Skip the review and get our verdict now: Overall, we don't recommend Goldco and we believe there are much better gold IRA offerings to choose from in 2023. Instead we recommend Augusta Precious Metals if you're a high networth investor with $50K+ to invest, or Gold Alliance if you have $10K+ to invest. Both of these companies are rising stars in the gold IRA space and get high marks from us.
Goldco Precious Metals is a gold and silver company offering both precious metal IRAs as well as cash purchases of precious metals for customers across the United States.
The firm is one of hundreds in what is becoming a crowded marketplace of gold IRA providers - with Americans increasingly concerned about inflation eroding their retirement savings, many are turning to precious metals.
So how does Goldco compare? In this Goldco review, we rank the company based on several factors to determine if they’re worthy of your business.
Our review criteria includes company reputation, number of years in business, customer reviews, IRA fees, product selection, and pricing of precious metals.
Important Warning - Before you read this review:
Buying gold for your retirement is a serious decision that should not be undertaken lightly - at stake is nothing less than your financial security and scams are common in this space. Always discuss investment decisions with your financial advisor and family members before making decision and make sure you are working with a reputable gold dealer.
Goldco Review - Should You Work with Goldco?
Product Rating Summary
After an in-depth review of 30+ top gold IRA companies in 2023, we no longer recommend Goldco alongside our top recommended gold IRA companies. While we have no complaint with their customer service or services in general, overall they've fallen behind the competition in terms of offerings, promotions, and more.
Here's the highlights from our Goldco review:
- Goldco has low-fees, competitive pricing, and a decent reputation (A+ ratings with the BBB, AAA rating with the BCA, and hundreds of 5 star reviews on TrustLink and TrustPilot), but overall their offering is lackluster compared to rising stars in the gold IRA space.
- Decent customer support: when it comes to navigating precious metals IRAs (security, fees, and more!), you want to rest easy knowing there's someone who can help you with any concern, and Goldco checks this box.
- Overall, most investors are better off going with Augusta Precious Metals (Review), Gold Alliance (Review), or American Hartford Gold (Review).
Pros & Cons - What We Like & Don't Like About Goldco Precious Metals
What is Goldco? Company Background
Founder and CEO Trevor Gerszt’s background was in southern California residential and commercial real estate before opening the doors to Goldco Precious Metals in 2006.
He launched the firm with a mission to make Goldco the premier company for 401(k) to gold IRA rollovers and to make it easy to invest in precious metals.
The importance of gold and silver in a diversified portfolio was never more apparent to Gerszt than in 2008 as he witnessed the stock market and southern California real estate market crash.
Since opening their doors in 2006, Trevor Gerszt and Goldco have been quoted or featured in mainstream news and financial publications such as Forbes, Investopedia, TheStreet.com, NewsMax, and others.
Goldco is an INC 500 company, Gerszt is a member of ethics.net.
Trevor Gerszt is also on the Board of Directors for the Better Business Bureau in Los Angeles, California. Goldco Precious Metals is one of the more reputable brands in the industry and worth consideration for your precious metals IRA.
Coin IRA - Goldco's Expansion Into Cryptocurrency IRAs
In 2017, Gerszt launched sister company Coin IRA to facilitate cryptocurrency IRAs.
As customers began asking about Bitcoin, he expanded his services to meet customer demand and offer true diversification into alternative assets.
While Goldco and Coin IRA are separate companies, your Goldco account rep can work directly with Coin IRA to diversify your account into both precious metals and cryptocurrencies if that’s something you’re interested in.
Some believe bitcoin to be digital gold. A self-directed IRA is a great investment vehicle to invest in precious metals and (or) digital currencies without triggering a taxable event.
Goldco Products & Services
Goldco provides gold IRAs and silver IRAs that let you purchase IRS approved gold and silver in a tax-advantaged retirement account, as well as physical precious metals (coins and bullion).
Like a traditional IRA, a Goldco precious metals IRA can come with tons of advantages, and whether you're shopping around for gold or silver IRAs, they've got you covered.
Let's go through their main IRA offerings:
Gold IRA Account
With the Goldco Gold IRA, you can purchase and securely store gold for the future. You can invest in a gold IRA with a variety of certified precious metals, but not all gold coins are eligible. The quality of the coins must be at least .995.
Silver IRA Account
A Goldco Silver IRA is just what it sounds: you can take advantage of the growing demand of silver and store it securely for your retirement.
How is a silver IRA different from a gold IRA? It's not, really - it just focuses on silver investments over gold and other precious metals.
