Goldcore Review

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Goldcore is one of many precious metals dealers that sells goods online. But unlike a lot of the US-centric online dealers saturating the market, Goldcore is based in Ireland. The company has an excellent reputation in the British Isles, but is it actually legitimate?

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About Goldcore

Goldcore Review

Goldcore first came into being in 2003, when it was the first gold dealership to be established in Ireland. Nowadays, the firm has the best reputation and establishment among Irish people. The founder of the company is proud of having an Irish-owned company that's based in Ireland, which has still managed to become an international competitor in the precious metals industry.

When the company first started out, they mainly served Ireland. Then they expanded to the United Kingdom. Now, they send precious metals to clients in over 130 countries internationally. That's one of the largest and most far-reaching precious metals operations in the global industry.

The company believes that people should be able to have frank conversations about precious metals ownership. They often speak with Irish media outlets to discuss the benefits of precious metals investment and diversification. Company spokespeople have been interviewed by Newstalk, RTE, Today FM, and the Irish Times.

When they're not focusing on Irish media, the company's spokespeople speak on international stages. They have been featured on CNN, CNBC, Bloomberg, the Associated Press, and the Wall Street Journal. They are a go-to participant for precious metals industry surveys.

The company has almost 14,000 unique clients with over130 million dollars in precious metals managed and stored. The firm's biggest clients are high net worth individuals, trusts, family offices, financial advisers, and other people with large amounts of money to diversify.

Part of what's made the company so popular is their broad range of storage options. They allow you to store your precious metals in some of the safest, most tax-advantaged places on the planet. And if you want to have your precious metals nearby, you can also have them delivered right to your doorstep.

The company's goal is to protect your assets at all costs. They use safe vaults in safe locations. When they ship your metals to you, they use secure packaging and couriers. Goldcore has partnered with international storage companies and mints to ensure that every client gets the highest-quality metals possible.

The services don't stop there. You can also partake in programs like the Goldsaver program for gold accumulation, the Perth Mint Certificates service, and the aforementioned storage services.

Management

Stephen Flood

Stephen Flood operates as the CEO of Goldcore, having been part of the company for 16 years. His main job is to make sure that the company keeps following through on their promises to give good advice, quality expertise, and unbeatable service.

When high net worth clients request his specific help, Stephen works with both them and their investment strategists. He helps create a plan for ideal wealth management based on the client's needs and goals.

He graduated from Portobello Business College with a business degree. Since then, he has worked in a variety of positions in the financial sector of New York City. Before joining Goldcore, he worked as a trader with Goldman Sachs.

The treasury expert with the company is Padhraig O'h Larnain. He is responsible for sourcing the company's gold and distributing it to clients. His goal is to only get the best gold from the best mints. Padhraig has worked with Goldcore since 2010 and is a licensed tax adviser.

Storage Options

Goldcore Review

The company's storage options are a big part of why people come to them. Whether you're a first time precious metals investor or an experienced industry professional, Goldcore gives you storage services you simply can't find elsewhere.

Some of the storage benefits include:

  • Safe vault facilities in tax-advantaged jurisdictions all over the world.
  • Clients directly own their items, regardless of whether you have allocated or segregated storage.
  • The vaults frequently have third party verification and total audits of the items in the vault.
  • You can visit your vault and inspect your holdings in person without needing to pay any fees.
  • You can choose between collecting your metals in person and having them delivered, if you ever want to remove them from their vault.

Goldcore will allow you to sell your items back to them with their buyback program. You will pay a storage fee that's a percentage of your holdings, with the lowest rate being .49 percent and the highest being 1 percent.

While that scale is a lot cheaper than some offshore competitors offer, it does mean that you'll be paying more and more for storage the more you invest. There are alternative companies that offer flat storage fees, so you aren't penalized if you add to your holdings.

Storage Partners

Goldcore partners with two security companies: Loomis and Brinks Security. These two companies are in charge of some of the most secure and protected vaults in the world. You can also choose from a huge range of locations with regards to your storage. For example, some of the vault options include:

  • The Cayman Islands
  • New Zealand
  • Singapore
  • Hong Kong
  • Dublin
  • Great Britain
  • Switzerland

Every vault location is in a place that is respected for being discreet, tax-advantaged, and confidential. These locations respect the rights to your financial property, so you never need to worry about your assets being seized by a third party.

