How Goldco Works, Step by Step
Working with Goldco follows a predictable sequence: you request information, talk with a precious metals specialist, open a self-directed account with a custodian, fund it by transfer or rollover, choose eligible metals, and the metals go to an independent insured depository. After that, you receive statements from the custodian. Here is what happens at each stage and what to check along the way.
Step 1: Request Information
Most people start by requesting Goldco's free Gold & Silver Kit or its "Ultimate Guide to Gold & Silver." This gives you the company's own explanation of its offering. Treat it as one perspective and cross-check it against neutral sources such as IRS publications. Our kit page suggests how to use it.
Step 2: Talk With a Precious Metals Specialist
A Goldco specialist will typically explain the difference between an IRA and a direct purchase, describe products, and outline the paperwork. Specialists are not licensed to give financial, legal, or tax advice, so questions about whether this suits your finances belong with your own professionals.
Useful things to ask on this call:
- Which custodian would hold my account, and can I choose a different one?
- Which depository would store the metals, and is segregated storage available?
- What is the premium over spot on each product you are suggesting?
- Where are your fees published, and which party charges each one?
Our page on what Goldco's specialists do has a longer question list.
Step 3: Open a Self-Directed Account
Most standard IRA providers do not hold physical bullion, so metals require a self-directed IRA with a custodian that allows them. Goldco says it works with all major self-directed IRA custodians, and its FAQ references statements from Equity Trust. The custodian, not Goldco, is the legal administrator of the account.
Opening the account usually means completing the custodian's application, providing identification, and naming beneficiaries. The account setup checklist lists what to have ready.
Step 4: Fund the Account
There are three common funding routes:
- Trustee-to-trustee transfer from an existing IRA. Money moves directly between custodians and is not a distribution.
- Direct rollover from an employer plan such as a 401(k), 403(b), or TSP. The plan pays the new custodian directly, which avoids the 20% mandatory withholding that applies when an eligible distribution is paid to you.
- Indirect (60-day) rollover, where you receive the money and redeposit it within 60 days. The IRS allows only one indirect IRA-to-IRA rollover in any 12-month period, so this route carries more risk.
New contributions are also possible within the annual IRS limits, which change and are posted on the IRS contribution-limits page. For the mechanics, see the Goldco rollover and transfer process.
Step 5: Choose Metals
Once the funds arrive, you select products. For an IRA, coins and bars must meet IRS rules under 26 U.S.C. 408(m): generally .995 fineness for gold, .999 for silver, and .9995 for platinum and palladium, with an exception for American Eagle coins. Not everything Goldco sells is eligible; at least one silver coin on its site is marked not IRA eligible. Our IRS purity standards page explains the rules.
Before you approve an order, ask for a written confirmation showing each product, quantity, price per unit, and total.
Step 6: Metals Go to the Depository
For an IRA, the custodian purchases the metals on behalf of the account, and they are shipped to an independent insured depository. Holding IRA metals at home generally creates problems under the collectibles rules, which is why a depository is used. Ask whether your metals are stored segregated or commingled.
Step 7: Statements and Ongoing Ownership
After setup, the custodian sends periodic statements listing your holdings and their value, and files Form 5498 with the IRS each year. Recurring custodian and storage costs are set out in Goldco's published fee statement below.
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.
If you later want to sell, Goldco advertises a buyback program for IRA-approved coins; read its written terms first. You can also take metals out as an in-kind distribution, which is generally taxable for a traditional IRA. See what to expect as a Goldco customer.
Frequently Asked Questions
How long does the whole process take?
It depends mostly on how quickly your current custodian or plan releases funds. Ask Goldco and your current provider for their typical timelines.
Do I deal with the custodian directly?
You sign the custodian's forms and receive its statements. Goldco typically helps coordinate the paperwork.
Can a Roth account hold the same metals?
Self-directed Roth IRAs can generally hold eligible metals too. Read the IRS Roth IRA guidance and ask Goldco and the custodian what they support.