I was lucky! This week I narrowly escaped flushing ~$25,000 of my life savings down the toilet.
I am new to gold/silver investing. I can see there is a dollar crisis looming, and wanted to roll a large portion of my IRA into a self-directed IRA and buy physical gold. So I researched precious metals dealers online, and found Goldco was very highly rated. (These ratings are paid-for or contrived, I would come to find later.) Goldco rep David Taylor was extremely helpful and responsive, answered all my questions, assured me that Goldco markups were some of the lowest in the industry, and sent me the paperwork to set up an account with a trustee/custodian to handle the SDIRA rollover. We agreed that silver coins made the most sense for me, and I placed an order for American Eagle proof coins from the Perth mint. THEN I GOT THE ORDER CONFIRMATION:
Silver American Bald Eagle - 1oz Qty 667 $74.90
What the heck did I just buy??? The spot for silver that day was ~$26.50; this price was nearly triple! I was shocked. I frantically googled "silver american eagle proof" and -boom- there were ebay and other trade sites selling 1oz coins for $35-40. So I emailed Goldco, asking 1) why so expensive, and 2) why this email "receipt" doesn't even say "proof" (much less anything else about year/grade/packaging)? What followed was a flurry of emails from David Taylor with PDF flyers (Goldco produced marketing, of course) detailing why "proof coins" are so rare/shiny/desirable/less taxable as to command a premium. Premium indeed!
Thank God I was able to contact my trustee/custodian and remove Goldco as an authorized dealer on my account. I found another dealer - a family business - that was reasonably priced and did not try to upsell me into a ridiculously overpriced or high commission product. In the end bought almost double the amount of silver by weight, AND 10oz Platinum bars. Had I purchased those 667 silver coins from Goldco, I could not have sold them for even HALF what I paid. It would have been the most expensive mistake I have ever made. Please spare yourself the heartache, if it's not too late.
The Professional Numismatists Guild (PNG) maintains a list of accredited dealers, who hold to a strict code of ethics. It may be a good place to look for a precious metals dealer who won't take you to the cleaners. That list is searchable at apmddealers dot org.
Here's a quote from the PNG:
"The personal finance market is filled with slick advertisements touting gold bullion coins labeled with a superb grade or in holders with decorative, autographed inserts. These may be fine collectibles for some, but you could pay more than twice the value of the precious metal content of the coin. There certainly are better ways for investors to buy bullion coins much closer to their actual intrinsic value," Barry Stuppler, president of the Professional Numismatists Guild
Here's a quote from the website of the dealer that I decided to work with:
"We have spent years consoling clients that found us AFTER they funded their gold IRA. Many of them had fallen victim to the most common Gold IRA Review Scam in the market, believing that they had found credible Gold IRA review sites, only to find that these “reviews” were empty copied content from a gold dealer, by people who have never owned a precious metals IRA. Worse yet, they often found that they landed with a dealer that sold them overpriced gold and silver for their precious metals IRA, the very dealer that was rated #1 in the 'reviews'.""
Any business that can admit they made mistakes and corrects those mistakes is a business you can trust and worth doing business with
As stated above, goldco is committed to 100% customer satisfaction and has made every possible effort to ensure that all customers have a positive experience while at their business.
After speaking with the management at goldco and emailing anyone who filed a complaint in the past, scamion is proud to give goldco a positive rating. Goldco made efforts to ensure that all customers were satisfied and owner, ceo, or managing member assured scamion that the business has an improved business model that features customer satisfaction as the top priority.
I was lucky! This week I narrowly escaped flushing ~$25,000 of my life savings down the toilet.
I am new to gold/silver investing. I can see there is a dollar crisis looming, and wanted to roll a large portion of my IRA into a self-directed IRA and buy physical gold. So I researched precious metals dealers online, and found Goldco was very highly rated. (These ratings are paid-for or contrived, I would come to find later.) Goldco rep David Taylor was extremely helpful and responsive, answered all my questions, assured me that Goldco markups were some of the lowest in the industry, and sent me the paperwork to set up an account with a trustee/custodian to handle the SDIRA rollover. We agreed that silver coins made the most sense for me, and I placed an order for American Eagle proof coins from the Perth mint. THEN I GOT THE ORDER CONFIRMATION:
Silver American Bald Eagle - 1oz Qty 667 $74.90
What the heck did I just buy??? The spot for silver that day was ~$26.50; this price was nearly triple! I was shocked. I frantically googled "silver american eagle proof" and -boom- there were ebay and other trade sites selling 1oz coins for $35-40. So I emailed Goldco, asking 1) why so expensive, and 2) why this email "receipt" doesn't even say "proof" (much less anything else about year/grade/packaging)? What followed was a flurry of emails from David Taylor with PDF flyers (Goldco produced marketing, of course) detailing why "proof coins" are so rare/shiny/desirable/less taxable as to command a premium. Premium indeed!
