Hey all, it's Jenna, and today I'm going to be giving my Goldco review. Goldco Precious Metals is one of the premier precious metals IRA companies in the USA!
Today with rising capital gains rates, it is going to be significantly harder for people who make a fairly decent income on the stock market or by holding other assets to save money.
The new proposal (soon to be) by Joe Biden & the Democrats is to require households with more than a million dollars a year to pay a regular 24% up to 39.6% on their capital gains!
You can read more details and a breakdown here: https://taxfoundation.org/biden-capital-gains-tax-rates/
At times like these, Gold and Silver and precious metals IRAs can help avoid much of that taxation, resulting in far more money in your pocket and less money for big government to waste on sending dead people checks.
So, where does Goldco factor into all of this?
Can Goldco help you save on taxes?
Well, not really, but what Goldco can help you do is make sure that your money is secure for retirement.
In fact, we did an in-depth analysis of exactly what Goldco does (like we would with any gold ira or precious metals IRA), and we will go into detail on that throughout this review.
Today is the best time to start organizing your finances and future-proofing it, especially knowing just what type of trouble can be headed our way.
Understanding what companies like Goldco can do to help you is key to saving as much as possible while not breaking the law.
So, without further ado, let's start breaking down what Goldco is all about!
High Level Review of Goldco
I like Goldco Precious Metals, but it's good to look at both the positive as well as the negative of this or any company.
Short & Quick Review of Goldco
As a precious metals IRA, Goldco is an excellent choice for someone who has money to invest in gold,silver and other precious metals, and wants to avert what is now likely to become outrageously high taxation, which could result in inflation mixed with market volatility. They have a great reputation and with good reason.
By investing in Gold & precious metals IRA (gold and silver) with Goldco, you can legally avert a lot of the tax you'd otherwise have to pay.
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What Does Goldco Precious Metals Do?
Goldco, as the name implies, is one of the leading metal IRA firms in the United States.
The California-based company (ironic) has been helping investors from just about every walk of life to secure their money and their financial future with precious metal IRAs.
Just in case you wanted to know, Goldco has been helping people do this since 2006!
So that's over 14 years of helping investors save money for their golden years (no pun intended).
The IRAs by Goldco are self-directed, which means that you contribute to re-balancing your portfolio as an investor.
You start by creating a portfolio for one of the many precious metal assets Goldco has available, i.e. platinum, palladium, silver and our all-time favorite 'gold.'
Compared to paper assets, precious or rare metals as they are called aren't as susceptible to market volatility.
That's why you'll not lose money if there is an economic downturn or even if the companies offering them (precious metal IRAs) close.
Per IRS regulations, Goldco works with IRA custodian firms to ensure their clients' SDIRA is stable. The firms help the company's clients create new IRA accounts and rollover funds from traditional IRAs to the new Goldco SDIRA accounts.
In other words, Goldco brokers precious metals such as gold and silver so that investors can get them at comparatively lower prices.
We are aware of the fact that other firms offer a similar service, and you have probably run into a few of them.
So, the question is, how does Goldco stand out as a precious metals IRA and Gold IRA company?
So, right off the bat, here are a few things that stand out about the company:
- Clients are treated to excellent customer service, the "Gold Standard" if you will...?
- Goldco has some excellent rates for successful IRA rollovers.
- Rollovers are coordinated with traditional IRA service providers to ensure that the process does not get you taxed or worse penalties. After all, that's one reason why gold and silver IRAs are a good investment.
- Goldco also helps you come up with the best portfolio consisting of various precious metal assets. The assets acquired or invested in are as per your retirement goals and present capital.
How Do You Get Started with Goldco?
Now, if you are like most investors that believe in diversification, then investing in precious metals like gold and silver IRAs is a no-brainer. If anything, part of your portfolio should consist of precious metals.
Goldco will lend all the assistance you will probably need to set up a fully functioning SDIRA.
Here is how the entire process works in a nutshell:
Here's How The Goldco Sign Up Process Works:
You fill out the online form on their website. You will then be contacted by the Goldco staff, usually within a few hours, who will set up your account based on whatever you need and what is discussed. You can also call them during business hours.
You will need quite a few documents and a lot of information to get started. So, after you've collected everything they (Goldco) need, you reach out by calling the official toll-free number and completing the registration process. The rollover process will also be completed at this point.
