Complaints

• Initial Complaint

  01/02/2025

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I contacted Goldco Direct LLC for information about Gold and Silver and finally I went a head and purchased Precious Metals from them, I was not aware of their phoney business practice, what I mean by phoney is that they way over charged me for the gold and Silver I bought. The total amount that was sent to them was $175,641.65 through my 401k, today I went onto my account and discovered that around the time I did this my account went from $175,641.65 in my traditional *** to $81,227.99. The spot prices were approximately $1,952.83 per ounce for gold and $24.13 per ounce for silver. Gold: I purchased 78 coins of 0.25 oz for $910.00 per unit, resulting in a premium of 86.4% above the spot price. Silver: I purchased ***** 1 oz units for $71.15 per unit, resulting in a premium of *****% above the spot price. my account had plummeted from $175,641.65 to $81,227.99, representing a 53.8% decline in value. This decline is solely attributable to the outrageous prices charged by Goldco Direct LLC. I immediately contacted legal authorities and they instructed me to contact Cherry County, Valentine ******** attorney **** ***** as well as the ***. After going on to the BBB website I have discovered that they have done this to others besides myself and I am demanding that a full refund be put back into my Traditional *** for a total of $175,641.65. I will not and I repeat will not accept anything less. I am demanding a FULL REFUND , also I have a statement from ************ who is the custodian. I am deeply concerned about my financial future. Goldco Direct LLC has acted in a manner that is unethical and predatory towards retirees. I expect the Better Business Bureau to take immediate action to address this matter and expect this to be resolved by GoldCo Direct LLC IMMEDIATELY or SERIOUS further action will be taken. That is a PROMISE.

  

  Business response

  01/23/2025

  Dear ******,  thank you for bringing your concerns to our attention.  The good news is that what youre seeing on the statement from the custodian is just the spot price of the precious metals, not the value of the precious metals in the account. We are glad to know that, after your conversation with management,  all of your issues are resolved and you are now completely satisfied. 

• Initial Complaint

  12/24/2024

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Resolved

  More info

  On December 19, 2024 I entered into an agreement with GoldCo, to purchase some gold and silver coins. During my previous discussion with GoldCo, I was led to believe that if I purchased, what they called 'Premium Bullion" coins, that were limited in production. They would be of more value at the time of purchase, and could increase more in value, as time went on. They wouldn't send any info on the coins, saying that it would depend on what was available on the day of purchase. I wired my money to the account. On the day of purchase, he said he had some American Bald Eagle coins available, they were .25 oz. not 1 oz. coins, which would be easier to sell, as they wouldn't cost as much as 1 oz. would. I agreed, and he gave me a price for the gold coins, and the silver coins. Which I agreed to, not knowing anything about the coin, and thinking I could look it up after the phone call. WIthin a minute of hanging up the phone another call came in to verify the sale. It was recorded. I agreed to buy the coins, not knowing what I was buying, and having no time to look it up. The coins I purchased are minted just for Goldco, and are of no value to anybody, except for the melt value of the metal. None of the precious metal exchanges will buy or exchange these coins except at a severe discount to the spot price. I believe I was mislead, and rushed into making a decision. I thought the price was high, but not knowing what they were worth I agreed, trusting that they wouldn't sell me down the road, I agreed. I don't want others to be exposed to the misleading ways of this company. I would be happy if I could get my money back, or exchange it for a known coin such as the American Eagle.

  

  Business response

  12/26/2024

  Mr. *************** you for bringing your concerns to our attention. We are pleased to hear that, following your conversation with your representative, all of your issues have been resolved, and you are now completely satisfied.
  

  Customer response

  12/30/2024

   
  Better Business Bureau:
  
  I have reviewed the response made by the business in reference to complaint ID ********, and find that this resolution is satisfactory to me.
  
