Are the Goldco Reviews and Complaints True?
Reid Sletten- Goldco is a precious metals investment company founded in the 1970s.
- The company specializes in the sale of bullion bars and coins and provides minting services for gold, silver, platinum, and palladium.
- Customers purchase Goldco products from its 1,800 retail locations across the United States and online.
- According to the company's website, it is one of the largest physical precious metals dealers in the world.
Goldco is a precious metals investment company founded in the 1970s. The company specializes in the sale of bullion bars and coins and provides minting services for gold, silver, platinum, and palladium.
Customers purchase Goldco products from its 1,800 retail locations across the United States and online. According to the company's website, it is one of the largest physical precious metals dealers in the world.
Goldco Complaints: Pricing
"The whole idea of buying gold is for a favorable price," said one customer. "I purchased 50 ounces worth of gold that was $1,200 per ounce at the time. After 3 years, the gold price per ounce was $2,200. In 3 years, Goldco did nothing. They said they were sorry, and that there was nothing they could do."
Goldco Complaints: Customer service
"The customer service is terrible," said one customer. "When I called, nobody answered, and they call back the next day. When I call, I get a recording that says, 'All representatives are busy at the moment. Please leave a message, and we'll call you back.'"
Goldco Complaints: Unauthorized transactions
"I bought gold coins and bars from Goldco. The transaction was fraudulent, and I did not get what I paid for," said one customer. "Goldco took my money, and the gold never showed."
Goldco Complaints: Insufficient gold
"I have been with Goldco for five years now," said one customer. "They had 10,000 ounces of gold in stock. I purchased 100 ounces. In 5 years, I had 375 ounces. They were supposed to send 20,000 ounces. They sent me 15,000 ounces."
Goldco Complaints: Misrepresentations
While Goldco does employ certified appraisers, there are several inaccuracies and misrepresentations made in its advertisements. For example, it claims its appraisers "seek out, identify and authenticate" rare coins, but this is misleading.
The standards for coin grading and authentication are defined by third-party organizations such as the American Numismatic Association. The ANA's standards are based on guidelines established by the Professional Coin Grading Service (PCGS) and the Numismatic Guaranty Corporation (NGC).
Without these standards, any coin owner could claim to be an "expert" in the authentication of rare coins. Further, Goldco does not employ any professional numismatists, as it does not live up to its claims of employing "professional numismatists."
Goldco Reviews: Pricing
In nearly all Goldco Reviews, customers say the prices for buying gold coins are higher than competing coin dealers. For example, in certain Goldco Reviews, customers say they can buy a 1-ounce silver American Eagle coin from a competitor for $2.50. But these same customers can buy a 1-ounce silver American Eagle coin from Goldco for $4.50.
Goldco responds that customers cannot compare apples to oranges. Because the coins from Goldco are certified, the company has to pay more. However, the fees charged by Goldco are competitive.
The Better Business Bureau (BBB) gave Goldco a "F" rating. Every Goldco Review from customers on BBB.com mentions the high prices or poor customer service.
Goldco Reviews: User Support
Goldco doesn't offer phone support or a live chat option on its website. Instead, customers can contact its support team via email. Its FAQ database has less than 100 questions, so users may have to wait more than a day to get a response to their queries.
Goldco Reviews: Service Quality
Goldco has mixed reviews regarding the quality of its services. On Trustpilot, it currently has a score of 3.4. On Yelp, it has a score of 1.5 stars out of 5.
Goldco Reviews: Quality
The Better Business Bureau (BBB) ranks Goldco Jewelers as A+, with 0 complaints over the past three years. On Yelp, Goldco Jewelers has a four-out-of-five-star rating.
Goldco Reviews: Price
The BBB reports Goldco Jewelers' price as "fair."
Goldco Reviews: Service
The BBB reports Goldco Jewelers' service as "good."
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Goldco Reviews: Overall Experience
Goldco is registered with the Better Business Bureau (BBB) with an A+ rating. The BBB has given the company 10 out of 10 stars based on customer reviews, which are overwhelmingly positive. The company is also a member of the Jewelers Board of Trade (JBT) and the National Association of Goldsmiths (NAG).
Complaints
The most common complaints from customers include delays in delivery, issues with product quality, and issues with customer service. Goldco responded to 72% of complaints posted on the BBB in 2020.
