Are you planning to invest in gold for your retirement? There is a reason why investors prefer gold to fiat currency; gold is immune to inflation, deflation, and depression. Again, gold is not affected by political instabilities and government spending.
If you make up your mind to invest in gold and silver, GoldCo is one of the most popular companies you will come across. It is in competition with Augusta Precious Metals, Regal Assets, and Birch Gold Group among others. But what makes this company stand out?
Pros & Cons:
I gathered these GoldCo Pro’s and Con’s from customers’ experiences with the company.
Also known as GoldCo Precious Metals, the company started in 2006 as a platform that made it easy for people to buy gold. The company, which is the brainchild of Trevor Gerszt, was earlier known as GoldCo Direct. At the time, they only offered gold for cash without gold IRAs.
The company evolved and started offering gold IRAs after recognizing the need for IRAs. In their mission statement, GoldCo notes that they are focused on education on the importance of saving for retirement and doing it the right way. They also note that they want to provide a platform that everyone finds easy to use when rolling over their IRAs. So far, according to the reviews and their website, GoldCo has been able to do that.
When the company started offering IRA rollover services, they changed their name from GoldCo Direct to Heritage Gold Group. The name did not stay for long as there was another company with the trademark ‘Heritage.’
This is when they changed the name to GoldCo Precious Metals to represent the services they offer. The domain GoldCo.com was not available until 2017. Today, the company is among the top precious metals IRA providers in the industry.
GoldCo offers precious metals IRAs, specializing in gold and silver, and they also sell precious metals to cash buyers. They have offices in Woodlands, California, but they serve customers in all parts of the U.S. According to the information on their website, 80 percent of their customers are IRA while the rest 20 percent are cash precious metals buyers.
Account Minimum: $25,000
Promotion: 5% back on metals over $50k
The Management of GoldCo
The success of GoldCo lies in the management. GoldCo is at the hands of Trevor Gerszt (the founder) and Brenda Whitman (the CEO).
Trevor Gerszt has collected gold since his days as a child. He was born in South Africa in a family that collected gold. At an early age, he learnt the value of gold, and he nurtured his passion for gold coins and precious metals. He started investing in gold long before he founded GoldCo.
He brought his love and his knowledge of gold into his company in 2006 when he started it. Before he started GoldCo, Trevor Gerszt was a licensed real estate agent working in the San Fernando Valley.
Brenda joined the company in 2015 as the director of IRA services. She was then promoted to work as the COO of the company and later as the CEO of GoldCo. Even before she joined GoldCo, she was now new to gold and precious metals as she had worked for more than 10 years for Capital Gold Group.
While at Capital Gold Group, she was the director of IRA services and later the Vice President of the company. She was also in charge of the affiliate program of the company. As the person in charge of Capital Gold Group’s affiliate program, she was tasked with helping professionals create an education system for their customers to enable them invest in gold.
Besides Gerszt and Whitman, the company has a team of analysts and financial experts to help you learn all you need about precious metals.
How is GoldCo’s Reputation?
If you want to learn more about GoldCo, you will come across various publications talking about the company online. The company has grown exponentially and it featured in Inc. Magazine’s 5000 fastest growing companies for four consecutive years; from 2015 to 2018.
The business also appeared on the Los Angeles Business Journal as the 17th fastest growing business in Los Angeles. Today, the company is endorsed by Chuck Norris, celebrity martial artist, and Ron Paul, former presidential candidate.
From the reviews online, we can tell that the company has grown extensively in the past few years. I wanted to know what customers have to say about the business, and I checked some third party review sites.
- Better Business Bureau, BBB: The company has a rating of A+, which is the highest rating awarded. It is also accredited and had a rating of 4.93 stars out of a possible 5.0 stars at the time of writing this. The reviews are positive.
- Business Consumer Alliance, BCA: The business has a rating of triple A, which is the highest the platform offers.
- TrustLink: The company has a high rating of 5.0 stars.
- Trust Pilot: GoldCo has a rating of 4.8 stars out of possible 5.0 stars
I checked several other review sites, including Consumer Affairs and Google, and the response from consumers was positive. People who have used their services love them and that is good for the company and for anyone else who wants to start investing.
GoldCo services are similar to most other gold IRAs providers. However, the company offers one-on-one customer support and guidance. You will get the best prices for precious metals, and, at the same time, get guidance in every step. Below are some of the services you can expect from GoldCo:
Gold and Silver IRAs
You can invest in either gold or silver or choose a package that offers the two. The company works with Equity Trust Company as the custodian to help you pick the right precious metals for you. Equity Trust helps you get IRS- approved metals gold or silver, ensure the metals are what the sellers claim they are, and then send them to the depository. With Equity Trust, there will be no missing papers and no one will sell you fake coins. You will have several coins and bullion options to choose from.
