Goldco Review

Goldco Review

Goldco Review

Do you want to secure your retirement savings more safely than in stocks or bonds? Do you want to protect your assets against inflation and the depreciation of the dollar? A gold IRA might be the right solution for you.

Goldco is a leading industry provider of gold IRAs. They also operate as a brokerage that sells precious metals investments to people outside of an IRA.

The company employs experts in tax law who know everything there is to know about opening a self-directed IRA. They can walk you through the entire process of creating and funding your account. They'll also provide ongoing customer service and communicate with your custodian for you.

We've found Goldco to be the best precious metals company for investing your savings. Their reviews are outstanding, and they have a strong reputation in the community. Every client with the company gets access to unparalleled customer service.

Goldco Review

All About Goldco

Goldco is a precious metals firm that provides full services. Though the company's specialty is in gold and silver IRAs, you can also purchase precious metals directly through their brokerage.

The company was founded in 2006 and has been in business for about fifteen years. They have established themselves as the top leader in the precious metals industry.

The overall goal of the business is to help people protect their assets, diversify their investment portfolios, and grow their retirement savings by investing in precious metals.

The company focuses strongly on providing exceptional customer service. In addition, they have many free resources available through their website. These investment resources can educate people about how to choose the right balance of assets for their retirement portfolio.

The company was founded by Trevor Gerszt and has headquarters in California. In 2015, it was named one of the fastest-growing financial companies in the country. It was also named one of the fastest-growing companies in general around Los Angeles.

Investing in precious metals is a tried and true way to protect your savings against inflation and market volatility. Many people are looking for more secure investment alternatives after seeing the way the stock market has fluctuated over the past few decades.

Goldco Review

Company Services

All of Goldco's services are related to the acquisition and storage of precious metals. There are two main services. The first is precious metals IRAs, and the second is direct purchasing of precious metals.

Many precious metals dealers have begun investing in cryptocurrency in recent years. If you do have an interest in cryptocurrency, there is a sister company that can help you pick the right option for your profile.

IRA Services

An IRA is a type of retirement account. Like all retirement accounts, it has certain tax advantages. You don't need to pay taxes on the gains or the income until you begin taking your contributions in retirement.

Anyone under age 70 who earns income can open an IRA. A precious metals IRA is a type of self-directed IRA. With Goldco, you can fill your self-directed IRA with gold, silver, or some combination of the two.

The IRS has strict regulations regarding how IRA assets can be stored. As such, any physical purchases you make for your IRA will be stored in an IRS-approved facility.

You will also need a custodian for your IRA. This is the financial institute that takes care of your assets and ensures that they're stored properly. Goldco usually works with Equity Trust Company, a custodian that has been well-reviewed for its transparency and reliability.

If you choose to invest your retirement savings in an IRA, Goldco will help you with the rollover process of your existing retirement accounts. They will streamline the process and handle the paperwork for you, which takes the majority of the headache and hassle out of the endeavor.

Non-IRA Purchases

Goldco allows investors to purchase precious metals without being part of an IRA. When this is the case, you can have your purchase delivered anywhere you want. There's no need to secure a custodian or set your purchase in an IRS-approved depository.

It is recommended that you insure your purchase and store it somewhere secure. This helps ensure that you don't lose your assets due to theft, loss, or natural disasters.

The company sells gold and silver coins, bars, and bullion. However, they do not generally deal in platinum or palladium. If you want to purchase either of these precious metals, you'll be better served by a different operator.

Cryptocurrency IRA

The IRS has made it legal to invest in cryptocurrency as an alternative asset for your retirement. This tends to be much riskier than physical alternative assets. But it also has a high potential for reward. Cryptocurrency is a multi-billion dollar industry.

Goldco themselves don't offer cryptocurrency services. But if you do have an interest in digital currency, you can work with their sister, CoinIRA. This company lets you open a cryptocurrency IRA using a variety of different investment options.

Types of Investments

To summarize, there are four total types of investments that you can make through Goldco.

  • Gold IRAs, which have a 25,000 dollar minimum.
  • Silver IRAs, which have a 25,000 dollar minimum.
  • Non-IRA purchases, which have a 3,500 dollar minimum.
  • Cryptocurrency IRAs, which are facilitated through the CoinIRA sister company.