  Sincerely,
  
  ****** *****

• Initial Complaint

  11/12/2024

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  On 6/18/24 I purchased $100,000 worth of silver from Goldco. I was just I was excited doing business with Goldco. I decided on the $100,000 of silver to receive ****** free dollars of silver. I told the man ***** *****, I knew nothing about silver but wanted to protect my money. I decided on silver coins because of the future demand of silver they sold me silver coins at $***** per ounce when they were only worth $28 an ounce when I realized what I had done , I tried to get the promised highest buyback not thinking that it would be less than half of what I paid at the time. Silver was only $28 an ounce. I told the man that didnt seem right he said thats the spot price of raw silver. And that what I was buying was 99.5% pure. What I found out was that you can buy walking Liberty for five dollars over spot price which is about $33 an ounce And its 99.5% pure. So silver would have to climb $50 an ounce for me to break even I went into the hole over 50% that cant be legal. And thats with silver climbing five dollars an ounce. What moron would pay ***** for something worth 35.And wait five years to just break even how is that good? They scammed me and I want my hundred thousand back they can keep the profit. Thank you.

  

  Business response

  11/14/2024

  Dear ****, thank you for bringing your concerns to our attention.  We are glad to know that, after your conversation with management,  all of your issues are resolved and you are now completely satisfied.  
  
  

• Initial Complaint

  10/18/2024

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  ****** +dollars are missing from MyEquity Account - charged but no gold/silver in my account . I want my money back . The amount below was charged and paid but NO metals in my account. They also scam with prices - things are over the phone and they speak quickly and can be overwhelming for the elderly in particular . Feel bad for all the people who have gotten **** *** by like 500%. Im a physician so I can only blame myself for being too trusting

  

  Business response

  11/08/2024

  We apologize for the experience you had.  We have attempted to contact you to help answer your questions, but have not been able to connect. As you can see from the 1000s of 5-Star reviews we have, this isnt how we handle our customers.  If you dont mind, we would like to find out more about what happened during your experience.  Please contact our ************************ at *************************************** or **************.  Also, thank you for taking the time to write a review.  All reviews help us improve our business practices and policies.
  
  

• Initial Complaint

  10/02/2024

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Answered

  More info

  The transaction occurred 9-29-24. I have requested an immediate reversal of the charges and have not yet had a response. My goal was to convert my entire standard *** to a gold ***. The amount of gold purchased was $39,105.00. What was not clear to me was that my account value would immediately drop by *****% because they were selling me the gold at that markup. In other words, they sell me the gold at that inflated price but the actual spot value is *****% less, which is all I would get should I liquidate the account. Yes they quote you the sale price during the confirmation call but they do not confirm that the buyers UNDERSTAND that their account value will immediately be reduced by the amount of their excessive gold sale commission. They are preying on seniors. If people really understood that their account value is immediately diminished by *****% they would not buy!!! And Goldco knows it and takes advantage of it.

  

  Business response

  10/18/2024

  Hello ****, thank you for bringing your concerns to our attention.  We are glad to know that, after your conversation with management,  all of your issues are resolved and you are now completely satisfied.  
   

• Initial Complaint

  07/10/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Hello, I am a 74 year old retired disabled grandmother who feels taken advantage of. last year i put in the full amount of my retirements thinking it was a good company due to all the outstanding reviews i have seen and what not, but in the past 7 months it seems they have lost over 50% of my total funds already. I have tried to call countless times to try and get help and all i get is a, you will get a phone call in a couple of hours! obviously i never received the call. I am at the point of getting the cftc involved.

  

  Business response

  07/22/2024

  Hi *****, thank you for taking the time to leave a review! We understand your concern, and the good news is that what youre seeing on the statement from the custodian is just the spot price of the precious metals, not the value of the precious metals in the account, as noted on the statement itself. We are glad to know that you were able to connect with a member of Goldco's team and discuss your experience in greater detail. 
  We apologize for any confusion. We appreciate the opportunity to review your concerns. If we can be of further assistance, please don't hesitate to contact us at ************** or email at *************************************** at your convenience.
  
