Goldco review: Are you in search of a respected gold company to invest in that can get you started with a precious metals IRA (informally called a ”gold IRA” even though they can hold any precious metal)? If so, it’s important to keep your eyes wide open because the marketplace is rife with inexperienced newcomers, unsavory players, and unknown entities.
What’s the good news on this Goldco review? It’s that Goldco Precious Metals (GPM) is usually ranked at or near the top of this extremely competitive niche in the financial services industry. One note of caution before we go any further: When doing research on your own, be sure to use the full name of the company, ”Goldco Precious Metals” rather than just the word ”Goldco” or ”Goldco Industries” the latter of which will give different results for other organizations.
Another thing every potential investor should know from the beginning is that even though there are nearly 100 different companies that sell precious metals and guide customers through setting up gold IRAs, only five or six stand out as being exceptionally trustworthy, and Goldco is one of them.
Gathering Goldco Review Information
GPM has assisted so many people in the past years that you could literally spend
hours just reading Goldco reviews online. If you did, you’d come away with the accurate impression that the company does a stellar job of meeting investors’s needs and quickly resolving any minor issues that arise.
If you’re thinking about checking Goldco out and possibly using them as your go-to precious metals dealer for setting up a gold IRA, read the following Goldco review carefully. We collected the latest data about GPM from multiple sources. But, keep in mind that you should also do your own research and making certain that Goldco has what you’re looking for. Considering the fact that in the 15 years the company has been operating, there has been no Goldco lawsuit filed against them.
In the financial industry, particularly in the segment that deals in precious metals and gold IRAs, legal action is common, so the fact that GPM has a spotless record in this regard speaks volumes. Use the following information as a starting point in your decision-making process.
Goldco Review: Company Summary and Services Offered
Goldco opened its doors in 2006, and has been leading the gold IRA niche ever since. Customers can purchase gold, platinum, palladium and silver for their precious metals IRAs. Goldco’s agents have built a reputation as being both knowledgeable and helpful.
You can either create a fresh IRA or convert an exiting one into a gold IRA, regardless of what you currently have, be it a SEP plan, 401k, traditional IRA, or Roth IRA. Goldco is California-based and regularly assists customers with setting up precious metals IRAs. They also sell precious metals directly to non-IRA buyers. They have a sister company that works with cryptocurrency IRA accounts.
Their staff members assist new clients with IRA and retirement planning and routinely answer questions about how IRAs work. The main corporate function is helping clients set up new gold IRAs by explaining each step of the process, answering questions, and doing the paperwork to get accounts created.
Setting Up a Gold IRA
It’s easy to get the ball rolling with Goldco, and this is one of the many aspects of their service that sets them apart from most other providers. For instance, all you need to do is phone them at 855.465.3472 or apply for a gold IRA via their website (Goldco.com).
The process is speedy, and it’s even faster if you have all your important personal documents ready to go, like Driver License, full legal name, SSN, and more. The GPM agent will let you know how long before the metals you purchase are ready to be delivered to the storage vault you select, and how many business days it will take for the paperwork to go through.
Additionally, they’ll do all the paperwork for you, so you need not be concerned about filling out forms. Goldco works with a few preferred providers that can act as storage companies. Also, they work with a gold IRA custodian, which is the entity that oversees the paperwork and record keeping for your account.
Goldco Review for Fees and Minimum Starting Balances
For gold IRA companies, the ”fees and minimums” menu is where the rubber meets the road. A common problem for non-top-tier firms is high fees and super-high account minimums, to the tune of $100,000 or more. It gets to the point of being ridiculous in some cases, but with GPM, the minimums and fees are fair, competitive, and suit the needs of nearly every investor.
Here’s how the fee structure at Goldco works:
First, the company charges no custodian or storage fees because they don’t store your metals or oversee the record keeping of your IRA account. Their job is to sell you the IRS-approved metals that go into the IRA, get all your initial paperwork done for you, and answer any questions you have about the process.
If you open with at least $25,000, which is modest for an IRA, Goldco will reimburse your storage fees for the initial year of the account’s existence. For every multiple of $25,000 you invest, in addition to the first $25,000, they will reimburse another year’s storage fees.
If you invest $50,000 when you open your gold IRA, for example, you will receive two years’ worth of vault storage fees, sent directly to you in silver bullion. Note, this metal is not part of your retirement account. It’s just a bonus given to you by GPM for funding your gold IRA and being a new customer.
Here are the rest of the Goldco Review details about fees and minimums:
- The $175 yearly account fee charged by GPM rises to $225, but only when your account balance rises above the $100,000 mark
- Storage fees are reimbursed to you for each increment of $25,000 you open your account with.
- All storage (vault) and custodian fees are your responsibility because GPM does not store metals nor does the company act as your IRA custodian. You’ll be paying storage and custodian fees to whomever you designate to do those tasks.
- There’s a suggested opening account minimum balance of $25,000 for gold IRAs
Goldco security is among the best in the business. Even though the company does not provide vault service of its own, it works with some of the top IRS- approved storage facilities in existence. Of course, customers can choose their own vault at any time. However, for the best pricing, Goldco has teamed up with several highly rated storage companies that are IRS approved and offer competitive rates.
Meeting the Highest Industry Standards
GPM does an all-around excellent job of helping new and experienced investors who want to set up gold IRAs. Their staff members also work with anyone who needs to convert an existing IRA or 401k into a gold IRA.
Here’s a summary of the pros and cons we discovered when doing in-depth research on Goldco Precious Metals:
- The rating for GPM by the Better Business Bureau is as high as it can be, A+
- GPM management possesses more than 100 years of total experience in the gold IRA business niche, which is far more than even the top competitors in the industry.
- According to the Better Business Bureau (BBB), Goldco has received not a single consumer complaint within the past three years, an almost unheard of record for any company in any industry.
Among thousands of verifiable online reviews of the Goldco, posted by current and past customers, reveal a high degree of satisfaction, with more than 95 percent of all ratings being either four-out-of-five stars (on sites using star rankings) or 98 percent (on sites using numerical rankings).
- GPM’s customer representatives have built a deserved reputation for helpfulness. They go out of their way to welcome and help educate new investors, and answer any question you can think of, regardless of its complexity or simplicity.
- The fee structure is on the low end of the range, with many built-in rewards for first-time investors.
- The company’s website is a slow loader and could be easier to navigate.
- The GPM fees structure and account minimums, while fair and competitive, are not stated clearly on the website.
The Big Picture
Of all the companies that currently offer gold IRA services, Goldco is without a doubt in the top three. The only possible, substantive criticism we have with the company is that their website is not as good as it could be.
However, that problem could be remedied easily by including detailed information about account minimums and fee structures. Plus, the main page is image rich and takes a while to load. But, overall, when it comes to the important things a gold IRA provider should be doing, Goldco does all of it right, and does it well.