The company setup is straightforward and simple. As long as you know what investment you want to make, it's easy to get started.

Goldco Review

Benefits of Precious Metals

It's common for people to invest in precious metals during times of uncertainty. Over the past two decades, the economy has gone through some incredibly difficult ups and downs.

The 2008 recession was one of the worst financial disasters in US history. Many people lost everything they'd saved for retirement. They woke up to find that their houses were worthless. It's been more than a decade since then, and some people are still weathering that blow.

The coronavirus pandemic was another hard hit to the economy. It made many people realize just how fragile the stock market is. With small business owners having to close up shop all over the country, plenty of people are feeling displaced.

Precious metals help you to secure your assets against inflation and economic upheaval. They tend to be a stable investment. For thousands of years, gold and silver have been used as currency. Nowadays, they're increasingly needed in an unstable economy.

As a general rule, precious metals tend to have the opposite change in value to the stock market. When the stock market crashes, the value of precious metals soars. When the stock market is doing well, precious metals aren't as highly valued because they aren't as high in demand.

Because of this, many financial experts recommend putting part of your retirement savings in precious metals. This is a means of diversifying your portfolio that helps to protect your items in the future.

Of course, with all of that said, it is important to know that precious metals have some risks. Like with any investment, you shouldn't invest more money than you're willing to lose. Goldco's experienced financial services staff can explain the potential risks and benefits of different investment options to you.

Goldco Review

Service Fees and Costs

The company has among the lowest fees in the industry. The exact fee you'll pay depends on the type of service that you're purchasing.

IRA Setup

If you set up an IRA, you will need to pay a one-time fee of 50 dollars. This covers all of the expertise, advice, and handling of your paperwork. It's definitely worth the cost for how easy the company makes the entire setup process.

Additionally, you'll need to pay a one-time fee of 30 dollars for a wire transfer. That makes the total setup cost about 80 dollars, significantly less than many other brokerages. This is also a flat fee regardless of how much money you're investing.

Annual IRA Fees

With any precious metals IRA, you'll need to pay storage fees and custodial fees. You can expect the custodial fee to be about 80 dollars per year. Meanwhile, you have a choice of segregated or non-segregated storage. The non-segregated option costs 100 dollars annually, while segregated is 150 dollars annually.

The company prefers to use non-segregated storage when possible. Your total fee including the setup will be 260 dollars per year, and 180 dollars after that. If you opt for segregated storage, it's 310 dollars for the setup and 230 dollars for each year afterward.

Segregated storage offers an additional layer of security, but it isn't necessary to be compliant with IRS regulations. If you have segregated storage, it means that your vault is not accessible to anyone except you, your custodian, and whoever else you choose.

If you're extremely worried about fraud or theft, you might choose to get segregated storage. But non-segregated storage is still very secure. And you can have your precious metals insured against potential theft, loss, or damage. This can help give you peace of mind even if you use non-segregated storage options.

Regular Investment Purchases

If you make a purchase outside of an IRA, you don't have to worry about fees. There's no need to pay to set up an account, and you don't have to pay for ongoing storage and maintenance. The only cost you'll pay is the cost of the precious metals you're buying.

You might choose to secure your assets in a depository that requires ongoing maintenance fees. But if you do, that transaction will not be handled by Goldco.

Goldco Review

Who Should Invest

The company works well for a variety of investors. You don't need to be nearing retirement age to make use of the options. As long as you have savings to purchase precious metals, or you have a retirement account with at least 25,000 dollars to fund your IRA, this is a great option.

Physical Assets

If you are an investor who wants to own physical assets, this might be the choice for you.

Stocks are intangible, which is why they are subject to so much volatility. If a company goes out of business, your stocks in that company become worthless. By contrast, precious metals physically exist, which ties your wealth to a physical form.

Many people choose to invest in physical assets because of the extra security. Precious metals are sometimes favored above real estate, since the real estate market can be just as volatile as the stock market.

Market Protection

In the past few decades alone, we've seen the stock market go through multiple enormous crashes. If the idea of losing your retirement savings because of stock volatility makes you anxious, precious metals can give you an extra layer of security.

The idea isn't to get rid of all of your stocks in favor of precious metals. Instead, investing a percentage of your wealth in precious metals will give you enough stability to ride out periods of turbulence in the market.

