Gold has been a sought-after commodity for years, and it continues to be a popular safe haven during economic turmoil for investors around the world. If you’re looking for a way to invest in gold and other precious metals as part of your retirement savings, a precious metal IRA is a great way to do this.
GoldCo is one of the leaders in gold and silver IRAs. It also assists investors with the rollover process and sells gold and silver coins and bars to investors outside retirement accounts.
The company received excellent reviews from reputable financial reporting sites, such Cayman Financial Review.
We took a closer look at this precious metals company to determine whether it lives up to its reputation. Here’s what you need to know about GoldCo before making a precious metals investment.
Company Overview
Company Name: GoldCo
Website: goldco.com
Type of Business: Gold and silver IRA provider
Services Offered: GoldCo offers the direct sale of gold and silver, precious metals-funded IRAs, rollover assistance, and GoldCo precious metals buybacks.
Location: California
Owner: Trevor Gerszt
Founded In: 2006
Our Overall Rating: 5/5
Understanding Precious Metal IRAs
The GoldCo precious metals IRA is at the heart of what the company does, so it is a good idea to understand what a precious metals IRA is and why it is such a popular way to save for retirement.
Silver or gold IRAs are essentially self-directed retirement accounts in which physical precious metals are held for the benefit of the investor.
They are like traditional IRAs, except that gold and other precious metals are held instead of paper assets. Many people prefer IRAs because of the tax advantages that they offer.
Unlike other gold IRA companies, you can only set up a gold or silver IRA with GoldCo. However, what sets the company apart from its competitors is that investors get free assistance with rollovers and the information they need to know that they are making the right decision.
What Is GoldCo?
GoldCo is a privately held company specializing in transferring assets from 401(k), 403(b), and traditional IRA accounts to a self-directed precious metals IRA to safeguard retirement savings.
Its IRA consultants focus on guiding clients through the rollover process one step at a time in order to make setting up this type of account as straightforward as possible.
The company offers a range of gold and silver coins and gold bullion. It also provides investment management and asset protection services to both collectors and investors.
Here is a summary of the services that you can expect from GoldCo:
- Silver IRA
- Gold IRA
- 401(k), 403(b), and traditional IRA rollovers
- IRA planning for Roth and traditional retirement accounts
- Simple IRA planning
- SEP IRA planning
The Company Behind GoldCo
GoldCo is a California-based company that was established in 2006. That means that it has been around for 16 years! The business was founded on the principles of passion and financial security by a group of visionaries who wanted clients to have a multitude of choices for diversifying their investment portfolio.
It only offers gold and silver as metal alternatives, so investors should keep in mind that palladium and platinum are not available. However, since these precious metals are the most popular, this is a minor drawback.
If you wish to buy gold, you can rely on GoldCo’s knowledge. Its staff consists of highly skilled individuals who can help you navigate your retirement options and will even help you sell your precious metals.
The company is also dedicated to providing customers with the information they need to make informed decisions about their financial future.
It is also highly regarded amongst organizations such as the Better Business Bureau (BBB) and Business Consumer Alliance (BCA), which is a tell-tale sign that it provides outstanding customer service, an admirable quality for any business that deals directly with customers.
The Pros and Cons of Working with GoldCo
One of the best ways to determine whether a company is ideal for your retirement investment is by looking at the pros and cons. Here are the pros and cons of working with GoldCo.
Pros
- Low annual fees
- Complimentary assistance with the rollover process
- The company has earned over 1,000 5-star ratings from real customers
- One of the most trusted precious metals IRA companies in the world
- Offers the highest buyback rates
- You get great deals on gold and silver
- Multiple storage options
- Outstanding customer service
- AAA rating from the Business Consumer Alliance
- A+ Better Business Bureau rating
- The company will waive fees for the first year on orders over $50,000
- Setting up precious metals IRAs is very easy with GoldCo
Cons
- High minimum investment
- Direct purchases are only offered on orders over $20,000
- The company only offers gold and silver
GoldCo Precious Metals IRA Fees
GoldCo requires a minimum order value of $15,000. Instead of charging a fee as a percentage of your assets, the corporation charges a single annual fee. Its website does not offer much information about the fee structure. However, it does indicate that the company offers frequent fee refund programs.
Keep in mind that the cost of gold storage and custodianship is determined by the company you hire to provide these services. The IRS requires all precious metals IRA holders to have a custodian and use an approved depository to store their IRA precious metals.
Storage costs typically range from $10 to $60 per month or an annual cost of 0.35 percent to 1 percent of the total value of the precious metal assets. You can expect to pay anywhere between $75 to $300 annually for a custodian, based on the value of your precious metals investments.
How to Open an Account with GoldCo
The truth is that setting up a GoldCo precious metals account is very easy. The GoldCo staff will help you every step of the way. You can set up your Goldco gold IRA in just three simple steps:
- Before you create a retirement account, the firm will ask you to sign a contract. You will need to read through the terms and conditions carefully before signing the agreement. As part of the company’s promotions, they offer free silver or gold to investors who invest a particular amount.
