Goldco Precious Metals IRA Review 2023
GoldCo Precious Metals IRA Review
Goldco is a well-regarded firm that has been active in the precious metals sector for more than a decade. Their exceptional service has earned them numerous awards and accolades, as well as thousands of positive five-star reviews, underscoring their commitment to safeguarding their clients’ retirement savings.
A reputable gold IRA company can offer a wide range of investment options to help secure your financial future, including physical gold and other precious metals. Goldco Precious Metals, established in 2011, is one such company that has assisted numerous individuals in growing their retirement savings by providing access to physical gold and other metals.
This review offers a comprehensive overview of Goldco’s services, rollover process, products, fees, and expenses, enabling you to make an informed decision about whether Goldco is the right choice for you. Let’s take a closer look.
Disclosure: As a professional review site, we may receive compensation from companies whose products we review and recommend. It’s important to note that we are independently owned, and the opinions expressed on our site are solely our own.
Goldco Company Review
Goldco, founded by CEO Trevor Gertszt in 2006, focuses on providing investment retirement accounts that specialize in precious metals. They offer IRA accounts that utilize both gold and silver, and also facilitate direct purchase of precious metals with a guaranteed buyback program at the highest possible price.
Goldco is highly regarded by the Better Business Bureau, having earned numerous accolades for their exemplary business practices, in addition to receiving numerous five-star reviews from satisfied customers.
With numerous accolades to their name, Goldco stands out from other gold IRA companies, instilling confidence in the quality of their services. Below are some of the awards they have received:
- American Business Award: 2021 Company of the Year
- INC500: 5-Time Winner
- LA Business Journal: Ranked 22nd among Fastest Growing Companies
Goldco Senior Management Team - Trevor Gertszt - Founder and CEO
Trevor Gertszt – Founder and CEO
Born in South Africa in 1980, Trevor Gertszt joined the precious metals industry after the 2008 market crash due to its resilience in uncertain economic climates. This decision was a natural fit for him, as he had a passion for coin collecting.
Jennifer Levin – VP of Operations and General Counsel
Jennifer Levin is responsible for overseeing all legal matters pertaining to Goldco’s operations. With a JD doctorate in Law from the USC Gould School of Law, she was recognized by the LA Business Journal as the In-House Counsel of the Year in the Fastest-Growing Private Company category.
What is GoldCo Precious Metals?
GoldCo Precious Metals, formerly known as Gerson Financial Group, is now a leading provider of precious metals IRAs in the United States. Based in Los Angeles, California, the company specializes in buying and selling precious metals, bullion coins and bars, as well as some collectible and numismatic pieces.
In addition to selling precious metals, Goldco also helps investors establish precious metals IRAs and other tax-advantaged retirement savings accounts, including gold and silver IRAs. The company formed a partnership with Ron Paul, a former Congressman known for his gold bullish views, in 2017.
Celebrity Endorsement
In 2021, Goldco partnered with the legendary Chuck Norris due to his status as an American icon and his exceptional values. Chuck and his wife have been investing in gold and silver for many years, and he is eager to share his personal experiences and insights into the precious metals industry. As part of this partnership, Goldco has even created a unique silver coin featuring Chuck Norris.
Additionally, Goldco has also worked with other well-known personalities, such as the TV personality and commentator Sean Hannity, in their marketing campaigns.
Goldco.com Website
Goldco’s website boasts a streamlined interface, with only six pages to navigate, making it user-friendly and intuitive. The information regarding their services is presented in a clear and concise manner, with market insights, articles, videos, and reference materials available for further reading.
Additionally, their live chat system enables you to connect with a specialist and receive prompt assistance. For individuals with specific accessibility needs, an extensive accessibility menu is also available.
Goldco Products and Services
Goldco focuses on offering a range of silver and gold bullion products for direct purchase, as well as catering to the gold and silver IRA market. However, investors seeking to diversify their portfolio with palladium or platinum bullion may need to seek other options.
Furthermore, Goldco’s parent company runs Coin IRA, which provides retirees with the ability to invest in cryptocurrencies like bitcoin and ethereum, expanding their investment offerings beyond precious metals.
What are Precious Metals IRAs and How Do They Work?
Precious Metals IRAs offer investors the opportunity to include physical precious metals, such as gold, silver, and platinum, in their retirement portfolios. These metals are stored by IRS-approved custodians, ensuring they meet IRS standards and are protected against potential loss or theft. Diversifying a portfolio with precious metals can provide a hedge against inflation and market volatility.
When selecting a Precious Metals IRA, investors have the option of choosing between a traditional or Roth IRA based on their financial situation and retirement goals. Contributions to traditional IRAs are tax-deductible, and the account’s growth is tax-deferred until retirement. Contributions to Roth IRAs are made with after-tax dollars, and the account’s growth is tax-free.