Near-Retirees

If you are getting close to retirement, you're probably thinking about your current assets and how vulnerable they are. For example, if the market crashed like it did in 2008, would you still have enough money to retire comfortably?

For those who are retired or almost retired, precious metals help you stabilize your assets. Again, they give you the wealth you need to ride out the highs and lows of the economy.

Goldco Review

Company Reputation

Goldco has received overwhelmingly positive customer reviews and ratings from watchdog organizations.

TrustPilot gives the company a 4.9 out of 5 star rating, with several hundred reviews accumulated. With the BBB, the business is accredited and has an A+ rating. The BBB reviews are also overwhelmingly positive.

Consumers consistently note how impressed they are with the company's staff. The IRA specialists on the team know everything about setting up an IRA, getting the paperwork done, and making the right choices for funding it. They really make you feel like you're on even footing.

Every client is put in touch with a dedicated specialist. The same person remains assigned to your case throughout the entire IRA process. They will work with the custodian of your old retirement account to roll over your funds without any hassle on your end.

That means you never have to communicate with anyone except your representative. They do all of the heavy lifting. You don't have to worry if you don't have a financial services background or strong understanding of retirement tax codes.

Clients state that the process is not only painless, it's actually quite pleasant. They also note how the company is easily reachable, and how the representatives are consistently willing to answer questions.

Ultimately, the customer service is unmatched. That's a big part of why this company makes our top recommendation for this industry.

Goldco Review

Unique Features

The company has a variety of unique features, policies, and offers that set it apart from the competition. While some competitors might have some of these features, most don't have anywhere near all of them.

New Customer Perks

If you're a new customer with the company, you'll get access to certain special offers. Some of these include:

  • Accounts with at least 50,000 dollars have their first year fees completely waived.
  • Purchases of at least 50,000 dollars can be reimbursed with at least 5 percent of their value in free precious metals.

That means that you'll save hundreds in setup fees and get up to 2,500 dollars in free gold and silver.

Low Fees

You'll pay a flat fee for your purchases, rather than paying a percentage of your total wealth. This means that you never need to worry about your fees getting higher as you invest more in your account.

After the initial setup costs, you can pay just 180 dollars per year to maintain your IRA. This is significantly lower than the usual industry standard.

There are no fees for non-IRA purchases. In addition, Goldco does have a storage facility where they can keep your non-IRA purchases for free. Most brokerages won't offer this.

If you have a storage space of your own, you can make your own arrangements as well.

Rollover Assistance

You might have one or more existing retirement accounts. If that's the case, Goldco can help with the rollover process. This allows you to transfer funds from your accounts into a self-directed IRA so you can purchase precious metals.

The simple process goes as follows:

  • You open your gold IRA.
  • Your dedicated specialist handles the rollover process to transfer funds into the account.
  • Once you have your funds, the specialist will advise you on the best precious metals to purchase based on your goals.

You barely need to do anything because your specialist handles it all. Typically, the entire process takes around ten business days or two weeks.

Buyback Options

One of the drawbacks of precious metals investments is that the metals aren't always easy to liquidate. You have to find a buyer for them. If you need to sell fast, you might have to give them to a buyer who pays less than market price.

But Goldco eliminates that headache with their buyback program. Once you're ready to sell your assets or take shares from your account, they will buy the metals back.

This means that you'll get a fairer price than you would if you were looking for a quick investor.

There's no requirement that you sell the metals to Goldco. If you have a buyer lined up, or you want to keep the metals for yourself, that's fine. But if you're worried about how you'll turn the metals into cash, you can breathe easy. The buyback program gets rid of the hassle.

Educational Resources

The Goldco website is outfitted with a huge number of educational tools. These help teach investors about retirement savings, different types of retirement account, the precious metals industry, the economy, and how to make smart investment options.

The company's in-depth blog writes articles of interest about global economics. You can also download multiple eBooks for free.

Videos are also available. These discuss economic history, the fluctuation of the dollar, and potential threats to your retirement.

The site also updates you on the price of precious metals in real time with its price trackers.

Final Thoughts

Goldco is an industry leader with excellent customer service and even better ratings.

If you want to protect your retirement assets against stock market crashes, one of the best things you can do is open up an IRA with Goldco.

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