Disclaimer: This post does not serve as financial advice. The proprietors of this website may receive compensation for recommending specific precious metals companies. The content on this website, which may include positive evaluations of these companies and other reviews, may not be neutral or independent.
Goldco, a well-regarded precious metals dealer based in Los Angeles, has built a solid reputation in the market, garnering numerous positive reviews from satisfied clients.
However, it’s crucial to investigate if there have been any complaints from their customers. This will provide a more comprehensive understanding and aid in making a well-informed decision. (Also read: Goldco Lawsuit)
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Are there Any Goldco Complaints?
Goldco, a precious metals dealer, has amassed thousands of online reviews, with the majority being highly positive. Customers have shared their experiences on various independent review sites such as the Better Business Bureau (BBB), Trustpilot, and ConsumerAffairs.
On BBB, Goldco holds the highest possible grade, an A+, and boasts a 4.81 out of 5-star rating based on nearly 1,034 client reviews. However, there have been 58 complaints filed in the last three years.
Some of these complaints include:
In August or September of 2023, a customer transferred a significant amount of their 401(k) into a precious metal account with Goldco. They were promised a favorable spot price, but the balance later showed a notable decrease.
When the customer reached out for clarification, the response they received was unsatisfactory, and they did not receive the promised documentation reflecting the account status.
Another customer reported being misled about the benefits and risks of investing in precious metals. They were told that investing in gold and silver would be a safeguard against economic downturns, and were enticed by the offer of 10% free gold or silver coins with their investment.
However, the customer was not informed about a substantial 21% fee, resulting in an immediate $100,000 loss. Feeling misled and taken advantage of, especially during their senior years, they expressed regret over their decision to invest with Goldco.
It’s important to note that Goldco actively addresses every complaint across various platforms. The company swiftly responds to concerns and works to ensure customer satisfaction with their resolutions.
Despite these complaints, many customers praise the easy purchasing process and the helpful staff. For instance, Mylinda expressed gratitude for the friendly and supportive Goldco team in securing her retirement funds. Robert shared a positive experience, highlighting the helpful support he received during multiple IRA transfers.
On Trustpilot, Goldco features over 1,450 reviews, with an impressive 91% giving a 5 out of 5 rating, resulting in an overall rating of 4.8 out of 5 stars and an “Excellent” designation.
Customers like Albert Hendricks appreciated the professionalism and friendly attitude of Goldco’s agents during the IRA formation process.
Barry Brock, another satisfied customer, praised the company for a smooth and pleasant experience when transferring his 401(k) into a precious metals IRA.
These positive reviews highlight Goldco’s strong reputation for customer satisfaction and professional service, making it a noteworthy option for those considering precious metals investments, despite some notable Goldco complaints.
About Goldco
Based in Los Angeles, Goldco has been dedicated to helping individuals protect their retirement savings for over a decade. Many positive reviews highlight how Goldco representatives guide clients through the process of setting up their gold IRAs, from the initial steps to asset selection.
Goldco is a reliable dealer specializing in fostering financial success through the sale of precious metals. Their precious metals IRA accounts offer a way to secure wealth with tangible assets like gold and silver.
With over ten years of experience, Goldco has facilitated the placement of more than USD 2 billion in precious metal assets into gold and silver IRAs. Their commitment to outstanding customer service is reflected in their responsive and supportive team.
Numerous positive online reviews indicate that Goldco remains true to its mission of assisting Americans with their financial security. They provide genuine rare metal items, gold or silver IRA accounts, and wealth solutions tailored for every investor.
Furthermore, Goldco has received endorsements from prominent figures such as Chuck Norris and Sean Hannity, who trust Goldco to manage their gold investments.
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What is Goldco’s Location?
Goldco is located at 21215 Burbank Blvd, Suite 600, Woodland Hills, California 91367, USA. This location places Goldco in the heart of the San Fernando Valley, a bustling region known for its vibrant business community and diverse amenities. The office is easily accessible via major highways and public transportation, making it convenient for clients and visitors.
Goldco Offerings
Goldco is a company specializing in physical precious metals, offering customers the opportunity to buy gold and silver items for personal possession. Like other gold IRA companies, Goldco enables customers to purchase physical gold and silver to use as retirement assets.
Goldco provides a range of premium IRA-approved bars and coins, including:
- Silver Coins
- Gold Bars
- Gold Coins
- Silver Bars
These precious metals can be stored at home, in a safe deposit box, or, if you open an IRA account, they can qualify for secure storage. After purchasing physical precious metals, Goldco offers delivery to your chosen depository or directly to your doorstep. Additionally, Goldco sometimes offers free gold storage promotions, so be sure to check for updates.
Eligible Silver Coins for Direct Purchase:
- Silver Remembrance Day
- Silver Land | Defenders of Liberty
- Silver Wright Flyer
- Silver Land of The Free | Bison
- Silver The Grand Canyon
- Silver Littoral Battleship
- Silver Columbus
- Silver Liberty Bell
- Silver Mighty Mo
Eligible Gold Coins for Direct Purchase:
- Gold Liberty
- Gold Freedom
- Gold Independence Hall
- Gold Australian Striped Marlin
- Gold Washington Monument
- Gold American Bald Eagle
- Gold Phoenix
- Gold Valor
- Gold Wright Flyer
- Gold Australian Sea Turtle
These products are ideal for individuals looking to diversify their investment portfolios with tangible assets that have intrinsic value and long-term stability.
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Goldco Fees & Charges
Goldco requires a minimum investment of $25,000 to open a gold IRA account. The preferred custodian charges a flat-rate annual fee, which includes a one-time $50 IRA setup fee and a $30 wire transfer fee.
In addition to these initial fees, there is a $100 annual maintenance fee and a yearly storage cost of $100. These fees ensure that your investment is securely managed and stored.
Gold storage or custodianship fees can vary depending on the company providing these services. The IRS mandates that all IRAs must be managed and stored by a custodian.
These custodial fees can range from $10 to $60 per month or 0.35% to 1% of assets, depending on the custodian. It’s important to note that Goldco also charges storage fees on cash transactions exceeding $25,000.
These fees are standard in the industry, and it’s crucial to be aware of them when considering a gold IRA with Goldco. Carefully reviewing and understanding the fee structure is always advisable before making any financial decisions.
Should You be Concerned about Goldco’s Complaints and Bad Reviews?
While Goldco has received a significant number of positive reviews, it is essential to consider the complaints to make a well-informed decision.
The complaints on various platforms highlight issues such as dissatisfaction with the promised returns, miscommunication about fees, and concerns over the value of investments.
Some customers felt misled about the potential benefits and risks of investing in precious metals, while others were unhappy with the handling of their accounts.
However, it is important to note that Goldco actively addresses these complaints. The company is proactive in responding to customer concerns and strives to resolve issues promptly. Many customers have also praised Goldco for its customer service, easy purchasing process, and helpful staff.
Overall, while there are some notable complaints, Goldco’s strong reputation for customer satisfaction and professional service makes it a noteworthy option for those considering precious metals investments.