You can invest in the following gold coins and bars:
- American Eagle
- American Gold Eagle Proof
- Australian Saltwater Crocodile
- Lucky Dragon
- Loyal Mint Gold Lunar coins
- Assorted gold bars
- Canadian Maple Leaf
- American Gold Eagle
- American Gold Eagle Proof
- Silver bars
- Bald Eagle
- Australian Saltwater Crocodile
- Lucky Dragon
- Canadian Maple Leaf
- Royal Mint Britannia Lunar Series coins
- Silver World War I
- Silver World War II Victory
Although it is not advisable to have precious metals in your home, GoldCo can sell the metals for you and have them ship to you. Delivery of the metals is free, but you need to have a safe at home for your metals. Your package will be indiscreet so that no one knows you are carrying precious metals. However, there are no international sales.
This is a new offering from GoldCo through CoinIRA, their sister company. Both companies were founded by Trevor Gerszt. However, the company doesn’t allow you to combine precious metals with cryptocurrency IRA. If you want to invest in coins, you will be directed to CoinIRA.
Some of the retirement accounts that the business recognizes include:
- Simple IRA
- SEP IRAs
- Roth IRA
- Traditional IRA
What Makes GoldCo Stand Out?
GoldCo has so many customers and has offered consistently good quality services for more than 14 years now. They have great ratings from their customers, and they continue to garner more positive reputation the longer they stay in business.
Some of the things we found to stand out include:
- They have specialists for every aspect to of their services. You will find an expert for each of the investment accounts that they offer to guide you through opening an account and to start investing.
- They have ‘white glove service,’ which includes helping their customers from the start to the end. When you request to create an account with the company, they will assign you an agent who will help you create the account and guide you through the rest of the process. Their agents are knowledgeable and experienced and will answer all your questions with ease.
- They offer education to all customers who join the business for the first time. There are so many coins to choose from and anyone who has never invested in precious metals may find it challenging. There are guides on the website to help you get started from a point of information.
- When you buy gold on cash, the business offers you free delivery, and you can also claim free storage. Their prices are competitive, and we loved the fact that their salespeople focus on education instead of being pushy.
- Every new IRA customer receives between 5 percent and 10 percent back in form of free silver. If you invest $50,000, you get 5 percent back, and if you invest $100,000, you get 10 percent back. If you invest at least $50,000, GoldCo will waive all fees the first year after your investment. This means that if you invest the minimum amount, $50,000, GoldCo will save you $230 for the first year and give you back $2500 worth of silver. You will get even more savings if you invest more money.
- There is a Buy Back Program and a department that oversees this program. If you want to sell your metals at a competitive price, the company allows you to do so in a simple streamlined process.
- On the website, there are extensive resources to help anyone who is still on the fence make the right decision. You can also ask your agent any question you may have on investing in precious metals.
How to Start Your IRA With GoldCo
Are you wondering how to start your IRA with GoldCo? The process is as outlined below:
1 Talk to a Rep
When you decide that you need to invest in gold, GoldCo connects you to a rep who will guide you through the process and will stay with you even after you have created an account. The rep will direct you to an IRA specialist who will help you choose the type of Gold IRA that will meet your needs.
2Choose IRA Account
There are different types of IRAs offered. You can set up a traditional IRA that will use pre-tax dollars or go for a Roth IRA that will use post-tax dollars. If you have a Roth account, you will need to roll over to a Roth IRA account, but if you have a conventional account, you can transfer the funds to a conventional gold IRA. The IRA specialist will guide you on what to do.
3Fund Your Account
You need to choose source of funding for your account. The source can be your 401k, 403b, 457b, or even a TSP plan. The source of funding can also be your traditional IRA, SEP IRA, SIMPLE IRA, or Roth IRA. Before you roll over your IRA, you need to talk to a tax advisor who will tell you the tax implications of rolling over. The specialists at GoldCo can also help you decide how to fund to avoid huge taxes.
4Pick a Custodian
When you decide to invest in gold for your retirement, you get a self-directed account. You will be in charge of deciding what happens to your account. However, you will still need to store your gold in an IRS-approved depository. This means that you need a custodian to handle the transactions and verify the special metals on your behalf. GoldCo works with Equity Trust Company.
5Roll Over your IRA
You will need to sell your assets from your traditional IRA or any other retirement account and roll over the funds to gold IRA. GoldCo does everything for you and all you have to do is fill a few forms and leave everything to your rep. Once you fund the account, you will be good to start investing in gold.
