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Goldco review

Goldco review

Moneywise.com / Moneywise.com

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Updated: May 31, 2024

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Goldco is a leading precious metals company specializing in gold and silver IRAs. It offers clients secure and tax-advantaged investment options. Known for robust customer service and expert guidance, Goldco helps individuals diversify their retirement portfolios with physical precious metals, safeguarding their wealth against economic uncertainties and market volatility.

What we think of Goldco

If you’re ready to invest $25,000 or more, Goldco’s promotional offers and bonuses make it an attractive option for a gold IRA. Smaller investors, or those only now exploring gold’s role in their portfolio, may want to consider other alternatives.

Meeting Goldco’s higher investment threshold can yield lucrative bonuses in silver, an uncommon offer among competitors. We suggest being cautious of Goldco’s marketing, which is naturally biased but can feel heavily so compared to other firms. Relying on non-neutral sources for investment decisions may skew your economic perspective and asset allocation, impacting your returns.

Nonetheless, Goldco excels in educational resources, offering a free gold IRA kit to help potential investors understand this investment type.

Importantly, those considering Goldco should appreciate the company’s experience and ratings from consumer protection groups.

Pros and cons of Goldco

When you’re ready to invest in gold, Goldco is a great choice. But it’s not for everyone. Let’s look at some of the pros and cons:

Pros

Pros

  • Reputation: Goldco gets the basics right. Its customer service wins high marks from customers, it’s well-reviewed by clients, and it has high consumer protection ratings. You’ll be able to invest with confidence.

  • Education resources: Goldco offers a free gold IRA investor kit that benefits new gold investors. Its website has a robust focus on consumer education to help new and seasoned metals investors understand the sector.

  • Silver bonus: Goldco stands out by rewarding customers with silver. For IRA investments, depositing $50,000 or more can earn investors a silver bonus starting at $2,500 and scaling up to $50,000 in silver for a $500,000 deposit. For cash purchases, a $15,000 investment earns a $750 silver bonus, with the maximum bonus reaching $50,000.

Cons

Cons

  • High minimum investment for Gold IRA: Goldco requires an initial Gold IRA commitment of at least $25,000 – significantly higher, for instance, than competitor American Hartford Gold’s $10,000 minimum.

  • Coins only online: Goldco’s website offers a thorough selection of gold and silver coins, but it doesn’t match the variety found at other companies.

  • US only: Goldco confines its offerings to US residents.

Goldco IRA

Goldco offers a comprehensive IRA service, with available accounts including:

– Simplified Employee Pensions

– Traditional and Roth IRAs

– Various types of gold, including American Gold Buffalo coins and gold bars. 

With a strong emphasis on customer education and support, Goldco aims to make the process of setting up and managing a gold IRA straightforward and secure.

Goldco fees

There’s an initial setup fee of $50 and a $30 wire fee. Annual fees include a $100 maintenance fee and $150 for storage, which covers both segregated and non-segregated storage options. While Goldco’s fees are competitive, they may be higher than those of some other providers.

How to open a Goldco IRA

Opening an IRA with Goldco is fairly straightforward.

  1. 1.

    Contact Goldco: Begin by contacting Goldco via their website. A Goldco representative will provide initial information and answer any questions you have about the process.

  2. 2.

    Consultation with a Goldco Specialist: Schedule a consultation with a Goldco specialist. This expert will walk you through the various options available for your IRA, such as SEP, traditional or Roth IRAs, and help you determine which one aligns best with your financial goals, providing you with the expert guidance you need.

  3. 3.

    Complete the application form: The next step is to complete the Goldco IRA application form. This crucial document requires your personal information and details about your existing retirement accounts if you plan to roll over funds. It's important to complete this form accurately to ensure a smooth process.

  4. 4.

    Fund your account: Transfer funds into your new Goldco IRA. You can do this through a direct transfer from another IRA, a rollover from a 401(k) or another retirement plan or a cash contribution.

  5. 5.

    Select precious metals: Choose the types of gold and silver you wish to purchase for your IRA. Options include American Gold Buffalo coins, gold bars and other IRS-approved metals.

  6. 6.

    Purchase metals: Once your account is funded, a Goldco specialist will help you purchase your selected precious metals. Goldco handles the transaction and ensures your metals meet IRS requirements.

Open a Goldco account

Goldco precious metals

Besides its Gold IRA, Goldco offers a range of other precious metals investment products. These include:

– Silver IRAs, where investors can diversify their retirement portfolios with silver. 

– Goldco offers direct purchase options for physical gold and silver coins and bars.

– Storage solutions for those taking direct delivery of metals.

About the company: What is Goldco?

Founded in 2006, Goldco is headquartered in Woodland Hills, California. The company has established a strong reputation for its excellent customer service and educational resources. Specializing in Gold and Silver IRAs, Goldco helps clients diversify their retirement portfolios with tangible assets, providing security against economic volatility.

Is it safe?

Goldco is considered a safe investment option, particularly for those interested in diversifying their retirement portfolios with precious metals. With over 17 years of experience and top ratings from watchdog organizations, Goldco has a strong reputation for reliability and customer satisfaction. The company offers robust educational resources, expert guidance, and secure storage options, making it a trustworthy choice for precious metals investments.

Is it legit?

Goldco is a legitimate option for your investment in precious metals. Like many in the gold investment space, it leans heavily on sometimes awkward celebrity endorsements – Chuck Norris endorses Goldco – but savvy investors look past such endorsements and focus on the details, fees and benefits.

Chris Clark Freelance Contributor

Chris Clark is freelance contributor with MoneyWise, based in Kansas City, Mo. He has written for numerous publications and spent 18 years as a reporter and editor with The Associated Press.

Disclaimer

The content provided on Moneywise is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter.