Goldco Review & Ultimate Guide
Goldco is one of the leading providers of precious metals investment in the industry. They help customers protect their retirement savings through diversifying funds in gold and silver IRAs and through direct buying and selling of gold.
With its outstanding reputation and positive reviews from many satisfied customers, it’s safe to say that Goldco provides the best precious metals asset protection program today. But as with all other investment opportunities, it is important to do your due diligence. There too are a few things you need to know in order to decide whether Goldco is right for you.
In this guide, you will learn more about the company, its products and services, pricings, pros and cons, steps on how to invest with Goldco and more.
Our Goldco Rating
Overall, customers have a highly positive review about Goldco investing. Their customer service is top notch not to mention the superb metals expertise of their team. You may find other companies with a wider range of products, but if you’re looking for gold and silver investing, Goldco is a go-to.
Pros & Cons of Investing with Goldco
Goldco has been in business for over 15 years. The company has a reputation for being reliable and customer-centric. But like any other company, it is not for everyone.
Here are a few of its pros:
Here are a few of the cons:
Great buyback program (guaranteed highest price)
Minimum investment is higher than other companies ($25,000 for gold IRAs)
Get up to 10% in FREE Silver when you invest $100,000 or more
Offers, but does not advertise palladium or platinum options.
Get up to 5% back in FREE Silver when you invest $50,000 - $99,999
Limited variety of gold and silver coins as compared to Kitco and Apmex
Professional and beginner friendly
Over a decade of service in precious metals
Our Rating: 4.9/5
★ Excellent scores on customer service
★ Flat annual fee with zero surprises
★ Precious metals experts
★ 5-star rating from 1,000+ verified reviews
★ INC 5000 recognition for 5 years
★A+ Rating on BBB
Goldco is a precious metals brokerage firm based in Calabasas, California. The company offers precious-metal IRAs backed with gold and silver as securities instead of the traditional stocks and bonds.
While it's apparent that Goldco focuses on assisting customers in rolling over retirement accounts into self-directed gold IRAs, they also sell and buy back physical precious metals.
What makes Goldco one of the best is their few extra services that investors can take advantage of. They also offer customers the ability to invest in Simple and SEP (Simplified Employee Pension) IRAs.
Company Background, Management & Endorsement
Goldco has gone under different trade names including “Goldco Direct” and “Goldco Precious Metals.” The firm is currently led by executives with a proven track record and a combined experience of over 100 years in the gold and silver industry. During its long running years of service, Goldco was able to increase their size from fifty to two-hundred employees.
Founder and CEO
Goldco Founder and CEO Trevor Gerszt was raised in South Africa - home to the biggest producers of gold in the world. As a boy, he had a keen eye for collecting precious metals and coins, which later gave him an edge to lead Goldco.
Gerszt area was originally on commercial and residential properties. It was only when the economy took a downturn in 2008 that he rediscovered his great potential in the bullion trade. During this time, Gerszt saw how resilient precious metals were. This fascination resulted in Goldco.
Gerszt takes pride in being a self-made dealer. He believes that an investor must "hedge against any economic factors, global pandemics, or market volatility".
Goldco has been endorsed by renowned martial artist and actor, Chuck Norris. In a recent interview, Norris praised the company for its services. Here's what he has to say:
Chuck Norris’ limited edition 1oz. Silver coin is also available for sale at Goldco. It’s legal tender face value is at $2. The coin represents his Five Principles for Life: Freedom, Faith, Fitness, Family and Fight. The coin was made with 99.9% pure silver and weighs 31.1 grams. It also comes with a display stand and certificate of authenticity.
Although it's a great strategy for Goldco to offer a limited edition celebrity collectible. It’s important to point out that this is not eligible for IRAs. If you place the wrong type coin in your IRA, you can get charged with a 10% penalty plus income tax for each year the error covers.
Investing in precious metals can be a good choice for individuals who want to steer clear of the volatility in the stock and bond market. This type of investment is also an attractive option for investors who want a tangible item instead of a percentage in a company which is dependent on business growth and poses risks of decline.
