Are you sure that your current nest egg is safe?
The threat of poor business decisions or the volatile stock market wiping out your retirement accounts is an all too real possibility. Because of this, now might be the best time to invest in precious metals.
There are a few hundred customers and business Goldco reviews vouching for their excellent customer service. Clients are in safe hands creating a precious metal individual retirement account (IRA) with them.
Overview of Goldco
Goldco Precious Metals, or Goldco, is a California-based and self-directed precious metal firm.
They specialize in IRAs funded by precious metals, like gold, silver, platinum, palladium, or a combination of these approved metals. Since its start in 2006, Goldco has spent its last decade of experience providing clients with top-notch customer service.
A few minutes of research online shows that all of their customers are more than happy with the service they provide, with over 90% of their reviews being positive. Any negative reviews on the company are about the precious metals market itself, which result from clients misunderstanding how the market works.
Inc Magazine has featured them regularly in their Inc 5000 series. This list ranks 5000 companies based on their overall growth over three years. Among these rankings, Goldco has scored No. 16 in 2015, No. 528 in 2016, and No. 670 in 2017.
What Are Goldco’s Products?
Goldco works with IRA custodian companies to roll over the traditional IRAs of their clients.
This service turns the paper assets of traditional IRAs like stocks, bonds, or mutual funds into precious metals.
Goldco also buys and sells precious metals at competitive rates on the metals market whenever their client starts distribution from their IRA. This solution comprises buying physical metal-like bullion (metal containing no iron, refined to the highest possible purity) bars and bullion coins.
They assist their clientele in the paperwork filing for the chosen custodian (these custodians have their fees) and their selected storage facility for the approved precious metals.
To be approved, precious metals must be of the following quality:
- Gold, platinum, and palladium must be 99.5% pure.
- Silver needs to be 99.9% pure.
Goldco Costs and Fees
Goldco minimum investment purchase is $25K.
Precious metal IRAs must pay for storage fees every year:
- Non-segregated Storage Fee: $100.
- Segregated Storage Fee: $150.
- Accounts below $100K: $80.
- Accounts at $100k and above: $130.
- IRA setup fee: $50
- Depositing funds through wire deposit: $25 to $30
Based on this, you can expect to spend at least $260 for a gold IRA with non-segregated storage for the first year and $180 for every consecutive year after that.
Assuming that you only made one wire transfer, and if your account were to reach $100k, your yearly fee goes up to $310.
Compared to a traditional IRA, precious metal IRAs have more fees. Most US brokers will not charge you an annual fee. For the ones that do, the prices are comparatively lower because gold storage companies charge for safekeeping your gold for you.
As for the costs and fees for Non-IRA deals:
- One-Time Set-up Fee: $0
- Annual Maintenance Fee: $0
- Storage Fee: $0
Yup. There are no fees for Non-IRA transactions. But there is an investment minimum of $3,500.
Services that Goldco Offers
Goldco products fall under three major categories: Precious Metal IRAs, Non-Precious Metal IRAs, and Cryptocurrency IRAs.
Precious Metal IRAs
Goldco splits its offerings into either Gold IRAs or Silver IRAs. Self-Directed Gold IRAs are the most commonly purchased accounts. Gold IRA also refers to IRAs of differing combinations of approved precious metals.
Goldco consultants assist you in finding a custodian and storage facility. They help in filing paperwork with a custodian company and purchasing IRS-approved coins or bars for you.
It is up to your discretion when you choose to distribute them, and gold prices are always the same as those you can read in the paper. A sudden drop or rise in value won’t blindside you.
Self-Directed Silver IRAs are the same as gold IRAs in almost all aspects. Silver, like most precious metals, maintains its value over the long term. Specifically, its investment and industrial uses mean that its value gets determined by those sectors.
Compared to the gains of gold, which are slow and are noticeable in the long-term, silver earnings happen at a more noticeable percentage. It is a splendid choice if you want to grow your current wealth and continue to diversify your investment portfolio.
Non-Precious Metal IRAs
Goldco specialties used to revolve around the sale and delivery of IRA-approved gold and silver coins. Now they focus more on their Precious Metal IRAs.
Goldco allows you to purchase precious metals directly through them. There are no requirements needed to avail of this service, like age or income.
If you choose to purchase your precious metals this way, you can also decide whether you want to keep your assets in a secure vault or not.