Thank God I was able to contact my trustee/custodian and remove Goldco as an authorized dealer on my account. I found another dealer - a family business - that was reasonably priced and did not try to upsell me into a ridiculously overpriced or high commission product. In the end bought almost double the amount of silver by weight, AND 10oz Platinum bars. Had I purchased those 667 silver coins from Goldco, I could not have sold them for even HALF what I paid. It would have been the most expensive mistake I have ever made. Please spare yourself the heartache, if it's not too late.
The Professional Numismatists Guild (PNG) maintains a list of accredited dealers, who hold to a strict code of ethics. It may be a good place to look for a precious metals dealer who won't take you to the cleaners. That list is searchable at apmddealers dot org.
Here's a quote from the PNG:
"The personal finance market is filled with slick advertisements touting gold bullion coins labeled with a superb grade or in holders with decorative, autographed inserts. These may be fine collectibles for some, but you could pay more than twice the value of the precious metal content of the coin. There certainly are better ways for investors to buy bullion coins much closer to their actual intrinsic value," Barry Stuppler, president of the Professional Numismatists Guild
Here's a quote from the website of the dealer that I decided to work with:
"We have spent years consoling clients that found us AFTER they funded their gold IRA. Many of them had fallen victim to the most common Gold IRA Review Scam in the market, believing that they had found credible Gold IRA review sites, only to find that these “reviews” were empty copied content from a gold dealer, by people who have never owned a precious metals IRA. Worse yet, they often found that they landed with a dealer that sold them overpriced gold and silver for their precious metals IRA, the very dealer that was rated #1 in the 'reviews'.""
I rolled-over my IRA into a precious metals account with Goldco. The salesman convinced me that " Proof Sets " were the smartest way to own gold and silver. What he didn't tell me was I was going to be paying nearly double the melt value of each coin. My IRA was immediately devalued by half.
Goldco Reviews
I was lucky! This week I narrowly escaped flushing ~$25,000 of my life savings down the toilet.
I am new to gold/silver investing. I can see there is a dollar crisis looming, and wanted to roll a large portion of my IRA into a self-directed IRA and buy physical gold. So I researched precious metals dealers online, and found Goldco was very highly rated. (These ratings are paid-for or contrived, I would come to find later.) Goldco rep David Taylor was extremely helpful and responsive, answered all my questions, assured me that Goldco markups were some of the lowest in the industry, and sent me the paperwork to set up an account with a trustee/custodian to handle the SDIRA rollover. We agreed that silver coins made the most sense for me, and I placed an order for American Eagle proof coins from the Perth mint. THEN I GOT THE ORDER CONFIRMATION:
Silver American Bald Eagle - 1oz Qty 667 $74.90
What the heck did I just buy??? The spot for silver that day was ~$26.50; this price was nearly triple! I was shocked. I frantically googled "silver american eagle proof" and -boom- there were ebay and other trade sites selling 1oz coins for $35-40. So I emailed Goldco, asking 1) why so expensive, and 2) why this email "receipt" doesn't even say "proof" (much less anything else about year/grade/packaging)? What followed was a flurry of emails from David Taylor with PDF flyers (Goldco produced marketing, of course) detailing why "proof coins" are so rare/shiny/desirable/less taxable as to command a premium. Premium indeed!
Thank God I was able to contact my trustee/custodian and remove Goldco as an authorized dealer on my account. I found another dealer - a family business - that was reasonably priced and did not try to upsell me into a ridiculously overpriced or high commission product. In the end bought almost double the amount of silver by weight, AND 10oz Platinum bars. Had I purchased those 667 silver coins from Goldco, I could not have sold them for even HALF what I paid. It would have been the most expensive mistake I have ever made. Please spare yourself the heartache, if it's not too late.
The Professional Numismatists Guild (PNG) maintains a list of accredited dealers, who hold to a strict code of ethics. It may be a good place to look for a precious metals dealer who won't take you to the cleaners. That list is searchable at apmddealers dot org.
