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Goldco has many of the standard benefits common to other precious metals retailers in this space but with a much higher price tag in the form of higher minimum investment amounts. If you plan to invest $25,000 or more, Goldco’s promotional and bonus offers can make it an attractive investment option and one of the best gold IRAs. However, for smaller investments, you’ll be better off considering alternatives.
- Gold and silver IRAs
- Supports rollovers for 403(b)s, thrift savings plans, savings accounts, and IRAs
- You can request to have gold directly delivered to you
- You can either receive distributions as physical gold, or have Goldco convert the gold into cash for you
- $25,000 minimum to purchase gold
- No mobile app
Goldco is the best overall gold IRA. It offers gold self-directed IRAs, as well as silver IRAs.
Goldco is best for those looking to invest larger sums of money into precious metals. For those who can meet the higher requirements, you could enjoy a fairly lucrative bonus in silver, which is not an offer many competitors have.
From Goldco’s endorsement and media appearance, you will notice a more overt bias to its marketing resources than what you’ll find from others in the industry. Be aware that using non-neutral sources of investment information to make financial decisions could impact how view the economy and allocate your assets, thus affecting your returns.
That said, the company does stand out for offering a free educational gold IRA kit that can help you learn more about this type of investment.
Goldco Pros and Cons
Goldco IRA Fees
It is common for precious metal companies to charge several fees associated with opening an account and transactions. Fees are not listed on Goldco’s site, and you will need to call a Goldco representative to get an idea of all the costs and promotions.
As of January 2024, Goldco charges a one-time set-up fee of $50 and between $200 and $250 per year for the custodian fee, which covers storage and insurance. The variance for the custodian fee depends on which third-party custodian you choose. Goldco is unique because it offers multiple options for investors to select which custodian fits their needs.
For an IRA, the minimum deposit is $25,000, and if you want to buy gold or silver directly, the minimum is around $15,000. Lastly, Goldco does charge a commission, also known as a spread, on purchases.
How to Open an Account with Goldco
There are three steps to opening an account with Goldco; the first is completing the IRA account agreement. Next, your account must be funded, which can be done by writing a check. However, using an existing retirement account to roll over is encouraged and typically does not result in a taxable event. Lastly, you will need to purchase your metals. The entire process takes between five to 10 business days.
Goldco’s Bonus Offer
Most companies in this sector will offer new customers discounts and benefits if you can meet a certain deposit level. Goldco pays its customers in silver. For an IRA, investors can earn silver with a deposit of $50,000 and up. The bonus begins at $2,500 and scales to $50,000 in silver if you deposit $500,000.
If you make a cash purchase of $15,000, you will get $750 in bonus silver, which increases to a $50,000 maximum bonus.
Goldco provides a few options for investors looking to add gold or other metals to their portfolio. Its main offerings include the Precious Metals IRA and a selection of gold and silver coins.
Precious Metals IRA
A Precious Metals IRA with Goldco allows you to trade gold and other precious metals while benefiting from the same tax advantages of a Roth IRA or Traditional IRA, depending on which type of IRA you open with Goldco.
Once you have opened an account, you will have the option to fund the account with cash to buy the metals, or you can roll over your money from another investing account such as a 401(k), 403(b), Thrift Savings Plan (TSP), or IRA. Any item you purchase will be kept in a secure facility with a third-party custodian.
Buying Physical Gold
Goldco allows customers to buy and sell gold that can be shipped and held directly at their homes. The Goldco website features dozens of gold and silver coins. Still, its selection does appear smaller and less diverse than other comparable companies that offer gold and silver bullion, bars, and other metals such as platinum.
Goldco IRA Review FAQs
Yes. Goldco has several independent reviews and has been highly ranked by a number of publications and services.
Goldco is a precious metals company that specializes in helping investors protect their retirement savings through investing in gold, silver, and other precious metals. It profits primarily by charging commissions when investors buy from its inventory.
Goldco charges a one-time set-up fee of $50.
For physical delivery, the minimum Gold investment is about $15,000, but according to representatives, this number can be flexible. For IRAs, the minimum is $25,000.
Goldco was founded in 2006 and is headquartered in Los Angeles, California.
Goldco is a reputable company in the precious metals industry. However, it is always wise to compare different companies before deciding on which one to invest in.
Goldco vs. American Hartford Gold
American Hartford Gold shares many similarities to Goldco, even down to its marketing tactics. Both sites prominently feature celebrity endorsements, free downloadable guides in exchange for your contact information, and customer reviews. The two companies even tout their respective status on the Inc. 5000 list.
The primary difference that investors will see is in the fees and minimums. AHG charges a one-time $230 application fee with a $5,000 minimum to receive physical gold and $10,000 to start an IRA, compared with just $50 to set up an account with Goldco and minimums beginning in the $15,000 range.
Goldco vs. Birch Gold Group
The Birch Gold Group is a California-based precious metal retailer that, like Goldco, offers retirement accounts and physical delivery of gold, silver, platinum, palladium, and more.
When comparing both sites, Birch presents more diverse products to customers, like bars, coins, and rounds. Goldco’s website primarily offers coins, but when speaking with representatives, there is a broader array of options. In terms of fees, both companies are roughly equivalent.
Goldco vs. Public.com
Public is an investing app that offers ETFs, stocks, treasuries, and alternative investments. It includes a social media perspective, allowing investors to “follow” the portfolio of others and post about their investments. There are no minimums or commission fees to invest in stocks or ETFs, but unlike with Goldco precious metals are not an area that investors can currently participate in through the app.
Alternatives to a Gold IRA
Those seeking to add diversification to their portfolio for retirement may be interested in gold IRAs and precious metal investing. Alternative investments may help with diversification, but consider balancing these with more traditional options like a 401k(k) or to supplement a traditional IRA.
Why You Should Trust Us: How We Reviewed Goldco
We evaluated Goldco using Insider’s methodology for rating investing platforms. We examined fees, account options, customer service experience, and investment selection and rated them on a scale of 0 to 5. Some investing platforms are better suited for more advanced investors, while others cater to newcomers. Goldco was examined with a focus on how it performed in each category.