Complaints

• Initial Complaint

  03/06/2024

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  I want to file a complaint against GoldCo for misleading *** contributions. I understand that there is a premium cost above spot price when buying precious metals. On August 30, 2023, I rolled my *** into a precious metals *** with GoldCo. My initial account set up was with a GoldCo Account Executive. He asked what metals and the percentage I would like to invest. I said, I want 20 percent in gold and 80 percent in silver, he said, he will set that up. While talking with the account executive, he also said, dont be surprised on what the value of my investment will show once the metal is delivered to the custodian because the metals will be valued at spot price. I rolled over $103,089.45 from my ***, not sure when the metals finally arrived at Equity Trust but when I opened my account and found that the value of my metals was only worth $48,000 I wasnt just surprised, I was in shock! Again, I understand there is a premium to pay, but Half of ********************** come on, that is just plain Robbery! Most reputable companies charge 5% to 20% over spot price. Not half of your contributions. After doing the math, I paid 185% over spot for silver, 85% over spot for gold. That was using end of day spot prices on Aug 20, 2023. I did receive, the $10,000 of so called, free silver, which accounted for 146 coins. Which means the coins cost was $68.49 each, which is 178% over spot. I do not understand how a company with such high reviews and famous individuals representing them charge the amount they do. If I would have known upfront, the cost to invest with them, would cost me half of my savings, I would never have done business with them. This company needs to be investigated!

  

  Business response

  03/14/2024

  Thank you for your feedback and we are sorry to hear that you have concerns with your purchase. We have attempted to reach you but have been unable to make contact. Please contact our ************* Team at ************** for additional assistance.

• Initial Complaint

  02/23/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Goldco representatives professed that metals to be an investment that would hedge against a downturn in the economy. I was told that we were going to have another market crash. The dollar was going to tank, we were going to go to digital currency. I was told that is was a no brainer to invest in Gold/ silver because Goldco is offering 10% free gold/ silver coins with your investment. I saw the advertisement on the *** heard it on the radio. Told the way they make their money is customer pays retail and when company buys back wholesale. THEY DID NOT TELL US THAT THERE WAS A 21% fee. We lost $100,000 immediately! We are in our senior years, this is a scam. Not an investment! We were taken advantage of and we were not educated of the risks. We regret ever having hear of Goldco, the largest, most respected precious metals companies in *****************.

  

  Business response

  03/15/2024

  We sincerely apologize for your experience and any confusion around our products. We are happy to know that a member of our management team is working with you to address and resolve these concerns.

• Initial Complaint

  02/15/2024

  Complaint Type:

  Sales and Advertising Issues

  Status:

  Resolved

  More info

  I heard about GoldCo from S.Hannity ad. ******************* found no bad reviews, but read "Goldco and its account reps go the extra mile to ensure potential and existing customers receive ALL the information they need to make an informed decision. My complaints are:C1: I had existing HA *** with Equity Trust (ET). I was led to believe by Goldco reps, that I could not have 2 *** accounts via ET. After docsign transfer, from HA to Goldco ***, I asked "What happened to my HA ***?" *** stated "Its gone." Main **** **************************** Exec informed me that I ought to close my non-*** **** d/t storage charges. Later ET informed me that I could have two *** accounts with two companies.C2: Before 1/24/24, I had multiple talks with MS. ** purchased 1/4oz American Bald Eagle gold coin, at $930 & 2023 Silver Moon coin at $65.50. I asked if 1/4 oz times 4 equals price of 1 oz gold. ** explained spot price, and not to be surprised at difference in ET ****. d/t spot price. ** then talked about me providing referrals and receiving incentives, ex of making enough excess cash to take a vacation. I am new to purchasing gold via company and did not know what Q to ask. ** did NOT provide most important info I needed to make educated decision about using GoldCo. (False advertising) After viewing my ET ****, I researched that same gold coin was listed for $615, spot price 108. (615-108=507: 930-507=423.) That is a ****% markup. Could not locate silver coin, but am aware that markup is much higher. (1/4 507x4=2028 price for 1 oz gold coin).C3 After excluding my HA *** coins, I lost 48% of my capital for Goldco's premiums. This appears fraudulent. No reasonable person would knowingly lose 1/2 of their ***.C4 No tracking numbers on emails stating coins shipped C5 I sent MS two emails asking for resell price of coins, very concerned about the loss of capital and lvm that I wanted refund. I gave him until 2/13/24 to respond. C6 MS sent me an email, offering more incentives and a safe.

