Goldco Precious Metals Review
Goldco Precious Metals is a popular provider of gold and silver IRAs. But how high are the fees? And is it right for you? Read on to find out.
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Free Gold IRA Kit | |||
Overall Score | 3.4 | ||
Minimum Deposit | 2.5 | ||
Customer Service | 4.5 | ||
Gold IRA | 3.5 | ||
Fees | 1.5 | ||
Safety | 5.0 | ||
Pros and Cons
- More gold coins than competitors
- Educational resources
- A+ BBB rating
- $25,000 min
- Higher transaction fees
Bottom Line
Ver reputable Gold IRA account, but fees are higher than competitors
Precious metals are a unique investment. Unlike the stock market, you can physically touch them.
Just as important, their price isn't correlated to the stock market. This makes them a hedge against a 100% stock portfolio.
With Goldco Precious Metals, you can invest in gold and silver in a tax-advantaged retirement account.
But they're not the only reputable gold IRA provider. What are the fees? Minimum requirements? And are they right for you?
In this detailed Goldco review, you'll learn everything you need to know.
What is Goldco?
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Goldco Precious Metals, also known as Goldco, is a precious metals IRA provider. They're based in California and were founded in 2006 by Trevor Gerszt.
They offer a few main services, including a Gold and Silver IRA. You can also purchase precious metals directly from a selection of gold and silver coins and bars.
But they do have a fairly steep account minimum of $25,000 with a cash purchase. To roll over your IRA, you'd need at least $100,000. This may put their IRAs out of reach for some investors.
Goldco does offer the ability to roll over any type of existing retirement account, including IRAs or 401(k), 403(b), and TSP accounts. You can also roll over a savings account.
Goldco also has a solid reputation with users. It boasts an A+ rating with the Better Business Bureau, as well as a AAA rating with the Business Consumer Alliance.
Further down, you'll learn about their features and fees and the specifics for their precious metals IRA accounts.
Goldco Features
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Let's take a detailed look at each feature Goldco offers its users.
Gold and Silver IRAs
Goldco Precious Metals' primary service is offering users gold and silver IRAs. These tax-advantaged investment accounts allow you to invest in gold and silver for retirement.
Setting up a precious metals IRA with Goldco is easy. You can get started by visiting their website and signing up. Or you can request a free informational kit.
Once you've signed up, you can fund your gold or silver IRA with Goldco by rolling over an existing retirement account. Any tax-advantaged account will work, such as another IRA, a 401(k), or a 403(b) account.
From there, you'll be able to invest your retirement savings in gold and silver coins and bars. If you're currently only invested in the stock market, this is a healthy way to diversify your portfolio.
Funding a precious metals IRA requires that the gold and silver match certain requirements, such as purity, set by government regulators.
Goldco makes it easy to ensure you're only purchasing IRA-approved gold and silver. They sell to their customers directly. In fact, unlike some other gold and silver IRA providers, Goldco requires its members to purchase directly from them.
So if you already have another precious metals IRA, you won't be able to transfer it to fund your Goldco account. Some potential customers may find this a dealbreaker.
If you are interested in diversifying your portfolio, they also offer investment in other precious metals like platinum and palladium.[1] Goldco's experts specialize in helping you choose the right mix of precious metals to meet your investment goals.
The precious metals IRAs from Goldco also have a fairly steep minimum investment of $25,000. This is in line with some of its competitors.
Still, suppose you can meet the minimum requirements and are interested in a fairly hands-off retirement investing account for gold and silver. In that case, a Gold or Silver IRA from Goldco may be worth your consideration.
Since precious metals sales are made through their team, and they have a strong reputation for customer service, you can be fairly certain that opening an account with Goldco will be a smooth experience.
Buy Precious Metals Directly
Want to just buy gold, but not an IRA? You can still purchase gold and silver directly from Goldco without opening an IRA.
Goldco offers a decent range of gold and silver coins and bars.
Their offerings include:
- Gold American Eagles
- Silver American Eagles
- Gold American Eagle Proofs
- Silver American Eagle Proofs
- Silver American Bald Eagles
- Silver Australian Spotted Eagle Rays
- Silver Australian Striped Marlins
- Gold Australian Striped Marlins
- Gold bars
- Silver bars and more
Buyback Program
Are you worried about selling your gold when you want to cash out? Goldco offers a buyback program so you can take your distributions when it's time. You won't have to find a dealer to sell your gold.
As with any IRA, you can take distributions without penalty at the age of 59 and a 1/2.[2]
Precious Metals Storage
Due to government regulations, you cannot personally store gold and silver held in a precious metals IRA.[3] But Goldco offers a number of storage options.
