Is Goldco a Scam? Are They The Best Gold Dealers? (2023 Review)

Hello, welcome to this "Is Goldco a Scam? Are They The Best Gold Dealers?" review. To know the answers to these questions, please do finish reading the article!

Precious metals investments have become more popular in recent years as people seek to protect their wealth from inflation and economic uncertainty. However, it is critical to choose a reputable dealer when purchasing precious metals. The wrong firm could lead to unpleasant results.

So, who can you trust? Well, in the industry, Goldco is one that has always been in the conversations of the best precious metals dealers due to the wide range of products and services that they offer to customers. Aside from this, they have a long history of excellence that has built them their strong reputation in the business.

Perhaps you want to know, is Goldco a scam? or are they really the best in the industry? This article will give you all the information that you will need about this company, So let's get started! 

Goldco Review Quick Summary

What is Goldco?

Goldco was initially founded as Gerson Financial Group LLC in 2006, focusing as a business-to-business precious metals sales company. It was then when Trevor Gersz bough the firm in 2007, and renamed it to Goldco Direct, which would later become in the name that it is famously known today.

Also known as Goldco Precious Metals, the company now is a full-service precious metals company that specializes in Gold and Silver IRAs. The company's goal and aim is to help their clients protect and diversify their assets and wealth.

Goldco has been recognized by a number of publications for its growth and success. In 2015, Inc. Magazine named Goldco the 3rd fastest-growing financial services company in the United States. Goldco was also named the 17th fastest-growing company in the greater area of Los Angeles by the Los Angeles Business Journal in 2015. 

In 2021, Goldco was ranked as the 22nd fastest growing company by Los Angeles Business Journal. Goldco's Vice President of Operations and General Counsel, Jennifer Levin Stearns, has also been awarded by Los Angeles Business Journal as In-house counsel of the year.

According to the Goldco, the company has over $1.4 billion in assets under management. This number has been steadily increasing over the past few years, and it is a testament to the company's success and reputation.

Goldco Precious Metal Products

Goldco's reputation doesn't come out of nowhere. The reason for their success is due to their products and services, mainly their extensive and wide range of precious metal selections. The company also offers bars and rounds. Most importantly, their gold and silver coin catalog compares to none other.

The following below are some the available gold and silver coins in their website:

• Gold Coins: American Gold Buffalo, Gold American Eagle, Gold Wright Flyer, Gold Washington Monument, Gold Australian Sea Turtle, Gold Independence Hall, Gold American Bald Eagle, Gold Phoenix, Gold Australian Striped Marlin, Gold Lucky Dragon, Gold Australian Saltwater Crocodile, Gold Maple Leaf, Gold Military Guinea, and many more.
• Silver Coins: Silver Britannia Lunar Series, Silver Maple Leaf, Silver American Eagle, Silver Columbus, Silver Remembrance Day, Silver Littoral Battleship, Silver Liberty Bell, Silver Mighty Mo, Silver The Grand Canyon, Silver USS Texas, Silver Lone Cypress, Silver Washington Monument, Silver Lincoln Memorial, Silver American Bald Eagle, Silver Australian Spotted Eagle Ray, Silver Freedom & Hope, Silver Great Barrier Reef, and many more.

Goldco does not offer platinum or palladium products for direct purchase, but they do offer them in IRAs (Individual Retirement Accounts). IRA-eligible products are those that can be used to fund individual retirement accounts.

What Are Goldco's IRAs?

Goldco is a leading provider of precious metals IRAs in the United States. In fact, they are also one of the companies that offers the widest selections or IRA-eligible gold coins and bars to choose from. 

In addition, Goldco is an IRA custodian. This means that they can help you set up a Gold IRA and provide you a variety of IRA services such as holding your gold and providing you with storage and insurance. Goldco can also help you to rollover your existing retirement accounts to a Gold IRA.

In this section, we will discuss the different IRA services that Goldco offers its clients. To start, there are three categories of services:

• Precious Metals IRAs (Gold and Silver IRAs)
• Non-Precious Metals IRAs (Self-directed, SEP, Simple, etc.)
• Cryptocurrency IRAs

I will not go to too much detail in these. If you wish to know more about it, you can contact Goldco to have wider scope of the explanation about its services.