A silver IRA is a form of retirement account that allows you to invest in silver coins and bars that are eligible. The rules are the same as any other IRA, with the exception that you can invest in silver and other precious metals, whereas ordinary IRAs are limited to stocks and other paper assets.
Goldco Fees & Pricing
Goldco has vetted the best custodians and depositories in the industry, which do incur fees, however Goldco does not tack on any additional fees and will cover all fees for the first year for qualifying accounts*.
Custodial and storage fees are paid directly to Equity Trust and Brinks (or whichever company you decide to work with).
Here's a breakdown of all the Goldco fees you may pay:
Minimum Account Size:
Depends on storage company. Goldco can reimburse up-to one year of storage fees per $25K invested*
Annual Custodian Fees:
$80+ for the year
$100+ - Varies by company
Goldco Buy Back Fees:
Varies - Unknown at this time
*note that storage fees reimbursement depends on multiple factors and may change from time to time, please check with a Goldco account representative for current offers and deals.
Gold & Silver IRA Fees: What are the Costs Involved?
Unfortunately, if you take money out of your 401(k), 403(b), TSP, or other qualified retirement account to purchase precious metals, you can’t just hold the metals in your home safe.
There are tax advantages to an IRA as described above, but you must adhere to IRS guidelines and their strict gold IRA tax rules.
In addition to a gold dealer (Goldco, in this case), you’ll also need a self-directed IRA custodian like GoldStar and an IRS-approved vault storage facility to store your metals.
The good news is that most of the top gold IRA companies have vetted the top custodians and storage companies so that you don’t have to.
Let's dive a little deeper into what you're getting.
Precious Metals Custodian
If you work with Goldco, their self-directed IRA custodian of choice is Equity Trust.
Investopedia ranked Equity Trust the top self-directed IRA custodian in the U.S. for 2022. The firm has over 213,000 clients from all 50 states and oversees $34 billion in retirement assets.
Equity Trust charges a $50 account setup fee and $80 annually to maintain your IRA. This is very affordable and lower than many of Equity Trust’s competitors.
Your Goldco account executive can help you through the process of opening your Equity Trust IRA.
Approved Non-Bank IRA Depository
Both companies offer secure IRS-approved storage of investments. Your gold and silver are insured and protected with either company.
Between Delaware and Brinks, there are storage facilities all over the U.S. Most investors find the gold depository that’s closest to their home, but as a Goldco customer, you have the option to select a storage location of your choice.
Both storage options charge a flat rate of $100 annually to store and insure your investments.
Segregated Storage: Is it Worth It?
Customers have the option of choosing segregated or non-segregated vault storage.
If you prefer your precious metals segregated, add an additional $50 to your total annual fees. It is our opinion that segregated vault storage is not necessary for most investors.
Annual custodial and storage fees for a Goldco gold IRA come out to $180 total (or $230 if you choose segregated storage option). We’ve reviewed multiple competitors and this pricing is very reasonable.
It’s important to note also that Goldco will cover all costs for the first year of your new account.
The annual fees do not start until the second year that your account stays open. Make sure to ask about this and any other ongoing promotions.
Goldco Gold Buy-Back Program
When it’s time to sell your precious metals, you have the option to do business with any buyer of your choice.
To make it easy for their customers, most gold IRA companies offer the convenience to buy back your metals.
This convenience unfortunately also often comes with a fee. Goldco offers very generous buy-back prices to their customers.
Be sure to ask about their buy-back program and compare it to what some of their competitors are offering.
We believe Goldco offers competitive pricing that makes it easier for customers to turn a profit if and when they choose to sell or take distribution.
What You Get When You Work With Goldco
If you work with Goldco, the precious metals IRA firm will:
- assist in filling out the paperwork with your new self-directed IRA custodian
- act as a liaison between your existing retirement account and your new self-directed IRA custodian.
- facilitate the rollover of funds from your 401(k) or IRA into your new gold IRA account
- assist in the selection and purchase of metals for your new Goldco precious metals IRA
- ensure the secure and fully insured delivery of metals to your new gold IRA depository for IRA-approved storage
Companies like Goldco open new precious metal IRAs every day and can facilitate the entire process quickly and efficiently. Their relationship does not end after the account is open and funded.
You can call with any questions or concerns about your IRA precious metals, the economy, to make another purchase, or to sell your precious metals.
Goldco will service your account for life. The company does not charge for these services.
Goldco gets paid only during the purchase of precious metals.
