- 02 Sep 2022
- Precious Metals
- Comments: 0
Disclaimer: Many or all of the companies listed here may provide compensation to us. This is how we maintain our free service for consumers. Compensation, along with hours of in-depth editorial research, determines where & how companies appear below.
People all over the world have become concerned about how to protect their financial futures in such uncertain times. In the US, there's nothing more important financially than your retirement account. You have the option of putting certain silver and gold products into your IRA as a hedge against stock market crashes.
But there are some caveats. You need to fill out very specific paperwork, pick very specific products, and make sure that they're stored in very specific depositories. All of the regulations can be overwhelming, especially for people without a financial background.
So that's why gold IRA companies were invented. These companies fill a niche. They help you with the paperwork to get started, and in return, you use your retirement funds to purchase gold from them. Most Americans don't have enough personal savings to invest heavily in precious metals, but they often do have a good chunk of retirement savings.
Goldco and Noble Gold are two companies that offer these gold IRA services, among other service options. Both have solid industry reputations and similar fee structures. Both have similar options for custodianship and depository choices. So what are the main differences? What should you know before you get started?
And ultimately, which of these companies is the better one to invest in?
Goldco has been operating for over a decade. Since being founded, it has grown to encompass thousands of customers. There are people all over the US who use Goldco's services to set up and diversify their IRAs. Goldco has also been sponsored by a number of different commentators, with the most prominent being Sean Hannity.
Overall, the employees at Goldco have more than 100 years of total combined experience working with precious metals. Both the CEO and founder of the company have long financial backgrounds.
While Goldco mainly focuses on gold IRAs, that isn't all they offer. They also allow people to invest using cash. Some of their products aren't even eligible to hold in an IRA, so you must buy them with non-retirement funds. The majority of Goldco's available products are silver and gold, but there are occasionally palladium and platinum items in the inventory as well.
About Noble Gold
Noble Gold is a much newer player in the world of precious metals, having only been operating since 2016. But both of the founders have a long range of experience in the industry. They previously worked at Regal Assets before they broke off to create their own company.
Despite being so new to the game, Noble Gold has gained a positive reputation. The majority of feedback from past customers has been good, and the company is accredited with organizations like the Better Business Bureau. That indicates that the services they offer are legitimate.
On top of selling IRA-eligible precious metals, Noble Gold's other focus is on their Royal Survival Packs. These are combinations of precious metals that can be liquidated easily if you're dealing with a disaster. There are multiple different tiers of investment, with the right one for you depending mainly on your needs. The lowest tier can support a single person for several weeks after some disaster strikes.
Goldco and Noble Gold both operate in a very similar niche of the gold industry. Both companies focus on helping customers to open retirement accounts where they can hold their assets in precious metals. Both also allow you to invest your non-retirement savings into precious metals through cash purchases.
However, there are some key differences in what the companies offer and how their services work.
Goldco has a strong focus on gold IRAs. When you get started, a specialist will set you up with all of the required paperwork. They'll even talk to your custodian and coordinate with your chosen depository for you. You'll never need to speak to anyone except your Goldco representative throughout the process.
On Goldco's website, they state that they can work with any self-directed IRA custodian. So if you have a custodian in mind already, you don't need to worry. But if you haven't chosen a custodian, Goldco most commonly works alongside Equity Trust. This is one of the most well-established IRA providers in the entire US.
If you're making a purchase for your personal portfolio, you can do so as well. Some of Goldco's products are numismatic collectibles that can't be stored in an IRA. If you want to purchase these, you will need to do this with non-retirement funds. Otherwise you won't be compliant with the IRS regulations regarding IRA precious metals.
Goldco also works with a variety of depositories throughout the US. The main companies that they work with are International Depository Services, Delaware Depository, and Brinks Global Services. You can talk to your representative about where your items are stored and what region is best for you.
Like Goldco, Noble Gold allows people to get started with gold and silver IRAs. But their approach isn't quite as streamlined. You can fill out the information to set up an account directly from their website, but there's not much information about whether you'll need to talk directly to the custodian or not.
One of the more unique aspects of Noble Gold, though, is the company's Royal Survival Packs. Rather than having a list of online products to choose from, you decide on an investment tier. The team at Noble Gold will then put together a pack of coins and bullion that meets that tier, based on the prices of different products at the time.
Essentially, they create packages of investment that can be liquidated easily should you find yourself in an emergency. These packages can serve you in everything from natural disasters to government meltdowns to central banking issues. Because the investment is held in precious metals, it is kept away from prying government eyes.
Many people choose this type of investment because of concerns about global economic upheaval. Whether you're planning for natural disasters or worried about the value of your country's currency over time, these packages hedge against common investment concerns. They are a way of providing security and a means of survival in dark times.