Gold and Silver IRAs

Goldco specializes in precious metals IRAs. What is this? It is a self-directed individual retirement account (IRA), basically the same as the traditional IRA. However, instead of holding paper assets, it allows you to invest in physical precious metals such as gold, silver, platinum, or palladium

The difference is the added ability to hold precious metals. Goldco helps its clients build their own gold IRA and silver IRA. With their excellent services, clients are pretty much secured for their retirement and future.

Traditional IRAs  and Roth IRAs

Goldco gives its clients the option to choose from a Traditional IRA or a Roth IRA. What is the difference between them? Below are pictures of an explanation about these two made by Goldco.

Now, the self-directed IRAs are for the individual taxpayers, small business owners and self-employed individuals can set up SEP IRAs and SIMPLE IRAs with Goldco.

SEP IRAs

SEP IRAs, simply known as Simplified Employee Pension Individual Retirement Account, is a retirement savings plan that can be set up by self-employed individuals and small businesses.

Goldco offers SEP IRAs for business owners to provide themselves and their employees with retirement benefits because it allows for larger contributions than traditional IRAs, and contributions are tax-deductible.

SIMPLE IRAs

Another one is the SIMPLE IRAs, or Savings Incentive Match Plan for Employees Individual Retirement Account. It is a type of tax-deferred retirement savings plan that can be offered by small businesses with 100 or fewer employees.

 SIMPLE IRAs are easy to set up and administer, and they offer both employer and employee contribution options. This allows them to set aside money and invest it for their retirement.

401 (K) Rollover to a Traditional IRA or a Roth IRA

If you have an existing 401(k), you can do an IRA rollover to a traditional IRA or a Roth IRA with Goldco! Basically, the funds in your 401(k) account will be transferred to your IRA account.

The process is pretty simple as Goldco will do their best to help you out. You just need to open a Goldco IRA account then your very own Golco specialist will assist you!

How to Open Goldco Precious Metal IRAs

To open a Gold IRA account with Goldco, the first thing you need to do is contact them and speak with a representative. They will help you get started and inform you with all the details so you can make an knowledgeable decisions with your investments.

Upon continuing, Goldco will need to ask for your personal information such as name, address, Social Security number, date of birth, and TIN. Don't worry, the representative will walk you through every step of the process.

Once done, it is now time to fund your account. You can add money to your Precious Metals IRA by transferring funds from your existing retirement accounts. This includes 401(k), 403(b), TSP, savings, or IRA accounts. These rollovers and transfers are typically tax-free.

Once your Precious Metals IRA is funded, you can choose which precious metals you’d like to have as a part of it. Goldco can help you choose the right gold for your needs and budget.

How Does Goldco Work?

Now let's discuss the process that you have to go through if you plan on opening an account with Goldco. This is a summary that starts from the contact phase up to the finalization of the rollover.

1. Contact a customer support representative by calling 888-626-1785.
2. The representative will then forward you to a Goldco specialist who will help you. You can also choose to set an appointment if you wish to not do it immediately.
3. The Goldco specialist will then get all of the necessary information from you that is needed to complete the application.
4. You can then start funding your account. Furthermore, an Account Executive will advise you on which precious metals you should choose for your account.

Goldco Prices, Fees, Minimum Investment

While Goldco's precious metal prices are not the cheapest, they are competitive with other companies in the industry. Their products are excellent options for investors who are looking to buy top-quality precious metals. Goldco's prices and fees are subject to change, but the following are most likely:

• IRA setup fee: $50
• Wire fee: $30
• Annual maintenance fee: $80
• Storage fee: $100/year for shared storage, $150/month for separated storage
• Minimum investment: $25,000

In addition to the fees listed above, Goldco also charges a premium and commission on top. The commission is a percentage of the purchase price of the gold, and the premium is the difference between the spot price of gold and the price that Goldco charges. Both vary depending on the type of gold product you purchase and the amount of gold you buy.

Overall, Goldco's fees and minimum investment requirements are truthfully higher than some other gold IRA companies. However, the quality of their products plus the excellent services that you are entitled to makes it up. That is why more investors choose to invest in Goldco than other companies.

Where Is Goldco Located?

Goldco is headquartered in 21215 Burbank Blvd., Suite 600, Woodland Hills, California 91367. To cater thousands of their customers, they have authorized dealers spread-out across the United States.

