Goldco Review

Goldco Review

Lear Capital Review

Scott R. Hillford

Author & Founder Gold Is Money 2

Disclaimer: Some or all of the companies reported here may provide compensation to us, at no cost to our readers. This is how we keep our reporting free for readers. Compensation and detailed analysis are what determines how companies appear on this website.

Navigating the complexities of the precious metals investment landscape can be an arduous journey. Choosing the right partner to guide you through this labyrinth is crucial. Goldco, a leading provider in the gold IRA market, has consistently emerged as an industry leader.

But what sets Goldco apart in a competitive market, and what are its defining characteristics?

This review sets out to delve into Goldco's offerings, illuminating the company's positives, how it handles any hiccups along the way, and, most importantly, its unwavering commitment to customer satisfaction.

Goldco's impressive standing in the industry is reinforced by an overwhelmingly positive online footprint. 

There are thousands of reviews, testimonials, and feedback from satisfied customers available across multiple platforms. Such positivity has resulted in an A+ rating on the BBB website and an average score of 4.85 out of 5, signaling an approximate 99% satisfaction rate.

Prior reading further, it is important to acknowledge that investing your savings is a not easy. When it comes to incorporating precious metals into your investment portfolio, how can you tell which companies are reliable?

After devoting extensive time and effort, we have conducted thorough research within the precious metals industry and compiled a selection of the most trustworthy companies.


Take a moment to read our list and determine if Goldco has what it takes to make the list this year!

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In addition to the glowing ratings, Goldco's proactive approach to addressing customer complaints shines through. As with any sizable corporation, occasional grievances are inevitable. However, Goldco differentiates itself through quick, effective resolution strategies that prioritize customers' needs.

Goldco Review - Logo

From first-time investors to seasoned veterans, Goldco's team of professionals is lauded for their customer service. They guide each client through the process with patience, transparency, and a willingness to address any concerns, turning initial apprehensions into a satisfying investment experience.

Furthermore, Goldco's credibility is reflected in its dealing with various complaints. Issues range from perceived poor pricing to unsolicited calls, yet in each instance, Goldco's response is prompt and focused on resolving the problem to the customer's satisfaction.

About Goldco

Founded over a decade ago, Goldco is an LA-based company that offers gold and other precious metals products for IRAs and personal investments. Goldco was once listed as one of the fastest-growing private companies by Inc 5000 and has previously also been named Company of the Year during the American Business Awards.

Goldco Review - Website

Goldco has over sixteen years of experience in the precious metals and finance industry and they specialize in selling gold, silver, and other precious metals for Precious Metals IRA accounts and personal investments.

When it comes to its customers, Goldco has an A+ Rating and the Business Consumer Alliance gave Goldco a AAA rating. On sites like TrustPilot, Goldco has thousands of 5-star reviews and has an overall 4.8-star rating at the time of writing.

IRA Services

If you’re looking to set up a gold IRA, Goldco can help you through the process. They work with several accredited depositories and custodians like the Equity Trust Company and can walk you through the paperwork for setting up the account and transferring the funds from your existing retirement account into your self-directed Gold IRA.

One thing to note is that Goldco itself is not a depository or a custodian. They do have a list of recommended custodians and depositories that you can work with or if you find your own, you can utilize them.

Goldco Review - IRA Service

If you’re unsure of the overall process, Goldco offers to set up the account for you by handling the paperwork and working with the custodian and depository, and streamlining the overall process for a one-time setup fee.

Once you have your Gold IRA account set up and funded, your Goldco precious metals specialist will work with you to find the right products for your investment. The IRS only allows certain gold, silver, and other precious metal products to be used in a Gold IRA, but Goldco specifically marks these products out to help reduce some of the guesswork.

One of the hallmarks of their service, Goldco precious metals specialists are knowledgeable about the different products that are available and can work with your investment goals and current situation to make recommendations that are best for you.

After you’ve selected your products, the precious metals specialist will give you a price quote and you can decide on whether or not you’ll make the purchase. Once the purchase is finalized, the gold and other precious metals will be sent directly to the depository and your custodian will handle the paperwork and management of your Gold IRA.

