Goldco

I am new to gold/silver investing. I can see there is a dollar crisis looming, and wanted to roll a large portion of my IRA into a self-directed IRA and buy physical gold. So I researched precious metals dealers online, and found Goldco was very highly rated. (These ratings are paid-for and/or vetted, I would come to find later.) Goldco rep David Taylor was extremely helpful and responsive, answered all my questions, assured me that Goldco markups were some of the lowest in the industry (7-21%), and sent me the paperwork to set up an account with a trustee/custodian to handle the SDIRA rollover. We agreed that silver coins made the most sense for me, and I placed an order for American Eagle proof coins from the Perth mint. THEN I GOT THE ORDER CONFIRMATION:

Silver American Bald Eagle – 1oz Qty 667 $74.90

What the heck did I just buy? The spot for silver that day was ~$26.50; this price was nearly triple! I was shocked. Further research confirmed that these are just 1 ounce silver proof coins, worth about $48 retail. They are collectible, premium coins, such as you might buy as a graduation gift. But if you took this same coin to a gold/silver coin dealer, you'd be lucky to get $40. (As of this writing.) But Goldco insists they're worth $75! Nonsense. This is robbery!

Do your homework. Call some dealers. A good place to start might be https://apmddealers.org. You will find that many of these coin dealers are routinely confronted by disillusioned Goldco's (and other, similar predatory dealers') customers whom have spent their retirement money buying expensive collectible coins, only to be informed by honest dealers that their "premium" coins are worth 50% what they paid for them. To keep novice investors in the dark, Goldco appears to have "exclusive" deals with the Perth Mint on whatever flavor-of-the-month coin design they are peddling. This prevents Joe Consumer from comparison shopping. Because there are no direct price comps, Goldco is able to claim their coins are premium, limited edition, super high value. Even up to $75/oz. They are not. But it's tough to disprove when no other dealer has the exact same coin because of Goldco's "exclusive." I believe Goldco's markup on these coins they sold me was in the ballpark of 100%. This is robbery. For example, the coins I purchased were "1 oz silver American Bald Eagle 2020 reverse proof" coins from the Perth Mint, with a bald eagle on one side and Queen Elizabeth II (?) on the other. Just try to find that exact coin anywhere else but Goldco. Go ahead, I'll wait…

If you want to invest in gold/silver, it's probably because you understand that there is intrinsic value in the metal itself. What you need is bullion or bulk, investment grade coins, and you want to pay as little over spot price as possible. Collectible proof coins are for birthday and graduation gifts, in fancy packaging with certificates of authenticity. Buying hundreds or thousands of these at retail (or worse) price is NOT a wise investment strategy. Silver/gold prices would have to double or triple before you break even.

So, in summary:

PROS: Stellar customer service. Ranked the #1 or #2 coin dealer by multiple "independent" ranking websites Responsive and helpful. Website is helpful and well done! Ordering process was easy! Provided all the paperwork to set up custodian and depository. Answered all my newbie questions.
Five Star reviews on all the 'rating' sites

CONS:
Sold me the wrong product, at HUGE markup. My retirement savings would have taken a $25,000 loss the instant the sale closed.

"Other than that, Mrs. Lincoln, how did you enjoy the play?"

I was lucky. Before the transaction cleared my IRA custodian account, I was able to intercept and remove Goldco as an authorized dealer, which probably saved me from the consequences of my $25,000 mistake. On a related note, as I write this, Goldco is actively trying to get the Better Business Bureau of San Jose to remove my review from the BBB website because "the review is not from a customer of the business." I have my order confirmation showing that yes, indeed, I ordered $50,000 in coins from Goldco. They are not an ethical company, fibbing to the BBB to scrub legitimate negative reviews. Keep that in mind as you read all the glowing, five-star reviews on those "independent" review websites.

David keep in constant contact with us, and promptly answered all questions to our satisfaction. We started out. planning a gold purchase however, with David's guidance and information we purchased a large quantity of silver.

We look forward to a successful transaction with Goldco.

I鈥檓 clueless about investments. But because Jace Kent has guided & mentored me, i have invested several thousand dollars with Strata Gold.

From the very beginning the process of setting up an IRA was very easy. Although I wanted to do most of the 鈥渉eavy lifting鈥?myself, the GOLDCO staff stood by me to make the process easy.