  

  Business response

  02/23/2024

  We are sorry for any confusion or concern regarding the difference between the "spot" value and the true value of your coins. Our records indicate that our ************* Team has connected with you to address and resolve your concerns. If we can be of further assistance, please do not hesitate to contact us at **************.

  Customer response

  02/23/2024

   
  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

  02/06/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  August or September of 2023, I transferred ***** of my 401k into a precious metals account with **********************. Was told that they would get me in at a good spot price. Of course they didn't tell me that the price benefitted them. That's the only solution I can come up with. Because now my balance says *****. My account number is *********. I did call them back a few months ago and they gave me some answer as to that's what they report to the *** or something along those lines. The person I spoke with was supposed to send me something that reflects that but I haven't heard anything from them.

  

  Business response

  02/14/2024

  We apologize for any confusion. As you alluded to in your complaint, your IRA custodian reports the "spot" or "melt" value of your metals. This is not the true value of your metals, however. We are glad a member of our ************* team was able to assist in resolving your concerns. If we can be of further assistance, please don't hesitate to contact us.

• Initial Complaint

  01/03/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  Wanted to diversify my portfolio with some gold and silver. I transferred over ********** to Goldco for the purchase. I went off their recommendation to purchase the following items:25 Gold Lucky Dragons .25oz at ****** a piece 612 Silver ****************** 2oz at ****** a piece 1 *************** ****** 2oz at ***** Haven't checked my account in awhile and the other day I checked and it was roughly at ********* That is ridiculous for having invested over ********** Like others have said the markup on their precious metals in insane. I trusted the agent to be honest and have some integrity, but that didn't happen. Total scam in my opinion. Would like some resolution from the company for this issue. The company is represented by some reputable people and that is what **** me to them, but I wasn't expecting this outcome. I will ensure others are aware of their practices so they don't get duped like me.

  

  Business response

  01/10/2024

  We apologize for any confusion and appreciate your feedback. We are glad to know that you were able to connect with a member of our ************* team and discuss your concerns. If we can be of additional assistance, please do not hesitate to contact us.

• Initial Complaint

  01/02/2024

  Complaint Type:

  Service or Repair Issues

  Status:

  Resolved

  More info

  On April 10, 2023, I rolled over my *** to Goldco. Goldco had issued Silver and Gold coins but what I didn't realize at the time that Goldco charged me excessively for the coins. On the silver coins, I was charged 3 times their value. What should have been approximately $25 for a 1oz coin,Goldco charged me $71,20 per oz for a total of $108.580. For gold coins, I was charged $930 for **** oz which should have been approximately $500 for **** oz. I want a refund credited to my account which is in custdian with ********************. I am a senior (79) and feel I was taken advantage of. If I do not receive a refund, I will take this to the ************************* of both ********** and *******. My statements from ******************** does not reflect any where near the $120,000 that I gave to Goldco. I trusted they would have my best interest at heart. But no the case here.

  

  Business response

  01/10/2024

  Thank you for bringing your concerns to our attention. We are glad to know that, after connecting with our ************* team, your concerns have been addressed and resolved.