Special Offers

If you’re a new customer with Goldco, you can qualify for fee waivers and other benefits. Previously Goldco has offered to waive the first year of fees for new customers that invest $50,000 into a Gold IRA. These fees include storage fees, setup fees, custodian fees, and others to help you save money.

Some other previous offers have included free silver and other bonuses for making a purchase of $50,000 or more. These special offers are subject to change, so it’s always a good idea to talk with a Goldco precious metals specialist to learn about all of the current special offers and if you qualify as well.

Non-IRA Purchases

If you want to invest in gold, silver, or other precious metals outside of your Gold IRA, Goldco offers a wide range of other investment products.

Similar to a Gold IRA, you can choose to have the gold shipped to a depository or you can have the package sent to your house for you to store on your own. These packages are fully insured and require a signature for delivery so be sure to be available at home for when the gold is delivered.

Gold IRA Fees

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.

Buyback Program

The liquidity of precious metals is often a significant concern among investors. The nature of commodities like pure gold restricts their use as a direct medium of exchange in common commercial transactions.

If you wish to use your investment for purchasing goods or services, you will need to convert your gold into cash, a process that might lead you to incur a loss if a dealer is unwilling to provide a fair offer.

Here, Goldco's buyback program can play a pivotal role. Similar to many of its peers, Goldco ensures they're available to repurchase your precious metals when required.

They're committed to offering a swift and reasonable price quote based on the prevailing market price of your assets.

Investing in precious metals does come with a margin difference between the buying and selling prices. Yet, past interactions with customers suggest that they've successfully sold their assets back to Goldco at a substantial profit.

As long as the market value of precious metals experiences a steady rise during the tenure of your investment, the possibility of generating profit upon selling back your assets remains high.

If you have an alternative buyer in mind, Goldco allows you to opt for direct delivery of your precious metals. However, in most cases, Goldco's offer remains the most competitive in the market.

When the time comes to sell back your precious metals to Goldco, the process is straightforward. You just need to connect with your precious metals specialist, who will then provide you with a quote based on the metals you intend to sell. If you agree with the quoted price, your precious metals specialist will liaise with your custodian to get the trade started. Subsequently, your custodian will send the metals to Goldco.

Once Goldco receives and processes your package, your payment is issued, typically via a bank wire transfer. Goldco strives to expedite these transactions to ensure you have access to your funds at the earliest.

Many satisfied customers have expressed positive experiences with Goldco's buyback program, noting that they received more competitive pricing than offers from local dealers.

Is Goldco a Scam?

No, Goldco is definitely not a scam.  Goldco's authenticity and reputation are beyond dispute. Numerous online testimonials from previous customers affirm the company's standing, with a majority offering top ratings. Their A+ rating and an average of 4.85 stars out of 5 on the BBB website, based on over 300 reviews, reflect an approximately 99% satisfaction rate.

Goldco Review - Ratings

In addition to their impressive ratings, Goldco's proactive approach to handling and resolving customer complaints speaks volumes about their commitment to customer service. Like any large-scale company, occasional grievances are inevitable, but what sets Goldco apart is its swift, customer-focused resolution strategies.

Let's delve deeper into both the commendations received and some of the resolved complaints.

Praises and Applause

The overwhelming number of positive online reviews of Goldco across platforms like the BBB website, Trustlink, and Trustpilot are a testament to their service quality. While we can't cover every single positive review, we can highlight some of the most recent ones.

A first-time investor in precious metals shared her initial apprehension. Her precious metals specialist, however, was able to dispel her worries, answering her queries, and clarifying each step of the investment process.

She appreciated Goldco's continued support even after the initial purchase, and the company's readiness to answer any future queries. Her review echoes the sentiment of many others who have complimented Goldco's excellent customer service and helpful precious metals specialists.

Another customer, having previously dealt with another precious metals IRA provider, chose Goldco as their second option. They were impressed by the detailed explanations provided by the Goldco precious metals specialist before finalizing any transaction.

