Goldco
reviews and complaints

Run the other way!

Goldco takes advantage of inexperienced investors. This week was my first time buying precious metals. Rep David *** assured me that the best investment for my self-directed IRA was collectible American Eagle proof coins. And he assured me that Goldco's markups were very competitive, lower than most competitors. (As low as 7% over cost...keep that in mind.) Knowing little about the industry, I agreed to spend $50K on the premium coins. However, when I got the order confirmation, the price was nearly 3X the current spot price for silver! Shocked, I started researching right away, fearing I had just flushed $20K of my retirement savings down the toilet. I was right. I had. My stomach sank.

Further research revealed Goldco did indeed take me to the cleaners. Silver spot that day was $27.34. Ebay listings from this week included American silver eagle proofs for under $45. I spoke with two other metals dealers who agreed Goldco's price is exorbitant, and one of them was kind enough to send me a couple wholesale price sheets listing new silver eagle proofs at $43 & $48 ask price, respectively. (That's what dealers pay, before qty discounts.) And this only four days after Goldco sold me 600+ of these coins for $74.90 each! For goodness' sake, even the US Mint website was selling West Point Mint silver eagle proofs that day for $64.50, list price! (before qty discount.) Bottom line, Goldco is highway robbery, despite their smooth words and excellent customer service.

I also discovered that many of the gold dealer "review" sites rating the "top dealers" the ones I relied on for my original research are suspect, to put it charitably. There is nothing "independent" about these review sites. Their paid-for testimonials and ratings (I'm looking at you, trustpilot) are cherry picked, scrubbed, and crafted at the behest of their clients...the dealers. Now I can tell you firsthand that Goldco offers fantastic customer service: they answered my newbie questions, they called me back promptly, they helped with all the paperwork and setting up a trustee. Was that worth a $20,000 premium? *** no. BUT if I hadn't noticed that unit price on my order confirmation, I would never have realized I was about to flush away my hard-earned retirement savings paying Goldco's ridiculous premium. And perhaps I would have become one of those unsuspecting dupes leaving these 5-star reviews, gushing about the wonderful sales team at Goldco that answered all my questions and put me at ease.

Fortunately, I was lucky. I was able to terminate my purchase before it went through, and find a reputable dealer who understood my goals, and did not try to move me into overpriced, high commission premium coins. This morning Goldco called me back to follow up and save their sale, and lied to me some more about what a fair price $75/oz is for a silver eagle proof. I am writing this review in the hopes that future novice investors like myself can avoid throwing their retirement away, before it's too late.

If you're looking for a reputable dealer, the Professional Numismatists Guild maintains a list of accredited coin and bullion dealers that hold to strict ethical guidelines. It is available at apmddealers dot org. Goldco is not on it.