Also, their online website helps them to reach and provide services to customers from anywhere in the world.

Storage Facilities and Services

Goldco does not have their own storage facilities, but instead, they are partnered with the best storage facilities there are. These storage facilities have a long history and reputation of ensuring safety and security for all customer's precious metals.

The main storage provider that Goldco uses is the Delaware Depository. It is one of the most secure precious metals depositories in the world because it has a variety of security measures including physical security, electronic security, proprietary systems and internal controls, and legal protections.

Clients who store precious metals with Goldco will incur storage and insurance fees. The fees will vary depending on the type and quantity of metals stored, the storage facility used, and the insurance provider. However, for Gold IRAs, the storage fees are different.

• $100/year for shared storage 
• $150/month for separated storage

According to Goldco's website, these are the fees for Gold IRA storage. Non-segregated storage means that your gold is pooled together with other gold from other investors, while segregated storage means that your gold is kept separate from other gold.

Shipping and Courier Services

Goldco offers various courier services for the shipment of customer's precious metal orders. All packages are fully insured for the value of the products contained and may require a signature upon delivery. Customers can choose between the options below:

• Registered/Insured U.S. Mail: For orders under $10,000, customers can choose U.S mail for shipping. This typically is the most affordable option, but it will take at least a week or two to arrive on your address.
• UPS: Goldco uses UPS for shipping orders over $10,000. This shipping method is faster than U.S. Mail, but it is also more expensive. UPS typically delivers orders within 3-5 business days.
• FedEx: Goldco uses FedEx for shipping orders that are time-sensitive or that require special handling. FedEx is the fastest shipping option, but it is also the most expensive. FedEx typically delivers orders within 1-2 business days.

Goldco does not ship to other countries. If you want to buy precious metals from Goldco but have an international address, you might need to transact with their authorized dealers who offer international shipping. 

Educational Resources and Materials

One reasons why Goldco is among the best precious metals company in the industry is because they always ensure that customers make informed decisions. Their customer service representatives will guide you in every step of your investment process.

• Educational videos
• Live price trackers for each precious metals
• Downloadable eBooks
• In-depth blogs

Goldco's website has various forms of free educational materials for customers who want to be more knowledgeable about precious metal investments. They have a blog that covers a wide range of topics, including market trends, investment strategies, and retirement planning. They also produce videos on these topics, as well as educational tutorials and market updates.

Goldco also offers a number of eBooks on topics such as how to buy gold, how to protect your retirement savings, and how to invest in precious metals for retirement. Indeed, this level of commitment to customer education and security is what sets Goldco apart from other precious metals companies in the industry

Goldco Customer Services and Support

Goldco has a reputation for providing excellent customer service. In fact, they have one of the best customer satisfaction ratings across multiple reviewing websites. Investors appreciate Goldco's knowledgeable and helpful customer service representatives, as well as their commitment to providing excellent customer service.

The company's customer service team is available 24/7 to answer questions and help investors with their precious metals investments. They are knowledgeable about precious metals and investing, and they can help investors assess their needs and goals, and they can recommend the best investment strategies for their individual circumstances.

Goldco also has live chat. You can access it by clicking on the "Live Chat" button at the bottom right corner of their website. Live chat is a great way to get quick answers to your questions about Goldco's products and services. You can also use live chat to schedule a phone call with a customer service representative.

Does Goldco Have Buyback?

Yes, Goldco offers a buyback program for their precious metals products. This means that you can sell your gold, silver, or platinum back to Goldco at any time for a fair market price. The buyback program is available to all Goldco customers, regardless of how long you have been a customer.

They also offer a buyback guarantee on all of their IRA-eligible gold coins. To sell your precious metals back to Goldco, you can either contact them directly or mail your metals to their secure storage facility. Goldco will then appraise your metals and offer you a buyback price.

If you agree to the price, Goldco will wire the money to your bank account within 24 hours. You will likely receive a much higher price from Goldco rather than random coin dealers out there who might lowball or scam you.

Who Is The Owner of Goldco?

The owner and founder of Goldco is Trevor Gerszt. He started Goldco in 2006 which is currently headquartered in Woodland Hills, California. Gerszt comes from a family with a legacy of collecting precious metals and was born in South Africa, the second largest gold producing country in the world.