Options include:
- Delaware Depository: $100 for non-segregated storage
- Brinks Salt Lake City: $100 for non-segregated storage
- International Depository Services Group (Texas): $150 for segregated storage
Fees to Look Out for
Goldco doesn't have fees published on their website. But we spoke to a rep to get the details. Here are some fees you can expect:
- $80 one-time setup fee
- $200 annual storage, maintenance, and insurance fee
- 7-21% transaction fees
For those purchasing gold or silver outside of an IRA account, the minimum purchase is $25,000.
Their flat-rate setup and annual fees are on par with other gold IRA companies. However, their markup starts at 7%, which is on the higher end.
Goldco vs Competitors?
Next, let's look at how Goldco compares to other popular gold and silver IRA providers.
Goldco vs Augusta Precious Metals
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Free Gold IRA Kit - | Gold IRA Retirement Diversification - | |
| Minimum Deposit | ||
| Gold IRA |  | |
| Silver IRA | | |
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Goldco and Augusta Precious Metals offer many of the same services. They're both providers of gold and silver IRAs. In many ways, the two are equally good options. However, they do differ in a few regards.
Augusta Precious Metals has a $50,000 initial minimum investment,[4] making it more difficult to get started than Goldco's $25,000 minimum.
But Augusta is more transparent about fees and pricing, whereas Goldco requires you to talk to one of their representatives to find out what you'll be paying.
One reason you might want to choose Goldco over Augusta Precious Metals is their inclusion of platinum and palladium as investment options.
Gold IRA Retirement Diversification
Learn how to diversify your retirement savings with a gold IRA.
Goldco vs Patriot Gold Group
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Free Gold IRA Kit - | ||
| Annual Fee | ||
| Minimum Deposit | $25,000. No Fee IRA $100,000 minimum | |
| Setup Fee | 5% on dealer-over-cost metal prices | |
| Gold IRA | | |
| Silver IRA | | |
| Platinum IRA | | |
| Palladium IRA | | |
| Buyback | ||
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Blank fields may indicate the information is not available, not applicable, or not known to CreditDonkey. Please visit the product website for details. | ||
Patriot Gold Group is another precious metals IRA provider which, like Goldco, also offers platinum and palladium in addition to gold and silver for their IRAs.
They also have a minimum investment of $25,000. But their markup fees is lower at 5%. Like Goldco, you'll need to talk to a representative to get a clear answer about pricing.
If you have $100,000 invested, you qualify for Patriot's No Fee for Life IRA. That can help you save a lot on fees over the course of the account.
Patriot Gold Group is also well-regarded in terms of customer service.
Bottom Line
Goldco is a legit, reputable provider of gold and silver IRAs known for excellent customer service. With Goldco, you'll find comparable service to many of its popular competitors.
However, it does have a relatively high minimum deposit and less-than-transparent pricing.
If $25,000 is too high of a minimum investment, consider another provider such as Patriot Gold Group.
References
- ^ Goldco. FAQs: What type of metals can I keep in my Precious Metals IRA?, Retrieved 7/24/2022
- ^ Internal Revenue Service. IRA FAQs - Distributions (Withdrawals), Retrieved 7/24/2022
- ^ U.S. Code. 26 USC 408(m)(3)(B) and (n): Individual retirement accounts, Retrieved 7/23/2022
- ^ Augusta Precious Metals. Are there minimum and maximum orders?, Retrieved 7/24/2022
Gold IRA Retirement Diversification
Learn how to diversify your retirement savings with a gold IRA.
Get Up to $3,000
The minimum qualifying deposit to receive a cash bonus is $10,000. Accounts will be reviewed 60 days after account opening to determine the total qualifying deposit. Corresponding cash bonus will be credited to the account within 10 business days. Once the bonus is credited to the account, the bonus and qualifying deposit (minus any trading losses) is not available for withdrawal for 300 days. If the qualifying deposit is withdrawn, the bonus may be revoked.
| Deposit or Transfer | Cash Bonus |
|---|---|
| $10,000 - $24,999 | $100 |
| $25,000 - $99,999 | $250 |
| $100,000 - $249,999 | $300 |
| $250,000 - $499,999 | $600 |
| $500,000 - $999,999 | $1,200 |
| $1,000,000 - $1,999,999 | $2,000 |
| $2,000,000+ | $3,000 |
Get up to 1 Year Managed Free
New Betterment customers only. Accounts must be funded within 45 days of signup. Terms apply.
Jeremy Harshman is a creative assistant at CreditDonkey, a personal finance comparison and reviews website. Write to Jeremy Harshman at jeremy.harshman@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
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