It’s crucial to consider the fees, commissions, and other charges associated with Precious Metals IRAs before investing. Thorough research, comparison of different companies, and consultation with a financial advisor can help investors make an informed investment decision that meets their financial needs and goals. As every individual’s circumstances and investment goals are unique, it’s important to consider these factors before investing in a Precious Metals IRA.
Gold & Precious Metals IRAs Protect You Against Inflation
Investing in a Gold & Precious Metals IRA is a prudent strategy to add to your investment portfolio. With the increasing national debt and pressure on the Federal Reserve to maintain low-interest rates, the value of the dollar is under threat. This has prompted many investors to turn to precious metals as a way to protect themselves against inflation and market volatility.
Goldco Precious Metals, a reputable IRA company, offers a valuable solution for investors to safeguard their savings. The CEO of Goldco, Trevor Gerszt, believes that the current public debt exceeding $30 trillion is a ticking time bomb that cannot be solved. With nearly 20% of all printed dollars produced in the past two years, inflation is rising rapidly.
While investing in silver and gold comes with investment risks, these precious metals can help to balance out the fluctuations of the market and provide a hedge against inflation. It’s important to consider all factors and consult with a financial advisor to determine whether investing in a Gold & Precious Metals IRA is a suitable option for your individual circumstances and goals.
Precious Metals IRA - Safeguard Yourself Against Crashes on the Market
Precious Metals as a Source of Diversification in Times of Economic Uncertainty
In the past, the physical value of precious metals has played a crucial role in diversifying portfolios during economic crises and stock market crashes. Despite the fact that gold may not always perform well during times of market volatility, its correlation with equities makes it possible for precious metals to offer diversification benefits that can be included in a balanced portfolio. This can help to mitigate risk and provide a level of stability during economic upheavals.
What Does Goldco Sell?
Goldco is a trusted provider of a wide range of gold and silver bars and coins, suitable for investment or inclusion in a Precious Metals IRA. While they do not currently offer palladium or platinum products, they offer a vast array of gold and silver products, including popular options like the Gold Buffalo and Canadian Maple Leaf coins.
In addition to classic offerings, Goldco also carries unique and unconventional coins that are still eligible for inclusion in a Precious Metals IRA. Goldco also provides support and guidance for customers interested in establishing a self-directed IRA, making it easy to get started and make informed investment decisions.
With a focus on transparency, customer service, and quality, Goldco is an excellent choice for investors seeking to diversify their portfolio with precious metals.
Goldco Reviews
Goldco is a customer-centric company that is highly regarded for its exceptional ratings and commitment to outstanding customer service. With a consultative approach and knowledgeable, friendly staff, Goldco has earned numerous positive reviews from verified and independent review websites. The company’s low-pressure approach to sales and dedication to putting customers first has resulted in rare negative feedback, typically due to misunderstandings rather than execution issues.
Goldco’s exceptional customer service has earned it top ratings across multiple platforms, including an A+ rating with the Better Business Bureau, a AAA customer rating with Business Consumer Alliance, and an excellent rating (4.7) on Trustpilot, with over 1000 five-star reviews. These outstanding ratings highlight Goldco’s dedication to providing the best possible experience for its customers and helping them achieve their investment goals.
Allowable Precious Metals IRA Investments
It’s crucial for investors to be diligent when selecting precious metal investments that qualify for tax-advantaged retirement accounts. According to Section 408(m) of the IRS, collectible items cannot be included in precious metals IRAs. Thus, it’s important to confirm that the investment is in the form of bullion and is produced for its precious metal content, not as a collectible.
Moreover, the bullion must meet specific standards to be eligible for inclusion in the tax-advantaged retirement accounts. The bullion should be sourced from a COMEX/NYMEX-certified facility or a National Mint, and must meet particular purity and fineness standards. For instance, gold bullion must have a minimum purity of 99.5%, except for Gold American Eagle Coins. Similarly, silver bullion must have a minimum purity of 99.9%, and platinum and palladium bullion must have a minimum purity of 99.95%.
By following these standards, investors can make sure that their portfolio is diversified and in compliance with the relevant regulations. Diversification is important because it allows investors to spread their risk across a variety of asset classes, thereby reducing the impact of market volatility on their portfolio. In addition, compliance with regulations is critical to avoid tax penalties and any potential legal issues. Therefore, it’s essential to ensure that precious metal investments for tax-advantaged retirement accounts meet the necessary requirements.
Goldco IRA Custodian Considerations
Investors are not allowed to physically handle gold or other precious metal assets in a Gold IRA.
It is against IRS regulations to store bullion and coins in a personal safe or other personal storage.
The IRS requires that all IRAs, including precious metal IRAs, must be managed by an approved custodian, who will oversee the assets on behalf of the investor.
Goldco uses the Equity Trust Company as its primary custodian for gold and silver IRA accounts.
Equity Trust is recognized as a leading custodian for precious metal IRAs, as well as for self-directed IRA investments.
Goldco Fees and Cost
Goldco operates similarly to other companies that offer gold IRAs, with its revenue generated solely from the sale of precious metals.
