Goldco Precious metals review

Goldco is an award-winning provider of Gold and Silver IRAs (Individual Retirement Accounts). The company facilitates rollovers and transfers from tax-advantaged Retirement accounts into self-directed Precious metals IRAs. They can also help you setup a Roth Precious metals IRA if you would like to protect your after-tax money with Silver and Gold.

In addition to establishing and servicing IRAs, Goldco acts as a Broker-Dealer in Precious metals. The company offers a wide range of Bullion and Collectible products for investors who want to purchase Silver and Gold with after-tax money.

There are a few Goldco lawsuits that show up in online searches.

Goldco Direct, LLC v. Wilson

At the center of this lawsuit is a Goldco client who made three Precious metals purchases over a period of 17 months and then requested a full refund of all purchases.

Goldco appropriately refunded the most recent purchase but chose not to refund the first two purchases which had occurred months earlier. The case is complicated because the client involved another Gold IRA provider and that company’s energetic lawyer.

Goldco Direct, LLC v Wilson is actually Goldco suing these third-party litigants for fraud and violations of the RICO Act.

Jodi Judson, individually and on behalf of all others similarly situated, v. Goldco Direct, LLC

This class action lawsuit alleges that Goldco used autodialing systems to send text messages to telephone numbers on the National Do Not Call Registry.

Goldco has denied all allegations while agreeing to a Settlement. March 30, 2021 was the final date to file a claim form as a participant in the Settlement.

Resolution of this Goldco lawsuit will occur after any appeals are resolved and the Court grants Final Approval.

Goldco Direct LLC vs. Howard Aronson and Howard Aronson vs. Goldco Direct LLC

Howard Aronson served briefly in 2017 as the executive vice president for sales and marketing at Goldco.

Mr. Aronson is suing Goldco over an alleged breach of an oral contract.

Most of the Goldco complaints on BBB involve unwanted phone solicitations. The complaints allege that Goldco is aggressively cold-calling consumers. Goldco maintains that they only call phone numbers that are provided to them by the consumer. All of these complaints were resolved by adding the consumer’s contact information to the Goldco ‘do not contact’ list.

One complaint is from a person who didn’t understand the qualifications for a free giveaway. Goldco resolved this case by giving the person two free Silver Coins instead of the one Coin they were expecting.

The complaints that cause more concern than cold-calls or free giveaways involve consumers who feel like they overpaid for their Precious metals. There are several of these complaints and they are all quite similar.

Based on the filed complaints it appears that the consumers are confused by the statements they receive from the IRA Custodian. These statements show the number of ounces of metal that an investor has in their account and the value of those ounces based on the current spot price for the metal.

Spot price doesn’t include the premium that mints charge for manufacturing metal bars and Coins.

For example, a one ounce US Silver Eagle Coin costs at least $34.92 at any reputable dealer today (06/17/2022). The spot price of Silver, on the other hand, is only $21.66 per ounce so the difference of $13.26 is the premium charged for the Coin.

It is certainly understandable that an investor would be upset if they purchased a Coin for $35 and then received a statement saying it was only worth $21.66.

In Goldco’s response to these complaints about price, the company apologizes for not explaining spot price versus purchase price and asks that the investor contact customer service. Most of the complaints are closed after the investor speaks with a Goldco IRA specialist who explains the difference between spot price and the value of the investor’s metal.

Based on these complaints and their resolution, the A+ Goldco BBB rating appears to be warranted.

The company shows a history of working with customers to ensure that they are satisfied with their Precious metals Investments. Phone solicitation issues are easily resolved with the Goldco ‘do not call’ list. Free giveaways often attract unqualified participants who aren’t happy that they don’t qualify. And the difference between spot price and purchase price is confusing for many investors at first.

None of the BBB complaints raise alarm bells about Goldco as a company or Precious metals dealer.

Reddit is an online forum where people can discuss topics they are interested in.

Reddit readers can upvote or downvote each posted entry on a given topic. This voting feature makes it easy to quickly determine what people like and also what they don't like.

There is a Goldco thread on Reddit but it contains only one post and the post has no text, only a website link. If you follow the link you will arrive at the website of an affiliate marketer.

This Reddit post is an excellent example of how shady affiliate marketers attempt to separate inexperienced investors from their hard-earned money.

When a corporation is established the Articles of Incorporation typically allow for the creation of stock shares. These shares can be issued to the principles of the corporation or listed with the SEC (U.S. Securities and Exchange Commission) if the corporation intends to go public.

Goldco is a privately held corporation and it is unlikely that Goldco stock shares will ever trade publicly.