Goldco offers stability for their customers through their precious metals funded IRA product and services. They also have a buyback program that allows customers to resell physical precious metals at distinct rates to Goldco. Once collected, these are sold through the market system when customers receive distributions from their IRAs.
Over its decades of service, the brokerage has been recognized by Inc. Magazine as one of the top 5000 fastest-growing companies in the US.
Products & Services
Goldco focuses on helping it's customers roll over their qualified retirement accounts into Gold and Silver IRAs. They also act as a broker for buying and selling of physical precious metals.
Note that Goldco does not offer custodianship for your actual IRA account, but they will help you complete the account application paperwork with their recommended custodian company.
Here’s a complete list of Goldco’s products and services:
Goldco helps in setting up an Individual Retirement Account funded with Gold or other IRS-approved precious metals for the account owner. This is similar to a Traditional IRA, except it invests in precious metals rather than equities or bonds.
This might be more attractive to people who want to grow their wealth. Silver's major advantage over gold is that it provides a higher return on investment.
Goldco can help you convert your Traditional IRA or Roth IRA into a Precious Metals IRA.
Traditional and Roth IRA Planning
The firm also has a wealth of information and assistance to assist you in determining the difference between Roth and Traditional IRA plans.
Simple IRA Planning
Goldco can assist you with establishing a Simple IRA and will walk you through the rules for investing in gold and silver Simple IRAs.
SEP IRA Planning
If you'd like to discover more about SEP IRAs, Goldco has information on contribution restrictions and qualification criteria.
IRA Approved Gold Products
For IRAs, Goldco offers gold bars of various weights and 13 different types of coin:
Gold American Eagle – Type 1
The Gold American Eagle is made of 22 karat gold, which was produced and initially minted by the US Mint with a face value of $50. It is the official gold bullion coin of the United States.
Gold American Eagle – Type 2
The newer version of the United States' official gold bullion. A 22 karat gold coin worth $50.
Gold American Eagle Proof
The US Mint's no-frills version of the American gold bullion coin, produced with 1oz. of 22k purity gold. It has a face value of $50.
Gold Australian Striped Marlin
A The Perth Mint issued legal tender, symbolizing perseverance, tenacity, and commitment. It is struck from ¼ oz. of 99.9% gold, and is valued at $25 (AUD).
Gold Maple Leaf
Minted from 1 oz. of 99.9% of pure gold in 1979 by the Royal Canadian Mint to fulfill the demand for investment-grade bullion coins. The Gold Maple Leaf is currently priced at $50 CAD.
American Gold Buffalo
The first 24 karat gold bullion coin issued in the US. It is minted from 1 oz. of .9999 fine pure gold with a stated face of $50.
Gold American Bald Eagle
The Gold American Bald Eagle was created from ¼ oz of .9999 pure gold by the The Perth Mint, and it has a face value of $25.
Gold Military Guinea
Minted from ¼ oz. of .999 fine pure gold by the East India Company of London, the Gold Military Guinea is one of the most recognized coins in the colonial world. The coin’s worth is currently $25.
Gold Freedom Coin
The New Zealand Mint produced a $25 NZD coin from ¼ oz. of .9999 pure gold to commemorate the 135th anniversary of the Statue of Liberty.
Gold Freedom and Hope
This $25 XCD-worth coin, which was struck 245 years after the Declaration of Independence, represents growth and development. It is made by the Royal Dutch Mint from a total weight of 454.9 grams of pure gold.
Gold Lucky Dragon
A symbol of fortune and prestige, this 2021 Gold Lucky Dragon coin is made from ¼ oz. of .9999 pure gold and struck by the Royal Canadian Mint. It’s appraised value is $10 CAD.
Gold Australian Saltwater Crocodile
This $25 (AUD) coin is minted from .9999 fine pure gold by The Perth Mint and depicts Australia's ferocious Saltwater Crocodile.
Gold British Lunar Series
The Royal Mint of the United Kingdom created a series of gold coins called the Lunar Series or Shengxiao Collection in 2014. Each coin is worth £25 and pays tribute to one of the 12 creatures that make up China's zodiac every year.