6Choose Your Precious Metals
Not all coins and bars meet IRS regulations for IRA investment. As such, your rep will guide you on the coins and bars to pick. Note that, GoldCo only offers gold and silver coins and metals, and they do not have other metals for IRAs. GoldCo has several IRS-approved coins and bars from different parts of the world. Some of the coins are minted specially for GoldCo.
7Wait a Few Days
Once you choose the coins and bars to invest in, they will be sent to your depository of choice within a few days if GoldCo has them in their investory. If the company has to make an order, you will wait for up to four weeks for them to get to the depository. As you wait, you can ask your rep any question.
GoldCo fees are competitive. When you request to open an account, they will charge you $50 account set up fee. From there, you have to pay $30 wire fee to process the money you sent.
You will also pay an annual storage fee. For a segregated account, you will pay $150 annually, and for a non-segregated account, you will pay $100 annually. The fees do not change regardless of the amount of gold you invest in.
You will also pay an annual administration fee of $80. This means that if you store your gold in a segregated account, you will pay $230 annually. The amount is standard for gold IRA companies. With GoldCo, the admin fee is flat unlike in other companies where the amount might fluctuate.
With GoldCo, you can only invest at least $20,000 for your precious metal IRA account. If you are doing a non-IRA transaction, you can invest as little as $3,500. The $20,000 limit might sound like it is a lot, but there are precious metal companies with higher minimums, some up to $50,000.
Goldco Fees For Precious Metal IRAs
Set-up fee for IRA
$100 for non-segregated
or $150 for segregated
Goldco Fees For Non-IRA Transactions
One-time set-up fees
Annual maintenance fees
Goldco Investment Minimums
Precious Metal IRAs
$20,000 to $25,000
GoldCo Storage Options
The IRS requires that you store your gold in a third-party depository that they approve. These depositories are safe as long as they have IRS approval, and you can rest knowing your gold is in good vaults. GoldCo works with top depositories to ensure your precious metals are safe.
There are three storage options:
- Delaware Depository, which offers non-segregated storage and charges a fee of $100 per year
- Brinks Depository, which also offers non-segregated storage at $100 per year
- IDS Texas, which offers segregated storage at $150 per year
GoldCo recommends the Delaware Depository, and they will store your gold there by default. The depository is more than 200 years old, have class three security vaults, and they have modern advanced security systems.
If you would like another storage option, you can specify.
Your gold is insured in transit and in storage. Although there is no record of GoldCo or any of the above depositories ever losing precious metals, you can know you are covered in case there is a loss.
You can visit the depositories once your gold gets to them and request to see and even touch your stones. As such, choose the depository that is closest to you.
Who Should Invest With GoldCo?
If you already have an investment account, and you are afraid that inflation and other financial uncertainties can affect you, you need to invest in gold. GoldCo is for people who are ready to rollover or start investing in gold IRA.
With GoldCo, you can own physical gold and silver coins and bullions. If you like, you can even visit the depository and touch your gold. GoldCo has an assortment of coins and bars to meet your needs with ease.
If you want to safeguard your retirement plan against market volatility and political instability among other factors, a gold IRA can help you. When the value of the dollar goes down, the value of gold and other precious metals tends to rise.
If you are almost retiring, and you fear there may be a financial crisis that will affect your plan, why not invest in gold? Precious metals have the stability you want in a retirement plan. Better yet, GoldCo offers a simple platform and competitive prices to help you invest with ease.
How Can You Contact GoldCo?
If you want to talk to a rep, there are several ways to reach GoldCo:
- Start a live chat on the company website and someone will answer you immediately – we have tried this and it works fast
- Call their number 877-360-0011 any day between Monday and Thursday between 8:00 a.m. and 5:00 p.m. PT. On Fridays, call between 7:00 a.m. and 4:00 p.m. PT. The office remains closed on Saturdays and Sundays, but you can still get help from your rep and from the website.
- Write them an email at email@example.com
- You can also fill out the contact form on the company website and state your issues
If you already have a rep assigned to you, there is no need for the above contact details as the rep will always answer your questions. You can also check the resources offered on the company website and also the FAQs page on the same website. The ‘white glove service’ offered by GoldCo means that there is someone to help you at all times.
Should You Invest with GoldCo?
If you make up your mind to invest in gold and silver – whether gold IRA or direct gold purchase – GoldCo is a good company for you. The company focuses on education and good customer service. This is why you will always find someone to help you when you reach out to the company through any of the provided communication avenues.
You will enjoy some offers such as the 5 percent back in silver and the first fees waived. The account setup process is seamless. In fact, you will not do much as the rep does most of the legwork for you. The fees are competitive, and they do not change based on the amount you invest.
If you are a non-IRA customer, you will enjoy free shipping and free storage of your metals. You also enjoy a low investment minimum of $3,500. After the initial investment for gold IRA customers, you can make subsequent investments with ease.