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Goldco
Goldco helps investors protect their retirement savings by moving their hard-earned money into self-directed IRAs where they can hold physical Precious metals. There are numerous Gold IRA companies doing the same thing, but Goldco is an industry leader because of their outstanding customer service.
As proof of their commitment to customer satisfaction Goldco has hundreds of positive customer reviews and high ratings from the agencies that evaluate businesses based on their trustworthiness and ethical business practices.
Goldco has been keeping customers happy for more than 10 years. That's a great reason to choose them as your Gold IRA provider, but it's not the only reason.
Company highlights
A+ rating with BBB
The mission of the Better Business Bureau is to promote trust in the marketplace and they have been doing this since 1912. Companies can only earn an A+ BBB rating by treating all of their customers with respect and honesty.
4.8 out of 5.0 rating with TrustPilot
TrustPilot gathers over 3 million customer reviews every month and since their start in 2007 has compiled more than 167 million reviews. Goldco's high rating with TrustPilot is based on 739 reviews from consumers just like you.
AAA rating with BCA
The Business Consumer Alliance started rating businesses on their performance and reliability in 1928. When the BCA gives a company an AAA rating, they are predicting that consumers will have an excellent experience with the company.
4.7 out of 5.0 rating on Google
Google compiles customer reviews from all properties on the web, including third-party sites like BBB and BCA. Goldco's high Google rating demonstrates that the company is widely respected by both consumers and rating agencies.
Storage options
Goldco has an established relationship with the Delaware Depository. This company provides secure storage for the metal in your IRA and insures it with a $1 billion dollar all-risk policy from Lloyd's of London. You can choose to store your metal in either California or Delaware.
Precious metals specialists
Regardless of how much research you do on Precious metals and self-directed IRAs, it is almost certain that you will still have questions. Goldco has an expert staff with the knowledge and patience to answer all of your questions without applying any pressure to make a purchase decision.
Educational resources
Goldco provides in-depth educational resources to prospective customers by mail and email. To receive these materials request their free Precious metals kit by clicking the banner below. On the Goldco website you will find a beginner's guide to Gold IRAs and articles covering topics related to retirement savings.
Wide selection of metals
Goldco offers a wide selection of Gold, Silver, Platinum, and Palladium Coins and bars. You can choose from products produced by both government mints and third-party refineries. At Gold Well Live we recommend the products with the lowest premium over spot prices which typically means bars instead of Coins.
Free metal on qualifying transactions
Investors who deposit $100,000 or more into their Gold IRA are eligible to receive 10% of their Investment in free Silver.
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Protecting Wealth
Goldco has been protecting the Wealth of investors since 2006 when they began making Precious metals readily available to investors. The company facilitates Gold IRAs for tax-advantaged investing and sells Precious metals bars and Coins to investors who want to take personal possession of their metal.
Diversification
Computer models of a 60/40 Portfolio (Stocks / Bonds) show that the Portfolio performs better in all market conditions when it has a 3 to 10% allocation towards Gold.
Inflation Hedge
Gold proved its ability to hedge against Inflation and Stagflation during the 1970s when it rose in price from $38 an ounce to $850 per ounce (2100% increase).
Timeless Value
The first Gold currencies were introduced in both Europe and China around 600 BC (2600 years ago) and Gold has been used as a store of value ever since.
Gold Coins
Goldco has all of the common IRA-approved Gold Coins available: American Eagles, American Buffalos, Canadian Maple Leafs, Austrian Philharmonics, and British Britannias. Quite often they have limited edition Coins like the Striped Marlin from Australia. In addition to these Coins, Goldco has a wide selection of IRA-approved Gold bars in stock.
Investors who want to take direct possession of their Gold Coins can choose from pre-1933 Coins minted in America and Europe in addition to the IRA-approved bars and Coins.
American Gold Buffalo
American Gold Eagle
Canadian Gold Maple Leaf
Australian Gold Striped Marlin
At Gold Well Live we recommend that investors purchase the Gold products that have the lowest premium over the spot price of Gold. Typically this means Gold bars instead of Coins and we never recommend proof Coins for IRA investors. When you are ready to purchase your IRA Gold, ask the Goldco representative which products carry the lowest premiums.
Silver Coins
At Gold Well Live we recommend that investors overweight their Precious metals Investments towards Silver over Gold. In our opinion, Silver is the most undervalued asset on planet Earth. Silver has greater investor demand and more commercial demand than Gold. When Precious metals prices are rising because of Inflation and Stagflation, Silver tends to outperform Gold on a percentage basis.
