If you're like most Americans, you're contributing to an IRA or employer-sponsored retirement plan that doesn't allow investments in physical precious metals.
If you want to diversify your holdings into alternative assets like gold and silver, you can either go at it yourself, or turn to a company that specializes in these gold IRA accounts.
Goldco Precious Metals is one of these specialists ready to facilitate your new precious metals IRA. In this Goldco review, we'll look at their products, reputation, online ratings, fees, storage options, and more. Is Goldco worthy of your business? Let's dive in.
Goldco Precious metals
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Goldco Precious Metals
Goldco Precious Metals is a privately held wealth and asset protection firm located in Woodland Hills, California. Founded by Trevor Gerszt in 2006, the company's focus for over sixteen years of business has been in precious metals IRAs.
They pride themselves on being a full-service firm. Outside of gold and silver IRAs, they handle direct purchases of precious metals. In response to demand in the market, Goldco's CEO has diversified his business venture, now allowing customers to also purchase cryptocurrencies with their 401(k).
"Gold IRA" is a general term for a self-directed IRA that holds precious metals. The bulk of Goldco's dealings are in these gold IRAs. Investors can transfer or rollover a portion of their retirement into physical gold, silver, platinum, and palladium bars and coins.
The company has a team of account executives that handle every step of the process from setting up a self-directed IRA, to moving funds between custodians, and purchasing the precious metals to be held in the new IRA.
In 2017, Goldco created Coin IRA. A sister company of Goldco Precious Metals, Coin IRA can set up your self-directed IRA and facilitate a transfer or rollover of retirement funds across a wide variety of cryptocurrencies available.
While you may be contacting Coin IRA, it's still the Goldco management team facilitating these accounts. In fact, a growing number of Goldco clients are beginning to request both precious metals and cryptocurrencies in their self-directed IRA.
This Goldco review will focus on their precious metals IRAs. A separate Coin IRA review will be posted shortly, but know that your Goldco representative can assist customers with both precious metals and cryptocurrency investments.
How to Set Up an IRA with Goldco
In fourteen years of business, Goldco Precious Metals has streamlined the entire process. Here's what to expect from making your initial contact to finalizing your gold IRA rollover:
Our expert team will work directly with you and the custodian of your existing account to determine exactly what is required for the safe and efficient transfer of funds. We will then provide you with a completed set of documents for your review and approval
- 1Request a Goldco Investor Kit: Fill out Goldco's online form.
- 2A Goldco representative will reach out to confirm your mailing address in order to ship out your gold IRA investor kit. Investor kits normally ship within 2-3 business days.
- 3Review your informational kit. If you decide to open an IRA with Goldco, you can speak with someone within their precious metals IRA department.
- 4Your IRA specialist will work with you directly to open your self-directed IRA.
- 5They will also work with the custodian of your existing retirement account to determine what is needed to ensure safe and efficient transfer or funds to your new self-directed IRA.
- 6You can then work with Goldco's team in selecting the precious metals to be purchased for your account.
- 7Your Goldco IRA specialist will then have your metals shipped directly to your depository of choice (more info below). This can be done in as little as a few days, depending on Goldco's current inventory of precious metals.
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Goldco's Precious Metals IRA Fees
Gold IRA Custodial Fees
As mentioned above, Goldco's preferred IRA custodian for precious metals is Equity Trust Company. This company has been in business since 1974 and can be trusted with all of your custodial or administrative duties for your account.
Goldco's cost to set up an IRA? $50.00
Wire fee for new accounts? $30.00
The annual custodial fees to maintain your account? $80.00
Gold IRA Vault Storage Fees and Options
The gold IRA specialists offer a few options for storage of your precious metals investments.These options rage between $100-$150 per year:
- Delaware Depository Service Company (DDSC) is one of the largest precious metals IRA depository in the United States. Goldco Precious Metals offers non-segregated vault storage through DDCS for a flat rate of $100 per year.
- Brinks is one of the most widely recognized precious metals IRA depositories. Goldco offers non-segregated storage via Brinks for a flat rate of $100 per year.
- International Depository Services (IDS) is a full-service precious metals depository. Clients that request segregated vault storage have the option of using IDS. The costs? $150 annually for segregated storage.
Many customers choose the less expensive non-segregated vault storage. You can discuss these options with your Gold IRA specialist and decide which makes the most sense for you.
Total Cost to Set Up a New Gold IRA with Goldco?
Non-segregated vault storage: New customers can expect to pay $260 total in order to open a new Gold IRA. If you choose segregated vault storage option, simply add $50 to total startup costs ($310 total).
Account Setup Fees
Total First Year Costs
After the first year, annual fees total $180 for your gold IRA account.
Again with segregated vault storage option, simply add $50 to the total storage fees...
Annual Custodial Fees
Annual Storage Fees
Total Annual Costs
Very important to note: Goldco often runs limited time promotions and other customer bonuses or incentives. One popular promo is that Goldco will cover 100% of your fees for the first year. When you speak with a Goldco rep, make sure to ask about any current promotions.
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If and when you choose to liquidate your account, customers have the freedom to sell to any buyer of their choice. Goldco has a generous buy-back program, and to date has never refused to buy back metals from any of their clients.
Client Reviews and Reputation
In our Goldco company review, we like to curate actual customer ratings from trusted third party websites. What do their actual customers say about the firm?
Below, you'll find links to third party verified reviews:
- Better Business Bureau: The company has been accredited with the BBB since 2011. At the time of this review, they have an A+ rating and 199 reviews. Their reviews average 4.88 out of 5 stars and their A+ is the top rating possible with the BBB.
- Business Consumer Alliance: Goldco has a AAA rating with the BCA (their top rating).
- TrustLink: Goldco Precious Metals boasts a 5 Star average rating with TrustLink. This is based on 253 verified customer reviews.
- TrustPilot: The Gold IRA specialists also have a 5 Star average rating with TrustPilot based on 637 client reviews.
- Google Reviews: The company has racked up 509 Google reviews with a total average rating of 4.8/5 stars.
- Consumer Affairs: They've racked up a 4.9/5 Star average rating based on 561 customer reviews.
- Yelp: The company has only four reviews on Yelp so far, with a 4/5 star average rating from these clients...
Note: The team at GoldIRASecrets will do our best to keep these ratings displayed on third party sites updated. Click on the links above to see the most updated rankings and verified customer reviews.
Pros and Cons?
If you're on this site, you're likely doing the smart thing - researching reviews, ratings, and complaints for some of the top gold IRA dealers in the industry.
What We Like About the Company?
Based on our review, we've placed Goldco at the top of our list for precious metals IRA dealers for 2022. The company has been in business for over a decade (not a fly-by-night company), their fees are comparable, they've racked up thousands for glowing reviews from past customers, and they have a generous buyback program. They also have a quality selection of gold IRA-eligible precious metals to choose from.
Goldco Complaints: What We Don't Like?
The only criticism we have of this company is that they have high minimums for their gold and silver IRAs. The company will not open a new IRA for under twenty thousand dollars. While the average gold IRA is usually much higher, this account minimum could price-out some potential investors.
There are competitors that will open new accounts for as low as ten thousand dollars, allowing a wider range of investors the opportunity to diversify into precious metals.
We've actually got on the phone and spoke with members of their team to get a feel of how they do business. We were very pleased with the no-pressure vibe from their phone reps. We are pleased to promote Goldco Precious Metals and add them to the top of our list of gold IRA dealers for 2022.