Looking to explore the precious metals industry? Hoping to get started with an IRA to safeguard your retirement savings? Precious metals have their perks depending on which types individuals are most curious about. For instance, silver is applauded for its tangibility and increased usability, while gold has been a safe haven for as long as history could depict. When in doubts or panic, gold reminds the top contender.
This is not to say that precious metals aren’t risky, in fact, investments in general are. However, as an investor, diversification might create a safety net, especially in time for retirement. Precious metals experts at GoldCo avow to offer support to whatever extent individuals would prefer. Curious to learn more? The following review can be perceived as a comprehensive analysis on the lo and behold, “GoldCo.”
About GoldCo
With over a decade of experience and counting, GoldCo is deemed a leader in the precious metals industry. Their primary goal is to help customers protect retirement savings. So, for people with an existing IRA, 401(k), 403(k), TSP, savings, or any similar tax-advantaged retirement account, joining GoldCo means a possible rollover of any of the aforementioned into a precious metals IRA. In addition, the team offers direct sales of gold and silver to further diversification endeavors.
One question likely to spring into one’s mind is, “Well, why GoldCo?” To this our team has multiple answers worth reflecting over. For starters, GoldCo has been rated A+ by the Better Business Bureau (BBB) and Triple A by Business Consumer Alliance. Not only that, GoldCo amassed over one thousand 5-star reviews, remains a 5-time Inc500 winner and earned bragging rights for being 2021 Company of the Year.
If everything up to this point still isn’t convincing enough, they pledge to offer the highest buy back prices on precious metals. By default, our editorial team wanted to learn more about their services revolving around IRAs and that’s exactly where we’ll be headed next!
How does a precious metals IRA work with GoldCo?
First, individuals have the option to either open a gold IRA or a silver IRA account. Starting with gold, GoldCo sees value in the precious metal because unlike the U.S. dollar which lost 98% of its purchasing power since 1971, gold’s purchasing power has been consistent over time. Second, recent trends suggest that an IRA could outperform both the Dow Jones and S&P 500! Lastly, gold has been used as a safe haven, especially during financial and geopolitical climates, not to mention its upward trend amidst downfalls within the stock market.
On the topic of a silver IRA, two reasons stand out for holding the precious metal. Most important to us is its growth potential. To date, its industrial uses, strong investment demand and declining silver supply could help drive silver prices up. Second is its increased tangibility and transparency. The tangible nature of silver offers investors safety and security, especially in a time where mountains of data are available.
In accordance with everything, here are the simple steps to getting started with either a gold or silver IRA:
Step 1: Open the IRA
The first step is to open a precious metals IRA, which can be done by signing an agreement to secure purchase. This agreement also acknowledges GoldCo’s terms of conducting business, as well the presence of their teammate in ensuring a swift application process.
Step 2: Fund the IRA
Next, we have the process of funding the IRA itself. This can be done by rolling over or transferring assets in existing retirement accounts. As mentioned earlier, these include 401(k), 403(k), TSP, and savings among others. Luckily, the process of rolling over will take place normally without any tax consequences.
Step 3: Purchase Precious Metals of Choice
Finally, and the most enjoyable part of it all is deciding on which precious metals to include.
Which IRA-Approved Coins does GoldCo carry?
GoldCo has plenty in store to help diversity any precious metals IRA. Below is a summary on some of the plenty gold and silver offerings:
Gold American Eagle – Type 1 (and Silver Option)
The Gold American Eagle (Type 1) is 22 karat gold and is the official bullion coin of the U.S. First minted in 1986 and issued by the U.S. Mint, this coin comes in four weights: 1 ounce, ½ ounce, ¼ ounce and 1/10 ounce. Other pertinent information includes a face value is $50, weight of 33.9g, purity grade of .9167 fine and a diameter of 32.7mm. The silver, 1-ounce alternative is also available, but its face value is $1, weighs 31.10g, has a purity grade of .999 fine and a diameter of 40.6mm.
