Ok, let’s get down to business. This is a review of Goldco. How does it work? Is Goldco a scam or a legit business? What service do they offer? Do they have competitive fees? These are just a few of the many questions we help you answer in this short review!
Name of the company: Goldco Precious Metals
Official Website URL: https://goldco.com/ (10% back in free silver)
Owner: Trevor Gerszt (CEO)
Overall rating: (See further down)
Recommended?: Yes, for both direct purchases aswell as for inside IRA
See my #1 recommended gold & silver IRA solution here instead
Is Goldco a scam? What does it deal with? In today’s review, I will do an in-depth analysis of this company to help you acquire a better understanding of what it is and how it can help you. As you are organizing your finances, it is crucial for you to have information relating to companies such as Goldco. This will help you to make better plans for your future. However, how exactly can Goldco enable you to do that? Stick with me as I break down everything based on the following questions:
- What is Goldco about?
- How does it work?
- Which IRAs does it offer?
- How are its IRAs priced?
- Is it a genuine company?
- What are its main pros and cons?
What is Goldco about?
Goldco, or Goldco Precious Metals as it is also called, is one of the most famous precious metal IRA firms in the country. This California-based company was founded back in 2006 to enable investors from all walks of life to secure their future financially by creating precious metal IRAs. Goldco’s IRAs are self-directed, thus the investor can contribute to the rebalancing of their portfolios.
All that they have to do is to create a portfolio from one or several precious metal assets (gold, silver, platinum, and palladium). This is all in an attempt to break away from regular paper assets. Paper-based assets are very susceptible to loss of value following the occurrence of an economic downturn or even the closure of the companies that offer them.
Goldco works hand in hand with IRA custodian firms to ensure that every clients’ SDIRA is in good health. These firms usually help all clients to create their new IRA accounts, as well as to successfully rollover their funds from their traditional IRAs to the newly created Goldco SDIRA accounts. Goldco mainly focuses on brokering precious metals so that all customers can purchase them at affordable prices.
I am well aware of the fact that you may have already encountered other firms that work in a similar manner, and you are wondering how Goldco stands out. Here are a number of things that set this company apart:
- It maintains the highest standards of customer service.
- It has high rates of successful IRA rollovers.
- It coordinates the rollover process with your traditional IRA service provider to ensure that the process does not attract any taxes or penalties.
- It helps you come up with the most suitable portfolio of precious metal assets, based on your current retirement goals and capital.
How does it work?
If you come to the realization that you actually need to include precious metals into your portfolio of investments, then you should contact Goldco for you to be given all the assistance you need to set up a functional SDIRA. Here is how it all works:
1. You should contact Goldco by filling out a form that is provided on the official website. The support staff will give you a call and set up your account based on your current needs. You can also reach out to them through the phone number (877) 414-0830.
2. Upon collecting all the documents and information that the support staff will require of you, you will reach out to them (they can also reach out to you at an agreed time), and complete the registration process. They will also complete the rollover process at this juncture.
3. You then have to send all the paperwork to Goldco for its support staff to verify and activate your account.
4. Goldco then opens your SDIRA and with the help of an expert helps you to determine the precious metal assets that you will want to include in your portfolio. This process will take around 2 or 3 weeks.
Right now Goldco offers anyone their free investing kit (with a 10th-anniversary silver coin included for a limited amount of time) so make sure to take advantage of that before you miss out on the offer.
(Right now you get 10% cashback in free silver if you decide to open a gold IRA with Goldco)
**Simply click on the pic above to claim your free kit + silver coin from Goldco
What does it offer?
By now, it is easy for you to tell that this company’s main focus is to help you own a functional SDIRA. Which types of self-directed IRAs does it offer though? In this section, I will help you understand every IRA offered by this company, by clarifying what each stands for.
Goldco offers Gold IRAs that are backed by precious metals. Having precious metals in your portfolio will help to shield you from the volatility and inflation that is very common in the global economy.
According to Goldco, having a Gold IRA is essential because:
– It allows your assets to have a stable value.
– Having a precious metal SDIRA presents you tax advantages that are not presented by other assets.
– Investing in precious metals is one of the most hassle-free investment approaches.
This company also offers Simplified Employee Pension IRAs that enable business owners to offer retirement benefits to both their employees and themselves. SEPs are usually set up in the same manner as traditional IRAs are set up. These IRAs provide their owners with tax benefits, which provides a very suitable environment for them to save for their retirement. It is upon the employer to determine which employee qualifies for the SEP-IRA, and they can do this by setting certain restrictions. Some of the most common restrictions that employers usually set include:
– One must be above 21 years of age.
– The employee must have worked for the business owner for at least 3 of the last 5 years they have been underemployment.
– The employee must have earned more than $600 in the current tax year.
Business owners can make as many or fewer restrictions as they choose to since the IRS does not prevent them from doing so.
You can also create and actualize a Savings Incentive Match Plan for Employees (SIMPLE IRA) through this company. With this type of IRA, employers usually make contributions that are equivalent to what the employees are making. This is a plan that enables the employees to achieve their retirement savings goals faster.
401(k) (rollover to a traditional IRA or a Roth IRA)
A 401(k) account is an individual saving account that you can rollover to an IRA to gain access to a wide variety of investment options. With an individual IRA, you can invest in ETFs, precious metals, stocks, and bonds. Rolling over one’s funds to a traditional or Roth IRA comes with a couple of benefits. If you roll over your funds to a traditional rate, the contributions you make are taxed at the most current rates. As such, your investments can grow for the rest of the investment horizon without any interference. If, on the other hand, you roll over the funds to a Roth IRA, your investment will grow tax-free but will attract some taxes when you are cashing out your assets.
The traditional IRAs that are offered by Goldco have the following characteristics:
- All the contributions that customers make to these accounts are tax-deferred.