Here's a quote from the PNG:
"The personal finance market is filled with slick advertisements touting gold bullion coins labeled with a superb grade or in holders with decorative, autographed inserts. These may be fine collectibles for some, but you could pay more than twice the value of the precious metal content of the coin. There certainly are better ways for investors to buy bullion coins much closer to their actual intrinsic value," Barry Stuppler, president of the Professional Numismatists Guild
Here's a quote from the website of the dealer that I decided to work with:
"We have spent years consoling clients that found us AFTER they funded their gold IRA. Many of them had fallen victim to the most common Gold IRA Review Scam in the market, believing that they had found credible Gold IRA review sites, only to find that these “reviews” were empty copied content from a gold dealer, by people who have never owned a precious metals IRA. Worse yet, they often found that they landed with a dealer that sold them overpriced gold and silver for their precious metals IRA, the very dealer that was rated #1 in the 'reviews'.""
Any business that can admit they made mistakes and corrects those mistakes is a business you can trust and worth doing business with
As stated above, goldco is committed to 100% customer satisfaction and has made every possible effort to ensure that all customers have a positive experience while at their business.
After speaking with the management at goldco and emailing anyone who filed a complaint in the past, scamion is proud to give goldco a positive rating. Goldco made efforts to ensure that all customers were satisfied and owner, ceo, or managing member assured scamion that the business has an improved business model that features customer satisfaction as the top priority.
RUN THE OTHER WAY!
I was lucky! This week I narrowly escaped flushing ~$25,000 of my life savings down the toilet.
I am new to gold/silver investing. I can see there is a dollar crisis looming, and wanted to roll a large portion of my IRA into a self-directed IRA and buy physical gold. So I researched precious metals dealers online, and found Goldco was very highly rated. (These ratings are paid-for or contrived, I would come to find later.) Goldco rep David Taylor was extremely helpful and responsive, answered all my questions, assured me that Goldco markups were some of the lowest in the industry, and sent me the paperwork to set up an account with a trustee/custodian to handle the SDIRA rollover. We agreed that silver coins made the most sense for me, and I placed an order for American Eagle proof coins from the Perth mint. THEN I GOT THE ORDER CONFIRMATION:
Silver American Bald Eagle - 1oz Qty 667 $74.90
What the heck did I just buy??? The spot for silver that day was ~$26.50; this price was nearly triple! I was shocked. I frantically googled "silver american eagle proof" and -boom- there were ebay and other trade sites selling 1oz coins for $35-40. So I emailed Goldco, asking 1) why so expensive, and 2) why this email "receipt" doesn't even say "proof" (much less anything else about year/grade/packaging)? What followed was a flurry of emails from David Taylor with PDF flyers (Goldco produced marketing, of course) detailing why "proof coins" are so rare/shiny/desirable/less taxable as to command a premium. Premium indeed!
Thank God I was able to contact my trustee/custodian and remove Goldco as an authorized dealer on my account. I found another dealer - a family business - that was reasonably priced and did not try to upsell me into a ridiculously overpriced or high commission product. In the end bought almost double the amount of silver by weight, AND 10oz Platinum bars. Had I purchased those 667 silver coins from Goldco, I could not have sold them for even HALF what I paid. It would have been the most expensive mistake I have ever made. Please spare yourself the heartache, if it's not too late.
The Professional Numismatists Guild (PNG) maintains a list of accredited dealers, who hold to a strict code of ethics. It may be a good place to look for a precious metals dealer who won't take you to the cleaners. That list is searchable at apmddealers dot org.
Here's a quote from the PNG:
"The personal finance market is filled with slick advertisements touting gold bullion coins labeled with a superb grade or in holders with decorative, autographed inserts. These may be fine collectibles for some, but you could pay more than twice the value of the precious metal content of the coin. There certainly are better ways for investors to buy bullion coins much closer to their actual intrinsic value," Barry Stuppler, president of the Professional Numismatists Guild
Here's a quote from the website of the dealer that I decided to work with:
"We have spent years consoling clients that found us AFTER they funded their gold IRA. Many of them had fallen victim to the most common Gold IRA Review Scam in the market, believing that they had found credible Gold IRA review sites, only to find that these “reviews” were empty copied content from a gold dealer, by people who have never owned a precious metals IRA. Worse yet, they often found that they landed with a dealer that sold them overpriced gold and silver for their precious metals IRA, the very dealer that was rated #1 in the 'reviews'.""
I rolled-over my IRA into a precious metals account with Goldco. The salesman convinced me that " Proof Sets " were the smartest way to own gold and silver. What he didn't tell me was I was going to be paying nearly double the melt value of each coin. My IRA was immediately devalued by half.