- The next step is to put money into your retirement account. You have the option of transferring assets from conventional retirement accounts or using your retirement funds to finance the IRA. GoldCo offers a simple IRA rollover with little tax implications.
- After you’ve financed your GoldCo retirement account, you get to choose which metals to include in your portfolio.
These metals will be held in a depository for you. Keep in mind that you will need to find a custodian and storage facility, and fees will vary according to the service providers you choose.
What IRS-approved Coins Does GoldCo Offer?
If you’re wondering what coins the firm offers, we’ve included a list of the most common offerings below. You can contact the company to obtain a more detailed list of its current offerings, and a consultant will walk you through your options.
Read Also: How To Invest in Gold through Companies like Goldco
The firm currently offers the following silver and gold coins that you can purchase as part of a gold or silver IRA:
- Gold American Eagle Type One/Two
- American Gold Buffalo
- Gold American Eagle Proof
- The Liberty Coin
- Gold Valor
- Australian Striped Marlin
- Gold Maple Leaf
- British Lunar Series Coins
GoldCo Reviews: What Customers Have to Say
While a company can sound great on paper, it may not be as successful in the real world. The truth is that no matter how great a company’s services or products are, poor customer support often determines whether users will continue to use the company for their precious metal IRAs or not.
We were impressed with what we saw when looking up GoldCo reviews. The company claims that it received over 1,000 five-star ratings from its customers. This is not a made-up figure – there really are thousands of positive customer reviews online!
BBB and BCA Ratings
The Better Business Bureau, a non-profit organization dedicated to establishing trust between consumers and businesses, has given GoldCo an A+ rating.
It was awarded an overall rating of 4.87 out of 5 stars by BBB customers. The company has thoughtfully addressed the minor issues and complaints it received.
Furthermore, the BCA, a business that monitors and reports on business practices, has given GoldCo a AAA rating.
Consumer Affairs
GoldCo is rated 4.8 out of 5 stars by ConsumerAffairs users, and the company appeared to be quite responsive to questions, with many customers stating that the consultants were informative and courteous.
Google Reviews and TrustLink Reviews
On Google Reviews, GoldCo received 4.8 out of 5-star ratings, and it earned an impressive five-star overall rating from customers on TrustLink.
Conclusion
Choosing a company to buy physical precious metals from or invest in a gold IRA with is one of the most important decisions you’ll ever make. This is because this company will be responsible for offering you lifelong services as you save for your retirement.
GoldCo helps clients navigate key decisions, such as precious metals IRA requirements and IRS-approved investment possibilities. It has a vast knowledge of the precious metals market and gold and silver IRAs.
Customers routinely praise GoldCo’s customer care when setting up a precious metals IRA. With 16 years of consistent service in the industry, it is no wonder this company is considered a leader in the industry.
Would we recommend GoldCo to anyone looking for a company to help them set up their precious metals IRAs? Absolutely!
Frequently Asked Questions
Do you need more information? Here are answers to some of the most commonly asked questions about GoldCo.
-
How Long Does It Take to Rollover Funds from a Traditional IRA to a GoldCo Gold IRA?
The truth is that every rollover is different, so processing time can vary from one investor to the next. However, the average time is two weeks.
-
Does GoldCo Have a List of Preferred Custodians and Depositories?
Yes, the company does have a list of service providers that it prefers to work with. However, it does not require its investors to choose these providers. This means that choosing which custodian and depository to work with is entirely up to you.
If you’re looking for reliable recommendations, speak to a GoldCo consultant to learn more about the company’s go-to service providers.
-
Can I Store My IRA-backed Precious Metals at Home?
Many people would prefer to store their precious metals at home. However, this cannot be the case because the IRS prohibits it. The IRS requires investors to hold their precious metals in an approved storage facility and use a custodian to manage the account.
This is done to ensure that the precise quantity of precious metals you buy are the ones you will benefit from in the future.
-
When Will I Be Eligible for Distributions?
You can start receiving benefits from your gold IRA from the age of 59.5. Because this is a rule put in place by the IRS, it could be subject to change.
-
Who Is GoldCo Recommended for?
GoldCo is the ideal precious metals firm for you if:
- You’d like to buy precious metals outright
- A silver or gold IRA would make an excellent investment to help you protect your wealth against inflation and market volatility
- You are nearing retirement and fear another economic crisis
-
Why Should I Invest in a Gold IRA?
Traditional IRAs might not be sufficient to support you and your family after you retire. The truth is that the economy has already suffered several times over the past decade, and investors who are looking for IRAs that will not vanish when the dollar falls in value can benefit from a gold IRA. Gold is the only safe form of wealth that has survived the test of time.
A gold IRA will allow you to diversify your retirement portfolio, which ensures that all will not be lost if one type of investment goes under. It also offers a number of tax benefits!
Are you looking for reviews of other gold dealers and IRA providers? Please browse the content on our website to find the information you’re after!
