Rating
4.3

Introduction

Goldco helps customers protect their retirement savings by rolling over their existing IRA, 401(k), 403(b) or other qualified retirement account to a Gold & Silver IRA.

Looking back at the Great Recession, it’s crystal clear that the stocks and bonds markets can be highly unpredictable. 

That’s why an investment in precious metals such as gold and silver makes a lot of sense now, more than ever.

During the infamous economic downturn of 2007-2009, when everything else was tanking, the prices of precious metals rose (just as they did in the 70s).

The writing is on the wall. For your investments to be future-proof, you’re better off working with a trustworthy Gold IRA company so you can safely diverse your investment portfolio.

GoldCo is just one of the many top companies in the US dealing with precious metal investments. We’d like to take a closer look at what exactly the firm has in store for prospective investors and whether indeed they’re worth trusting.

Read on.

What is GoldCo?

This is one of the top precious metal providers in the US, and it helps its clients open and fund precious metals IRAs. It was founded in 2006, and over the years, the company has helped its customers use tangible assets such as gold, palladium, silver, and platinum to diversify their portfolios and protect their wealth.

The company has its headquarters in Woodland Hills, California, and was founded by Trevor Gerszt. Its outstanding aspects are the customer support that it offers its clients and the high-quality educational resources that it is packed with.

It states that its primary mission is to protect its clients’ retirement accounts from the stock market's volatility and cushion them from the effects of inflation.

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The Evolution of GoldCo

As we mentioned earlier, GoldCo was founded in 2006 by Trevor Gerszt and was initially known as GoldCo Direct. In the beginning, its prime focus was direct cash deals, but as time went by, the company noted the gap in the market for a reliable gold IRA provider.

So, the management made the bold decision to switch from being a gold dealer to a gold IRA firm, and this prompted them to change the company’s name to something that represented the company’s operations.

They changed the name to GoldCo Heritage and later on switched to GoldCo Precious Metals. After a brief tussle with a Japanese company going by the same name, the company officially adopted the name GoldCo in April 2017.

And with that, the name GoldCo Precious Metals sticks to date.

At the moment, 80% of the company’s dealings are in IRA and 20% in non-IRAs.

The Key Services that It offers

The core services of GoldCo are precious metal IRAs and direct purchases. Further, it has a sister company founded to cater to its clients who are interested in cryptocurrencies.

Let’s now look at what it offers.

I) Precious Metal IRAs

Here, GoldCo will help you set up a gold or silver IRA or a combination of both types of accounts. In addition to that, the company will liaise with your ideal custodian for you and help you pick out the right precious metals for you.

Then, GoldCo will also help you purchase only IRS-approved precious metals and arrange for their storage in an approved depository. This will help you comply with all the IRS regulations and keep you on the right side of the law.

Note that you are only eligible for a traditional IRA if you are below 70 ½ years and have earned some income.

II) Cash Sales of Precious Metals

Next, you can also purchase precious metals through the company, and in this instance, there are no age restrictions or requirements for you to have earned income.

Once you purchase the metals, it is up to you to decide whether you want them stored in a secure vault or have them delivered to your home.

Both the delivery and storage do not incur any cost, while the sales are restricted within the US.

III) Cryptocurrency IRAs

Away from the precious metals, GoldCo has a sister company, CoinIRA, which helps you identify the perfect digital currencies to invest in. Then, you will be guided on setting up a crypto IRA for your investment.

Note that you cannot combine precious metals and cryptocurrencies within the same IRA.

Other Services Offered

Besides the above core services that we have looked at, GoldCo also offers other services such as:

401K Rollovers

These are meant to assist you to rollover current IRA into a precious metals IRA.

SEP-IRA Planning

Here, you will be helped out and educated on issues such as contribution limits and eligibility for SEP IRAs.

Simple IRA Planning

GoldCo will also guide you on how you can open a simple IRA and point out in detail the rules and procedures for gold or silver simple IRAs.

Roth and Traditional IRA Planning

Lastly, the company will guide and educate you on how you can compare and Traditional and Roth IRAs and then help you in rolling them over into a precious metals IRA.

Request your FREE Investors Guide and your FREE Silver Coin

Approach to Investing

By now, you must know that investing in a precious metals IRA is not the same as purchasing paper assets through a brokerage account. So, we shall give you a brief overview of how to go about the process.

1. Open an account

This is the first step in your gold IRA investment with GoldCo, and you will have to contact the company’s customer support team to schedule a call with a company sales rep.

2. Transfer of Funds

Next, you will have to roll your existing retirement account funds into your GoldCo IRA. Ensure that you meet the minimum requirement of $25,000 to open your account but we shall discuss this later.

3. Choose the Metals

At this point, GoldCo will provide you with a catalog from which you will select the coins and bars that you would like to add to your account.

4. Storage of the Metals

Finally, you will have to state which GoldCo depository location you would like your metals to be shipped to.

In general, GoldCo will purchase the precious metals on your behalf and act as your account’s administrator. Then, it will ship your assets to one of its six approved depositories for safe storage. And when the time for cashing out arrives, it is up to you to decide whether you want to sell the metals back to the company or a third-party dealer.

Besides the minimum requirement of $25,000 to open an account, you should also know that any precious metal investment you add to your account must be purchased via the company. Another thing is that you cannot add precious metal to your GoldCo account that you already own.

