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When you talk about buying gold and silver using your retirement funds, one of the first companies you might find is Goldco. Goldco has been highly recommended by tons of different websites, but how legitimate are their practices? Is this the right company for you to work with?
Is Goldco a Legit Company?
Yes, Goldco is a legit company. It operates as a corporation out of California and has all the required documentation to run. There's a high degree of transparency regarding the location and the management. You can find CEO Trevor Gerszt online and keep up with his endeavors.
On top of this, Goldco has a wide range of experience in the industry. They have been operating for over a decade, meaning that they're better-established than many of their competitors. They've had years to streamline their practices and make sure that they're totally up to par.
Goldco is one of the main industry leaders when it comes to retiring with precious metals. Not only have they received the approval of multiple organizations and publications, but they have been positively reviewed thousands of times online by actual customers.
While Goldco does sell some precious metals outside of retirement accounts, their main purpose is to help people with their IRAs. If you have tax-advantaged wealth in a retirement account, they can help you roll some of it over into a self-directed retirement account. This will allow you to purchase precious metals as an investment at a premium price.
There are specialists whose job it is to walk you through everything. They're familiar with all of the paperwork and red tape. They know what forms to fill out, where you need to sign, and what you need to know about investing. Because they don't work on commission, they can answer your questions about the industry honestly and patiently.
The BBB gives Goldco an A+, while the BCA gives a top score of AAA. The BBB rates companies based on how well they respond to complaints and work to resolve them. The BCA rates companies based around their ethics, transparency, and general management. Goldco excels in all of these areas.
The American Business Awards gave Goldco a Company of the Year award back in 2021. For the past five years, Goldco has been on the list of the top 5,000 US companies with the fastest growth.
Almost all of the bullion sold by Goldco is IRA-eligible, with a few minor exceptions. Your specialist will explain the requirements to store items in your IRA. They must meet certain purity standards, and if they're coins, they must be pre-approved and from a sovereign mint.
One resource that Goldco has made available is their investment kit. This kit includes tons of information about the precious metals industry, retirement, the economy, and Goldco itself. It has a DVD, audio CD, and a book. No matter what learning style you prefer, you can learn a lot this way. You can even have the kit mailed to you for free without any commitment whatsoever.
According to Goldco's representatives, the entire goal of the company is to establish trust with clients. They want to be a company that they themselves would want to work with. In order to grow, they rely on building lifelong partnerships with their clients, and on receiving referrals from their clients.
If you want to buy gold and silver with cash, you can. With this type of purchase, you won't have the additional fees associated with gold IRAs. You'll need to meet a certain minimum investment threshold, but then you'll receive your items at Goldco's competitive prices. They can either be shipped to your home or to a depository that you choose.
Goldco is best known for their gold IRA services, though. Oftentimes, gold IRA services are expensive and involve tons of hidden fees. But Goldco is transparent about the costs throughout. They even use a flat fee structure, so you always know exactly what you'll pay.
In order to open an IRA, you'll need a custodian. Goldco will contact one of their preferred custodians on your behalf and handle the whole application for you. They'll even help you with the rollover paperwork, which is something that's usually managed by your custodian. This way, you never have to talk to anybody except your Goldco representative.
Getting started with Goldco is a little more complicated than simple online shopping, but not by much. There's an application directly on the website that will help you open a gold IRA. Alternatively, you can call and speak to a representative to manage the process.
Throughout the application, you can expect to provide certain personal information. They'll need your name, social security number, phone number, email, and address. If you're setting up a rollover, then they'll need information about your existing account and custodian. Your representative will explain exactly what's needed from you.
You'll be emailed a guide to precious metals investing. In addition, your account will have a dedicated service rep. This is an expert who will develop an individual relationship with you. They will answer questions, find out what you want, and make product recommendations that best suit your goals.
Your representative will walk you through the setup and funding rollover process. Then they'll help you finalize your purchase. Goldco doesn't publish their prices on their website, so you'll have to get a price quote from your rep. Reviews from past customers indicate that the pricing tends to be competitive. Since Goldco is such a large company, they have a big network of wholesalers to choose from.
After the purchase is finalized, your rep will take care of everything else. They will manage the transfer of funds and mail the package to your depository of choice. Your custodian will then receive the package and put it in your vault. The vault is fully insured, as is the package while it's in transit, so you're protected against any potential mishaps.
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.
One of the rules for a gold IRA is that the gold must be stored in an accredited depository. In order to meet IRS requirements, these depositories must have adequate security, business modeling, and insurance. You can generally expect your vault to be fully insured, and for the facility to be monitored 24/7.
Goldco has partnered with several different depositories in the US. So the big choice is where to house your items. Many people choose the depository that's physically closest to them, but some choose whichever depository has the most tax advantages.
If you don't have a specific preferred depository, Goldco defaults to the Delaware Depository. The Delaware Depository is a Delaware-based facility that has been helping with precious metals for more than 200 years. Other companies that Goldco often works with include Brinks Global Services and International Depository Services.
Some people feel that they should be able to store their gold in their homes. But the IRS strictly prohibits this kind of self storage. In the end, depository storage is the safer option anyway. Your home is much more vulnerable to theft, natural disasters, and other issues. With a depository, even if something goes wrong, you have a robust insurance policy to take care of it.
Goldco sells a variety of different gold and silver bars and coins. The majority are approved to use in an IRA, but not all of them are. Gold and silver need to be almost perfectly pure in order to qualify. Coins need to be official and come from a sovereign mint.
You can't place things like jewelry, watches, rounds, numismatic collectibles, or scrap metal into an IRA. You're required to buy very specific investment-grade bullion. There's a wide variety of coins and bars that qualify, but you need to be aware of your limitations as you work.
Goldco has coins from mints around the world, as well as multiple types of coin from the US Mint. Some of the most popular are items like American Eagles, which you can also buy in proof. The exact available coins vary depending on the day.
Goldco doesn't publish their prices directly on the website like some companies. If you want to get a price quote, you'll need to call and talk to a specialist. You can compare the price quote to the going spot price of the items to make sure that you're getting a good deal. The vast majority of past customers say that they've had a positive experience.
There is also a buyback program. While Goldco says that they can't guarantee that they'll buy back anybody's metals, they do make an effort to make an offer to every customer. They haven't turned down a customer wanting to liquidate their assets before.
When you decide that you're ready to liquidate your holdings and take distributions for retirement, you can talk to your Goldco rep to get a buyback quote. Goldco makes an effort to offer more than most other companies will. Because you bought the items from them, they're able to give premium buyback prices.
This process is super easy and streamlined. Once you agree to the buyback offer, Goldco will contact your custodian. Then they'll have the precious metals transferred back into their possession. Once the transaction has processed, the funds will be deposited into your IRA as liquid cash. You can then choose to take distributions however you want.
Basically, all you have to do is negotiate a buyback offer. Then your sales rep will handle all of the remaining logistics.
Goldco is a legitimate company. Moreover, they have a great industry reputation and a strong following of loyal customers. When you look up consumer reviews, you'll find hundreds of people detailing their positive experiences. Many of them talk about their company representatives by name.
Goldco has grown significantly over the past few years, despite being in operation for over a decade. They serve people all over the United States. There are even promotions for new investors, like getting 10% of your cash back in non-IRA silver if you invest at least $50,000 upon getting started.
The exact promotions being run will vary from month to month. It's a good idea to ask your representative about what offers and deals are available. Goldco tends to be flexible and good at working within customer constraints.
Overall, we do believe that Goldco is the best business that you can use if you're securing your retirement with precious metals.