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We all want a peaceful retirement where we don't have to worry about the turbulent economy wiping out all our savings. The good news is, precious metals IRAs can offer such stability as they are less affected by economic downturns – in fact, they tend to gain during perilous times.
However, like with any other industry, the problem lies in finding a reliable precious metal company to invest in. That sub-par dealers exist in this market is not in doubt. So, we hope to make things easier for you by comparing and contrasting two giants in the precious metal IRA field, i.e., Goldco and Augusta.
Let's see what these companies offer and which one of them would be a better deal.
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- About Augusta Precious Metals
- About Goldco Precious Metals
- Who are the Founders?
- Similarities Between the Two Companies
- The Differences
- Comparing Their Fees
- Is Goldco Legit?
- Is Augusta Precious Metals Legit?
- Our Top Pick
About Augusta Precious Metals
Founded in 2012, this IRA brokerage company is one of the few firms in the industry that offer lifetime support to its clients. In addition to that, Augusta has outstanding customer service in addition to being proud of having high transparency in its operations.
In case of any queries, the company's representatives are available to respond to your questions. However, it is best advisable to contact them during business hours if you want to get your response in good time.
Another thing about Augusta is that they are highly rated in leading rating sites such as TrustLink, Better Business Bureau, and Business Consumer Alliance. Most of their clients rate them a 5-star company and they currently have an aggregate rating of 4.6 out of 5 stars.
About Goldco Precious Metals
Goldco company was founded in 2006 and deals with a range of products, including gold, silver, palladium, and platinum. One advantage of working with a dealer with such a diversified inventory is that it makes you a more flexible investor.
Just like Augusta, Goldco has excellent customer support, with the company representatives always ready to guide you through the setup process to get started. The support team is always at hand to help you with things like:
- Opening a self-directed precious metals IRA
- Choosing your ideal product
- Winding up the sale
- Transferring your investment to a reliable custodial facility
And when it comes to ratings, Goldco has favorable reviews from bodies such as BBB, Trustlink, and BCA. Their current and former clients also have many positives to say about the company and this has earned them a solid 4.8 out of 5 stars aggregate rating so far.
Who are the Founders?
By now, the question that must be ringing in your head is, 'Who are the geniuses that came up with these two companies?' Let us shed more light on the faces behind these two top-rated gold IRA companies.
Meet The Augusta Precious Metals Team
Isaac Nuriani is the brains behind this company. He is a graduate of the University of California and is now the CEO of Augusta. It turns out that he was motivated by the desire to help retirees have a more diversified portfolio to minimize the risk of total losses.
Devlyn Steele is another key member of the company who works as the director of education. He is a member of the business analytics program at Harvard Business School and a former financial services professional.
At the moment, Devlyn is responsible for providing the company with crucial insights into the economy so that customers can be empowered to make informed choices.
Meet The Goldco Precious Metals Team
Trevor Gerszt is the man behind Goldco having founded the precious metal IRA company back in 2006.
Apparently, he was bothered by how inflation robs wealth from long-term investors and, therefore, decided to help people find reliable investment vehicles through precious metals. This way, the investors could diversify their portfolios and protect themselves from market fluctuations.
Besides Trevor, the company has other dedicated staff who are constantly attending development programs to build their skills. This makes them best placed to empower the customers on wealth-building, something which has played a role in consolidating Goldco’s impressive ratings.
Similarities Between the Two Companies
There are several similarities between the two companies, and we have summarized them below for you:
1. Both companies specialize in the same niche, i.e., precious metals IRAs, and have features that make them effective for this kind of investment.
2. Both companies make it easy for you to get started. They provide you with easy-to-use online forms that you can use to sign-up for their services.
3. Other than the online forms, both firms provide you with phone-based customer support meaning you can get your account created with either of them by simply calling in.
4. In both companies, cash purchases are allowed
5. Goldco and Augusta companies have outstanding track records. This stems from the numerous endorsements and acknowledgments of different celebrities and leading talk show hosts. Further, they have also been featured in publications by leading precious metals experts.
6. Both firms use a flat fee structure. This is unlike other providers in the industry, whose fees are usually percentage-based.
7. Both companies offer ample education to their customers. The educational materials include videos and articles that cover various topics, such as investing and planning for retirement.
Let us now wade deeper into the Goldco vs Augusta Precious Metals duel by checking out what distinguishes the two. As it turns out, quite a few differences separate them. And they are as follows:
Goldco sources their precious metals from different mints all over the world, and they state this fact clearly on their website. However, Augusta does not specify the exact location where they get their metals from, nor do they mention who their dealers are.