You can choose an investment tier as low as $5,000 or as high as $500,000. It's even possible to invest more than $500,000. This is a custom tier that will be crafted to your specific circumstances. The staff at Noble Gold will discuss your concerns and figure out the most ideal profile for you. They'll also help you figure out the best storage options for your unique needs.
When discussing the fees you'll pay for precious metals, it all depends on the services. Both Goldco and Noble Gold operate with relatively low markups on their products. However, they do have some markups, as they need to turn a profit in their dealings.
You'll also encounter certain fees with regards to IRAs. If you have a self-directed IRA, you will need to pay a maintenance fee to the custodian. You'll also need to pay a fee to the depository. Both Goldco and Noble Gold have flat fee structures that help to offset many of the costs that are associated with IRAs.
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.
Noble Gold's fees are fairly straightforward, though it can be hard to find them on the website. Sometimes they offer collectible coins, which can be purchased for a non-retirement portfolio. The cost of these varies depending on the exact coin and its level of rarity.
If you want to invest in an IRA with Noble Gold, there's a minimum threshold of $2,000. That's much lower than Goldco's threshold of $25,000, which means that Noble Gold might be a more accessible company if you don't have as much saved. However, if you are doing a rollover of your existing retirement funds, rather than investing in a new account using your savings, then the minimum is $5,000.
For the Royal Survival Packs, the minimum tier is $5,000. Every Royal Survival Pack is slightly different, as the included metals depend on the market pricing. But every pack uses a combination of coins that are easy to liquidate. These coins are issued by sovereign mints and will be recognized by both pawnshops and hardcore coin collectors.
As with Goldco, the cost of custodian maintenance depends on which custodian you use. But most customers end up paying $80 per year for their self-directed IRA maintenance. The storage fee is usually $150 per year, though once again it may vary depending on the facility and the type of vault that you decide to use.
The reputation of a company makes a huge difference. After all, it doesn't matter if the company has great policies if nobody is enforcing those policies. Noble Gold and Goldco both have excellent reputations, but there is a clear company that comes out on top.
Since Goldco is one of the most popular companies that offers gold IRAs in the US, they have received a lot of online feedback. You can find thousands of reviews online, most of which give the company glowing praise. People praise the streamlining, the customer service, and the reasonable pricing.
There are over 850 votes on Consumer Affairs, with 4.8 stars on average. On Trustpilot, there are over 750 votes, also with a rating of 4.8 stars on average. Trustlink shows 4.8 stars with over 250 reviews.
That all indicates that the feedback for Goldco has been fairly consistent. Whenever there have been complaints, someone from the company has immediately worked to resolve the issue. Most complaints seem to be related to misunderstandings rather than mismanagement or malice. Even in situations where Goldco is objectively correct, they try to find a solution that makes the customer happy.
Both the positive and negative feedback for Goldco paints a strong picture. We know that the company sticks to its policies. We also know that there are hundreds of people who have written about how happy they are with the specific services provided by their representative. Since everybody gets a dedicated representative, they're able to develop a more personal rapport with each customer.
In comparison to Goldco, Noble Gold doesn't have quite as many customer ratings online. Their Facebook page has 5 out of 5 stars based on 15 votes. On Consumer Affairs, there's a 5 out of 5 star rating with 161 votes. Trustlink shows a 5 star rating with 123 votes.
That's still several hundred customers who have left good reviews. In comparison to smaller competitors, it's clear that Noble Gold is one of the largest and most well-reviewed companies. However, they simply haven't gotten the same level of online feedback that Goldco has.
It's harder to find negative feedback about Noble Gold, but the company seems similarly determined to help with customer satisfaction. Though they have been around for a shorter period of time, they have been accredited with the Better Business Bureau.
Ultimately, while Goldco's reputation is more extensive, Noble Gold's is also impressive. Both of these companies have a history of satisfying their customers and receiving high customer service ratings through third party organizations.
So Who Is the Winner?
Both Goldco and Noble Gold have earned impressive reputations when it comes to precious metals IRAs. There are reasons why both companies feature on so many lists of the top gold IRA firms. But if you're looking for a basic verdict on which we think is better, the answer has to be...
We like everything about Goldco. Their service is superb, and they're great at communicating with customers. They offer more streamlining than the majority of other companies, and they have a simpler setup process than Noble Gold.
Goldco has a slightly better reputation, with thousands of positive online reviews from past customers. We can see from the handful of complaints that the company deals well with negative feedback, always trying to make things right. They have a more extensive selection of products available to purchase as well.
One of the main drawbacks of Goldco, though, is their minimum investment rate. If you don't have $25,000 to invest, then their services are simply out of reach. In these cases, we do recommend working with a company like Noble Gold, which has a much lower barrier for entry. Similarly, Noble Gold is a good company if you want to invest in a product like Royal Survival Packs.