The company is able to source gold, silver, and other precious metals through their global network. Goldco is able to secure metals at wholesale cost. They then sell metals to their customers at a competitive retail price (depending on current precious metals market price).
The company’s profit is found in this spread between their buyer price and the retail price of gold, silver, platinum, and palladium bars and coins.
Make sure to get their gold and silver prices in writing when vetting Goldco and other competitors.
How To Setup A Goldco Account - Step By Step
If you want to start a goldco account, the steps are easy:
1. Open Your Goldco IRA
To get started, you'll need to open a Goldco IRA. Once you fill out the form, someone will contact you. You'll need to sign an agreement to secure your purchase of precious metals, and get started. A company rep will walk you through everything, and help you find the right products.
1. Fund Your New Self-directed IRA
There's two ways to fund your new account: you can rollover an existing account like a 401k or other retirement account, or you can fund your IRA with cash. A representative will walk you through that step by step.
3. Select and Purchase Your Precious Metals
Next, you just need to choose which precious metals products you want your new gold IRA to hold. The rep will show you each option. You can select from bullion, premium gold coins, and a lot more.
Goldco Reviews - Reputation, Complaints, and Reviews From Around The Web
Goldco Precious Metals is highly ranked on all of the trusted websites that post verified customer reviews. Goldco has an A+ with the Better Business Bureau (BBB). This is the highest rating possible on the BBB.
They also list 208 customer reviews with an average rating of 4.88 out of 5 stars.
Goldco has an AAA rating with the Business Consumer Alliance (BCA) with zero complaints filed against them for the entire time the company has been in business.
The firm also has a 5 star average rating on both TrustLink and TrustPilot. This is based on almost 900 client reviews between the two websites.
This gold IRA company has served thousands of clients in all 50 states over the last 16+ years of business and it's easy to find Goldco reviews online.
Why a Precious Metals IRA?
If you’re like most Americans, your savings are tied up in your retirement account.
You can take money out of your 401(k), 403(b), TSP, or other qualified retirement account to buy precious metals, but taking a distribution could leave you vulnerable to taxes and penalties.
These taxes and penalties may be steep, depending on your age and the amount of money you plan to take out.
If you withdraw money before the age of 59 ½, you will need to pay a 10% early withdrawal penalty. This is in addition to paying income taxes on the distribution.
For example purposes, let’s say that you’ve accumulated $1 million in your 401(k). If you’d like to hold 5% in physical precious metals, this would be an investment of $50,000. The IRS will allow you to rollover or transfer $50,000 from your retirement plan and into a self-directed IRA.
You can then use these funds to buy the precious metals.
The precious metals are still in a tax-advantaged IRA, you avoid penalties and taxes on the $50,000, and are able to use the money to diversify your stock-heavy 401(k) into precious metals.
Let’s say that you’re in the 24% tax bracket. Without the protection of your IRA, this $50,000 early withdrawal would come out to roughly $17,000 in taxes and penalties to the IRS.
By performing a gold IRA rollover, you avoid these hefty penalties.
For many Americans, a gold IRA rollover is an excellent strategy for moving some of your 401(k) to physical gold and silver without paying thousands of dollars in penalties.
There are hoops to jump through. For example, you need a precious metals custodian company, an IRS approved storage facility. Also know that not all precious metals are eligible for an IRA.
You need to make sure to buy only certain IRA-eligible bars and coins for this type of retirement account. “Collectible coins” are not appropriate for a retirement account and the acquisition of any collectible coins is treated as a distribution.
The good news is that when you work with a company like Goldco, you have a dedicated IRA specialist available to hold your hand through the entire process. This IRA specialist will ensure you follow all IRS guidelines when investing your retirement savings into physical metals.
Bars and Coins for Your Goldco Gold IRA
Goldco has a wide selection of gold, silver, platinum, and palladium bars and coins. While Goldco services are focused almost exclusively in gold and silver IRAs, they also facilitate direct purchases of non-IRA precious metals for home delivery.
It’s important to emphasize Goldco’s ability to source platinum and palladium bars and coins, as some competitors limit their selection to the most popular gold and silver.
This is not a full list, but an example of the metals that can be purchased through Goldco:
- American Eagles (gold, silver, platinum, & palladium)
- American Eagle Proofs (gold, silver, & platinum)
- American Gold Buffalos
- Silver American Bald Eagles
- Canadian Maple Leafs (gold, silver, platinum, & palladium)
- Gold and silver Lucky Dragons
- Silver Australian Spotted Eagle Rays
- Australian Striped Marlins (gold, silver)
- Silver Great Barrier Reefs
- Gold and silver Liberty coins
- Variety of gold, silver, platinum, and palladium bullion bars
The company has established relationships with mints around the world, allowing you freedom to buy just about any IRA approved gold bar or coin you can ask for.