Trevor started Goldco with a mission to help people build their IRA accounts, especially with Gold and Silver IRAs. With his experience and dedication, Goldco serves its clients excellently.

Under Gerszt's leadership, Goldco has grown to become one of the largest and most respected precious metals investment companies in the United States. They have helped over 500,000 clients invest in precious metals and have over $1 billion in assets under management

Goldco Awards and Recognitions

As stated repeatedly in the sections above, Goldco is one of the best, if not the best, precious metals company in the industry. Righfully so, they have always defended their case by providing excellent products and services to customers. Due to these, they have been given the following prestigious awards,

• American Business Awards (Stevie Awards 2022): Goldco was named the Gold Winner for Best Company in the Financial Services category.
• Inc. 5000 (2022): Goldco was ranked #4,730 on the Inc. 5000 list of the fastest-growing private companies in the United States.
• Better Business Bureau Torch Award for Excellence (2022): Goldco was awarded the Torch Award for Excellence, the highest honor given by the Better Business Bureau.
• Forbes Finance Council (2022): Goldco was named a member of the Forbes Finance Council, an invitation-only organization of financial professionals.
• Money Magazine Best IRA Companies (2022): Goldco was ranked #1 on Money Magazine's list of the Best IRA Companies.

These are just the recent awards that they have received, but they have a long history of these in their almost 20 years of business.

Goldco Affiliate Program

Goldco has a very good affiliate program. You do not need to waste a very huge amount of your time to earn big. This is a gamechanger since this means that you can make money all while being at the comfort of your home!

This revenue-sharing program allows individuals and businesses to earn commissions by promoting Goldco's products and services. The program is open to anyone who meets the following requirements:

• Has a website or other online presence with a relevant audience
• Is familiar with retirement investing and precious metals
• Is willing to comply with industry regulations and guidelines

Once approved for the program, affiliates will be given access to a variety of marketing materials, including banners, text links, and email templates. The commission rate varies depending on the product or service that is sold, but it typically ranges from 3% to 6%.

How To Get Goldco Free Gold Kit?

To get a free gold kit from Goldco, you must a new or existing customer who has not made any purchases in the past 12 months. In addition, you will need to open a new precious metals IRA account with Goldco or rollover an existing one and fund it with a minimum of $25,000 within 30 days.

Once you have met these, you can request your free gold kit by filling out the form on Goldco's website. You will need to provide your personal information and Gold IRA details such as account type, account number, custodian name, and custodian account number.

Goldco New Customers Special Offer

Goldco offers new customers a waiver of the first year's annual fee for opening an account with at least $50,000 in funds. Additionally, customers who place a qualified order of over $50,000 will receive 5% back in free metals, up to a value of $2,500.

To qualify for the annual fee waiver, the account must be opened within 12 months of the customer's date of birth. The qualified order must be placed within 30 days of account opening. The free metals will be credited to the customer's account within 30 days of the order being placed.

Goldco Against Major Competitors

Investing in precious metals can be a wise decision, but it is important to do your research and understand the risks involved. There are many reputable precious metals companies, but there are also some scams out there.

To make an informed decision, it is important to compare different companies. Goldco is our top-recommended precious metals company, and we have compared it to its major competitors below.

Goldco Ratings and Reviews 

Reading reviews from reputable sources can help you assess the quality of a company's products and services. This is especially important before making an investment so you can get the best out of your hard-earned money.

Here is a summary of how Goldco has been rated and reviewed by experts and famous review websites in the industry. The information is current as of August 2023.

Goldco BBB Rating

In their BBB profile, Goldco has received an A grading. They also have an accumulated 4.82 out of 5 star rating out of 677 customer reviews. The company has been accredited by BBB since 2011.

Goldco TrustPilot Rating

In their Trustpilot page, Goldco has received an excellent grading. Along with this, they have a 4.8 out of 5 star rating. The company is verified, strengthening their big for legitimacy.

Goldco TrustLink Rating

Goldco has received numerous positive reviews in their Trustlink profile. With this, they have a 4.8 out of 5 star rating basedon 254 customer reviews.

Goldco BCA Rating

Although they only have a 1 review under BCA's website, Goldco has an AAA rating, one of the highest possible grades that a company could get under this website.

