extensive research on precious metals and determine if they are the right investment choice for you.