Complaints

• Initial Complaint

  08/17/2022

  Complaint Type:

  Product Issues

  Status:

  Resolved

  More info

  Goldco Red Flags.... 1. High markup of gold and silver. Gold purchased at 84% over spot and silver 157% over spot..... 2. I wanted to cancel the order within the first two weeks but they were going to deduct 21% of funds. So, if you cash out in the first two years, they deduct 21% and 7% for the years after that. Not told about this up front..... 3. Not given the option to select "Premium Bullion" coins to purchase, they select them for you..... 4. Price for coins not listed on their website..... 5. Encouraged to buy "Premium Bullion" that no one else sells. The gold they sold me was minted in New Zealand and sold only to Goldco. It's called Gold Independence Hall ¼ oz., very unusual because it has the US Independence Hall on one side and Elizabeth II on the flip. If Goldco wouldn't buy it back I don't know who would. At 84% over spot, I would lose a lot of money. The silver they wanted to sell me was minted by the Perth Mint specifically for Goldco. It's called Silver Great Barrier Reef 2 oz. Again no one else sells this coin..... 6. No Login account offered. Everything is by phone or email..... 7. After you purchase the coins, they send you an email for a free safe if you leave feedback on BBB and Consumer Affairs. Probably the reason for all the 5-star reviews..... 8. For setting up the Precious Metals IRA they partner with a Trust Company that has lots of complaints and poor reviews.

  

  Business response

  09/08/2022

  Business Response /* (1000, 8, 2022/09/02) */ *********, 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. Consumer Response /* (2000, 10, 2022/09/07) */ (The consumer indicated he/she ACCEPTED the response from the business.) Goldco has refunded me the total amount that I invested with them. They have also apologized for not communicating about the preferred amount of years to keep the money invested with them, which is 3 to 5 years and even better up to 10 years. The person they put in charge of taking care of me was different from all the others and did a very nice job handling the situation.

• Initial Complaint

  08/04/2022

  Complaint Type:

  Product Issues

  Status:

  Answered

  More info

  I purchased metals from GoldCo last July and my checks were interpreted as insufficient funds which they weren't. My accounts were escheated and closed by state because I went to prison for ten years but I am still able to spend out of them. Anyways, they issued a citation and I was arrested but released and they were ordered to pay me back the money from the checks of mine they cashed or send me my coins so I am going to courthouse today to file small claims about this slander etc.

  

  Business response

  09/15/2022

  Business Response /* (1000, 8, 2022/08/19) */ ************* Thank you for reaching out. It appears that you may be confused about the details of your transaction and the coins we sent to you on or about April 27, 2020. We encourage you to contact our Customer Care Department at****************************************** so that we may remind you of what happened.

• Initial Complaint

  07/16/2022

  Complaint Type:

  Delivery Issues

  Status:

  Resolved

  More info

  Date of transaction: 7/15/22. After completing my transaction with Goldco & their account exec. I remembered that I had not been told when I would receive my 5% bonus in silver for investing ***** in an IRA. I sent an email to the account exec and he responded back that I was not entitled to the bonus since I chose American Eagle coins and they did not qualify for the bonus. He said he told me this on the 1st day we talked. I told him I kept good notes and what he said was that Goldco had a great deal and that they would give me 5% bonus money in silver coins if I opened an IRA with $*** or more. Nothing at all was said about only certain type coins were eligible for the bonus. On my final day (7/15/22) of dealing with the account exec I told him I was interested in Buffalo coins and he said that they were not authorized for the IRA. He said that American Eagle coins were authorized for the IRA so I told him let's go with them then. He NEVER said that the American Eagle coins were not eligible for the 5% bonus! I feel that this was very underhanded of him. I had really thought that Goldco was a top notch company until then. The Account Exec how ever was very helpful in most other things. If you are going to offer a bonus you need to be upfront with ALL caveats! I feel I am entitled to the 5% bonus!