American Silver Eagle
Australian Silver Saltwater Crocodile
Canadian Silver Maple Leaf
Austrian Silver Philharmonic
Goldco offers a wide array of IRA-approved Silver Coins and bars.
Premiums on Silver bars and Coins are substantially higher than comparable Gold products. The higher premiums are due to the relatively low cost of Silver. When you speak to a Goldco representative ask them which Silver products have the lowest premiums.
100-ounce Silver bars offer the lowest premiums at about 7%. The premium on 10-ounce bars is more like 9% and generic Silver one-ounce Coins (usually referred to as "Silver rounds") carry premiums of approximately 15%. If you insist on purchasing American Silver Eagles, plan on paying a premium of more than 55%. Proof versions of the Silver Eagle will have a ridiculous premium of 400% or more. Again, don't buy proof Coins!
If you are purchasing Silver outside of your IRA we recommend 90% "junk" Coins for at least part of your Investment. These Coins, containing 90% Silver by weight, were minted by the US Mint prior to 1964 in denominations of dime, quarter, and half-dollar. Investors are hoarding these Coins so premiums have risen in the last few years. Currently (late-July, 2022), the premium on junk Silver is about 38%.
Pros and cons
Like all Investments, there are positives and negatives to Gold IRAs and the businesses that provide them. Because a Gold IRA is the only way you can purchase and hold Precious metals using your tax-advantaged retirement savings, picking a Gold IRA company involves weighing each company's pros and cons and picking the company that works best for you. Based on their 16 years in business and 1000s of positive customer reviews, Goldco is one of the best providers of Precious metals IRAs.
Pros
Cons
Conclusion
The "cons" side of Goldco's pros and cons is definitely outweighed by the "pros" side. Goldco has thousands of satisfied customers and the company does its best to resolve complaints from unsatisfied customers. These facts become obvious if you spend some time reading the Goldco business profiles on the BBB and TrustPilot websites.
The items listed as "cons" are typical for all of the top-rated Gold IRA companies, not just Goldco. All of the Gold IRA companies except Fidelity offer their customers proof Coins. Fees vary based on account size and the Custodian chosen so a schedule listing all of the options can create confusion instead of clarity. Available Coins and their premiums can change on a daily basis so none of the Gold IRA companies post this information online. Goldco is able to provide IRA-approved Platinum and Palladium products, but very few IRA investors are interested in these metals.
Ready to protect your retirement savings with Precious metals and do it 100% tax & penalty free??
Click the link below to grab your FREE 2022 Gold IRA Kit which has helped thousands of Americans just like you.
IRA review
One of the challenges with online reviews is that there are businesses that specialize in selling positive customer reviews. Shady companies purchase these reviews to enhance their image and attract customers. Rating agencies like TrustPilot and the BBB have to take measures to prevent these fake reviews from being posted on their websites.
If you look at the Goldco customer reviews on TrustPilot you will notice that the word "Invited" appears next to the customer's star rating. This indicates that Goldco invited a legitimate customer to submit a review to TrustPilot. This 'by invitation' review process is one of the ways that TrustPilot keeps fake reviews off its website.
Out of the 740 reviews that Goldco customers have submitted to Trustpilot, 91% say the company is excellent. Another 7% rate Goldco as great, and less than 3% of the reviews place Goldco in the categories of either average, poor, or bad. Based on these reviews TrustPilot gives Goldco a rating of 4.8 out of 5.0 stars.
BBB review
The Better Business Bureau (BBB) got its start in the early 1900s when quack medical products and procedures were being advertised as miracle cures. For example, hair tonics with ingredients like lead and arsenic were advertised as sure cures for gray or thinning hair. Many products, including Coca Cola, used cocaine or opium as part of their formulation. Advertising firms wanted to bring legitimacy to the industry and in 1911 their first code of conduct, the "Ten Commandments of Advertising", was published.
The BBB's stated mission today is to promote marketplace trust. The organization is widely recognized as one of the most reliable rating agencies for both local and national businesses. According to the BBB, when a business receives their A+ rating consumers can be confident that the business will operate in a transparent and trustworthy manner. BBB ratings place a heavy weight on the resolution of customer complaints and businesses that fail to respond to complaints will lose their A+ rating.
Goldco has been accredited by the BBB since 2011. There are currently 322 customer reviews of Goldco posted on the BBB website. Goldco has a 4.85 out of 5.0 rating based on those reviews. A few recent reviews are shown below.
IRA
fees
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.
Frequently Asked Questions
Goldco helps investors setup self-directed IRAs where they can use money in their existing Retirement accounts to purchase and hold physical Precious metals like Gold and Silver.
