Goldco is one of many companies offering the same thing: a chance to invest part of your retirement funds into gold and silver. They recommend holding onto the precious metals for at least a decade before liquidating them. Once you're ready to take distributions, they have a buyback program to acquire your metals.
But good gold IRA companies are hard to come by. Many have dishonest policies, overpriced products, or poor reviews. So it's important to research and make sure that you're getting the best deal possible. Is Goldco reputable? What do industry experts and watchdogs have to say about the company's services? Have past customers been satisfied?
Is Goldco a Reputable Company?
Goldco is a reputable company. Actually, Goldco has one of the best reputations in the industry. Not only is the company known for having high levels of integrity and solid overall policies, but they have also received numerous accolades from various publications and organizations.
For six years in a row, Goldco has made the Inc 5000 list of the fastest growing private companies in America. In addition, the American Business Awards have designated Goldco as their Company of the Year twice in a row. The Los Angeles Journal stated that Goldco is one of the 25 fastest growing private businesses in the LA area.
As part of the company's growth, they have hired triple the staff in the past year. This has allowed them to better serve customers all over the US. In the decade since the company was initially founded, they have sold more than one billion dollars worth of gold and silver. Most of that has been placed in customer retirement accounts, with some being cash purchases by customers.
Goldco has also garnered several celebrity endorsements. They are the sole company endorsed by and recommended by both Sean Hannity and Chuck Norris. Sean Hannity is a popular conservative commentator with his own talk show, while Chuck Norris is one of the most beloved actors of all time.
But media and celebrity endorsements don't always mean everything. You also want to see what watchdog organizations have to say. It's good to look up reviews of a business and find out whether the average customer is satisfied, as well as to see if there are any complaints about the services.
The Better Business Bureau gives Goldco an A+, indicating that they take customer service seriously and resolve issues promptly. The Business Consumer Alliance gives the company the top AAA score, which shows a high level of ethics and quality management. Both of these organizations independently evaluate businesses to make sure that they're compliant with basic guidelines regarding ethics and transparency.
There are also websites that allow customers to write impartial reviews about their experiences. On Consumer Affairs, there are about 1,100 ratings and reviews of Goldco with a 4.8 star average. Trust Pilot shows 4.8 stars with over 850 reviews. Retirement Living rates the company 4.8 stars, and Trustlink gives 4.8 stars with over 250 reviews. There are over 400 reviews on the BBB website with an average of 4.82 stars.
This indicates that the vast majority of customers are happy with their experience. There have been 20 complaints filed in the prior three years, but when compared to the hundreds of positive reviews, that's a tiny amount. In addition, Goldco has managed to resolve the vast majority of the issues. Let's take a look at a few of the cases.
The more you know about a company, the easier it is to determine whether to do business with them. In addition to evaluating the positive feedback, it helps to look at the negative feedback. That way, you get a sense of how good the company is at solving problems, as well as whether there are any patterns of issues.
Alleged Red Flags
One customer filed a complaint in August of 2022 alleging that there were multiple red flags with their purchase. They said that they bought their gold and silver at a high markup from the spot price. Within two weeks of placing the order, the customer wanted to cancel, but would have been subject to massive fees.
The customer said that they weren't given the choice to select their own coins, but instead that their representative selected all the coins on their behalf. They also said that there was one coin that was exclusive to Goldco that would be very difficult to liquidate at any other company.
Goldco responded to thank the customer for voicing their concerns. The company said that after the customer had spoken to the company management, their issues had been resolved. The customer confirmed that they had received a full refund and an apology that there wasn't clearer communication about the pricing and time frame for buybacks.
The customer went so far as to say that they were impressed by the person handling the complaint, who did an excellent job managing the issue.
Bonus Silver Confusion
One customer left a complaint in July of 2022 about a transaction he had completed three days earlier. He had invested a certain amount in a gold IRA and was supposed to receive 5% of that purchase back in silver as a reward. When he emailed his account representative, he was told that he could not receive the bonus, since he had invested in American Eagle coins. Supposedly these coins were not eligible.
The representative said that this had been clearly communicated to the customer on the first day they spoke. The customer said that he had taken notes throughout the conversation, and he'd never been told that there were exceptions to the silver bonus based on the coins he picked.
When the customer finalized the transaction, he initially wanted to buy American Buffalo coins. But the representative said that they wouldn't be compliant with the IRA regulations. It was the representative who suggested that they use American Eagle instead, and the customer claimed that he had never been informed they were ineligible.
The customer did state that his account executive had been extremely helpful and managed the transaction well otherwise. But he felt that there had been a lack of transparency regarding the bonus offer.
Goldco responded to say that this experience was not representative of how they usually handle their customers, and that they apologized. They stated that a manager would get in touch with the customer to find out more about what had happened, and thanked him for the feedback.