  

  Business response

  07/27/2022

  Business Response /* (1000, 5, 2022/07/18) */ We apologize for the experience you had. This isn't how we handle our customers. If you don't mind, management would like to find out more about what happened during your experience. A sales manager will reach out to you to ensure that you are a satisfied customer. Also, thank you for taking the time to reach out. All feedback help us improve our business practices and policies. Consumer Response /* (2000, 7, 2022/07/22) */ (The consumer indicated he/she ACCEPTED the response from the business.) The National sales manager agreed that the advertisement for the bonus 5% of silver may be misleading and that he will get with the marketing department to find a way to make it obvious that it is not just the requirement to invest more than $***, but also that you have to buy certain higher priced coins. The Sales Executives also need to be very clear about this additional caveat. I accepted his response but he must follow through with the Marketing Department!

• Initial Complaint

  05/04/2022

  Complaint Type:

  Billing Issues

  Status:

  Answered

  More info

  On June 4, 2021 A check for $********** and on September 30, 2021 A second check for $********** were sent to COMMUNITY NATIONAL BANK CUST., as directed by GOLD CO. This money represented a "self directed IRA. It was sent through GOLD CO with the understanding that it would be converted to precious metals.(total cash sent was $**********). After the money was sent, I was informed that they had no gold and that the money in my account would be converted to silver. A recent look at my CNB custody account indicates that the cash value of the account is $********* (5/4/22). On Dec. 1, 2021, my account was valued as $**********. Note that I have never taken any money out of this account. Thus it would appear that I have lost over $*******. I have talked with GOLD CO. And was not given any reasonable explanation--BTW, silver has actually gone up a little since the deposit.

  

  Business response

  05/09/2022

  Business Response /* (1000, 5, 2022/05/09) */ Thank you for taking the time to share your thoughts. We understand your concern, and the good news is that what you're 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. Your account executive will be reaching out to you soon to go over all of this in more detail, and he will also answer any and all questions you have. Consumer Response /* (3000, 7, 2022/05/12) */ (The consumer indicated he/she DID NOT accept the response from the business.) I cannot make any sense of the explanation when compared with statements I have from my account. I sent them a total of $********** in June and September (2021) and on Dec.1,2021, my investment market value was $******* and today the investment market value is $*********.Since the original cash was converted to a variety of silver coins what is the real value of those coins. I would like to know the value of the coins bought. Also, at the time of purchase, the value of silver was around $18-$22 an ounce. Today its around $24. also my account holds three types of coins: 182 -1.25 oz, ********* -.5oz and ********* (unknown size). How does that relate to the cash value? Also, what is the number of coins entered with three (.000) at the end? surely, these are not in ******** (ex: *********). Well, if I am misunderstanding all this, I do apologize. But I do have coins with other companies and it is much easier to understand. also, "market value" means the value today. and it is hard to understand how the money invested was converted to coins with a "market value" almost 1/3 of the cash sent. In short, I cannot understand how the cash value is different from the value of the silver bought. Finally, I would like to know the real cash value of the coins purchased by the money I invested. Also, what is the cash value and silver value after I take my RMD. Business Response /* (4000, 15, 2022/11/08) */ Thank you for the feedback. We understand that you are still having trouble understanding your custodial statement. We assure you that your metals are worth more than what you are seeing on the statement. In fact, a manager will reach out to you to provide you with a price, which is far greater than what you are seeing on your statement, to repurchase your metals.

• Initial Complaint

  03/03/2022

  Complaint Type:

  Customer Service Issues

  Status:

  Resolved

  More info

  As a new uneducated precious metal buyer I reached out to Goldco for help. On 2-25-21 order #***** I purchased $****** worth of gold and silver. I paid $820.00 each for .25 oz Military Gold Guineas and $95.70 each for 1 oz. Silver Gold Guineas. Realizing this was way over the spot price my Rep **** assured me I was buying "premium" gold and silver that was worth way more than spot so I trusted Goldco only to find out later this is more than 60% less than what it is worth. On 3-8-21 order #***** I ordered $********** worth of gold and silver for my IRA. I paid $780.00 each for .25 oz Gold American Gold Eagles and $71.40 each for 1 oz. silver American Bald Eagles. I lost over *********** on this transaction. At one point I was so concerned about the metals being so much over spot price I cancelled the check. **** from Goldco immediately called me back to assure me that I was doing the right thing and was getting a great deal. I trusted Goldco and went with them, unfortunately. I am an elder and this was my life savings.

  

  Business response

  03/09/2022

  Consumer Response /* (2000, 6, 2022/03/08) */ "After a discussion with Goldco, after hearing my concerns, they gave me a resolution that worked for me."

*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. ↩