Why, you ask? Well, without further ado, let's jump into the review!
Goldco Review Quick Summary
Website: >> goldco.com (10% back in Free Silver)
Founder and CEO: Trevor Gerszt
Cash minimum: $10,000
IRA minimum: $25,000
Fees: $175 - $225 per year
Promotion: 5% back on metals over $50,000 (10% if over 100k)
What is Goldco?
Goldco, also known as Goldco Precious Metals, is a trusted and experienced full-service precious metals firm. They specialize in taking care of gold and silver IRA rollovers. They offer precious metals to be sold directly to their customers as well.
Founded by Trevor Gerszt in 2006, Goldco's headquarters is located in Woodland Hills, California.
Since their founding, Goldco has been offering precious metals services to their clients, helping them secure, protect, and diversify their investments and wealth.
The firm has received recognition from different publications. In 2015, it was named by Inc. Magazine as the 3rd fastest-growing financial services company in the U.S.
Furthermore, it was also named by the Los Angeles Business Journal as the 17th fastest-growing company in the greater L.A. area.
How does it work?
Here are the steps that you will undergo once you decide to avail the services of Goldco.
This process is a summary that starts from the contact phase to the IRA rollover finalization.
The first step is to contact a customer support representative by calling the number, 888-626-1785 or by filling out this form.
Once you want to move forward into the process, the customer support representative will transfer you to a Goldco IRA specialist to take care of you. If not, you can also opt to set an appointment based on your preferences.
During your call with the IRA specialist, he/she will collect all the necessary information from you that is needed to create your account, transfer your funds and to complete the application.
When you have successfully applied, you can start funding it. When you do, an Account Executive will help you out with choosing the best precious metals for your IRA account.
That's pretty much the process that you will have to go through. If ever Goldco has your preferred metals in stock, they can transfer them to your depository within a few business days.
However, if not, they will show up within 3 to 4 weeks.
Goldco specializes in both gold and silver IRAs. Moreover, these are the 3 major services that it can offer to its clients.
Precious Metals IRA
To be eligible for Goldco's Precious Metals IRA, you must have earned an income and must be under age 70 and half. Goldco both offers gold and silver IRAs.
Furthermore, following the IRS regulations, Goldco stores its IRA precious metals through a third party, state-of-the-art vault.
For its IRA custodian, Goldco uses Equity Trust Company.
Non-IRA Precious Metals
Unlike the IRA Precious Metals option, anyone can buy any non-IRA Precious Metals without meeting any required age or income.
Once you have purchased precious metals, you have the option to have them stored in a secure vault, or delivered directly to your house.
Goldco uses a model that is designed to make its clients save money as much as possible.
With that, below are the fees that Goldco has for its precious metals IRAs and non-IRA transactions.
One time fees for IRA Service
Set-up fee for IRA
Annual fees for IRA Service
With Goldco, the precious metals IRA starts at $260 per year. If you want to have an IRA with non-segregated storage, which Goldco prefers, it will cost you $260 for the first year and $180 for each year after that.
On the other hand, if you wish to have your IRA with segregated storage, you will pay $310 in the first year and $230 each year after that.
As for non-IRA transactions, there are no fees to be paid!
To really dive in to this Goldco Review, we will discuss the features that highlight Goldco and make them unique. Here are 7 of them.
The first thing is the low fees. They use a model that really makes sure that clients save money.
Moreover, you don't have to pay for any fees for your non-IRA transactions!
Do you want to sell the precious metals you bought from Goldco? No problem because Goldco has a great buyback program.
They are very much willing to buy back the metals that you've purchased. This is very beneficial, as it can give you a higher price compared to selling to random coin dealers who might lowball you.
Excellent customer service
Another thing that really makes Goldco so nice is how they prioritize their customer support.
Whether you are looking to buy precious metals or want to open an IRA account, they have you well-taken care of. They are available by phone and email. Goldco really assures that you are completely satisfied.
Special offers for new customers
Goldco really treats its customers well, especially the new ones. It has two special offers which are:
- If you open an account with at least $50,000, all of your fees for the first year are waived!
- By placing a qualified order of over $50,000, you can earn 5% back in free metals!
With all of these, if you are a new client who opens an account with exactly $50,000, you can save up to $320 in fees.
Moreover, you can receive $2,500 worth of free precious metals. Not a bad deal, right?
IRA and 401(k) Rollovers
Goldco makes sure that the rollover process (if you have an existing retirement plan) is quick and easy. Here are the steps:
1. Open a Goldco Precious Metals IRA
2. Your very own Goldco specialist will assist you in funding your account with your old IRA.
3. After the money transfers, the specialist will present you with various gold and silver bullion options and help you choose the ones that really suit your goals and plans.
You don't have anything to worry about because your Goldco specialist will always be there for you to help you out. Usually, this process takes 10 business days from start to finish.
When it comes to investments, knowledge is very important. With that, Goldco makes sure that its clients and investors are knowledgeable about the industry.
In its website, there is an extensive educational resources for its clients. Here are some of them.
- Downloadable eBooks that include, 10 Reasons Why The Dollar Will Crash, The American IRA and 401(k) Crisis, and a 12-page Gold IRA Investment guide.
- In-depth blog about recessions, trade wars and other topics.
- Educational videos regarding stock market crashes, dollar fluctuation and many more
- Live price trackers for different precious metals
Great and State-of-the-art Storage Options
Like I said above, Goldco follows the IRS Regulations, which means that you must store your IRA precious metals via a third-party depository.
With that, Goldco makes sure that you and your investments are well-protected. It uses state-of-the-art storage options. Here are they.
Annual Storage Cost
Brinks Salt Lake City
Delaware Depository (preferred)
The Delaware Depository is preferred since Goldco uses it by default. It is a renowned depository with over 200 years of experience in the precious metals industry, 3-Class vaults and of course, state-of-the-art security and storage systems.
You can of course, still choose another storage or depository providers that you prefer.
What about Goldco's Ratings and Reviews? (Updated August 2022)
So, what do customers have to say about Goldco?
Well, let's take a look:
As of 2021, Goldco has received 530 reviews with an average score of 4.7 out of 5. Here are is a "sneak peak" of a few of the detailed reviews:
August 2022 Update!
As of August 2022, Goldco has received 763 reviews with an average score of 4.8 out of 5.
(You can check that at Trustpilot.)
Goldco Pros and Cons
Here are some pros and cons of using Goldco:
- A+ BBB Rating
- Great customer services
- Low fees
- Positive customer ratings and reviews
- Special offers for new customers
- Educational resources
- Free storage for non-IRA precious metals
- No online account setup application
- IRA minimum deposit starts at $25,000
Is Goldco A Scam?
To conclude this Goldco review, it's time to answer whether they are a scam or not.
Fortunately, Goldco is a legit precious metals firm.
It has been in the industry for years, providing excellent services to its clients. This led to receiving recognition from different publications.
If you truly want to add precious metals to your portfolio or you just want to purchase precious metals, then Goldco is a great choice. The only concern I have is its minimum amount of money for depositing. $25,000 is quite high for majority of the people.
If you want to learn more about Goldco, then click on the image below to receive your very own, FREE GOLD GUIDE!
Thank you so much for reading my Goldco review! If you have any questions or comments, please feel free to leave them below in the comments section below!