Many Americans request the more popular gold and silver coins like the American Eagles and Canadian Maple Leafs, but know that there are a wide range of precious metals options.
What Gold Coins and Bars Can You Buy With Goldco?
BEWARE OF GOLD IRA DEALER LIEs: Get The Guide
A safe rule of thumb is that most bullion bars and coins are acceptable for precious metal IRAs. Gold must be 99.5% pure. Silver bars and coins must be 99.9% pure. Platinum or palladium products must be 99.95% pure to be considered for precious metals funded IRAs.
If you’re purchasing precious metals such as proofs, rare, or numismatic coins for your personal collection, Goldco can also fulfill your order.
Just know these types of coins are typically considered collectibles and outside of what is acceptable for your precious metals IRA. Customers can have collectibles delivered (fully insured) to their home or location of choice.
The IRS has made a unique exception for American Eagle proof coins. While these gold and silver coins do not meet the purity requirements you’ll find with most bullion products, they are allowed in your gold or silver IRAs. Many investors like the idea of buying proof coins as they appeal to both investors and collectors.
The proof coins also sell at a higher markup than bullion.
Some investors will argue that for investment purposes, it’s not worth paying this added markup for the added beauty of proof coins. Discuss with your financial advisor and decide which products make the most sense for your investments.
If in doubt whether a specific coin is eligible for your retirement account, ask your account representative. They are available to make sure your Goldco Precious Metals IRA is set up properly and compliant with IRS regulations.
Traditional IRA or Roth IRA?
When setting up your physical precious metals IRA, there are two options:
- the traditional IRA (tax-deferred)
- the Roth IRA (grows tax-free)
Both traditional and Roth IRAs have their own unique tax advantages compared to holding precious metals at home or in a taxable account.
You should discuss the pros and cons of each investment type with your trusted advisors.
Your Gold IRA account executive is also available to review your existing IRA and make recommendations for your goals and overall retirement portfolio.
If you're in a "shopping" mode, and exploring alternatives, here's a few of the highest rated gold IRA companies to explore:
- Augusta Precious Metals - (Read our Augusta Precious Metals Review, or read our Augusta vs Goldco comparison review
- Red Rock Secured: A newcomer on the gold IRA scene, RRS is making a name for itself with a great reputation, stellar reviews, and great service. Check out our Red Rock Secured Review and download their investor's guide here.
- American Hartford Gold: Best for smaller investors with at least $5K to get started, AHG is another well-rounded company with a great reputation and tons of positive feedback. Read our American Hartford Gold review here and download their investor's kit here.
Who Should Start An Account With Goldco?
Like we said, we do not currently recommend Goldco, though that may change in the future. In 2023 we believe there are much better options. See alternatives in the section above.
A precious metals IRA isn't right for everyone, in this section, we'll break down who should start an account with Goldco, and who shouldn't.
You should start an account at Goldco, if:
- You have at least $25K to fund the account (or roll over)
- You're concerned about inflation eroding your cash retirement accounts
- You want to diversify your investment portfolio into less risky investments
- You've fully vetted the company and are sure they are right for you
- You believe gold and precious metals will continue to be a great investment for the long term
On the other hand, you should not open an account at Goldco, if:
- You aren't prepared to fund the account with an initial amount of at least $25K
- You are less risk averse and looking for high-growth investment vehicles
- You aren't concerned about the long-term buying power of the US-dollar
- You haven't educated yourself on the pros and cons of gold IRAs, and haven't done your research on if it's the best type of retirement account
If you fell into the "should" category, you can request more information from Goldco here.
Goldco Review - Is the Company Worth It?
If you’ve been investing in precious metals for some time, you already know that plenty of gold dealers have entered the arena and within a few years, gone out of business or simply fallen by the wayside.
Unfortunately, Goldco is one of those companies that we can't recommend for your gold IRA services in 2023. They've simply fallen behind newcomers like Augusta Precious Metals, American Hartford Gold, and Red Rock Secured.
While Goldco may be right for you, and we don't have any current complaint with their overall customer service, we simply think there are better options.
Bottom line: After going through the options, pricing, and benefits in our Goldco review, It is our belief that Goldco, while still a solid company, doesn't meet our standards for top gold IRAs in 2023.