  
  

• Initial Complaint

  06/13/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  I am outraged by the status of my precious metals account. On March 22, 2022, I rolled over my *** amounting to $122,726.00 to Goldco. Goldco issued gold and silver coins. Unbeknownst to me Goldco charged me a ridiculously high price for these coins. The current value is now only $75,599.48. When I complained Goldco offered me a buyback offer but I would be losing even more money with that. I want a refund credited to my account which is in Equity Trust depository. If I do not receive a refund, I will be writing a complaint on Better Business Bureau, to the attorney general of ********* and **********. Obviously, the statement from ******************** does not even come close to the $122,726.00 that I paid to Goldco. I am a senior (72) and was taken advantage of. I trusted Goldco with my hard-earned money.

  

  Business response

  06/21/2024

  We are glad to know that you were able to connect with a member of Goldco's management team and discuss your experience in greater detail. 
  We apologize for any confusion.
  
  As you alluded to in your complaint, your IRA ********* reports the "spot" or "melt" value of your metals. This is not the true value of your metals. As we discussed and emailed, they were worth more than what you purchased them for. We appreciate the opportunity to review your concerns. If we can be of further assistance, please don't hesitate to contact us at ************** or email at *************************************** at your convenience.
  
  

• Initial Complaint

  05/22/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Im a veteran with PTSD and anxiety attacks .late June 2022 I called goldco to rollover a 401k weeks later I got a call to purchase coins I was only given the end price x coins for x$ I wasnt given a price per coin price everything was done on the phone , Im dyslexic and said Id need to see it , got the receipt months later and I thought it looked strange the prices werent at all competitive and when I checked the holding bank I saw my 118000,00 was now worth only worth 60k . I immediately emailed the goldco contact ***************** who called me aug 27 ************************************************************************************************************ 2023 on my own to try and understand it and realized *** had charged me almost 2x the price of the coins and now Im here . All paper work has been ridiculously slow my . They price wasnt even close to competitive I dont know if it was the company or the broker but I was scammed and there were more fees the holding bank also increased its holding charge . I would be happy if I was given a competitive price not 2x going rate I dont know how this is legal stealing ppls retirement and trying to cover it up with BS

  

  Business response

  05/28/2024

  We apologize for any confusion or concern you experienced regarding the value of the precious metals you purchased. We are pleased that we could assist in clarifying the situation and that you are once again satisfied with your purchase.

• Initial Complaint

  04/09/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Goldco stole most of my $37,968.27 On 2/18/22 I transferred $37,968.27 and in October of 2022 I received information from the holding company that my balance was about $13,000 most of my investment was gone, losing over 73%. I contacted Goldco and was told that the coins were worth more than silver and my balance about $35,000. I felt better, then at the end of the year I received a bill from the holding company that I owed the almost $500 to hold the silver. I thought that was high, since my account was not that large. Goldco said that the company increased fees and talked about what can be done. Since I paid the fee, I was going to wait for the end of 2023 to do something. Then in July of 2023 I requested another balance from Goldco, because my account had not gone up much and they replied is was over $38,000, I was happy that things were going well. I then tried must to contact them on multiple occasions, to discuss options on holding companies and to add a 2023 contribution, with no replies. I decided to transfer my silver to another company as they were not customer service friendly. When my account was moved the balance of my account was a little over $13,000. I tried to contact them again, but I guess that since Im no longer a customer, they did not feel the need to contact me.

  

  Business response

  04/17/2024

  We apologize for any confusion you may have experienced regarding the difference between your IRA ********* values and the true value of your metals. We are glad to know that you were able to connect with a member of our ************* Team who was able to provide further clarification and support.

• Initial Complaint

  03/18/2024

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  On 12/13/2021 I moved my 100% *** to Goldco LLC to purchase precious metals. I filed a complaint with *** late January 24, got a response from Goldco but nothing resolved. They made it sound so good that I would make a little money. But when I wanted to buy back $10,000 I would be charged 25% and money was to stay in account 3-5 years. I was never told that. I was scammed or wronged. Are only older people being targeted. What would be the next steps in getting my money back?

  

  Business response

  03/25/2024

  We are sorry to hear that your experience was not up to par as we take great pride in providing fantastic service. We are glad to know that you have been in contact with our ************* team and that your concerns have been addressed and resolved.

*Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business. ↩