If you’ve read some of my previous reviews, you know how I hate the over-the-top fees many precious metal brokerage services tend to impose. Where does Goldco land in all this? Somewhere in the middle.
Goldco uses the “as low as” approach to making its services affordable for everyone. Both the fees and minimum investment requirements are relatively low, especially when compared to some other brokers I’ve come across.
Here are all the details for precious metals IRAs and non-IRA services with minimum investment requirements.
Precious Metals IRA Fees
First, let’s talk about the precious metals IRA fees. To set up your account, you will be entitled to a one-time fee of $50. You will also need to pay a $30 wire fee. In other words, you will need to prepare $80 before you even register your investment account.
Next, there’s an annual maintenance fee of $80 and a $100 segregated or $150 non-segragated storage fee (also annual). As for the starting price for precious metals IRAs, it’s $260 every year.
If you combine your IRA account with non-segregated storage, you will pay $260 for the first year and then $180 every following year.
If you prefer segregated storage, that’s a $50 extra charge. Your first-year payment will be $310 and then $230 for every other year.
Is it high? That depends on how you look at it. If you’ve never dealt with IRAs before, having to pay several hundred dollars for a trading IRA account might look expensive, but trust me when I say that compared to other brokers, Goldco lands on the low-cost side.
What I love about Goldco is that it doesn’t charge any one-time or annual maintenance and physical precious metals storage fees. That means you won’t pay a single buck for your non-IRA services. That is not a usual practice among precious metals brokerage services, which further proves the point that Goldo is one of a kind.
Minimum Investment Requirements
Fees are one thing. Another question to ask is how much do you need to start investing? Namely, what are the minimum investment requirements? Once again, I have some good news.
Precious metals IRAs range between $20,000-$25,000. That’s not an excessive amount with numerous other brokerage services charging even twice as much to get started.
Goldco BuyBack Guarantee
Another great advantage of Goldco is its BuyBack Guarantee. Essentially, you will be able to sell your gold and silver IRAs and no-IRAs assets straight to Goldco instead of looking for coin dealers.
First of all, it saves time. And secondly, you can rest assured you get the best price for your assets. I can’t count how many times coin dealers tried to offer me low-ball prices for gold or silver coins. The Goldco’s BuyBack program ensures you always get the highest price.
Additionally, when selling to Goldco, you can take advantage of one of the company’s specialists, who will guide you through the transaction, ensuring everything goes smoothly. Need I say more?
Another thing to have in mind is that Goldco will reimburse the annual storage fee with every $25,000 you invest. Once you pass $100,000 in investment value, you can expect your storage fee to raise, although not by much. Typically, it shouldn’t exceed $225.
That’s a minimum for starting with IRAs, but what about non-IRA services? Wel, these will cost you $3500, which is a great deal, especially with the free storage feature.