Current Goldco customers are overall positive in their reviews of the company’s customer service and the products it provides. ConsumerAffairs shows an average of nearly five stars out of five for Goldco from 142 reviews and the BBB shows an average of five stars from 12 reviews. In particular, customers seemed happy with the way Goldco handles all of the paperwork of the purchase itself between the IRA custodian and the storage facility to complete a transaction without the customer having to contact Goldco
The majority of the few negative reviews revolve around the misunderstanding of the nature of the precious metals market and how values are calculated. For example, the most common complaint found relates to collectible coin value. When collectible coins are purchased, their listed value in the IRA is the melt value, that is, how much the melted metals would be worth. This leads to confusion in many cases until Goldco explains to the customer that the coin value is separate and does not reflect the current market value of the coin as a solid coin. As a result, some of these negative reviews are later amended to higher ratings once the customer understands the paperwork better.
Goldco products are Precious Metals IRAs, split into Gold IRAs and Silver IRAs. It is important to note that Goldco only acts as a broker for the buying and selling of the precious metals and not as custodian of your actual IRA account, although they state they will assist you in completing the account application paperwork with a custodian company. Goldco assists customers in purchasing IRS-approved coins and bullion for inclusion in their Precious Metals IRAs and coordinates these purchases with the customer’s custodian and storage facility. They also provide assistance with rolling over your existing retirement accounts into a Precious Metals IRA. A full list of Goldco’s offered products are as follows:
Gold IRA – Goldco provides information on opening a Gold IRA, including which metals you can invest in.
Silver IRA – If you’re unsure about how to start a Silver IRA, Goldco offers tips on how to get started, which silver coins are accepted and more.
401(k) Rollover – Goldco offers help rolling over your traditional or other type of IRA into a Precious Metals IRA.
Traditional and Roth IRA Planning – Goldco offers resources and a knowledge base comparing a Roth and a Traditional IRA and can help you get them rolled into a Precious Metals IRA.
SEP IRA Planning – If you need clarification on SEP IRAs, Goldco provides things like information on eligibilty requirements and contribution limits.
Simple IRA Planning – Goldco explains how to open a Simple IRA and how the rules work for a gold and silver Simple IRA.
Goldco does not list their costs and fees on their website but a company representative told us that their recommended minimum purchase is $25,000. At an investment of $25,000, Goldco will reimburse storage fees for one year in the form of an amount of like-value silver shipped to the account owner. It is important to note this silver is not part of the account holder’s IRA and the account holder must pay the storage company fees up front. Also, at the $25,000 investment level, Goldco’s fees are $175 annually. For each additional $25,000 invested, Goldco will ship silver in the value of another year’s worth of storage fees to the account holder. Goldco’s fees do not increase until the $100,000 investment level is reached, when fees increase to $225 annually.