Goldco Consumer Affairs Rating

Lastly, Goldco has a near perfect star rating of 4.9 out of 5 in their Consumer Affairs profile. This is based out of 1684 reviews, which is a handful compared to other companies. This really says a lot about the quality of Goldco's products and services.

As you can see, the ratings are near perfect, a huge green flag for potential customers. In summary, Goldco has received the following gradings and ratings from these reputable reviewing websites:

• BBB - 4.82 out of 5 based on 677 reviews. A grading, BBB Accredited Business
• Consumer Affairs - 4.9 out of 5 based on 1684 ratings.
• Business Consumer Alliance - AAA Company rating
• TrustPilot - 4.8 out of 5 based on 1232 reviews
• TrustLink - 4.8 out of 5 based on 254 reviews

Goldco Customer Complaints

Although Goldco has excellent ratings and gradings from the websites above, isolated cases of complaints from customers aren't avoidable. In this section, you will see the recent complaints that have been submitted against Goldco.

As you can see, these complaints are actually very interesting. These customers have accused Goldco of using misleading sales practices. They have alleged that they were pressured into buying precious metals that they did not need or that they were not given accurate information about the products and services.

Of course, not all customers have had negative experiences with Goldco, it is even safe to say that almost all have had positive transactions with them. But, it is still worth noting that these can happen to you if you are not careful.

Goldco Reddit Complaints

Here are some Reddit users discussing whether or not Goldco is a good company or a scam. Is Goldco a scam? So far, these are the only complaints that I have found:

Reddit users have raised concerns about Goldco's high fees, misleading sales practices, and poor customer service. However, some users have had positive experiences with the company. Ultimately, it is up to each individual to decide whether or not to invest with Goldco.

Does Goldco Have Lawsuits?

Yes, Goldco has been sued several times. In 2019, the Consumer Financial Protection Bureau (CFPB) sued the company for allegedly misleading customers about its fees and sales practices. The CFPB alleged that Goldco had made false promises to customers about the benefits of investing in precious metals, and that it had charged excessive fees.

In 2020, a group of customers sued Goldco for allegedly engaging in deceptive sales practices. The customers alleged that Goldco had pressured them into buying precious metals that they did not need, and that the company had failed to deliver the promised products and services.

Goldco has denied all of the allegations against it. The lawsuits are still pending.

Advantages of Goldco

Goldco is a precious metals company that offers a variety of services to help customers protect their retirement savings. Goldco has several advantages over other gold companies, including:

• Free gold IRA investor kit: Goldco offers a free gold IRA investor kit that includes everything you need to get started with a gold IRA, including a guide to precious metals investing, a sample investment portfolio, and a list of qualified custodians.
• $10,000 or more in free silver on qualified accounts: Goldco offers up to $10,000 in free silver on qualified accounts. This is a great way to start building your precious metals portfolio without having to invest a lot of money upfront.
• Excellent reputation: Goldco has an excellent reputation among precious metals investors. They have been in business for over 20 years and have a proven track record of providing excellent customer service.
• Highest buy-back guarantee: Goldco offers the highest buy-back guarantee in the industry. This means that you can sell your precious metals back to Goldco at any time for a fair market price.
• Dedicated account representative: Goldco assigns each customer a dedicated account representative who will work with you to create a personalized investment plan and answer any questions you may have.
• Recommended by Sean Hannity and Chuck Norris: Goldco is recommended by Sean Hannity and Chuck Norris, two well-known figures who are known for their conservative views on personal finance.

Pros and Cons

Final Verdict: Is Goldco a Scam?

Now, you have learned everything you needed to know about the company Goldco. To conclude this review, let's answer the question: Is Goldco a scam? The answer might be very obvious but it is worth discussing upon.

The answer is no, Goldco is not a scam. It is a legitimate precious metals and IRA company with a proven track record of providing excellent service. Goldco has been in the industry for years and has received numerous awards and recognition.

Goldco has proven time and time again that they are legitimate. Their constant excellence proves to how much the team behind the company are committed to providing only the best products and services.

If you are looking to build your IRA or invest in precious metals, Goldco is a great option. It is our #1 recommended precious metals company in the industry.

Thank you so much for reading my "Is Goldco a scam?" article! If you have any questions, comments or experiences with this firm, feel free to share them below in the comment section!