Let’s face it:
There are a lot of precious metals IRA providers out there, and it can be pretty difficult to find out which one’s legit and which one to choose that fits your needs.
So, how can you be sure you’re putting your hard-earned cash in the right place?
Well, that’s what we’re here for.
Today at Gold and Silver Central, we will be doing a deep dive into Goldco, one of the top-rated gold IRA companies today, to find out the following:
- Is Goldco legit?
- Goldco fees and costs
- Products offered
- The investment process and rules
- How it stacks up against other gold IRA companies
- And lots more
By the end of our Goldco 2024 Review, you’ll know enough to decide whether this company deserves your investment.
Without further ado, let’s begin.
Is Goldco a Legitimate Company?
Before we begin discussing what this firm offers, it’s important to establish its legitimacy first. So, let’s take a quick look at Goldco’s background.
A quick check on its website shows that Sean Hannity endorses the company.
If you’re not familiar with him, he’s the host of The Sean Hannity Show and the commentary program Hannity on Fox News.
You’ll also see other major media leaders like Chuck Norris, Ben Stein, and Stew Peters recommending this firm.
While recommendations from well-known and respected figures can lend credibility to Goldco, it’s important to remember that this endorsement should not be the sole criterion for assessing the company’s legitimacy.
So, is Goldco legit?
We’ve taken a deeper look at this company’s website and found out that it holds various accolades for its services.
Here are some of them:
・Featured on Inc. 5000’s list of Fastest Growing Private Companies for seven consecutive years
・Awarded by Money.com as “Best Customer Service” among eight of the nation’s top Gold IRA companies
・Awarded “Company of the Year” for two consecutive years by the American Business Awards
Again, even though endorsements from prominent individuals and awards can add to Goldco’s appeal, it’s important to look beyond their website and such recommendations.
Upon further research, we’ve found that the company was founded over a decade ago by Trevor Gerzst.
This means that they’ve been active for quite a while and have some experience in this industry.
(That’s quite a long time if you ask us!)
We’ve also checked their LinkedIn profile and found that they’re based in Calabasas, California, and have about 50 to 200 employees, with 127 active on the platform.
You can also find them on Bullion Directory, offering the same information they have on their website and LinkedIn.
Not only that, but this precious metal company is a member of the Business Consumer Alliance, TrustPilot, and Better Business Bureau.
(We’ll dive deeper into Goldco customer reviews later in the succeeding sections.)
Given all this information, we have concluded that Goldco is a legitimate and reputable company.
As usual we encourage you to speak with your financial advisor and do your own research before making any decisions.
One way to do so is by grabbing their FREE investor’s kit to learn more.
Fees & Minimum Contribution Amount
Now that we’ve established that Goldco is indeed legit let’s move on to one of the most important parts of this review:
- Goldco IRA fees and costs
- Minimum rollover amount to open a Gold IRA
If you’re new to the precious metals IRA world, there are some things you need to familiarize yourself with.
Unlike other investments where there are only a few fees involved, this type of retirement account comes with a bunch of other costs tied up to it, like storage, custodian, setup fees, just to name a few.
We know that sounds like a lot of additional costs, but that’s what it takes to keep your precious metals safe and secure. In the end, you still get your money’s worth.
So, how much fees you will incur if you choose to do business with Goldco?
They’re transparent about that:
The required minimum purchase at Goldco to start a gold IRA is $25,000. Goldco’s preferred Custodian charges a flat annual account service fee, which includes a one-time IRA account set-up fee of $50, as well as a $30 wire fee. Annual maintenance is $100, and storage is $150 for segregated storage or $100 for non-segregated storage.
Fees for gold storage and custodianship can vary depending on the company you select to handle these services (required by the IRS, as all IRA assets must be managed by a custodian). Depending on the Custodian, storage fees can range from $10 to $60 per month or, as a percentage of assets, from 0.35% to 1% annually. Goldco does not charge any storage fees for cash transactions over $25,000.
Products Offered
It’s not enough to just know how much money you’ll need to prepare to open an account with Goldco.
You also need to check the range of products they offer for a retirement account, as well as their quality.
Let’s take a look at them.
This firm offers mainly gold and silver.
As for platinum and palladium, we confirmed with Goldco that they do offer these metals, so if that’s what you’re looking for, make sure to ask them.
Overall, you get pretty good choices.
From American coins to New Zealand and Australian coins, gold bars, and silver bars, you can find something that suits your investment profile.
One thing we like the most about their product offerings is that they provide all the information you need to know about the metal — weight, purity, and face value.