IRA Approved Silver Products
For IRAs, Goldco offers silver bars of various weights and 18 different types of coin:
Silver American Eagle – Type 1
The official silver bullion coin of the US has a face value of $1. It is minted from 1 0z. Of silver by the U.S. mint and holds the classic design from 1986.
Silver American Eagle – Type 2
The updated version of Type 1, this 1 oz. of .999 pure silver is worth $1. It has an enhanced obverse and a different reverse design.
Silver American Eagle Proof
The collector version of the Silver America Eagle. It is minted from 1 oz. of .999 silver by the US Mint.
Silver American Bald Eagle
A 2 oz, .999 pure silver struck by the US Mint. This coin depicts the majestic bald eagle, and is worth $2 TVD.
Silver Australian Spotted Eagle Ray
This $2 (AUD) silver gold coin was minted from 1.5 oz. of .9999 pure silver by The Perth Mint.
Silver Australian Striped Marlin
The Silver Australian Striped Marlin is a $2 (AUD) coin struck by the The Perth Mint, and is minted from 1.5 oz of .9999 fine silver. The marlin signifies commitment, perseverance, and tenacity.
Silver Great Barrier Reef
This special silver coin features marine wildlife as homage to the Great Barrier Reef of Australia. It is minted from 2 oz of .9999 pure silver and is currently valued at $2 (AUD).
Silver Liberty Coin
The Silver Liberty coin is available in ½ oz, 1 oz, and 2 oz of .999 silver. It depicts an effigy of Queen Elizabeth II by Ian Rank-Broadley in the front of the coin.
Silver Military Guinea
The back of the coin features the Military Guinea, while the front has the effigy of Queen Elizabeth the II. It is minted from 1 oz of .9999 pure silver worth £1.
Silver Maple Leaf
Made from 1 oz of .999 pure silver, the Silver Maple Leaf currently values $5 CAD.
Silver Lucky Dragon
A representation of strength and power. This silver coin was minted from 1 oz of .999 pure silver with a face value of $5 CAD.
Silver 20th Anniversary Britannia
The 1997-2017 rim on this version of Silver Britannia is distinct. It's composed of 1oz of.999 pure silver and is produced by the Royal Mint.
Silver Freedom & Hope
This silver coin was produced by the Royal Dutch Mint over 245 years after the Declaration of Independence and is minted from 1 oz of .999 pure silver.
The Silver Freedom coin comes in three weights: .5 oz, 1 oz, and 2 oz. It is worth $2 NZD and commemorates the Statue of Liberty's 135th anniversary.
Silver Australian Saltwater Crocodile
This silver coin was issued as legal tender through the Australian Currency Act of 1985. It is made from 1 oz of .9999 pure silver by The Perth Mint.
Silver World War I
Valued at $2 TVD, this silver coin commemorates the 100th anniversary of armistice which ended World War I. It is minted by The Perth Mint from a 2 oz, .9999 pure silver.
Silver World War II Victory
The back of the Silver World War II Victory coin is a 2 oz, .9999 pure silver that signifies the 75th anniversary of the allied forces victory in World War II. Its current face value is $2 (AUD).
Silver Britannia Lunar Series
In addition to the Shengxiao collection, UK’S Royal Mint produces a silver version that highlights one of the 12 zodiacs to commemorate the Chinese Lunar Year. This silver coin is minted from 1 oz of pure .999 silver, and is currently worth £2.
Goldco helps it's customers connect with the following storage-providers:
The IRS requires you to store Precious Metal IRAs at an authorized custodian. These storage providers offer advanced security devices, sophisticated vaults, and appropriate insurance to help you avoid any investment violation.
Costs & 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.
Here are the minimum investment requirements for you to set up an account with Goldco:
- Precious Metals IRAs (gold & silver) - $25,000
- Non-IRA Purchase - $3,500
According to our research, the following promotions are available at Goldco . However, we recommend you contact the sales representatives to confirm whether these are still offered.
- Up to 5% back in FREE Silver when you invest $50,000 - $99,999
- Get up to 10% in FREE Silver when you invest $100,000 or more.