The paperwork we mentioned earlier has to be sent over to the Goldco support staff for verification, after which the account is activated. Usually, this takes a few business days.
The SDIRA account is then opened, and an expert from Goldco will help to determine the best assets (Gold and Silver coins, Precious Metals, etc) to make part of your portfolio. The process takes on average 3 weeks.
What IRAs Do Goldco Have or Offer?
One of the goals for Goldco is to help investors have their own fully functional SDIRA.
Now for those who aren't in the know, a SDIRA is a self-directed IRA.
So, what types does Goldco offer?
Fortunately, they offer quite a few, and we'll list them below with a brief explanation of each.
The following retirement accounts are eligible for Goldco's IRA rollover program: 401(k), 403(b), Roth 401(k), Roth 457(b), Traditional IRA, Roth IRA, SEP IRA, SIMPLE IRA.
We'll try to keep everything in plain English, but you can always call up Goldco's customer support if you have any questions.
Goldco Gold IRA's
As you'd imagine, Gold IRAs are backed by gold, but they are also backed by other precious metals. In fact, their precious metal IRAs function the same way as traditional or roth IRAs.
Precious metals such as gold and silver, as mentioned earlier, helps shield you from market inflation and sudden volatility, which is unfortunately all too common these days.
A couple of benefits associated with them include:
It ensures that your assets continue to have stable value. In most cases, you are saved from wild fluctuation, which is otherwise a big part of the stock and commodities market.
SDIRA with precious metals has numerous tax advantages, something which isn't available with loads of other assets. So, that's a major reason you should have precious metals, including gold and silver coins, especially seeing as how we're going to be soon taxed to the hilt.
Precious metal IRAs are amongst the most hassle-free investments, at least in the US.
On top of the above, Goldco also offer various IRA Approved Gold & Silver Coins.
Apart from all the investment services above, Goldco also offers commemorative and collectable coins, which is something that coin collectors enjoy having. However, they can't be added to your precious metals IRAs.
Here the only gold coins & bullion featured are ones that meet the IRA minimum quality guidelines.
Also, Goldco makes it clear to customers that any gold they have at home, i.e. jewelry, bars etc., can't be added to their IRA.
Goldco Gold IRA also does not allow or support investments in paper-backed assets like Exchange Traded notes and Gold Exchange Traded Funds.
While there are various reasons for this, suffice to say it is beyond the scope of this review.
That said, trading Gold ETFs is easy because you don't own actual gold, but you have shares of an investment company with gold in their inventory.
In other words, it is a paper investment and not really like owning gold, i.e. a hard investment.
If you want to purchase gold to protect you from a potential market collapse, the ETF isn't going to protect you because it is part of the market and so inherits the same risks of various other paper investments.
Goldco sells various gold coins on their website, which are IRA approved.
The coins are 99.9 percent pure as required by the IRS. However, the company advises buyers to keep the gold with a custodian or maybe in a vault if they want it to be part of the precious metals IRA.
If you want to keep them at home, then they can't be part of the IRA.
Goldco also has silver coins and according to the company, investing in silver & silver coins has a separate set of considerations compared to gold.
The best way to ensure that the silver used is real requires partnering with a trusted company. Silver is heavily used as an industrial metal, and it's far more than just for jewelry.
Many industries rely on silver to manufacture medical equipment, industrial tools and parts used in electronics.
That's why according to many experts, the prices of silver will continue to rise over the next several years, which makes it an excellent investment.
While you can buy IRA-approved silver as a viable investment against future inflation and potential scarcity, not all silver coins available are instantly eligible to be included in an IRA. The Internal Revenue Service (IRS) has very strict rules for silver & silver coins to qualify.
Goldco Precious Metals features a couple of coins every now and then on their website, mainly for IRA inclusion. The coins maintain the 99.9% percent IRS mandated minimum purity, which means they can be included in Goldco Precious metals IRA. However, they will have to be stored with a custodian.
That said, if you'd instead collect these coins at home, they (Goldco) will ship them to you directly, but in that case, these coins can be included or be a part of your IRA.
So, the decision of how best to handle the investment is entirely yours. However, collectors would rather store their coins at home, whereas investors will arrange for them to be stored with a custodian.
Now you're probably asking: how does Goldco Precious Metals IRAs make money?
After all, they are a business, so there has got to be a catch, right?
