It can be difficult to find a reliable precious metals dealer when you’re just starting out in investing. There are just so many companies out there, each promising this and that, that it can be overwhelming to know where to start–leading you to want to quit before you’ve even bought one piece!
With all of these companies around, how can you be sure you’re not getting scammed? How can you tell if the company you’re looking at is going to give you the best prices and products for your dollar? That’s where we come in.
We review the companies you’re going to come across when you search for precious metals dealers and the one we’ve chosen today is Kitco. Is Kitco a company you can trust, or one you should avoid altogether? Keep reading to find out!
What is Kitco?
Kitco began in the 1970s by Bart Kitner, a college student in Canada who began trading scrap gold. Once he had a measure of success, he ventured out into other investment opportunities. By the 1990’s Kitco was formed.
Kitco is a wealth of information about the precious metals industry, including current pricing, market news, trends, crypto, and jewelry. They are also in the business of refining, dealing with companies that need precious metals for their products, such as the jewelry industry and the dental industry.
Kitco has branched out from its beginnings in Canada and currently has offices in New York, San Francisco, Montreal, Singapore, and Hong Kong.
Kitco Products and Services
Aside from the extensive information available on their website–including charts, live quotes, trends, and news–Kitco has an extensive inventory of precious metals including gold, silver, platinum, palladium, and rhodium. These products include bullion bars and coins, as well as their own signature products made of 0.9999 silver and gold.
While they do not function as an IRA custodian, they are partnered with Brinks Global Services for your IRA needs.
Besides reading this review, you should also consider the reviews of customers who have used Kitco. These reviews will often give you an honest snapshot of what working with Kitco is like. You can find these types of reviews on third-party review sites like the following:
You’ll see that these reviews tend to be a little all over the place, but focus on the Trustpilot and BBB reviews the most. These tell a better picture than the few reviews left on Yelp and Sitejabber.
Pros and Cons
Every precious metals dealer has its pros and cons, including Kitco. Here’s what we found:
- Wide selection of products
- User-friendly site
- Ability to make purchases online through the website
- Wealth of information
- Lack of online reviews
- Not BBB accredited
- No live support online
You will need to decide for yourself if the bad outweighs the good, however, I feel that the cons are minor and don’t discount Kitco totally as an option for your precious metals needs.
How To Get Started With Kitco
If you decide that you want to work with Kitco, you’ll need to create an account with them through their website. This is quick and easy to do and once your account is created you can then add items to your cart and make a purchase.
Of course, if you’re just browsing, you can do that as well without an account.
Final Verdict on Kitco (Is it a Scam?)
Kitco has been around for a long time, so they are definitely an established company that is not scamming consumers. They wouldn’t stay in business for over 30 years if they were. They provide reliable information for investors and have a great selection of items for every level of collector.
The only real negative with Kitco is their lack of online reviews. While Trustpilot offers up the greatest number of reviews, most of which are extremely positive, it remains that there aren’t as many reviews as there should be for a company that’s been around this long.
We think that Kitco is a good company that may meet your precious metals needs, but you’ll need to check them out for yourself to see if their pricing and inventory are a match for your investments.