Goldsilver is 2nd Place in our List of Top 10 Gold IRA Companies:
- BCA Rating: AAA
- BCA Complaints: 1 grievance in the past 3 years
- BBB Rating: A+
- BBB Complaints: 1 complaint in the past 3 years
- Trustlink: (5/5 stars) based on 3 reviews and complaints
You’re ready to begin investing in a gold IRA, but you don’t know which broker to choose. You’ve heard great things about Goldsilver, especially their founder and former Rich Dad/Poor Dad advisor Mike Maloney, but you still aren’t convinced it’s the best choice.
Are there better companies to choose? Can I open a precious metals IRA based on the reputation of the founder alone? What other critical factors should I consider when choosing a gold IRA company?
We’d like to tell you that Goldsilver is an excellent choice. It wouldn’t have made 2nd place on our list if it wasn’t. But it isn’t our #1 choice.
The company did have some minor complaints in its history. And complaints indicate the presence of unhappy customers. And unhappy customers lead to bad reviews and ratings. They also lead to losing the coveted #1 slot on our Top 10 list.
How Goldsilver Stacks Up in our 7 Critical Factors Test
As we evaluate each gold IRA company, we test them and see how they hold up to seven critical factors. Every investor should use these factors to evaluate and choose a gold IRA company.
They provide an easy and effective way to measure the key areas all gold IRA companies should excel in. The factors we evaluate with a fine toothed comb include the following:
- online peer-reviewed ratings
- types of precious metals: coins, bars, and jewelry
- precious metals buyback program
- IRA fees
- account setup & delivery
- customer support & salesmanship
We looked closely at Goldsilver in each one these critical areas. We did this to see how they measure up again the rest of the Top 10 list. By the time our investigation was through, we realized Goldsilver was clearly deserving of the honor of winning 2nd place.
They had a few issues in critical areas, but Mike Maloney and the company deservedly have an excellent reputation. They measure up well in almost all seven categories.
1. Online Peer-Reviewed Ratings
To begin this review, we took a thorough look at Goldsilver and their online ratings and reviews. We learned that customers reviewed them on Trustlink, the Business Consumer Alliance (BCA) and the Better Business Bureau (BBB) websites. Unfortunately they haven’t always received the nicest reviews. Or better put, some customers have made major complaints.
Based on our findings, Goldsilver’s reputation appears like this:
- They have an AAA rating with the BCA, which is their highest rating. They’ve also received 1 complaint from a dissatisfied customer in the past 3 years.
- They have an A+ rating with the BBB, also their highest rating. In the past 3 years Goldsilver has received 6 complaints on the site.
- They currently have a perfect 5 out of 5 stars rating with Trustlink. This is based on 3 reviews and/or complaints.
As you can see, Goldsilver is a well-respected company in the gold IRA market. They have excellent ratings on the most trusted online review sites on the web. And as previously mentioned, their founder Mike Maloney is an industry titan in the gold investing scene. His reputation alone brings goodwill and accolades to the company.
Our investigation wasn’t all wine and roses though. Some customers have complained over the years. This knocks them down a peg or two. And it’s a big reason why they failed to capture first place on the Top 10 list.
2. Types of Precious Metals: Coins, Bars, and Jewelry
Goldsilver focuses on providing three types of precious metals offerings to their customers. They only sell silver and gold. But they offer them in the form of bars, coins, and gold jewelry. They do not sell silver jewelry at the time of this writing.
As far as precious metals IRAs go, you can ignore the jewelry if you’re here as a retirement investors. You can only add certain types of bullion and coins to your IRA account, so the jewelry is out.
Instead, if you do choose Goldsilver as your broker, focus on gold and silver coins and bars. And remember to ask you representative if they are safe for retirement IRA accounts.
3. Precious Metals Buyback Program
For one reason or another, you may need to suddenly sell your gold and silver. As a customer of Goldsilver.com, you are eligible to sell your precious metals back to them at fair market value.
If fact, they consider their company a market maker. So they’ll buy gold and silver bullion from everyone as long as already sell it.
Be forewarned: customers are responsible for any and all fees associated with the sale of their precious metals. So, when selling back to Goldsilver, you will pay ALL of the following costs:
- Shipping and handling associated expenses.
- Associated fees when selling from your storage account.
- Packaging and insurance related expenses.
After following the rules and successfully selling their precious metals, customers can get paid in the following ways:
- Via bank wire transfer (customers must pay a $25 fee for this option.)
- ACH/EFT/eCheck transfer (free and available to US customers only.)
- Physical check mailed certified via USPS, for free.
Stockpiling happens in two different ways for precious metals IRA investors. You’ll either have segregated stockpiling or co-mingled stockpiling. Our thoughts on the two options include:
- Segregated stockpiling – this method consists of dedicated vault gold storage. It’s the superior option.
- Co-mingled stockpiling – this method requires storing your precious metals in a vault with other investors’ metals. We do not recommend this option.
Goldsilver does right by its customers and offers segregated storage and stockpiling options. But that’s where their advantage ends.
They charge a sliding monthly fee (0.06% of asset value per month) for segregated storage. In fact, $1,000,000 account holders pay $600 a month, or $7200 per year in storage fees.
Our #1 custodian Regal Assets charges its customers a $110 yearly flat fee no matter the value of the account. What a huge difference and major savings, right?
5. IRA Fees
We’ve already touched upon part of the fees above. Storage/stockpiling fees come to 0.06% of total asset value per month. This supposed “low cost” fee really adds up.
Goldsilver does not directly outline how much you will pay in IRA fees. However, you do have to pay administration fees to the IRA custodians they provide. We will discuss this in the next section about account setup and delivery.
6. Account Setup & Delivery
Unlike Regal Assets who will set up your account in 24 hours, Goldsilver.com acts more like a middleman with account creation. Meaning they recommend 4 gold IRA custodians including: Equity Institutional, New Direction Trust Company, GoldStar Trust Company, and Strata Trust Company.
Note: The IRA custodian will charge an administration fee. So you won’t pay an extra fee to Goldsilver, but you’ll pay this fee nonetheless. Check with your custodian to learn how much.
They provide contact information for their recommendations and basically leave the rest up to you. You can contact Goldsilver once your IRA account is set up and purchase gold and silver through them as your broker. This is okay, but not exactly the easiest and most convenient way to get started as an investor.
With shipping, they’ll ship directly to your house or storage facility. They charge US customers a $25 flat fee on all orders below $499, regardless of the size or amount. Shipping is free in the US for all orders $499 or more.
7. Customer Support & Salesmanship
According to some unhappy customers on review website TrustPilot, this company has many flaws beginning with their sales process. Before and after purchasing, people find out they have to pay hidden fees, deal with poor service, and slow shipping.
Most of the reviews, however, showed that the clients were satisfied with the overall process. Indeed, Goldsilver has had many satisfied customers according to the same website, although most of the complaints were consistently about fees and shipping problems.
GoldSilver Contact Details
- Address: 429 Santa Monica Blvd, Suite 620, Santa Monica, CA 90401
- Telephone: (888) 319-8166
- Neighborhood Phone: (310) 566-0730
- Fax: (888) 303-9956
- Site: www.GoldSilver.com