Well, you're right; like any precious metals IRA, Goldco needs to make money which is why the minimum purchase is set at $25,000.
The amount isn't inclusive of storage fees which is a separate charge.
Your storage fee needs to be paid upfront. What you pay in the way of storage fees will vary depending on the custodian you choose. However, Goldco will reimburse a year's worth of storage fees if you hit the magical $25k precious metal purchase threshold. Honestly, it isn't hard to hit, so you can save some money here.
Amount Invested or Fee
Cost or Fee
$25,000 - $99,999 Invested
Varies by Company
Goldco customers who hits the $25k of precious metal investments we mentioned earlier must pay a $175 annual fee. Later the annual fee increases to $225 when a customer's investments cross the $100,000 mark.
So, if you keep the precious metal investments between $25k and $99.99k, you'll pay the initial $175 annual fee only.
The other thing you need to be aware of is that custodial fees vary quite a bit depending on the custodian you choose. That's why you'll want to be aware of what a custodian is charging before you choose them.
Who Are The Goldco Custodians?
Goldco uses Equity Institutional & Self Directed IRA as the custodian of your Goldco Precious Metals IRA. Both are safe and have a solid reputation.
- Equity Institutional is the industry leader in providing alternative investment custodial services to brokers, advisors and sponsors, with more than $12 billion under custodial administrations.
- Self Directed IRA has over 40 years of combined experience in the self directed IRA industry and provides administration and custody of alternative and traditional assets in self directed IRAs for individuals and small businesses nationwide.
The Goldco Customer Experience & Education
Goldco, unlike a lot of the competition, does not instantly assume that every one that is coming to them is an expert with a financial background.
That's why Goldco has educating people or potential clients as a priority. You will find quite a bit of educational material if you head over to The "Knowledge Section" of the Goldco website. In addition to web page tutorials, there are also eBooks you can download and videos to watch.
There is also a Frequently Asked Questions (FAQs) section which you should go through before contacting support.
We strongly advise that you go through everything on their website.
Plus, if you still have questions, go to some other websites for independent research.
After all, if you don't have a finance and investment background make sure to learn as much about everything that Goldco has to offer, i.e., their pros, cons etc., before you decide to invest.
According to the Better Business Bureau (BBB), Goldco has 105 employees and are based in Woodland Hills (Los Angeles County), California.
According to the BBB, Goldco:
- Has a BBB A+ Rating and has been BBB Accredited since 2006
- Has 4.9 out of 5 stars rating, with 156 customer reviews.
- They've had 8 complaints filed and resolved over the past 3 years
- The complaints range from things like too many phone calls, to simple misunderstandings on what's being offered.
* Goldco is currently our #1 recommended Gold IRA company. With this promotion, you’ll get the lowest fees with a guaranteed buyback program if you're not satisfied.
Pros and Cons of Investing with Goldco
Goldco certainly has its positive points, like excellent customer service. In fact, it has more positives than negatives. However, before you do business with them, it would be worth checking out our list of pros and cons below:
My Goldco Review & Final Verdict
As you probably already figured out by now that Goldco is a legit service with hundreds of clients who trust the firm with their money.
However, the question of if it is right for you will depend on who you are. Suppose you are someone who has money to invest and wants to avert what is likely to become outrageously high taxation, which could result in inflation mixed with market volatility.
In that case, Goldco is an excellent choice. Though we don't advocate evading taxes, but by investing in precious metals, you can avert a lot of the tax you'd otherwise have to pay.
Ideally, you will want to spend time educating yourself about these types of investments. You can start with Goldco's own website, which has quite a bit of information about Roth IRAs and IRAs amongst loads of other things.
If you've decided to give Goldco a shot, they have a free investing kit that is easy to understand and can bring you up to speed on the world of precious metals IRAs. Their customer service is great, and quick to respond, so you can always approach them with any questions you may have.
If you have questions about Goldco, precious metals or investing in general, or you run into trouble or want to signup with an account, the company's customer service people are always on hand to help. Goldco has an amazing reputation because they do what they claim to, they are a legit company, and your gold is stored safely with their recommended gold custodians. As an expert in finance I have no problems with recommending them for your investments in silver, gold or other precious metals.
Grab Your Free Precious Metals IRA Investing Kit Here, and PLEASE - comment below and let ME know if you have any questions, I'm more than happy to help how I can!
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