The recent volatility in stock markets due to economic uncertainties brought about by the global pandemic has steered more consumers towards investing in physical gold and silver as well as precious metals IRAs, as a hedge against inflation. Besides diversifying your portfolio and protecting your assets, precious metals may have an appeal for you if you want a more tangible asset to invest in, instead of paper assets.
Founded in 2006, Goldco offers its services to clients looking for alternatives to traditional forms of investments in shares and bonds, and guides you to set up self-directed IRAs funded by a combination of precious metals. They can help you protect your retirement savings by rolling over your existing 401(k), 403(b), IRA, or any other retirement account to a Gold or Silver IRA.
Goldco, specializing in asset and wealth protection, boasts an A+ rating from the Better Business Bureau as well as Triple A Business Consumer Alliance rating on the basis of customer reviews for their reliability, excellent service, and fair business practices.
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Goldco Products and Offerings
It is important to note that although Goldco helps you complete your paperwork for setting up a precious metals IRA, they are not the actual custodians of your IRA. Goldco assists you in buying and selling IRS-approved coins, bars, and bullion and in coordinating your purchases with the custodian and storage facilities.
They also offer assistance in rollovers of your traditional retirement funds into a Gold or Silver IRA. Here is a list of products and services offered by the company:
- Gold IRA
- Silver IRA
- 401(k) Rollover
- Gold Coins
- Silver Coins
- Gold Bars
- Silver Bars
What We Like About Goldco
Goldco’s strength lies in facilitating and coordinating with the IRA custodian, the IRS authorized storage facility, and a team of companies needed for moving physical assets.
Exceptional Customer Service
Existing Goldco customers have mainly positive reviews of the company’s products and customer service. 142 reviews on ConsumerAffairs.com have an average of almost five out of five stars to show for the company. Customers are particularly delighted with the way Goldco manages all the paperwork to settle transactions between the custodian and the storage facility without them having to approach multiple entities.
Up-to-Date Market Information
Goldco’s website keeps a track of daily fluctuations in the price of the yellow metal as well as other precious metals. You will find updated reports and charts on their website, that display live prices for gold and silver.
Helps You To Stay in Compliance with IRS Guidelines
Not all precious metal coins, bars, or bullion are authorized by the IRS, which maintains a list of standard types of precious metals for inclusion in your IRAs. Precious metals that Goldco handles for your IRA are all within these IRS guidelines.
Helps You Choose Your Custodian and Storage Company
Goldco has recommendations for custodian and storage options to help make it safer and easier for you.
Fast IRA Rollovers
The paperwork and logistics of each IRA application are different, and Goldco emphasizes that amount of time would vary from case to case. However, looking at all the data and customer responses, we found that it usually takes the company around two weeks to process all the documentation needed for your IRA rollover.
What We Don’t Like About Goldco
Although there is not much to not like about Goldco and the services they offer, delving deep into the nitty-gritty of their method of operations, we found a few things that you need to be aware of as a customer.
Fees Not Clearly Stated on Website
For a company that is rated highly for the ease of doing business, not specifying fees and costs on their website comes as a bit of a surprise.
High Minimum Investment
According to Goldco:
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.
Goldco Pros and Cons
The Good (Pros):
- Over ten years of experience in the business
- A Better Business Bureau A+ rating
- Thousands of 5-star reviews
- Low fees
- Exceptional customer service
- Easy rollover of 401k to Gold IRA or Silver IRA
The Bad (Cons):
- High minimum investment threshold in IRAs
What Sets Goldco Apart?
Goldco, with a wealth of experience in precious metals and precious metals-backed IRAs, is better placed than most similar businesses to guide you towards a more secure financial future that will sustain you through the years of your retirement. With this experience, and their unwavering focus on customer service, they can guide you through the rules, paperwork, and logistics of all available precious metals IRA investment options.
Over the past two decades, gold seems to have overcome its reputation as just a safe haven asset. Looking at the uncertainty that the US economy is heading toward, gold can play an important role in your investment portfolio. However, like all investments, Gold IRAs carry a certain amount of risk. As a consumer, you need to obtain a clear understanding and remain alert to market trends, your risk tolerance, and trustworthiness of the company you are investing in.
Happy and safe investing!
P.S. If you click on the link below to check out Goldco, you can get a free Gold Kit, so go ahead and see if they’re a good fit for you!