As a bulk purchaser of precious metals, Goldco does not impose any fees such as Assets Under Management (AUM) or monthly Statement Fees, nor any undisclosed charges or expenses.
Goldco does not engage in the sale of silver or gold for non-retirement purposes. If you purchase gold or silver directly from Goldco and opt for immediate delivery, the only cost you will incur is the retail price of the precious metal.
Free Shipping On All Qualified Orders
Investors must be aware of the extra expenses involved in investing in precious metals through a Gold or Silver IRA. These types of IRAs necessitate the payment of custodial fees in addition to the storage charges at the depository facility, unlike other investment types.
The custodial fees differ among companies and can range between $80 to $300 annually. Goldco, for instance, mandates an initial investment between $25,000 to $100,000, with an annual custodial fee of $175 by its primary custodian, Equity Trust. The fee increases to $225 for accounts surpassing $100,000.
In addition to custodial fees, Goldco’s Gold IRA clients are obliged to keep their assets in an IRS-approved storage facility. Investors can choose their preferred depository company; however, Goldco partners with three secure vaulting service providers, namely Brinks, The Delaware Depository Service Company (DDSC), and International Depository Services.
These three providers offer non-segregated storage at a flat fee of $100 per year, while International Depository Services provides the option of renting a secure storage space for $150 per year.
To open and establish a Gold or Silver IRA account with Goldco, the total cost is $260, inclusive of the option of segregated storage by request.
Despite the additional expenses, precious metal IRAs remain a popular investment option among investors. The average annual cost of a precious metal IRA is about $180. It is crucial for investors to conduct thorough research and compare the fees of various IRA custodians and storage facilities to find the most suitable alternative for their investment goals and budget.
Goldco Minimum Account Size
Goldco’s minimum account requirement of $25,000 is attainable for small investors.
Goldco Offers Reimbursement for First-Year Fees on Accounts Over $25,000
For accounts that exceed $25,000, Goldco compensates for the first year’s storage fees by sending an equivalent value in silver.
You may also be eligible for a similar reimbursement from the storage and custodian company to offset some of the fees.
By investing an additional $25,000, you can receive additional silver in exchange for storage or custodial fees.
Precious Metal IRA Rollovers
Goldco provides a hassle-free process for transferring eligible assets from an IRA, 401k, SIMPLE IRA, or SEP IRA to a gold IRA.
To transfer your funds, you will typically need to complete a form. However, some 401(k) plans may have restrictions on in-service withdrawals, requiring you to wait until you leave the company to roll over to another plan.
Once your account is funded, you can choose from a variety of gold and silver bullion options with the assistance of a Goldco manager. The purchasing process involves authorizing your custodian to purchase the selected metals on your behalf, which can be done over the phone. The metals can either be transferred from another depository account or sent directly to the vault, with a delivery time of 7-10 working days.
In addition, you have the option of a 60-day rollover. In this case, your former retirement account custodian will wire the funds directly to your bank account or send you a check. You will have 60 days to deposit the funds into your precious metals IRA, after which time the old custodian will retain 20% and send it to the IRS. It is important to note that to avoid being taxed and penalized for the difference, you must still deposit 100% of the funds.
For more information on the gold IRA rollover process, visit Goldco.com and download their free guide.
Goldco reviews from customers...
Goldco is a well-respected company in the precious metals industry, earning high praise from both industry experts and satisfied clients. Consumer Affairs, for instance, has rated the company 4.8 out of 5 stars based on over 500 consumer reviews. The Business Consumer Alliance has also awarded Goldco with the prestigious ‘AAA’ rating, while the Better Business Bureau has given the company an A+ rating.
On Trustpilot, Goldco has received an impressive rating of 4.8 out of 5 stars, based on 665 reviews, while BBB reviews have rated the company 4.87 out of 5 stars, with 238 comments. These excellent ratings reflect Goldco’s commitment to providing top-quality services and products to their clients.
Goldco Precious Metals Advantages
Great customer service that is responsive to your needs.
Expert, well-trained advisors
Low-pressure, consultative sales approach
Goldco Precious Metals Disadvantages
Investors may need to invest a minimum of $25,000 in order to be eligible for the gold IRA account.
Goldco Review Summary
GoldCo Precious Metals is well-regarded as a highly ranked company with a strong reputation. The firm provides top-notch customer service and support, along with a non-intrusive consultative sales approach. Converting eligible assets in a current retirement account to a GoldCo Precious Metals IRA is a straightforward process. The company presents a great opportunity for investing in precious metals.
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Frequently Asked Questions
Is Goldco Legit?
Yes, Goldco is Legit. Goldco holds an A+ rating from the Better Business Bureau, and a Triple-A rating from the Business Consumer Alliance, both of which are based on positive customer feedback regarding the quality of their services, reliability, and ethical business practices
Disclosure: As a professional review site, we may receive compensation from companies whose products we review and recommend. It’s important to note that we are independently owned, and the opinions expressed on our site are solely our own.