Goldco Review
Founded over a decade ago, Goldco is a leading, award-winning gold and silver provider. The company facilitates the rolling over of funds from an existing 401(k), 403(b), 457, pension or Thrift Savings Plan (TSP) account to a self-directed precious metals IRA. Goldco can also do Roth IRA transfers or conversions.
Goldco’s goal is to help customers learn about precious metals and diversify retirement assets. The company helps customers navigate each step of the gold IRA rollover process. Consumers can also buy gold and silver from Goldco to hold outside of a retirement savings account.
Pros
- Specializes in gold IRAs and silver IRAs
- Full-service precious metals provider
- Over 15 years of experience helping thousands of Americans place over $2 billion in gold and silver
- Over five thousands of 5-star customer reviews
Cons
- Rarely sells precious metals other than gold or silver
Gold and other precious metal IRAs are an investment and carry risk. Consumers should be alert to claims that customers can make a lot of money in these or any investment with little risk. As with any investment, you can lose money and past performance is not a guarantee of future performance results. Consumers should also obtain a clear understanding of the fees associated with any investment before agreeing to invest.
Goldco Services and Features
Goldco is a precious metals provider that facilitates the transfer or rollover of an individual’s IRA, 401k or other retirement savings to a Gold IRA. All IRAs require a custodian to manage account assets, and Goldco assists with the related paperwork for smooth processing. Customers also receive a great deal of assistance with the direct purchase of precious metals from a savings or cash account.
See our best cold IRA companies guide to learn more about precious metals IRAs and the top providers.
After assisting customers in completing their paperwork, Goldco provides IRA-approved coins or bar selections for customers to include in a precious metals IRA. A precious metals specialist facilitates the purchase of assets with the custodian and communicates with the storage facility.
Investing With Goldco
Investing in a precious metals IRA can be an attractive option for consumers who want to balance the volatility of stock and bond markets. Consider a precious metals IRA to hold a tangible asset in your investment portfolio.
The Taxpayer Relief Act of 1997 made exceptions to the IRS collectibles rule, allowing specific coins of a certain fineness and quality level for IRA investments. Goldco understands what coins and bars are appropriate for a retirement account. The customer service team has decades of experience with the entire rollover process. You’ll receive assistance with selecting IRA-approved custodial and storage services and precious metals.
Goldco received national recognition in 2021 and 2022 by winning the Stevie Award for Company of the Year at the Annual American Business Awards. The company landed a spot seven times in recent years on the Inc. 5000 list of the fastest-growing private companies in the country. It has also been named one of the fastest-growing private companies by the Los Angeles Business Journal and was ranked #45 on the Inc. 5000 Pacific Regionals list for 2023.
Goldco IRA Costs
Goldco’s required minimum purchase is $15,000 for cash purchases and $25,000 for IRA transfers. The custodian charges a flat annual fee rather than a percentage of assets. Goldco does not charge fees.
Gold storage and custodian fees depend on the company you choose to handle these services (required by the IRS). Average storage fees can run from $10 to $60 per month or as a percentage of assets ranging from around 0.35% to 1% annually.
| Cost/Fee | Goldco Gold or Silver IRA |
|---|---|
| Minimum Purchase Required | $15,000 recommended minimum for cash purposes |
| Annual Fee | Discuss with a representative. Custodial annual fees may be reimbursed. |
| Storage Fees | Varies by storage facility. |
| Custodian Fee | Varies by custodian. Typically $75 to $300 annually, depending on segregated vs. non-segregated accounts. |
| Metals Available | Variety of gold and silver coins that are IRA-eligible. |
You’ll find some gold and silver price charts in the IRA section of Goldco’s website. Precious metals prices can fluctuate since they’re affected by production and mining, central bank reserves instability, interest rates, and many other factors.
How to Open a Goldco Precious Metals IRA
Customers can call Goldco directly or fill out an application provided to open a precious metals IRA. You’ll need to provide a Social Security number and other identifying information, as required by any investment account.
Goldco will mail or email you a comprehensive guide explaining appropriate precious metals purchases. After reviewing the options, you can ask further questions to help you decide what gold or silver coins suit your IRA.
Our Experience With Goldco
Representatives were quick to respond to our questions when we reached out via the live chat feature, but when we asked specific questions regarding fees and the details surrounding the buyback program, we were asked to call the representative.
Competitors are more forthcoming about real-time pricing, annual fee amounts, and commissions. That said, we appreciate that Goldco makes the in-depth blog, eBooks, and educational videos available to all customers, which we feel would be very helpful for potential investors starting their research on gold IRA companies. This, and its silver coins offer for new accounts, allows us to confidently recommend Goldco for first-time buyers who are unsure how to begin investing in precious meals.
Goldco Reviews and Complaints
Goldco has an A+ rating from the Better Business Bureau. Consumer reviews on the BBB site give Goldco 4.87 out of 5 stars. The few complaints filed have all been resolved thoughtfully by the company. Goldco has a AAA rating from the Business Consumer Alliance.
ConsumerAffairs readers give Goldco 4.8 out of 5 stars. Reviews indicate that Goldco is very responsive to questions, and many noted that the precious metals specialists were thorough and patient. Goldco also has 4.8 out of 5 stars on Trust Link and Google reviews.
Goldco FAQs
- How do I sell gold or silver held in a Goldco precious metals IRA?
Goldco offers a buyback program guaranteed at the highest price to customers who want to liquidate their accounts.
- Can I store my precious metals at home?
No. IRS rules forbid keeping your IRA precious metals at home or in a standard safety security box. The storage facility must restrict access and store each customer’s precious metals purchased as part of their precious metals IRA. This ensures the metals you purchased are returned to you (or cashed in), meeting legal distribution requirements.
- Are the values of the precious metals I buy for my IRA guaranteed?
Like all investments, the future value of precious metals is not guaranteed and rises or falls based on various market influences.
- When can I take distributions from my Goldco Gold IRA?
You or the beneficiary of your precious metals IRA can start taking penalty-free distributions from the account at age 59 1/2.
- How long does it take to roll over a Traditional IRA into a Gold IRA?
IRA transfers typically take around two weeks to complete. However, each Goldco application is different, and processing time varies by case.
Conclusion
Goldco provides education to individuals interested in purchasing precious metals through the rules surrounding precious metals IRAs and IRS-approved investment options. Goldco offers many years of experience with the precious metals market and silver and gold IRAs. Consumer reviews frequently mention the level of customer service Goldco provides throughout establishing a precious metals IRA.