Customer Reporting Agency
4.89/5 from 211 customer reviews
4.80/5 from 533 customer reviews
4.80/5 from 576 customer reviews
4.80/5 from 253 customer reviews
4.70/5 from 647 customer reviews
4.00/5 from 4 customer reviews
Reviews & Complaints
Majority of Goldco’s customers have positive feedback about the products and services it offers. In fact their rating in BBB, as of the time of writing, is at 4.89 with an average of 200 customer reviews. A lot of them found the experience both rewarding and worthwhile. Beginner customers were pleased with the teams' effort to provide helpful and informative recommendations. Some also praised Goldco for its seamless process, they are happy with the professionalism and efficiency when it came to the administrative aspect of the transaction.
Although it’s true that most customers are satisfied with Goldco, there are still a few negative reviews. A lot of complaints come from misconception on the collectible coin value. Some customers are saying their coins had no intrinsic value when they checked with other websites.
Goldco addresses this issue by explaining to customers that the listed value of collectible coins is the melt value. This is the worth of metals in their melted form and is separate from the current market value of the coin in solid form. If you have any confusion regarding this or other concerns, you should reach out to one of their representatives for assistance.
How to Invest with Goldco
Follow these five simple steps to start investing with Goldco’s Precious Metals IRAs:
- Select the type of precious metal you want to include in your IRA account.
- Choose a funding source.
- Connect with a custodian.
- Fund your precious metals IRA account.
- Purchase your own gold or silver.
Precious Metals Investing With Goldco Q&A
Gold that is IRA approved is gold that has been verified and meets the standards set by the Internal Revenue Service. The gold must meet specific requirements in order to be considered for an IRA. These requirements include gold purity, gold weight, and authentication.
Precious metal IRAs are a great way to protect your investments and save for retirement. Gold and silver have long been considered a safe investment, and with the current economy, it is a good idea to have at least a portion of your retirement savings in precious metals. Goldco offers a variety of options for IRAs, so you can find the right plan for you.
No. The value of gold and silver is not guaranteed, just like stocks and bonds, they can rise or fall as influenced by certain market factors.
Only certain coins are approved by the IRS for inclusion in IRAs. At the same time, not all bars are IRS approved. In fact, the IRS maintains a list of acceptable types of precious metals for IRAs. Thus, Goldco only offers products that meet the IRS guidelines.
It takes about 2-3 weeks. However, the amount of time can vary depending on the type of application.
Yes. The IRS considers gold a collectible, similar to art or antique. As a result, you are subject to a 28% long-term capital gains rate.
You can choose your own storage company, but it's important to make sure that you research the company thoroughly before you choose. You should ask questions about their security measures, insurance policies, and storage facilities. You should also read customer reviews to get a sense of what other people have experienced with the company.
No. You can get penalized by doing so. The IRS does not allow keeping precious metal IRAs in a standard safety security box at home. They must be stored in an IRS-approved bank or non-bank facility that protects and keeps all precious metals segregated.
This guarantees that the exact metals are returned to the same customer once distribution takes place. Hence, just like the traditional IRA, there are certain restrictions to your precious metals IRA account to ensure that distribution and deposit follow the rules of the IRS.
Goldco has been in business for over 16 years and is considered a reputable company. They have an A + rating with the Better Business Bureau and a proven record in customer service.
Goldco makes money by providing precious metal funded IRAs that adhere with the IRS. They also buy and sell physical gold and silver coins and bars.
Trevor Gerszt is the founder and CEO of Goldco. His motivation for building the brokerage is for investors to have a stable investment option for retirement planning in case the stock market collapses. He also wants to give an alternative to traditional IRAs, which is directly influenced by market volatility.
Goldco offers extensive knowledge and experience in the precious metals market. This allows them to assist investors in making important decisions and investment options. They also help in explaining IRS rules surrounding Precious Metals IRAs to beginner customers. In fact, the best thing about Goldco, according to most customers, is their effort to streamline paperwork and logistics related to transferring physical investments.
In this article, we have provided everything you need to learn in order to make an informed decision about investing in Goldco. As you have read, the company has many positive feedbacks and a few negative ones from customers. Nevertheless, the final decision lies in you. So, go ahead and take time to weigh your options.
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