What you can Buy

Once you set up a GoldCo IRA, you will now be free to purchase the following types of Gold and Silver:

Gold

  • American Eagle
  • American Bald Eagle
  • American Eagle Proof
  • Buffalo
  • Freedom
  • Australian Saltwater Dragon
  • Maple Leaf
  • Gold Bars
  • Lucky Dragon

Silver

  • Silver Bars
  • American Eagle
  • Maple Leaf
  • Bald Eagle
  • Lucky Dragon
  • Silver World War I
  • Silver World War II Victory
  • American Eagle Proof

GoldCo Fees

We were pleased with the company’s fee model, which was formulated to enable you to save as much money as you can. Let’s look at the fee breakdown for precious metal IRAs and non-IRA transactions. 

The set-up fee for precious metal IRAs starts at $260 per year, while an IRA with non-aggregated storage will cost you $260 for the first year and $180 for the years that follow.

And if you are interested in IRA with aggregated storage, you will part with $310 during the first year and $230 for the coming years.

You may also be pleased with the fact that non-IRA transactions do not attract any fees.

Minimum Investment Requirement

Goldco Investment Minimums

Precious Metal IRAs

$20,000 to $25,000

Non-IRA Transactions

$3,500

If you are wondering how much you need to get started with GoldCo, let us spell it out for you. The precious metal IRAs will require a minimum of between $20,000 to $25,000. Meanwhile, the non-IRA transactions have a minimum requirement of $3,500.

Why Choose GoldCo?

During our in-depth research on GoldCo, we compared the company with its competitors with the aim of finding out what it did differently from the rest. Here is what we found out:

  • It has one of the best ratings in the industry. Keep in mind that this company has been in the business for close to fifteen years and has maintained high ratings all through
  • Next up is the white glove service that they offer their clients. Their customer support is quite impressive and is meant to guide you through every step of your investment journey with them. In addition to that, GoldCo has established strategic business relationships with renowned custodians and depositories
  • The staff will evaluate your situation before recommending the precious metals to include in your gold IRA. In the end, you should have a portfolio that meets all your retirement goals
  • It has specialists who are specific to the different services that it offers
  • They offer special promotions for the new clients
  • Cash sales come with free delivery and storage in the state-of-the-art facilities
  • Packed with extensive educational resources such as blogs, videos, and eBooks
  • Does not have pushy sales representatives
  • It has a low-fee model that helps you save as much as you can
  • The IRA and 401(k) rollover plans are quick and effortless
  • Has a buy-back program that implies you’ll get more for your metals than you would have from dealers elsewhere

Who is GoldCo Suited for?

There are different categories of investors who we feel would benefit a lot from the company's services. They include:

Those close to retirement or fear a global recession

One of the reasons gold IRAs have grown in popularity is the 2008 global recession whereby individuals’ investments in the stock market were wiped out. So, should there be a similar crisis in the future, GoldCo would help you plan accordingly by investing in precious metals that would give you the stability that you need

If you are interested in tangible investments

Precious metals work differently from stocks, whereby there are never affected by market downturns. So, if you want a portfolio to feature a tangible investment that will be there for a lifetime, we suggest that you try out precious metals such as gold, silver, and platinum.

If you want to cushion your wealth from market volatility

We can all agree that the stock market is not the most predictable sector of the stock market. For this reason, you may use precious metals to lessen the risk of significant losses as they tend to move in the opposite direction of traditional securities.

Gold and silver would help you remain stable until normalcy in the market returns.

Reviews and Complaints

Most of the reviews on the company that we came across were nothing short of impressive. For instance, as of October 2020, from the 49 customer reviews on BBB, the company recorded a rating of 5-out-of-5.

Then, it scored 4.7 out of 5 from the feedback of 523 clients who used their services. Let’s not leave out TrustLink, whereby the company has a 5-over-5-star rating on the platform. 

Most of all, there were no complaints regarding the company on the Consumer Financial Protection Bureau.

FAQs on GoldCo

Let’s now look at some of the common queries regarding the company, and we shall attempt to answer them.

What is GoldCo Direct?

This is one of the names under which the company has operated in the past. You may also visit a website that hasn’t been updated, whereby you may come across GoldCo Heritage. After some legal tussles over the name with another company, it eventually settled on GoldCo Precious Metals, which is in use up to date.

What is the work of an Account Executive at the company?

This is an individual who will hold your hand throughout the entire process. First, he will guide you in setting up your IRA in the shortest time possible before helping you choose the ideal precious metal to include in your account. 

So, you can decide whether you want gold, silver, palladium, or platinum IRA plus you have the option of mixing things up if you so wish.

Does the company offer IRA custodian services?

No, it does not. However, they have strategic business relationships with third-party custodian providers. You are sure to be impressed by the fact that once you sign up with the firm, your first-year third-party IRA custodian fees will be waivered.

Will GoldCo buy back my precious metals when I want to cash in?

Yes, it will, and this is courtesy of their dedicated buy-back program and department. Most of the customer feedback states that their prices are pretty reasonable in comparison with other companies.

Pros

  • It is very friendly for the beginners
  • All the first-year fees are waived
  • They do not have pushy sales representatives that are common in competing companies
  • The staff will offer you full guidance to ensure that you make the right decision
  • GoldCo has a solid reputation and is highly rated by firms such as Better Business Bureau (BBB) and Trustpilot
  • No guesswork involved in setting up your gold or silver IRA

Cons

  • The minimum deposit is a bit steep
  • You have to purchase all the assets that you add to your GoldCo IRA through the company only

Conclusion

If you are interested in investing in precious metals, GoldCo can be your ideal companion. The customer service is excellent while it offers you dozens of educational resources, an effortless account setup process, and charges you significantly lower fees.

All in all, if you want to purchase precious metals directly or boost your retirement savings with the assets, this company will ensure that you remain on the right track always.