The customer appreciated Goldco's transparency and honesty, emphasizing their intent to continue their future precious metals investments with Goldco.

Addressing Complaints

Complaints against Goldco, as per BBB records, total 17, a meager fraction compared to the positive reviews. About twelve of these were lodged in the past year, which can be attributed to supply chain issues and political uncertainties that have disrupted the precious metals industry.

Examining negative feedback is equally important, as it reveals the company's approach to problem-solving. While it's not possible to discuss every complaint, we can summarize a few.

A customer, in March 2022, expressed dissatisfaction over perceived poor pricing. He had purchased several silver coins the previous year without being given options. When he wanted to convert his coins into cash, he was offered a buyback price that would have resulted in a loss of over 25%.

Goldco, upon learning about this, reached out privately to the customer to better understand the situation and find a satisfactory resolution.

Some customers complained about receiving unsolicited calls. In response, Goldco assured each of them that their numbers would be removed from the call list. They also sought to understand the issue to prevent such occurrences in the future.

A complaint in August 2021 was about a customer who believed they had paid 350% more than the silver's spot price. Goldco clarified that the customer was quoted for the melt value of the silver, while the coins' actual value was considerably higher. They then offered a buyback that allowed the customer to make a significant profit.

A customer, who chose Goldco because of its buyback program, found it hard to get in touch with the company when he wanted to sell his coins. Goldco apologized for the delay and confirmed that they had successfully contacted the customer and his wife, enabling them to sell their coins profitably.

Goldco's primary focus, as seen through these instances, is to ensure customer satisfaction, resolve complaints promptly, and maintain transparency in their dealings.

Pros & Cons

PROS

With Goldco, you’ll have a dedicated account precious metals specialist and the company overall has a great reputation that’s backed by thousands of reviews from satisfied customers. There’s also a great buyback program offered for added peace of mind when it comes time to make a withdrawal.

CONS

The minimum purchase amount of $25,000 to open a Gold IRA with Goldco can be cost-prohibitive if you’re transferring over only a smaller investment or you’re looking to open an account with just IRA contributions.

Verdict

Final Thoughts About Investing with Goldco

The world of precious metals investment can be daunting, especially for the uninitiated. Thus, it becomes vital to choose a partner who can guide you smoothly through the investment journey. 

After careful consideration, it is clear that Goldco emerges as a trustworthy and reliable partner. What sets Goldco apart is not merely the variety of services they offer but their unwavering commitment to customer satisfaction.

Their impressive A+ rating on the BBB website and an average score of 4.85 out of 5 demonstrates an industry-leading satisfaction rate, reinforcing their position in the industry. Moreover, the commendations received, along with the effective handling of complaints, echo their emphasis on customer service.

Transparency, honesty, and comprehensive support are the pillars upon which Goldco has built its reputation. Whether it's guiding novice investor through their first purchase or ensuring the complete satisfaction of an experienced investor, Goldco's precious metals specialists stand out for their dedication to their customers.

In the face of issues or complaints, Goldco's proactive approach to finding resolutions is remarkable. Whether the concern pertains to pricing, unwanted calls, or even potential misunderstandings, Goldco's customer-centric approach shines through.

Their earnest attempts to not only resolve the complaints but to understand the root cause and prevent recurrence speak volumes about their commitment to their customers.

In conclusion, for anyone venturing into the realm of precious metals investment, partnering with a company like Goldco would undoubtedly be a wise decision.

Goldco's dedication to providing top-notch service, coupled with its track record of resolving complaints and its unwavering commitment to customer satisfaction, are all strong indicators of a trustworthy and reliable partner. This is a company that places a premium on ensuring that their customers' investment journeys are as smooth and satisfying as possible.

Additionally, Goldco's demonstrated commitment to transparency and integrity, along with its industry-leading satisfaction rate, exemplifies a company that not only delivers on its promises but also surpasses expectations. 

By setting high standards and consistently meeting them, Goldco redefines excellence in the precious metals investment industry, making it a standout choice for both seasoned and novice investors.

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