Products

Goldcore Review

Instead of working with rare collectibles and obscure memorabilia, Goldcore chiefly focuses on the most popular coins and bars from official government mints all over the globe. Their products are heavily curated, and you won't find the oddities or diversity that you might with a less specialized competitor.

You can purchase gold coins like British Sovereigns, Brittania, American Eagles, South Africa Krugerrand, and Canadian Maple Leafs. Gold bars from the Perth Mint come in one and ten ounce sizes, as well as one kilogram sizes. They don't have a range of alternative sizes like some competitors do.

Coins are available in silver as well. You can get the American Eagle, Brittania, Canadian Maple Leaf, Australian Kangaroo, and Vienna Philharmonic.

As for bars, you can purchase silver in one hundred ounces or one thousand ounces. There aren't the kind of small bars that you'd find with smaller dealerships. Instead, Goldcore's products are geared toward investors who have a lot of money to burn.

There are not currently any palladium or platinum options with the company's marketplace.

Fees

Goldcore Review

As mentioned, storage costs a percentage of your holdings. Though it's not the most expensive rate, it can add up over time. Accounts begin at a 1 percent rate, and then that rate declines as your holdings increase.

The percentages are different for gold and silver. With both metals, though, your storage holdings will be billed at 1 percent of your assets until you have more than 100,000 dollars in the vault.

Between 100,000 and 250,000 dollars, the gold storage rate drops to 0.79 percent. Between 250,000 and 500,000 dollars, it goes down to 0.69 percent. The 750,000 dollar threshold has a rate of 0.59 percent, and anything above that is billed at 0.49 percent.

With silver, holdings between 100,000 and 250,000 dollars are stored at .95 percent. Between 250,000 and 750,000 dollars, you'll pay 0.85 percent. Once you save up more than 750,000 dollars, you'll pay 0.75 percent.

This is presumably because silver is much more inexpensive than gold, so you need a larger vault to hold this amount of assets. It makes sense that you'd be charged more for silver than gold.

Is Goldcore a Scam?

Goldcore Review

Goldcore is not a scam. They are the premier gold and silver trading company in Ireland, and they have glowing reviews from thousands of high net worth clients. Both new investors and experienced gold dealers have reported excellent consumer experiences.

This company will work best for people who are looking for discreet, tax-advantaged storage options for their precious metals. It is built for those who want to keep their holdings offshore. If you're not interested in that, then you might want to look for a US-based company with flat storage fees.

Similarly, this company doesn't specialize in IRAs. IRAs are a strictly American thing, and the dealership has no interest in becoming familiar with US tax law. If you want to use your retirement assets to invest in precious metals, you're better off looking for a US-based specialist.

Pros & Cons of Goldcore

Pros

  • Irish company with 15 years of experience and a trusted global reputation.
  • Huge number of bullion storage options all over the globe.
  • In-person metals pickup is permitted without any extra charge.

Cons

  • Relatively high storage fees compared to some of the competition.
  • No opportunities to invest in metals like palladium and platinum.
  • No IRA options, as this is a European-based dealership.

Final Thoughts

Goldcore is an excellent company that has not only become the top precious metals dealer in Ireland, but also has become a formidable global competitor. The company has some of the most diverse and affordable options when it comes to discreet and secure offshore storage options.

There are a few disadvantages, though. For one, they use a proportional fee structure. You'll pay a certain percentage of your holdings each month. As you add more holdings to your vault, your fee will just keep increasing. Conversely, some competitors just have flat annual storage fees that never change.

For another thing, this company is based in Europe and does business in over 130 countries. The executives work with some of the richest people on the planet. They aren't interested in IRA services for Americans, since that means dealing with a lot of hassle and paperwork and IRS confusion.

So if you want to open a precious metals IRA, or if you want a flat storage fee structure, this won't be the right company for you. Fortunately, you do have several other options available.

Although we do think that Goldcore is a solid company, we believe that there are better companies out there to make your investment with.

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