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Complaint Details
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Initial Complaint
07/10/2024
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
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
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 $122,726.00 that I paid to Goldco. I am a senior (72) and was taken advantage of. I trusted Goldco with my hard-earned money.Business response
06/21/2024
We are glad to know that you were able to connect with a member of Goldco's management team and discuss your experience in greater detail.
We apologize for any confusion.
As you alluded to in your complaint, your IRA ********* reports the "spot" or "melt" value of your metals. This is not the true value of your metals. As we discussed and emailed, they were worth more than what you purchased them for. We appreciate the opportunity to review your concerns. If we can be of further assistance, please don't hesitate to contact us at ************** or email at *************************************** at your convenience.Initial Complaint
05/22/2024
- Complaint Type:
- Service or Repair Issues
- Status:
- Answered
Im a veteran with PTSD and anxiety attacks .late June 2022 I called goldco to rollover a 401k weeks later I got a call to purchase coins I was only given the end price x coins for x$ 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 BSBusiness 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
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
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.Initial Complaint
03/06/2024
- Complaint Type:
- Billing Issues
- Status:
- Answered
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
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
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
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
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.
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Customer Complaints Summary
57 total complaints in the last 3 years.
24 complaints closed in the last 12 months.