Welcome to my Kitco Review.
If you are looking to hop in to precious metals in 2023, then you should probably know that the first important thing you need is a trustworthy dealer.
Although there are a lot of choices for you out there, you can't be entirely sure if you can trust all of them. There have been multiple cases of buyers being scammed by certain companies.
That is why it is important to research first. One of the best ways to do it is by reading reviews.
In this Kitco review, we will be finding out everything you need to know about it. Is it legit? Or is Kitco a scam? Here is the answer.
Kitco Review Quick Summary
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What is Kitco?
Kitco is a precious metals dealer based in Canada. The company started in the late 1970s when Bart Kitner traded scrap gold with his loan worth $700. He was still a college student.
As time passed by, he was able to gain success, which made him venture out to other investment opportunities.
In the late 1990s, he was into the buying and selling of precious metals. In 1995, Kitco was founded.
Kitco mainly provides precious metals from various government mints to investors. Moreover, they value the importance of information.
Hence, the company provides information such as news, market trends and the updated prices of precious metals.
Apart from that, Kitco is in refining. It deals with jewelers, dental companies and other companies that demand gold.
Currently, Kitco has offices in Montreal, Hong Kong, Singapore, San Francisco and New York.
Kitco Products and Services
Kitco's products and services is somewhat "complete". It provides a variety of precious metals including gold, silver, platinum, palladium and rhodium. Furthermore, they come in various forms such as bars and coins.
Moreover, Kitco has its own Signature Products that are .9999 fine silver and pure gold.
These metals are special and unique. Only a handful and exclusive fabricators create and mint them.
Investors have a lot of options to choose from, depending on your investment portfolio and financial goals.
Apart from that, Kitco aims to educate their clients, not just provide them with the products and services. In the investment landscape, having the necessary information is an important tool in making the best decisions.
Kitco is widely known for its updated information on the precious metals market. It has live quotes, charts, news and latest trends. All of these are very helpful to all the investors out there.
Kitco Pool - Metal Accounts
Another service that Kitco offers are Pool Accounts. This is an amazing way of investing in the company.
These accounts are a way of buying, owning and trading precious metals at a low cost.
If you are a Pool Account holder, you will own a portion of a pool of precious metals that are held by Kitco. Furthermore, this is an unallocated account of precious metal deposits. But you do not have direct ownership to specific allocated bullion bars or coins.
In exchange for your holdings in your Pool Account, you will be able to request and get any precious metals available in Kitco's online store.
Mind you, you can also sell these precious metals or trade. Either way, you can still save up money or earn money!
Kitco Media
Like I said earlier, other than providing precious metals, Kitco also provides information and the latest news on the precious metals industry and market.
The company has Kitco Media, which serves as news and editorial department of Kitcko and its subsidiaries. This includes its exclusive webcasts, Kitco news and the website, Kitco.com.
The Kitco media team covers a wide range of topics including the latest developments in the precious metals landscape, global events and even technologies regarding precious metals.
Kitco media's library contains over 30 years worth of videos about mining, investment and geopolitical news.
Kitco Refining
Kitco is also well-known for its refining services. It has partnered up with a lot of clients in providing the best refining experiences.
Furthermore, Kitco ensures that they give rapid and accurate payments and a high level of confidentiality with their service.
The company utilizes state-of-the-art induction furnaces in melting gold to achieve its proper purity. Afterwards, they will pour the gold into anodes of 99.99 percent pure gold and they make sure to follow the international standards.
Lastly, Kitco is fully licensed and approved by several government agencies to provide refining services.
Kitco Gold Index
Another useful feature that Kitco has is its Gold Index. It allows you to calculate the relative value of one ounce of gold against the world's other major currencies.
Basically, it is a way for you to determine how much U.S. dollars you need to purchase one ounce of gold. This is very useful in tracking the real-time fluctuations in the precious metals market.
The KGX provides the updated live or spot prices of gold in various currencies including U.S. Dollars, Euros, Great British Pounds, Canadian Dollars, Japanese Yen, and Swiss Francs.
Kitco IRA
Kitco may not be an IRA custodian, it can still provide you IRA services through its IRA custodian partner, New Direction IRA.
The company can help you set up your IRA or assist you with the rollover of your existing IRAs. Kitco also provides you with the IRA-eligible precious metal products.
Of course, if you have other options for your IRA custodian, you can choose them. Just let Kitco be informed.
How to get started?
To purchase metals from Kitco, you need to create an account on its website. Then you can access its product catalog to see which products you want to purchase.
You can then add them to cart and proceed to the checkout where you will pay for the products.
Payment Methods
Kitco accepts various types of payment methods. You can check them below. Take note that all payments are due within 3 business days since the order was placed.
The table below contains the purchase limit, however this is only applicable to first time U.S. and Canadian customers. If you wish to increase your limit, contact Kitco.
Shipping Information
Kitco ships both in U.S. and Canada, and also internationally. Below, you can see the tables for the shipping costs and the timeframe.
Kitco Ratings and Reviews (Updated 2023)
As of June 2023, Kitco received ratings and reviews from the following websites.
- BBB - 2.08 out of 5 rating based on 13 reviews and 6 complaints, A+ rating and BBB accredited
- Trustpilot - 4.7 out of 5 rating based on 6,007 reviews
- Sitejabber - 2 out of 5 rating based on 8 reviews
As you can see, Kitco's ratings and reviews are very underwhelming. Although it is BBB accredited and A+ rating, it received a 2.08 rating based on 13 reviews.
Moreover, you can see that it has a few number of reviews in BBB, compared to other companies like Goldco.
Personally, I really refer companies with excellent ratings and reviews because it reflects their products and services. Customers can share what they experienced with the said company.
Kitco Pros and Cons
Pros
Cons
Is Kitco a scam?
Kitco is not a scam. It is a legitimate precious metals company that has been providing products and services for a long time. Moreover, its information about the market are reliable, since other companies use them too.
But if you are the type of person who value ratings and reviews, then I doubt that Kitco is for you since it received poor ratings and reviews online.
If you wish to know the best precious metals company, check out my top recommendation below.
Thank you so much for reading my Kitco review. If you have any comments or questions, feel free to leave them in the comments section.