How to Compare Precious Metals Companies
The most reliable way to compare precious metals companies is to ask each one the same written questions and score the answers on a fixed set of criteria. Eight criteria cover most of what matters: cost transparency, minimums, custodian and depository choice, product premiums, buyback terms, sales approach, complaint records, and the quality of educational material. Below is a scorecard you can reuse for any company, including Goldco.
Why a Fixed Scorecard Beats a Gut Feeling
Phone calls with precious metals companies tend to be friendly and fast-moving, and it is easy to come away with an impression rather than facts. A scorecard keeps you anchored. Write the eight criteria down, send the same questions to every company you are considering, and fill in the answers from their written replies rather than from memory of a conversation.
Score each criterion from 0 to 2: 0 if the company would not answer or answered vaguely, 1 if it answered but only verbally, and 2 if it gave a clear written answer you can check. The point is not the total. The point is to see where the gaps are.
The Eight Criteria
1. Fee transparency
Ask for a written list of every recurring and one-time cost: account setup, annual custodian administration, storage, wire or shipping charges, and any charge for closing the account. A company that publishes its fee statement makes this easy. Goldco's published fee statement appears below so you have a concrete example of what a written disclosure looks like.
Gold IRA Fees
The required minimum purchase at Goldco to start a gold IRA is $25,000. Goldco’s preferred Custodian charges a flat annual account service fee which includes a one-time IRA account set-up fee of $50. as well as a $30 wire fee. Annual maintenance is $100, and storage is $150 for segregated storage or $100 for non-segregated storage.
Fees for gold storage and custodianship can vary depending on the company you select to handle these services (required by the IRS, as all IRA assets must be managed by a custodian). Depending on the Custodian, storage fees can range from $10 to $60 per month, or as a percentage of assets, from 0.35% to 1% annually.
For background on how these costs usually fit together, see our explainer on precious metals IRA fees.
2. Minimums
Ask whether there is a minimum for IRA accounts and a separate one for direct purchases. According to Goldco's website at the time of writing, direct purchases have a $10,000 minimum; confirm current terms. Our page on gold IRA minimums explains why companies set them.
3. Custodian and depository choice
Federal law requires IRA assets to be held by a trustee or custodian, so the company you buy from is not the account holder. Ask which self-directed custodians the company works with, whether you can bring your own, and which depositories it ships to. Goldco says it works with all major self-directed IRA custodians and that IRA metal goes to an independent insured depository. Our guide to custodians covers what each party does.
4. Product premiums
The premium is the difference between the spot price and what you pay for a particular coin or bar. Ask for the premium on each product as a percentage or dollar amount at the time of quote. Standard bullion such as American Gold Eagles, Gold Maple Leafs, and generic bars typically carries lower premiums than limited-edition or commemorative coins. See premiums and spreads for a fuller explanation.
5. Buyback terms
Ask whether the company offers to buy metal back, how it prices a buyback, and whether that offer is written into your agreement. Goldco advertises a buyback program for IRA-approved coins "at the highest price"; as with any company, read the written terms rather than relying on the description.
6. Sales approach
Notice whether you are given time to think, whether the representative steers you toward one product category, and whether you are told what to do with your savings. Pressure tactics are a warning sign; our page on high-pressure sales red flags lists common ones. Goldco's staff are precious metals specialists and are not licensed to give financial, legal, or tax advice.
7. Complaint records
Search the company's name on the Better Business Bureau site and in the Consumer Financial Protection Bureau's public complaint database. Read how complaints were resolved, not just how many there are. The CFTC's consumer pages describe precious metals schemes worth knowing about before you buy from anyone.
8. Education
Good educational material explains risks as well as reasons to own metal. Goldco offers a free Gold & Silver Kit and an Ultimate Guide to Gold & Silver. When you read any company's guide, check whether it cites primary sources such as IRS publications.
Putting the Scorecard to Work
Here is a simple way to run the comparison over a week or two:
- Pick two or three companies. Our overview of Goldco alternatives lists names readers often consider.
- Email each one the same questions, built from the eight criteria above.
- Request each company's fee schedule, sample purchase agreement, and buyback terms as documents.
- Check each company's complaint records independently.
- Compare the written answers side by side and note anything left unanswered.
- Run any tax questions past a licensed tax professional before moving retirement money.
When you score Goldco, our full Goldco review collects the verified facts in one place.
What a Scorecard Cannot Tell You
A scorecard measures how clearly a company explains itself. It does not tell you whether precious metals belong in your portfolio, or how much to allocate. Gold and silver prices move, sometimes sharply, and physical metal produces no income. Some people hold metals as one way to diversify, but that is a personal decision best made with a licensed financial professional.
Frequently Asked Questions
Should I weight every criterion equally?
Not necessarily. Someone planning a direct purchase may care less about custodian choice, while someone moving retirement money may weight it heavily. Decide your weights before you collect answers.
Is the lowest-cost company always the best choice?
Not always. A low fee with a high product premium can cost more overall than the reverse. Compare total cost for the products you would actually buy.
What if a company won't put answers in writing?
Score that criterion as zero. A reluctance to document terms is itself useful information.
Where do I check whether a coin is IRA eligible?
The fineness rules are in 26 U.S.C. 408(m): generally .995 for gold and .999 for silver, with a specific exception for American Eagle coins. Ask the company and your custodian to confirm each product.