  Customer response

  01/19/2024

   
  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

  11/22/2023

  Complaint Type:

  Service or Repair Issues

  Status:

  Answered

  More info

  GoldCO stay away from this company they scheme is the *********************************************** gold *************** bla bla.So tell me how is 4 months of my initial investment I lost 70% of my money I investment $35000 from my **** And end up buying what they rep told me was a good choice 456 silver moon landing at $68.40 And 4 gold ******* at $910 To a total of $34693 on June 5 2023 On mid October got my Equity Institutional account activity statement and my new balance is $12066.36 The silver moon landing is at $22.29 The ******* is at $462.78 Doing the math ******* up sales gold and silver 50/70% there value.

  

  Business response

  11/30/2023

  Thank you for bringing your concerns to our attention. We apologize for your experience and are glad to know that, after your conversation with our ************* team, your issues have been addressed and resolved.

• Initial Complaint

  09/27/2023

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  Between the dates of 04/12/23 through 08/29/23 I purchased gold and silver coins as well as converting my *** funds to their precious metals ***. They NEVER mentioned charges for these transactions and it wasn't until later that I became aware that they were charging way more than the 2%-10% fees for these purchases. They knew I was a first time buyer of precious metals and they did not disclose this fact to me. When I received my statement from them I found that my $400,000.00 had been reduced to half the amount. When I questioned them about this they brushed me off saying it was "spot price only" and not to worry about it. I have the documents of my purchases if you wish to view them for yourself. I understand they need to make money, but they robbed me of mine in the process. Is there is any way you can assist me to have them give me a 100% refund so I can find a company that is honest and willing to purchase them at the reasonable rate of 2%-10%? Thanks,*****************************

  

  Business response

  10/05/2023

  Thank you for bringing your concerns to our attention and for sharing additional information with management. We apologize for your experience and are glad to know that your issues have since been resolved.

• Initial Complaint

  09/14/2023

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  Purchased ******** coins for $400,000 on 4/30/2021. After checking with a reputable metals institution, spot silver on 4/30/21 was *****. I was charged ***** for each 1 oz coin. Nothing special about the coins. This significant portion of my life savings was marked up 120% over spot silver. I spoke with *************************, a senior manager in customer service. When I called this senior financial abuse and said this will be reported to ********************** outlets, etc and asked that it be returned to Equity Institutional where I have been paying ~$300/yr in fees to "hold" the coins, He did not respond. Rationale for leaving amount was awaiting increase in value as one does with any investment.Thank you for following up with this manager to ensure original investment is refunded ASAP! He has my original purchase order.

  

  Business response

  09/22/2023

  Thank you for bringing your concerns to our attention. We apologize for your experience and appreciate your time in discussing and addressing these issues.

• Initial Complaint

  09/07/2023

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  Deposited almost ****** into a Gold **** They bought coins that are (pound for pound) worth half what I invested. Upon numerous attempts to get in touch with the ONE person assigned to my account, he explained, essentially, that the coins are rare/collectible and thats why my balance dropped so extensively, because the bank holding my assets wasnt taking into account the collectibility.***********, because the initial amount in the account used to reflect the money Id put in, then all of a sudden a few weeks agoboom. It was seemingly devalued by 50%. I dont care about hypothetical value, I care about the amount of gold that is reflected in bank statements.Even having spoken with my agent, the hypothetical or collectible value had decreased from 900-something to 800-something. Factoring in 17 gold coins, thats a loss of about $1,700. And that isnt due to the price of gold. The price of gold has barely moved in the past few years. GOLDCO devalued my account with poor choices at best, and outright thievery at worst.Ive once again been trying to contact my agent, and its begun to feel as if Im being ghosted. 1/4 ounce gold coins do NOT cost $900+. I want each of these coins replaced with 1/2 ounce coins that reflect the amount Id originally invested. I dont care how collectible they are. Its sad I had to go this route to try to get the situation rectified, but goldco left me no choice. Very poor service.

  

  Business response

  09/15/2023

  Thank you for bringing your concerns to our attention. We apologize for your experience and are glad to know that, after your conversation with management, your issues are being 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. ↩