- All the withdrawals that clients make at the end of the investment period are usually taxed.
- One can convert to a Roth IRA if they wish to.
Goldco also offers Gold Roth IRAs, which bear the following characteristics:
- Taxation happens right after the customers make their contributions.
- Withdrawals made at the end of the investment period are not taxed.
- there are income restrictions when it comes to the determination of those who qualify for Roth IRAs.
- You can still make contributions to a Roth IRA, even if you have an already existing 401(k) account.
- You can pass on your Roth IRA to your heirs.
The SDIRAs offered by this company allow customers to invest in a variety of assets, including precious metals, real estate, private equity, etc. Goldco works with custodians to ensure that its customers’ assets are well-taken care of, as per the IRS requirements. There are several investment assets that you cannot include in your portfolio, including gems, all types of stamps, your collector coins, and artwork.
Pricing and Fees for the precious metal IRAs
To begin with, GoldCo requires that you make a minimum purchase of $25,000. For the sake of clarity, this amount is not inclusive of the storage fees. You are therefore required to pay the storage fees upfront. This amount may vary from one custodian to another (Goldco works with several custodians). GoldCo, however, makes it a point to reimburse one years’ worth of storage fees if you have hit the $25,000 precious metal purchase threshold.
In addition to that, every customer who makes the $25,000 precious metals purchase is required to pay an annual fee of $175. This fee increases to $225, when the customers’ investment goes past the $100,000 mark. Any investment between $25,000 and $99,999 attracts a $175 annual fee. Depending on the custodian that you work with, you might also be required to pay some custodial fees, which again are bound to vary.
Is Goldco a Scam or a Legitimate company?
Goldco is a very genuine company that has actually been reviewed by a couple of consumers and consumer trust site owners. No information that has been provided by these people points to Goldco being a fraudulent company.
As we already saw, this company is based in California, and it actually has a physical address at Woodland Hills. Trevor Gerszt, whose information is available on the internet, founded this company. Trevor’s objective was to help customers add precious metals to their already-existing IRAs, and to their new IRAs.
This company has been in operation since 2006, which would not have been possible if it was not complying with the rules. One this about the IRA sector is that it is governed by very strict policies that are developed by the IRS, in a bid to protect the public.
GoldCo is actually one of the fastest-growing firms in the precious metal IRA sector. The Inc. 500 magazine ranked it as one of the fastest-growing firms in the USA in 2015, 2016, and 2017. In 2017, for instance, this company had a 676.77% growth rate.
Goldco is actually recommended by more independent 3rd party consumer protection agencies than any other company in this industry:
BBB (Better Business Bureau)
Overall rating: A+
Review score: (5 / 5) (out of 12 reviews)
Overall rating: (4.7 / 5) in trust score (out of 25 reviews)
Overall rating: (4.8 / 5) (out of 220 reviews)
Overall rating: (5 / 5) (out of 5 reviews)
Overall rating: (4.5 / 5) (out of 14 reviews)
Pros and Cons
It is always a good thing (and recommended) to compare the positive aspects against the negative ones to get a better overall view of something, right? As always in our reviews we provide you with some clear points on both sides of the spectrum:
- It is one of the absolute fastest-growing firms in the USA.
- It is genuine and trustworthy
- You get up to 10% back in free silver if you open a new gold IRA account (get offer on this page)
- Goldco has been in existence for more than one decade, which is sufficient for it to have gained experience to tackle its customers’ needs in a better manner.
- It is accredited and has an A+ rating on BBB
- Top-Rated by more independent 3rd party consumer protection agencies than any other company in the industry
- Very few customer complaints
- There are minimum purchase fees (you should buy atleast $25,000 worth of precious metals)
- It works with other custodians who charge custodial rates that are bound to vary.
Do You Own or represent Goldco?
If you are a representative, or associate of Goldco and have found something not to be correct in this review please, feel free to tell us and I will make sure to update the info on this post. The easiest way to do it is in the comment section below or simply by sending us an e-mail to email@example.com.
Final words and verdict
Overall rating: (4.8 / 5)
If Chuck asks you, tell him I gave a 5-star rating. Haha no but seriously, I think that sums up the overall view of Goldco pretty well. It is a legit service for sure, however, if it is the right one for you or not is something you have to decide for yourself. It is always a wise thing to educate yourself as much as possible in the areas you are interested in. It might be a good thing for you, however, make sure to get your info from more than one source.
You made a wise decision to read this review and you are a smart person so I am absolutely sure that you will find the right company to do business with that suits your particular needs the most.
What I would recommend first of all?
You already know Chuck Norris can kill 2 stones with 1 bird… So I would suggest you follow his example and try to atleast (like a normal human being) kill 2 birds with 1 stone… Maybe even 3 birds:
Therefore, first of all, I would recommend that you take advantage of the free investing kit offered by Goldco as it is very educating and easy to understand. Right now you also get a free 10th-anniversary silver coin included for a limited time:
(Right now you get 10% cashback in free silver if you decide to open a gold IRA with Goldco)
**Simply click somewhere on the pic above to claim yours
Other than that, there are many great investment services out there. So make sure to compare different top alternatives against each other before you make any decisions. We have many great Gold Mining investment opportunities and services, coin dealers, IRA service providers, and financial services in general listed on this website,
mostly for precious metals and Bitcoin but also for other alternative investments.
I hope you found this short review of Goldco to be helpful and that you now have a better understanding of what it is and that it´s not a scam. Please, if you have used any of their services then share your experience in the comment section below as it can help others! Also, if you got any questions about this review I will be more than happy to answer them below!
I wish you success!
founder of: Goldretired.com
- Great reputation
- One of the fastest growing companies
- Great support
- Resonable fees
- Minimum investment is $25,000