Goldco Direct Review

The first time you pull up the Goldco Direct website, you’re going to be presented with the ticking clock of debt for the United States. Currently at $18 trillion as of the time of this review being written, the concept presented to the prospective gold IRA rollover is this: invest into precious metals because eventually the debt clock will affect you. Looking at the articles on the website, however, makes one quirk an eyebrow – just four news articles in nearly 2 years. How often does Goldco Direct actually update their services… or their website?

What Are the Costs of a Gold IRA?

Some gold IRA companies make their money by charging more for the assets you wish to include with your IRA. Others simply charge transaction fees. What is it with Goldco Direct? We’d love to tell you, but the website doesn’t have information for review in this subject area. Because of this, we contacted a representative directly by phone, as the website directed, and were placed on hold.

The gold IRA that you will fund with Goldco Direct is a self-directed IRA. This option has been available since 1996 for investors to determine the security of their own savings. In order to begin this account, all investors must incorporate a limited liability corporation in their own jurisdiction and pay for their state filing fees. The advantage in doing so is that it eliminates most of the ongoing administrative costs the typical IRA may have. The disadvantage is that you’ll be forced to carry all of your storage fees and file an annual tax return.

You can also begin a traditional precious metals IRA with Goldco Direct or rollover your existing 401k or other tax advantaged account if you prefer. New accounts that transfer a minimum of $25,000 receive free storage fees for up to 3 years. 

What Are the Types of Precious Metals Available?

Goldco Direct primary trades in gold and silver coins. There is a helpful coin catalog that you can access online, although from the way the information is worded on the website the coins that you can purchase are ones that are currently in inventory. Because of the variable prices in the market and the need to lock in a price, our best guess is that there is no bullion offered through this agency.

Since 1986, the United States has provided proof quality gold coins that are considered a legal investment for a gold IRA. Coins include the American Buffalo, Canadian Maple Leaf, or the Vienna Philharmonic. The coins that are eligible for retirement investments change from time to time, but Goldco Direct keeps an updated list of what can and cannot be purchased right on their purchasing page.

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How Is the Buying and Selling Process Handled?

The website specifically says this: “Goldco Direct will exchange you existing paper assets for physical precious metals. You will work directly with your account executive to discuss the precious metals that best fit your investment portfolio.” There is no way to purchase gold or silver coins online from Goldco Direct. You must call the organization at 1-855-GOLD-IRA to speak with a representative about setting up your tax-advantaged account.

You’ll then need to verify your account. Part of the verification process is proving that you have an American residence by providing a copy of your rental agreement or deed of property.

The final step is to sign the client agreement. Within this agreement, Goldco Direct states that they can hold a gold or silver coin order for up to 45 business days because of market fluctuations. All orders placed with personal checks are also held for a minimum of 12 business days.

<span “font-size:12.0pt;font-family:”times=”” roman”;mso-fareast-font-family:=”” “arial=”” ms”;mso-bidi-font-family:”arial=”” ms”;mso-font-kerning:=”” .5pt;mso-ansi-language:en-us;mso-fareast-language:hi;mso-bidi-language:hi”=””>Goldco uses a spread process for all precious metals orders. Bullion orders have a 5-15% spread, while premium coins have a 7-21% premium added. Goldco Direct also has a stipulation that they can re-purchase the gold for a non-negotiable price later on at their sole discretion, although customers do have the option to reject this offer. Credit card purchases are not taken for bullion orders.

What Timeframes Can Be Expected?

Outside of the referral websites and the primary homepage, there really isn’t any information available about what to expect. Typical timeframes can be as much as 90 days, while some transactions are nearly instantaneous. You may wish to attempt contact with a representative about this situation if you’re interested in using this organization, assuming you’re more successful than we were in constructing this review.

Returns are allowed by Goldco Direct, but only if the item has been misrepresented or the bullion ordered has been proven to be false. If counterfeit coins are sold instead of real gold or silver coins, then Goldco Direct will accept returns of these coins for up to 1 year after purchase and replace it with a refund of the purchase price or a replacement of the counterfeit items. Gold and silver purchased through Goldco Direct is guaranteed to meet the description offered and genuine, but no warranties are offered.

Is Goldco Direct a Good Gold IRA Company To Use?

A 45 business day waiting period is a long time to wait for your gold or silver coins. That’s 9 weeks after placing your order before Goldco Direct may elect to ship out the precious metals that were ordered. Customers must then add another 7-10 business days after this for the actual transit time of the order. Shipping is insured from Goldco Direct and lost orders with be refunded or replaced, but the bottom line is this: it could be almost 3 months before an order is received and if it is not, you may just get your money back.

This is why we recommend an organization like Regal Assets for your gold IRA needs. You stay in control. You’re fully informed. You get a fast turnaround on any transaction request. Why? Because that’s what everyone deserves when it comes to building their wealth through a gold or silver IRA!