The customer followed up to say that he accepted the response. The sales manager agreed with the customer that the messaging about the bonus silver had been too vague. He was going to follow up with the marketing department to revise the advertisements and make them clearer about the investment requirements. The customer accepted this while reiterating that the follow through needed to happen with the company's marketing team.
One customer left a complaint in March of 2022 after buying a large amount of silver coins in July of 2021. The customer had been informed that the price of silver had gone up significantly in the months following the purchase. But when he asked to liquidate his holdings, the buyback offer he was given would have incurred a loss of 26%.
He said that he was 79 years old and overwhelmed by the idea of losing that much of his retirement money. It seems like there wasn't a ton of communication regarding how long Goldco recommends people hold onto their gold. They typically recommend keeping it for 10 years at least to turn a profit.
Goldco responded to say that they apologized for the poor experience. They said that this didn't represent their company or their policies. In addition, they said that they wanted to speak directly to the customer to clear any confusion and come up with a solution. One of the company managers would reach out to get in contact later.
The customer never followed up to indicate whether the issue was resolved. But since Goldco has successfully resolved the vast majority of similar problems, it seems likely that they were able to arrive at a solution.
The main service offered by Goldco is the purchase of precious metals for an IRA. There are also gold and silver products that you can purchase using your cash savings. In these cases, the items can be delivered directly to you.
Gold IRAs have strict regulations. They must be stored in a secure depository and managed by a self-directed IRA custodian. You have to pay annual fees for both of these things. In addition, the products must meet high purity standards, and only certain coins from sovereign mints can be used.
There's also a lot of paperwork involved in creating and funding one of these accounts. That's why Goldco has streamlined the signup process. You pay a fee of $50 to have one representative take you through all of the paperwork. Then they'll explain your options and make recommendations for the best investments based on your retirement goals.
Goldco recommends investing in precious metals as a long term investment. They do have some bonuses available to people who create an account for the first time. For example, you might have your first year of fees waived, or you might be eligible to get 5% back in silver if you buy a certain amount of eligible coins.
Goldco has one of the simplest and easiest setups in the industry. That's because they go above and beyond with helping their clients out. You'll have a dedicated account representative who will manage the entire process. Not only will they help you with the paperwork, but they'll also talk to your custodian for you to facilitate the whole rollover process.
Throughout the entire transaction, you'll never need to talk to anyone except your Goldco rep. They'll coordinate opening your depository vault, talking to your custodian, rolling over your funds, and having your chosen metals shipped to the vault. From there, you can either contact your account executive or your custodian to get updates on your account holdings.
Goldco Fees and Minimums
As with any gold IRA company, you'll encounter some fees. The good news is that Goldco is transparent about their fee structure, and they charge flat fees, rather than percentages. So you always know the exact amount that you'll be spending.
The requirement to invest in an IRA is $25,000. You need to have that much to invest in gold and silver before you can use Goldco's services. There are lower minimum requirements if you want to make cash purchases without an IRA.
As mentioned, there's a flat setup fee of $50 so your executive can walk you through the process. Then there will be a one time wire transfer fee of $30 when you're rolling over your funds and paying for your metals. Goldco's partnered custodian has a rate of $80 per year to maintain your account, typically taken from your holdings.
The cost of storage depends on a few factors, the biggest being whether you choose segregated or non-segregated vaults. Segregated vaults are the most secure, since no one can access your items except for you and your custodian. These cost $150. You can save money by getting a non-segregated vault for $100, which is still fully insured and involves 24/7 security.
Goldco works with several licensed storage providers around the country. They typically recommend the Delaware Depository, which is located in tax-sheltered Delaware. This depository is the largest in the US and has been handling precious metals for over 200 years. Other depository options may be offered through companies like International Depository Services and Brinks Global Services.
No matter which storage facility you choose, your items will be covered with a full insurance policy. If there's theft or some other disaster, you can be fully reimbursed. When you're ready to sell your items, Goldco has a buyback program with solid offers. You are also welcome to have the gold itself shipped to you and to liquidate it at a precious metals dealer of your choice.
Goldco is an extremely reputable company that has been endorsed by celebrities, industry experts, media publications, and past customers. They have a high satisfaction rate with at least 4.8 average stars across multiple third party sites. Thousands of customers have left five star reviews regarding their experiences.
As with any company of a certain size, Goldco has weathered some complaints. But they always promptly respond and reach out to the customers, and they've been able to resolve the vast majority of issues. In addition, they always apologize that the customer has had a difficult time.
Overall, we do recommend this company above any other. They really go above and beyond in terms of showing how a customer should be treated. On top of that, they have a more streamlined approach than anybody else in the industry, so it's super convenient to make a purchase. Many customers name their account executive by name in their positive reviews.