Another good thing is that they state that on their product page whether it’s IRS-approved for your IRA account.
The only issue for some folks is the limited type of precious metals, especially if you want to hold palladium or platinum.
But if you only want to invest in either silver or gold coins and bars, you can’t go wrong with this company.
Opening A Precious Metal IRA
Let’s now move on to the most exciting part of this review: how to start your retirement account with Goldco.
It’s a simple 3-step process:
Step #1: Sign your agreement
This is to secure your precious metal purchase and understand the company’s terms of doing business.
Don’t worry; you don’t have to do this alone. A precious metals specialist will walk you through every step of the process.
Step #2: Fund your account
You can do this by depositing the minimum amount required, or rolling over assets from your existing IRA, 401(k), 403(b), TSP, savings or similar tax-advantaged retirement account.
Step #3: Purchase your precious metals
Once your account is funded, you can now choose the metal you want to hold.
We highly recommend you request Goldco’s FREE kit before you open an account with them.
This will give you a more in-depth look at their services and help answer some of the questions you might have.
IRA Investment Limits and Rules
Before you start a gold-backed IRA account, there are a few things you need to know to ensure that the whole process goes smoothly.
1) Contribution limits or rollovers
There are penalties for exceeding contribution limits set by the IRS. However, this applies to cash purchases, not rollovers.
When you roll over your funds from existing IRA, 401(k), 403(b), TSP, or similar tax-advantaged retirement account, then it can be any amount you want.
2) Withdrawals
Withdrawing any distributions before you reach the age of 59 ½ incurs a 10% penalty, plus income tax.
3) IRS-approved purity
The IRS requires certain metal purity levels to be eligible for a gold IRA account.
Specifically:
- Gold must be 99.5% pure
- Silver – 99.9% pure
Goldco makes sure your precious metals are IRA-eligible.
4) IRA custodians
An IRA custodian must hold your metal. This means that home storage is not allowed.
Also, if you already own physical precious metals, even if they meet the IRA purity standard, you cannot add it to your Gold IRA account.
5) Receiving your distributions
Once you’ve reached the age of 59 ½, you can receive your distributions in the form of physical precious metals or by selling them for cash.
If you want to know more details, then be sure to check out our separate guide on Gold IRA tax benefits and rules:
And as usual, remember to consult with your financial advisor before making any decisions.
Storage Options
When you open a gold IRA, one of the biggest decisions you need to make is choosing the right storage for your investment.
Thankfully, you don’t have to make this decision alone when you open an account with Goldco.
This company works with one of the most reputable depository institutions, the Delaware Depository.
This institution offers state-of-the-art security, follows strict IRA compliance for precious metals, and is strategically located (near transportation hubs).
This ensures that your gold and silver are securely stored, giving you the peace of mind you deserve.
Apart from choosing the depository for your precious metals, you also have the option to select how you want them to be stored.
This company offers two types of storage: non-segregated and segregated storage.
Non-segregated refers to a type of storage where your coins and bars are stored alongside other people’s goods. So when you sell or withdraw, you’ll receive a “like-kind” metal, not the actual one you purchased.
On the other hand, a segregated one refers to a type of storage where your metals will be stored separately from others.
There’s really no preferred type of storage; it all boils down to personal preference.
Educational Resources
Let’s be real:
Anything IRA-related is quite difficult to understand, especially since we don’t normally deal with our retirement accounts in our everyday lives.
So, it’s important to choose a provider that is committed to educating you about your investment.
While Goldco doesn’t have an extensive dedicated learning center, it’s good enough for new investors to understand what a gold IRA is, as well as other things you need to know about this type of investment.
Again, be sure to request their FREE investor’s kit first.
It contains valuable information about gold investing and precious metal IRAs, and how you can get started 100% tax and penalty free.
You’ll also have access to their news and blog posts on their website, which contains some educational resources and helps you stay in the loop.
They also have a real-time price chart of gold and silver. This allows you to check the historical prices of these metals to see how their value has grown over the years.
Goldco’s Buyback Policy
People change their minds, even with their investments.
If you’re one of them and choose to discontinue your gold IRA account, choosing a precious metals provider with a buyback policy can provide you with a safety net.
Having the option to sell your assets back to the company can bring you great mental and financial ease during rough times.
Fortunately, Goldco offers a buyback guarantee for any gold or silver you purchase from them.
You can feel safe and confident, knowing that you can easily sell your metals when the time comes or when you’re ready to reap the benefits of your retirement account.
The best part?
Goldco will buy your metals at the highest price.
This is actually pretty rare for companies in this industry, as most of them don’t offer a buyback program or any kind of guarantees.