Because of the strict regulations of the IRS, you may not store precious metals in your house. According to the IRS, you can only store precious metals in an approved facility. Other kinds of storage will incur costly fines.
What you can have delivered to your home, though, are Goldco-approved collector coins and mints. Goldco will not include these in your IRA.
Another thing to note is that Goldco only allows you to purchase the gold available in their coin catalog.
Goldco sister company, Coin IRA, offers digital currency IRAs to its clients.
This type of IRA is one where digital currency is the investment of choice. To best diversify your portfolio, you can choose between a single cryptocurrency or a mix of eligible, pre-approved ones.
Cryptocurrency IRAs work the same way as any other IRA. You can fund it with existing IRAs, or you can rollover funds from any eligible, pre-tax retirement accounts.
Bitcoin is the most popularly used currency because it has been around the longest. Other choices like Ethereum and Litecoin are also available. They are just as stable and profitable.
What Makes Goldco Unique?
Goldco differentiates itself from other gold IRAs with features that continue to attract people to them.
Special Offers For New Customers
If the first account you open amounts to at least $50k, you can have all fees waived for that year.
An additional deal is that with the same $50k account, you can receive 5% back in precious metals.
Opening an account of $50k could net you $2,500 in precious metals and let you save as much as $320.
There is also a promotion going on at the time of this article for $10,000 in free silver.
White-Glove Customer Service
Goldco has always been customer-centric.
If you went over the hundreds of customer reviews, it is plain to see just how much they try to streamline their processes for you.
Customers consistently sing praises about how friendly the company consultants are over the phone.
There are no pushy or aggressive sales pitches here. Also, according to reviews, any problems clients face are always solved immediately.
Newcomers can also receive a free guide outlining all the benefits and disadvantages of investing in a precious metal IRA.
Their dedication to their customers is also apparent in the abundance of resources available on their website.
They have free eBooks, charts, blog posts, and even videos for those clients who are visual learners.
While sticking to their goal of making their company as customer-friendly as possible, Goldco offers a low-as-model.
They understand that investing all of your money into a precious metal IRA may not be the best option for you.
Their consultants will work with you to figure out the best solution for your investments.
To open an IRA account with them, you can expect to pay as low as $260 for your first year - at the absolute lowest.
And then the fees will drop to $180 every year after that.
If you are not interested in creating a precious metals IRA with them, there are alternative options available. Their non-IRA transactions cost you absolutely nothing. There are no storage fees, no maintenance fees.
You can work with them at no extra cost to you, something not seen in other gold IRAs.
IRA & 401K Rollovers
What if you already have an IRA? It could be an employer-sponsored 401K, or an investor-sponsored traditional IRA.
What if you want to go about transferring some of those retirement funds over into your precious metals IRA?
Goldco consultants assist you throughout the entire process. They will work closely with you to figure out the best solution for the investments made with other companies.
The process for doing this is relatively simple:
- First, create your precious metals IRA with Goldco. Specialists will cooperate with you to answer all questions you may have.
- The same specialist will link your old and new IRAs. They will file the paperwork and double-check all information before proceeding.
- After you transfer your funds, the consultant will give you a Goldco-approved precious metals catalog to peruse. They will help you find the right combination of metals that will work best with you.
As you can see, their specialists will work with you during the entire process from start to finish. Goldco offers complete transparency here.
The rollover takes about two weeks to go through, with complete updates from them.
State-of-the-art Storage Options
Because of IRS regulations about precious metal storage, you can only use accredited facilities.
Goldco offers non-segregated vault storage through the Delaware Depository Service Company (DDSC) and Brinks - Secure Precious Metals Logistics in New York.
Both Brinks and DDSC are well-known and established precious metals IRA depositories in the United States. Both agencies use refined techniques to keep your assets safe.
For both IRS-approved storage facilities, Goldco offers non-segregated vault storage for a flat rate of $100 per year. They also recommend this option over segregated storage, which would cost you $150.
If you are not keen on having your assets stored in Delaware or New York, you can also choose a different location.
Goldco consultants will help you find the storage options that are right for you.
Do you need to raise some cash? What can you do with the precious metals in your account?
If ever you choose to liquidate your account, you can find many buyers on the metals market. If you want to go this route, though, you might not be getting a fair price on your assets.
Goldco, however, offers a very generous buyback program. They are more than happy to buy back the precious metals you bought from them at more than reasonable prices.
You can always choose to sell your metals to other businesses, but transacting with them is smoother.