Gold American Eagle – Type 2 (and Silver Option)
The 2021 Gold American Eagle is 22 karat gold coin where the reverse depicts a portrait of an eagle. As for the silver alternative, the 1-ounce coin has a face value of $1, weighs 31.103g, has a purity grade of .999 fine and a diameter of 40.6mm.
Gold Liberty Coin (and Silver Option)
The Gold Liberty Coin features Ian Rank-Broadley’s effigy of Queen Elizabeth II on the obverse while the reverse remains a celebration of the 270th anniversary of Liberty Bell’s arrival in Philadelphia in 1752. Available as a ¼ ounce gold coin, its face value is $25, weighs 7.8g, carries a purity grade of .9999 fine and a diameter of 34mm. The silver alternative is available in ½ ounce, 1 ounce and 2 ounces, each carrying a face value of $2, weighing 31.1g, carrying a purity grade of .999 fine and a diameter of 40mm.
Gold Valor
The Gold Valor is a ¼-ounce, 99.99% pure gold where the reverse honors the U.S. Marines who raised Old Glory on Mount Suribachi in 1945. The coin has a face value of $25, weighs 7.78g, has a purity grade of .9999 file and a diameter of 22mm.
Gold Australian Striped Marlin (and Silver Option)
The 2020 Gold Australian Striped Marlin is an ¼ ounce of 99.9% gold made by The Perth Mint. The marlin was chosen to symbolize tenacity, perseverance, and commitment. Its face value is AUD$25, weighs 7.777g, has a purity grade of .9999 fine and a diameter of 20.6mm. The silver 1.5-ounce alternative has a face value of AUD$2, weighs 46.66g, has a purity grade of .9999 fine and a diameter of 40.60mm.
Gold Maple Leaf (and Silver Option)
The 2021 Gold Maple Leaf bullion 1-ounce coin of pure gold made by the Royal Canadian Mint. First minted in 1979 to satisfy the burgeoning demand for investment-grade gold bullion coins, and honestly, it remains a popular choice to this very day. Its face value is CAD$50, weighs 31.10g, has a purity grade of .9999 fine and a diameter of 30mm. The silver alternative is a 1-ounce coin, has a face value of CAD$5, weighs 31.11g and has a diameter of 37.97mm.
American Gold Buffalo
The American Gold Buffalo is a 1-ounce pure gold coin created by the U.S. Mint. It is the first ever 24 karat gold bullion coin issued by the U.S. Mint that quickly became a popular collectors’ and investors’ item. Its face value is $50, weighs 31.108g, has a purity grade of .9999 fine and a diameter of 32.70mm.
Gold American Bald Eagle (and Silver Option)
The 2021 Gold American Bald Eagle created by The Perth Mint comes in a ¼ ounce coin. It pays tribute to the majestic bald eagle, i.e., America’s national symbol of strength and determination. The coin has a face value of TVD$25, weighs 7.8g, has a purity grade of .9999 fine and a diameter of 20mm. The silver alternative is offered as a 2-ounce coin with a face value of TVD$2, weighs 62.213g, has a purity grade of .9999 fine and a diameter of 40.6mm.
Gold Military Guinea (and Silver Option)
The Gold Military Guinea is a ¼-ounce pure gold coin created by the East India Company of London. It pays homage to the United Kingdom’s power, has a face value of $25, weighs 7.8g and has a purity grade of .9999 fine and a diameter of 22mm. The silver alternative bears the quality mint mark of the East India Company. The obverse design embodies Her Majesty Queen Elizabeth II. Offered as a 1-ounce coin it has a face value of 1 pound, weighs 62.21gm, has a purity grade of .9999 fine and a diameter of 39mm.
