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If you're considering opening a gold IRA, chances are you've started researching several gold IRA companies online. With more than a decade in business, Goldco is one of the larger U.S. gold IRA dealers worth your consideration.
In this Goldco review, we'll research the company's reputation, online ratings, products and services, IRA costs, and what to expect if you choose to open an IRA with the California based gold company.
Goldco Summary
With 10+ years in business and thousands of customers, Goldco has 5 star reviews across the web and maintains an A+ rating with the BBB. Goldco offers stellar service and competitive promotions.
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pricing
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fees
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Goldco Background
Goldco's founder Trevor Gerszt spent the early 2000s working in southern California real estate market before entering the precious metals industry. It was during the stock market and real estate crash of 2008 that Gerszt realized the unique role precious metals can play in protecting retirement savings.
He saw a void in the market for a simple and easy way to diversify savings with gold and silver. Gerszt set out to provide a streamlined solution for these customers.
Goldco founder, Trevor Gerszt
Today, Goldco is one of the largest and most widely recognized precious metal IRA companies in the United States. The business has serviced thousands of gold IRA customers and developed a reputation as a leader in gold and silver IRAs.
Related: How to Convert Your IRA or 401(k) into Physical Gold
Goldco Gold IRAs
Goldco is able to deliver physical precious metals to customers in all 50 states, but their specialty is in facilitating precious metal IRAs. Since most of their customers are looking for gold and silver IRAs, this will be the focus of our Goldco review.
What is a Gold IRA?
Your current 401(k), TSP, 403(b), or other employer-sponsored retirement plan likely offers a wide variety of index funds, stocks, bonds, and other traditional assets that you can add to your account every paycheck...
The problem?
If you're retired or near retirement age, likely most of your savings are in these stocks and index funds.
Your current 401(k) custodian likely does not support adding physical precious metals to your retirement account. This is where a self-directed IRA (SDIRA) comes in.
A self-directed "gold" IRA allows you to use retirement savings to buy certain gold, silver, platinum, and palladium products.
In order to open a self-directed gold IRA, you'll need to:
- open a new self-directed IRA account
- transfer or rollover funds from your current 401(k) to the SDIRA
- use the funds to purchase precious metals
- have the metals delivered to an IRS-approved gold IRA storage facility
If reading all this makes your eyes cross, don't worry.
This is where a company like Goldco steps in. Goldco has built relationships with the top custodians and gold storage depositories. They will help you fill out all the paperwork and facilitate each step of the process.
They do this for customers every day.
Request your free gold IRA kit from Goldco today.
Goldco Gold 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.
Gold IRA Storage Fees
If you search the internet for "Goldco fees," you'll find a number of online sources with contradictory information. We've reached out to Goldco directly to get the most up-to-date information on Goldco fees.
According to Goldco:
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.
Note: These fees are paid directly to your Custodian and vault storage provider.
Goldco does not charge additional fees or make a profit from setting up these gold IRA accounts.
In fact, it's not unusual for a gold IRA company to cover your setup fees or run promotional offers to offset some of these account setup costs. Before opening up a new precious metals IRA, be sure to ask about any promotional offers for new customers.
How does Goldco Get Paid?
Goldco is able to purchase precious metals at wholesale cost. When you're ready to choose the precious metals for your IRA, Goldco charges you (the customer) a retail price for these gold and silver products.
This spread (or markup) between the wholesale and retail price of your precious metals is how Goldco makes a profit.
Goldco
Gold IRA-Eligible Precious Metals
Goldco can source any precious metal products you may be interested in purchasing. If you're looking for collector coins for your home collection, or bullion for your IRA, Goldco can serve your needs.
It's important to note that not all precious metals are eligible for IRAs. Goldco precious metal specialists can answer questions and ensure all of your IRA purchases are products allowed by the IRS. Just a few of the more popular gold IRA bars and coins include:
- Gold American Eagle coins (bullion or proofs)
- Gold Buffalo coins
- Silver American Eagles
- Canadian Gold or Silver Maple Leafs
- Austrian Gold Philharmonics
- Credit Suisse bullion bars
- Pamp Suisse bullion bars
The IRS has minimum purity requirements for IRA-approved coins and bars. Whether you end up opening a gold IRA with Trevor Gerszt's Goldco or one of their competitors, your precious metals specialist should be able to guide you towards appropriate products for your retirement account.
Note: American Eagle Proof coins do not meet the purity requirements for your IRA, however, Congress has made an exception allowing these collector coins in your retirement account.
Some love the idea of buying proof coins, others advise against it due to the fact that these coins typically sell for a higher mark-up than bullion coins.
Whether you go with Goldco or a competitor, make sure to review the different products and consult with a financial advisor before finalizing any purchase decisions.
If you're new to gold and silver coins, it's probably best to stick with bullion coins. Always get pricing information in writing before buying, and ask questions.
Request your free kit from Goldco today.
Goldco Reputation, Complaints, & Ratings
Goldco not only holds an A+ rating with the Better Business Bureau (BBB), but their founder Trevor Gerszt is also on the Los Angeles BBB Board of Directors.
The company holds an AAA rating with the Business Consumer Alliance (BCA), and has a 5 star average customer rating on TrustLink and TrustPilot based on hundreds of reviews.
Goldco is also often the top rated gold IRA company across online finance publications and industry review websites. Goldco has ranked at the top of gold review sites ranging from Investopedia to Money Magazine.
Goldco Competitors
It's always a good idea to compare companies before making any major financial decisions. Here are a few alternatives to Goldco. Each of these companies is also highly rated and hold an A+ with the BBB.
- Augusta Precious Metals: Launched in 2012, Augusta customers qualify for zero IRA fees for up to 10 years
- Birch Gold Group: Established in 2003, Birch Gold has served thousands of US customers. Ask about how to qualify for up to $10,000 in silver coins
- Noble Gold: In 2017, industry veteran Collin Plume opened Noble Gold Investments. Noble is known for their wide selection of bullion products sold at a low markup.
Buyback Policy
If you choose to sell your precious metals years down the road, Goldco claims to offer the best price for your metals with no hidden costs or fees. As with everything else, get their buyback policy in writing and compare it with others to ensure it's the 'best' deal available.
Goldco Reviews
In short, Goldco reviews online are mostly positive. With over a decade in business, they're highly rated on verified third-party independent review sites, and they have built a positive reputation for serving happy customers across the U.S.
We've added Goldco to the top of our best Gold IRA companies list for 2024.
We always recommend contacting two or three companies, requesting free information from their website, and moving forward with the company you're most confident in working with.
Based on our research, Goldco should be on your short-list of trusted precious metal dealers to consider for your precious metals IRA.