Customer Service
Opening a gold-backed IRA is a long-term commitment.
That’s why you need a provider who can be with you in the long haul, not just when they want to close a sale.
Once you figure out your approach and decide to include precious metals in your portfolio with Goldco, then their specialists will be with you every step of the way, from opening an account to selecting the appropriate coins and bullion for your Gold IRA account.
On top of that, you can easily contact them when you need to.
You can simply call them from Mondays to Fridays, between 7 am – 4 pm (PST) if you have any questions or concerns regarding your account.
If you don’t need immediate assistance, you can simply fill out their contact form on their website or send them an email at customercare@goldco.com.
For those who live within Calabasas, you can also visit their office at 24025 Park Sorrento, Suite 210, Calabasas, California.
Goldco Reviews and Ratings
Although we do a pretty comprehensive research for our review, it’s not enough to show what it’s like to do business with them.
So:
- Are there any Goldco complaints?
- Is Goldco a reputable company?
Let’s see what real and verified customers say.
On Better Business Bureau, Goldco is rated 4.8 out of 5 stars based on 737 reviews.
This is an impressive rating, especially considering that they have been accredited since December 2011.
The company also has a 4.8 out of 5 stars rating in Trustpilot, based on 1,256 reviews.
You can also find them on Trustlink, with about 254 reviews and a 5 out 5 stars rating.
A common theme found in reviews on these sites is the smoothness of the account opening process and the helpfulness of their precious metals specialists.
You can find a couple of Goldco complaints, but the firm is pretty quick in addressing these concerns, leaving most of the customers satisfied with their service.
Goldco Pros & Cons
Reasons to invest:
- Excellent reputation
- Endorsed by prominent figures like Sean Hannity
- Offers one of the industry’s highest buyback guarantee
- Dedicated precious metal specialist
- Free gold IRA investor kit
- Wide range of coins and bars to choose from
- Precious metals follow the IRA purity standard
- Active, highly responsive customer service
- Thousands of 5-star Goldco reviews across various third-party watchdog sites
Reasons to avoid:
- Requires a minimum commitment of $25,000
- Need to inquire about platinum or palladium options
Generally speaking, there aren’t many gold IRA cons.
In this particular case, you just need to be aware of the minimum investment amount and the products this company offers.
And if you want hold physical metals at home, you can do that, but it won’t be for an IRA.
Goldco vs. Other Gold IRA Companies
We have various separately published comparison guides, but we thought we’d mention a few of them here.
Goldco vs. Augusta Precious Metals
These are two of the leading gold IRA providers in the country and they are our top 2 recommendations.
While they both offer the same services, the main difference is the minimum contribution amount for a Gold IRA.
Augusta requires a minimum of $50,000 USD, whereas Goldco is a more affordable option while still offering a white-glove treatment for their customers.
Goldco vs. American Hartford Gold
Both Goldco and American Hartford Gold offer excellent precious metals IRAs.
It has a lower barrier entry of $10,000 and is more suitable for smaller investors.
Now…
Even though Goldco has a higher contribution amount, it stands out for its large selection of gold and silver products, highest price buyback guarantee, and thousands of 5-star reviews.
So if you can afford $25,000 with them, then go for it.
Goldco vs. Birch
Birch Gold Group is another pretty well-known company, which offers more than just gold and silver, adding palladium and gold to their list of choices.
If we were to choose between these two, we’d most certainly choose Goldco over for their excellent customer support, great reputation, and free silver rebate.
However, Birch is an excellent choice for smaller investors because of their minimum requirement of $10,000 only.
Goldco Review: Is It Worth It in 2024?
After putting Goldco under the microscope, we have found that they’re an excellent precious metals company, offering unparalleled service that investors like you can enjoy.
Competitive prices, a wide range of products to choose from, and free silver rebate is certainly something to like.
On top of that, it’s quite rare to find a gold IRA company that is as transparent as Goldco.
This shows their commitment to integrity, which is a huge factor you need to consider when getting into any type of investment.
Real and verified customers can also attest to the excellent service they offer.
Just look at the thousands of 5-star Goldco reviews from various review sites and the various accolades from different organizations, a testament to the kind of service they provide to their customers.
That’s why we are very confident to name Goldco as one of the most trusted and reliable gold IRA companies in the country.
Start by requesting Goldco’s FREE investor’s kit to learn if diversifying with precious metals makes sense for you.
Now, we’d like to hear from YOU:
- Have you worked with this business before?
- Do you agree with our Goldco review and their legitimacy, or do you have a different opinion/experience?
Let us know in the comment section below!