Goldco facilitates the entire process from finding an account Custodian and Depository to buying the metal that will be held in the IRA. When it is time to sell, Goldco's buyback program helps investors get the best price for their metal.
Reddit is an online forum where people can engage with one another on an infinite variety of topics.
Internet marketers use Reddit to attract customers so when you see a phrase like, "Goldco Reddit", just know that someone is trying to sell you something.
Trevor Gerszt is the founder and owner of Goldco.
Mr. Gerszt was born in South Africa and emigrated to America with his family at the age of six. The Gerszt family invested in and collected Precious metals, commonly giving each other Silver Coins as gifts. Trevor developed a passion for Silver Dollars and had an extensive collection before arriving in America.
After the housing crash in 2006 Trevor changed his career path from Real Estate to Precious metals and started Goldco as a way to help investors gain easy access to Silver and Gold Investments.
As a private company Goldco stock does not trade on any public exchange.
Corporations commonly allow for the creation of stock shares as part of their Articles of Incorporation. The principals of the corporation may receive these shares or the founder may hold all of them.
To become a publicly traded company the Goldco stock shares would have to be listed with the SEC (U.S. Securities and Exchange Commission).
The Goldco complaints filed with the BBB fall into these categories:
1. unwanted phone solicitations
2. consumers who expected a free Silver Coin but didn't receive one
3. customers who feel like they overpaid for their Precious metals
Goldco responded to these complaints and, in most cases, a satisfactory resolution was reached.
Unwanted phone solicitations
Goldco only contacts people who provide their phone numbers when responding to a Goldco advertisement. The company does not make cold calls.
The fine print on all of Goldco's ads informs people that they will be contacted, but it is easy to overlook or skip this verbiage.
Goldco resolved these complaints by adding the individuals to their 'do not call' list.
Free Silver Coin promotion
Goldco sometimes runs promotional offers to attract customers. These free giveaway offers are intended for qualified investors who have tax-advantaged Retirement accounts. Investors who don't qualify are not given the promotional item.
To satisfy the consumer who filed this complaint, Goldco provided them with two free Silver Coins instead of the single Coin offered in the promotion.
Overpaid for Coins
These types of complaints are not uncommon in the Gold IRA industry. Investors purchase special edition proof Coins and then compare the price of those Coins to the spot price of Silver or Gold.
There are two complaints where customers say they paid more than $100 each for Silver Coins when the price of Silver was below $30 an ounce.
Goldco resolved these complaints by explaining the difference between spot price and the value of the Coins that had been purchased.
At Gold Well Live we recommend that investors never purchase proof or special edition Coins in their IRAs. By following this advice you can avoid one of the most common complaints that investors have about Gold IRAs.
There are three Goldco lawsuits that can be found online. The outline of these cases are described below.
Goldco Direct, LLC v. Wilson
This lawsuit involves a customer who purchased Precious metals from Goldco on three different occasions and then requested a full refund of all of those purchases. Goldco refunded the most recent transaction but chose not to refund the first purchases which had occurred more than 12 months earlier.
The customer in this case was working with a second Gold IRA company and that company's overzealous lawyer.
The Goldco Direct, LLC v Wilson lawsuit involves Goldco suing these litigants for fraud and RICO Act violations.
Jodi Judson, individually and on behalf of all others similarly situated, v. Goldco Direct, LLC
This lawsuit alleges that Goldco contacted telephone numbers on the National Do Not Call Registry using autodial text messaging systems.
Goldco has denied these allegations and the case is currently unresolved.
Goldco does not cold call anyone so the plaintiffs in this case must have provided Goldco with their phone numbers.
Goldco Direct LLC vs. Howard Aronson and Howard Aronson vs. Goldco Direct LLC
Mr. Aronson was the executive vice president of sales and marketing at Goldco in 2017. He is suing the company for supposedly breaching an oral contract.
"In the absence of the Gold standard,
there is no way to protect savings from confiscation through Inflation."
~Alan Greenspan, 1966
About Me
After the dot com bubble popped I started researching Financial bubbles - how they evolve, how they pop, etc. I quickly realized that Gold is the only real money on planet Earth and in 2002 I bought my first Gold Coin. I've been investing in the shiny stuff ever since - both physical Precious metals and the Mining stocks. I've also studied the Financial markets, trading, Technical analysis, and the endless games that central banks play with fiat currencies. I do my best to share what I've learned with others - that's what you'll find here on Gold Well Live.
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I'm just a good ol' boy from Texas, but I love to talk about the Precious metals. I share my ramblings with subscribers on a regular basis.