Goldco Review

About Goldco

Goldco guides first-time precious metals investors through the Gold IRA process, from account setup to metal selection. Its service includes a buyback program and price protection guarantees. Goldco holds an A+ BBB rating and requires a $25,000 minimum.

Key Features

• Free gold IRA guide
• Buyback program
• Price protection
• White-glove service

Fee Structure

Goldco next to the other four companies

Goldco lists a $25,000 minimum, the second highest of the five companies on this site, behind Augusta at $50,000. Its fee table shows a $50 setup fee, an $80 annual fee, $100 a year for storage and a $30 wire fee.

• Listed year-one fees including the wire fee: Goldco $260, Augusta $255, Birch Gold Group $255, Noble Gold $340, American Hartford Gold $205.
• On a $25,000 account Goldco's year-one fees equal about 1.04%, and the recurring annual fee plus storage ($180) is about 0.72%.
• Goldco lists a buyback program and price protection; Birch Gold Group starts at $5,000 and American Hartford Gold at $10,000; Noble Gold lists no-fee buybacks.

Goldco's own cons on this site are higher premiums on some products and support that is mainly by phone. The premium point is the one to price out, because the markup over spot is not part of the fee table.

How to read a buyback program

A buyback program means the dealer will repurchase the metal it sold you. It does not mean the dealer repurchases at the price you paid. The sale price is normally quoted against the spot price, with a spread between what you pay and what you receive. Goldco lists a buyback program as a main feature, so the useful questions are specific.

• Is the buyback price a set formula against spot, or quoted case by case?
• Does Goldco charge a fee to repurchase, and does it differ by product?
• How many business days pass between the sale and the cash reaching the custodian?
• Is the policy in writing, and does it cover every coin and bar I would be sold?

Remember that sale proceeds inside an IRA return to the custodian. Money only becomes taxable income when you take a distribution, and a distribution before 59 1/2 normally adds a 10% penalty.

From the free guide to a funded account

1. Request the free gold IRA guide and read the fee pages before speaking with anyone.
2. Talk to a Goldco specialist and open a self-directed IRA. Goldco helps with the paperwork and keeps you updated.
3. Fund the account by rollover from a 401(k), 403(b), TSP or existing IRA. Goldco coordinates directly with your current custodian.
4. Select IRA-approved gold, silver, platinum or palladium. Ask for each product's fineness: 0.995 for gold, 0.999 for silver, 0.9995 for platinum and palladium.
5. Confirm depository storage through your custodian and keep the documentation of what you hold.

The home page of this site estimates two to three weeks for the whole process. Ask Goldco for its own timeline in writing.

Who Goldco suits, and who should look elsewhere

Goldco is aimed at first-time precious metals investors who want a guide through each stage and have at least $25,000 to move. If you prefer to compare options on your own screen, note that the listed support is mainly phone-based.

Investors with $5,000 to $24,999 cannot meet the listed minimum and should compare Birch Gold Group ($5,000) and American Hartford Gold ($10,000). Savers who care most about a wide product catalogue should ask Goldco about premiums on each item rather than accepting a package.

Fee questions to put in writing

• Setup, annual custodian, storage, wire and any liquidation fee.
• Whether storage is segregated or commingled, and the price difference.
• The premium over spot on each product, quoted in dollars.
• Any fee for moving the IRA to another company.
• Whether the $50 setup fee and the $80 annual fee go to Goldco or to the custodian.

Frequently Asked Questions about Goldco

Is the Goldco buyback price the same as what I paid?

Not necessarily. Buyback prices are normally set against the spot price, so ask for a written example of the sell price on the product you are considering.

Can a beginner open a Goldco account with less than $25,000?

This site lists $25,000 as Goldco's minimum. Ask Goldco directly whether any smaller account is accepted, and compare lower-minimum companies on this site.

What is the difference between a rollover and a transfer?

In a direct rollover or trustee-to-trustee transfer the money moves between institutions. If a check is made out to you, you generally have 60 days to deposit it into the new IRA to avoid taxes.

Can I store the metals in my safe?

No. IRA-owned metals must remain with the custodian at an approved depository.