Others include:
- Gold Freedom Coin (and Silver Option)
- Gold Freedom and Hope (and Silver Option)
- Gold Lucky Dragon (and Silver Option)
- Gold Australian Saltwater Crocodile (and Silver Option)
- Gold British Lunar Series
- Gold & Silver Bars
- Silver Australian Spotted Eagle Ray
- Silver Great Barrier Reef
- Silver 20th Anniversary Britannia
- Silver Australian Saltwater Crocodile
- Silver World War I & World II Victory
- Silver Britannia Lunar Series
Clearly, each coin celebrates key events in history and GoldCo does an exceptional job not only introducing the different IRA-approved coins and bars, but also outlining the specifics regarding dimensions, purity grade, face value, etc. We encourage individuals to explore further into these facets before investing. Having said that, it would have been nice to have the number of coins minted for each one as well. Normally, the lower the supply, the higher the price and value over time. This might be something to bring up with a GoldCo representative during a quick consult!
Frequently Asked Questions (FAQS)
Are there any penalties to moving assets from one IRA into a precious metals IRA?
As per GoldCo, as long as the rollover or transfer of assets is performed correctly, there will be no taxes or penalties.
What type of retirement accounts are eligible to roll over into a precious metals IRA?
The 401(k), 403(b), 456, Pensions and TSP accounts are deemed eligible for a rollover or complete transfer of into the precious metals IRA.
What types of charges will be incurred?
The precious metals IRA fees are often in the form of a one flat fee per year rather than a percentage of assets. With GoldCo, the fees are based on percentages, so, “the more precious metals you own, the lower your fees […]; the less precious metals you own, the higher your fees are.” For more information on how fees work, individuals are asked to consult a GoldCo specialist.
Can I take physical possession of my metals?
All metals from the IRA are securely stored in a depository. Individuals can begin taking their distributions at the age of 59.5 years – either as a cash payment or in the form of precious metals.
Does GoldCo offer tax, legal or financial advice?
GoldCo cannot provide tax or legal advice nor are they able to provide advice on tax or legal consequences. The same goes for financial advice, individuals are asked to educate themselves and to consider all risks and rewards before placing an order.
Do precious metals carry risk?
All investments carry risk, regardless of whether precious metals are involved or not.
Can I buy precious metals without an IRA?
GoldCo is a full-service precious metals firm, therefore, individuals can proceed to purchasing gold or silver coins and bars without opening an IRA account.
Why are custodians necessary for administering precious metals?
The IRS requires a custodian to administer and track assets in an IRA.
In what forms might individuals receive distributions?
Distributions are offered in the form of physical gold, silver, platinum, or palladium. At large, the distributions are based on the types of metals found inside one’s account. For people who prefer cash, this option is also available.
What is the best way to contact the GoldCo team?
There are several ways to contact the GoldCo team. Below is a quick overview rated by most to least convenience:
- Phone: 1 (855) 483 1718
- Email: info@goldco.com
- Chat Now: Click here
- Mailing Address: 21215 Burbank Blvd, Suite 600, Woodland Hills, CA 91367
How much does it cost to open a gold IRA account with GoldCo?
Some reflection with respect to fees is needed before getting started. For instance, GoldCo has a minimum investment requirement of $25,000, which is higher than other existing precious metals IRA companies. Besides that, we have an annual fee of $180 plus applicable storage fees. As a special bonus, GoldCo is willing to waive fees for new clients for the first year. They are also offered 10% back in silver coins.
Final Verdict
Ultimately, GoldCo is a leader within the realms of precious metals. Their wisdom should be taken advantage of, especially for those who are just getting started. As our editorial team navigated through mountains of customer reviews, we were fond to learn that GoldCo offers bonuses for new clients, offers the highest prices for their buyback programs, and have since compiled guides and free kits to study GoldCo holdings. Unfortunately, the high minimum investment might not be suitable for all. Likewise, their offerings are limited to merely gold and silver – forcing palladium and platinum investors to seek an alternate service.
Bearing everything in mind, the key takeaway here is that GoldCo and its representatives are precious metals specialists. However, this doesn’t mean that they are financial advisors, therefore, they aren’t here to give any financial advice. When making the decision to open a precious metals IRA, individuals need to understand that the responsibility is their own; from education and assessing the risks and rewards to confirming final decisions. To learn more about GoldCo, click here! >>>
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