I learned of the directed IRA from Goldco with the ability to purchase precious metals. My 401K plan did not allow for the purchase of precious metals. I believe this is an important part of a diversified investment. EVERYONE that I spoke to or had any dealings with was more than eager to assist me. All were courteous and attentive to my views, questions, and needs. I ultimately was able to transfer some of my holdings from my 401K to a self directed IRA in which I was able to purchase the precious metals to help round out my portfolio. The prices were a bit high for my investment at this time as I am already retired and hopefully will be able to leave my investment for ten or more years. I do believe that investing in precious metals with Goldco for any time close to that period will prove to be a fruitful venture.

Great service

Thank you, Reggie, for your excellent and friendly service. Maybe talk more later.

The people were very helpful and accommodating.I found them to be very knowledgeable.

Outstanding qualified personal keeping you informed on the market and are there to assist you with your purchase decision.

This was my first time investing on my own. GoldCo investment rep Carl was very patient and amiable and spent a lot of time explaining the process–and, once I finally took the leap and committed, the process was very straight-forward and efficient. As already mentioned, I am a "newbie," so can't compare GoldCo to any other company, but I am very happy with their service and feel that they are a trustworthy company.

The service, the information, the communication skills, and the the honesty/respect all encompasses a great investment firm! I highly recommend this service especially for the novice or first time investor!

very efficient way of doing business

a pleasurable experience.Everyone was vary helpful and knowledgeable,just the way I like to conduct business.Thank you GOLDCO

I would recommend the products and services to anyone that is looking to invest in gold and silver. The people are very friendly and knowledgeable and treat you with respect ask any question and you will get a answer.

Goldco has helped me diversify my IRA retirement savings and has been there every step of the way, making it simple and easy. They called me when I was slow responding and walked me through any paperwork necessary to roll over funds to my self directed IRA. I was kept well informed and even educated on market trends and new investment opportunities, making it easy to invest and plan for the future. A great team of professionals really makes a difference.

This was my second purchase through Goldco. Both representatives were very knowledgeable, helpful and responsive. I'm looking forward to my next purchase.

Robbin Hubbard was helpful and the rollover into a gold IRA was smooth. The educational information sent to me was enlightening toward making an informed decision to invest in precious metals. Overall, I found the set up of my account to be done in a professional manner.

Goldco has provided me quick and efficient service. I recommend them to my friends and family. The gold and silver give a safe and secure protection against unexpected economic changes.

Fairly easy transactions, nice people, good information

Excellent advise and no pressure to buy anything. Punctual and very helpful.

Working with Goldco was easy. The representatives are very knowledgeable and make the whole process smooth.

Update to Original Review….. I am happy to say that in May of 2018 I was finally able to get my issue with Goldco resolved… I was contacted by Trevor Gerst the then President of Goldco shortly after this first review came out…. He did promise me he would take care of it but it would take some time…. I waited for some time then reached out to him again and this time I asked for a 100 % buyback of my Gold and Silver…. This has now been done and I have received my money back in full… I am very grateful to all that was involved in this effort… You did the right thing and made me believe that not everyone is out there to scam people like me that are so trusting…. I would urge everyone to take better measures to understand what you are getting into… I was completely blindsighted but am very happy that that has been rectified… Thanks You to Goldco, Trever and to Jennifer and to Joni for taking care of this matter so well…. God Bless You always! Marylyn Hawkins
My account representative was Tony Pino. He contacted me in latter part of 2016 and was very easy to talk with… made me a lot of promises how he could save me from losing my stockmarket IRA.. I felt I knew him well and he won my confidence… In November of 2016 I moved my stocks to a gold and silver ira… Never did I believe in a million years what then happened to me. When I signed onto my new Ira my value had dropped around 60 percent. I contacted Tony and asked him what was going on and he smooth talked me again and said that was just temporary and to wait a while… it never changed so I tried calling him again 40, 50 times…. the company told me he had been taken off my account so I could not talk to him… someone else did call me but again nothing was done to help me understand…. I finally got someone to look into it and I had been completely robbed of my life's savings… they had exchanged my stocks for gold and silver at a 2000% markup from the price gold was selling at. I have tried repeatedly to talk with some one to no avail… My next recourse is to go to the Attorney General for state of California… I don't believe I am the only person this has happened to… I am 69 years old, single with no other income but my social security and need that money back. I want someone in authority at Goldco to communicate with me or I will be communicating to a lot of people very soon. Thank You…

They took care of everything, Smooth transition.

Thank you it is a great investment.

My experience in dealing with KC Derian of Goldco was wonderful. She was very knowledgeable and patient with me throughout the process. I know I can reach out to her whenever I have questions or concerns. I enjoy working with her and have already referred a relative.

Joyce