We feel that there's a bit of a lack of transparency on Augusta's part regarding this small matter.
Goldco works with the Delaware Depository and charges $100 for non-segregated storage and $150 for segregated storage. Augusta, on the other hand, works with a variety of depositories spread across the country and with storage fees starting from as low as $100.
The main advantage of having a wide variety of depositories to choose from is that you can always choose one that's nearest your home. So, if that's your preference and you happen to live far away from Delaware where Goldco’s storage is, Augusta Precious would be your best fit.
3. Investment Options
With Goldco, you get more investment options. In addition to gold and silver, the company also offers you palladium and platinum. These two additional metals have a great future investment potential and may surpass gold and silver's value in the coming years.
Augusta, on the other hand, only offers gold and silver, which doesn't give you the freedom you may need to explore different precious metals.
4. Starting Capital Requirements
Goldco is the relatively cheaper option as far as the initial investment capital is concerned. You only need to fork out $25,000 as your initial deposit.
Augusta Precious Metals, on the other hand, has a stiff starting capital requirement of $50,000 for non-IRAs and $100,000 for IRAs.
As you can see, of the two, Goldco is the friendlier choice for anyone looking to start small.
5. Year of Establishment
Goldco has been around longer as it was founded in 2006. Augusta came about later on in 2012. The significance of this is that Goldco has been around longer and survived the 2007-09 recession. This proves that this is quite a resilient company.
That being said, we cannot underestimate that Augusta has been around for almost a decade and has managed to remain steady all along.
Comparing Their Fees
Now that we know what both companies offer let's check out what they charge for their services. The pricing is as follows for the individual firms:
Goldco Precious Metals Charges
Even though this company's website does not offer detailed information regarding the pricing and fees of its products and services, the general breakdown of the fees is as follows:
- A minimum investment requirement of $25,000 to open a gold or silver IRA
- An annual maintenance fee of $80
- A one-time setup fee of $50
- Storage fees ($100 to $150)
- A one-time wire fee of $30
Augusta Precious Metals Charges
When we come to Augusta, the pricing and fees are pretty transparent, and you are unlikely to encounter any hidden charges. Here is a breakdown of what it will cost you to invest in precious metals with this company:
- A minimum investment requirement of $50,000 for non-IRA purchase of metals
- A minimum investment requirement of $100,000 for gold and silver IRAs
- A one-time setup fee of $50
- An annual depository storage fee starting from $100
- An annual custodian maintenance fee of $80
- Silver and gold coins and bullions are based on spot prices and market rates
- Free shipping and transit
Is Goldco Legit?
From our analysis, there is a lot that suggests that Goldco is a reliable precious metals company. First, it is highly rated by popular customer review sites such as Better Business Bureau and Consumer Affairs Agency.
Then, the fact that notable media outlets have covered the company could also point to its trustworthiness (including the NASDAQ blog). This is because before any such coverage is done, the media houses normally conduct extensive vetting on the firms of interest.
Lastly, Goldco’s customer support is outstanding as company representatives are always ready to answer your queries. All you need to do is make the call during business hours to get your response without delays.
Is Augusta Precious Metals Legit?
Augusta is equally legit as its competitor. It has been around for nearly a decade, which points to a resilient company that can withstand market upheavals.
Another thing about the company is the excellent customer support they offer. They even guide you step-by-step as you set up your account.
Last but not least, Augusta has received awards from top financial institutions and consumer protection agencies in the precious metals industry. These include the likes of Investopedia and the Money Magazine.
Our Top Pick
Both companies are industry leaders and have several characteristics that put them in this position. For instance, they both have excellent customer support to provide you with a seamless investment experience.
We, however, feel that Goldco offers a slightly better deal overall for a variety of reasons. For instance, it has a lower initial investment threshold of $25,000 compared to Augusta's requirement of $50,000.
Besides that, Goldco offers extra investment options in the form of palladium and platinum. This is unlike Augusta, which is restricted to gold and silver precious metals.
It is also worth highlighting that Goldco has been around for longer and survived significant events such as the 2007-09 recession. This points to them being highly stable and well-managed.
And don’t get us wrong, Augusta Precious Metals is still a good precious metals firm only that factors like high initial capital requirements and limited inventory make them less attractive than Goldco to us.
And there you have it, a detailed comparison of Goldco versus Augusta Precious Metals. At the end of it all, both companies stand out as resilient and highly trustworthy. So, much as we think Goldco has an edge over its arch-rival, it all boils down to your individual preferences and financial capabilities. Happy choosing!
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