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Goldco is a precious metals investment company that offers a range of products and services for individuals looking to diversify their portfolio with physical gold and silver.
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.
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What is Goldco?
This is one of the top precious metal providers in the US, and it helps its customers 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 Calabasas, California, and was founded by Trevor Gerszt. Its outstanding aspects are the customer support that it offers its customers and the high-quality educational resources that it is packed with.
It states that its primary mission is to protect its customers’ retirement accounts from the stock market's volatility and cushion them from the effects of inflation.
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The Key Services that It offers
The core services of Goldco are precious metal IRAs and direct purchases. Let’s now look at what the company offers.
1. 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.
2. 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.
Other Services Offered
Besides the above core services that we have looked at, Goldco also offers other services such as:
These are meant to assist you to rollover current IRA into a precious metals IRA.
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.
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:
"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."
Minimum Investment Requirement
Goldco Investment Minimums
Precious Metal IRAs
$20,000 to $25,000
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:
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 customers 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.
Goldco specializes in assisting individuals to secure their financial future by investing in precious metals such as gold, silver, platinum, and palladium. Not only are these assets ideal for retirement savings, but they’re also great tools for protecting your wealth from inflation and market crashes.
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.
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.
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.
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.
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