Pros & Cons
Like any other business, Goldco has its host of pros and cons. We based a majority of these upon customer reviews.
- Goldco has lower than average fees.
- There are promotions available for newer customers.
- Complete transparency on company background.
- Education materials are available for new and existing clients.
- Goldco specialists have more than a century of combined experience in investing.
- Outstanding customer support
- Non-IRA precious metals have free storage.
- A+ rating by the Better Business Bureau (BBB)
- You cannot set up accounts online.
- IRA deposit minimum of $25,000
- A small collection of approved precious metals
- Does not provide own custodian or storage services
How to Get Started with Goldco
Goldco streamlines all of its transactions. Although they do not allow online account setups, their specialists eagerly assist you throughout the process over the phone.
To open an IRA, all you need to do is:
Select an IRA Plan
To begin, call 877-360-0011.
Talk with the Goldco consultant when deciding if you are starting a new account or rolling over an existing account.
Before jumping into anything, ask them to make sure you are following regulations properly. You also need to check if the other accounts you hold are eligible for the transfer.
Select The Custodian for Your Precious Metals
According to IRS regulations, a custodian needs to store your precious metal assets. Talk to your consultant to find a location that satisfies you.
Select the Precious Metals You Want to Invest in
Goldco provides you with an approved catalog of precious metals you can purchase. You can have any combination of metals in your account.
Purchase Precious Metals
After purchasing your precious metals, you can now work with your selected custodian to store them.
Custodians keep your assets secure at a bullion depository so that they are always available to you.
Augusta Precious Metals
Augusta Precious Metals are a family-owned company that has been in the business for more than 50 years. They have an excellent track record of assisting their customers with building wealth and ensuring secure retirement plans through gold or silver IRAs, even when investing outside traditional accounts.
Pros: Streamlined approach. The company have a lifetime customer support. They have competitive pricing.
Cons: No online orders. You need to have at least $50,000 in savings
BitIRA is a company that provides customers with helpful features and outstanding cryptocurrencies. They offer industry-leading security, an exceptional range of cryptocurrency options, and stand-out reporting abilities. The BitIRA portal's advanced currency exchange capability makes it easy to switch back and forth between digital assets offered by the platform with ease.
BitIRA is the premier company for cryptocurrency investments. They offer industry-leading security, an exceptional range of choices, and their reporting capabilities are unparalleled. BitIRA makes it easy to switch back and forth between currencies with ease thanks to its advanced currency exchange capability on its state-of-the-art portal.
Pros: Excellent resources for learning about cryptocurrency investments. Multilayer security protects IRA virtual assets. Dedicated cryptocurrency IRA specialists
Con: Pricing data is delayed and not guaranteed on the website.
Like Goldco, Regal Assets is a leading broker both in metals and cryptocurrency IRA rollovers.
Not only that, they charge zero fees for their rollover service.
If you want to cash out your metals, Regal Assets guarantees to have your precious metals delivered to you in one week; much lower than the industry standard of 15 to 30 days.
Unlike Goldco, Regal Assets is not a good broker for new investors or those with low starting funds.
A Goldco consultant works with you to find a solution without breaking your wallet.
Regal Assets has a $5,000 minimum investment amount compared to the $25,000 of Goldco.
Established in 2017, the founders of this company have over 25 years of combined experience in investing.
They win the award for the lowest investment amount at $2,000. Goldco requires at least $25,000.
For their rollover processes, Noble Gold has the easiest of the three. You cannot finish the process online, but you can do 90% of the work within ten minutes.
Unlike in other companies where you need to call first or fill up paperwork yourself, Noble Gold takes ten minutes to finish.
Goldco shines here, however, as their consultants walk you through everything and assist you wherever they can.
GoldMoney, while not based in the United States, is an international precious metals dealer. Their principal office is in Jersey in the United Kingdom.
With GoldMoney, you have the option to both buy and sell your precious metals online through their website.
They have Gold Pension Plans, which are the UK equivalent of an IRA. If you want to rollover from a 401K or another kind of IRA, there are loopholes you need to go through.
Their annual Fees amount to $230, and they apply storage fees per vault. The minimum is $10.
Consider investing in precious metal IRAs to help you worry less about the future of your investments during this ongoing crisis.
You can also consider diversifying your investment portfolio by looking into purchasing metals directly.
Even if you already have a traditional IRA and want to roll over your investments into a precious metal IRA, Goldco might be the right company for you.