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Goldco gold IRA review 2023

If you're considering investing in gold then Goldco can help you get started. Creativ Studio Heinemann

Gold investing is long-seen as an option for diversifying your portfolio and hedging against inflation. Historically, investors look to gold as a storage of value during times of global or economic uncertainty.

If you're new to precious metal investing, gold investment companies can help you get started. One of the most well-known companies in the space is Goldco, which specializes in a gold IRA retirement plan. Goldco's Gold IRA is easy to set up, and the company excels in serving its customers.

If you think you could benefit from investing in gold then start by requesting Goldco's free information kit here now.

Goldco overview

Goldco is a privately-held gold investing company founded in 2006. The Los Angeles-based company aims to help investors protect their retirement savings through gold IRA retirement plans that can hold gold, silver and other precious metals. Goldco also sells gold and silver directly to consumers.

Goldco was listed as one of Inc 5000's Fastest Growing Private Companies for the last six years. The American Business Awards also recognized Goldco as Company of the Year in 2021 and 2022.

Goldco pricing

As with other gold IRA companies, Goldco attaches several fees to your account. For starters, you must pay a one-time setup fee of $50 and an annual account administration fee of $80.

When you purchase precious metals for a gold IRA, you must store them in an IRS-approved depository which typically involves a fee. In this case, Goldco charges a $100 annual storage fee for storing your coins and bars with other people's gold and $150 per year if you store your gold separately from others.

You may notice each of these fees is flat. By contrast, many gold companies charge a percentage of the value of your deposits, often between 0.5% and 1% annually. Storage fees could range from $175 to $225 or higher, depending on your deposit amount.

With Goldco's flat-fee structure, your fees should remain the same whether you're depositing $25,000 or $50,000 or more. According to the company, most customers can expect to pay around $180 per year in fees with a Gold IRA.

Incidentally, Goldco has a $25,000 minimum investment to open a gold IRA. As such, the roughly $180 annual fee cost works out to 0.72%, which is a competitive rate compared to the expense ratios with most IRAs and 401(k) plans, usually around 0.5% to 0.8%.

Learn more about gold investing with Goldco now.

Goldco gold IRA pros

Goldco enjoys high ratings partly because of the numerous benefits the company offers its customers. These include:

  • Free kit: Goldco provides a free beginner's guide to help you understand gold and precious metal investing.
  • Special offers: Goldco offers free shipping and a 10% bonus in free silver on qualified purchases.
  • Strong reputation: The company earns high ratings and recognition from organizations and customers alike. For example, the company has an A+ rating from the Better Business Bureau (BBB), an AAA rating from Business Consumer Alliance and a 4.8 rating on Trustpilot.
  • Experience: Goldco possesses a 17-year track record of assisting precious metal investors.

Goldco gold IRA cons

When deciding whether or not to open a gold IRA with Goldco, consider the company's benefits as well as its downsides, such as:

  • Minimum investment: Goldco's $25,000 minimum investment is on the high side compared to competitors. On the other end of the spectrum, American Hartford Gold has no minimum contribution amount.
  • Limited options: Goldco only offers gold and silver investments. If you're looking to invest in other precious metals, consider the Oxford Gold IRA, which allows you to store gold, silver, platinum and palladium, as well as paper assets like mutual funds, exchange-traded funds (ETFs) and gold mining stocks.

Unique benefits of Goldco

Internal Revenue Service (IRS) regulations require gold to meet purity and size standards to be eligible for a gold IRA. For example, gold bars and rounds must be 99.5% pure, as must gold coins, with the exception of the American Gold Eagle coin.

Maintaining high purity standards not only helps Goldco comply with IRS regulations, but the high value-for-cost ratio also enables the company to offer an exceptional buyback guarantee. As the company states, "If your circumstances change, Goldco offers a Buy Back program guaranteed at the highest price."

Explore your gold investing options with Goldco here.

Unique drawbacks of Goldco 

Goldco is among the few companies that restrict their gold IRA offerings to gold and silver. Most gold companies we researched offer four types of precious metals: gold, silver, platinum and palladium. Some companies add paper investments to their offerings, such as ETFs and precious metals futures.

While it's surprising a market leader has such limited options, it makes sense for the company to focus on what it does well. Specializing so tightly in core offerings could be why their customer service rates are high.

The bottom line

As a gold investment company, Goldco is now a market leader with over $1 billion in gold and silver orders in its 17-year history. With a 4.8 rating on Trustpilot and an A+ rating from the Better Business Bureau, investors can be confident they are dealing with a reputable gold company with staying power.

As with any investment, it's always wise to shop and compare multiple companies before deciding. Also, consider your risk tolerance level and if the investment helps you meet your financial goals.

If you decide to open a gold IRA with Goldco, the process is a straightforward one consisting of three steps: opening your IRA, funding your account and purchasing your precious metals.

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