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Investing in precious metals such as gold or silver has become more popular in recent years due to market volatility, diversification, and other reasons.
If you’ve been searching for a company to help you invest in gold, you may have come across Colorado Gold.
Before we get started, investing your savings is a serious task. When it comes to adding precious metals to your portfolio, how do you know which companies to trust?
That is why we have researched every company in the industry and selected the very few with the highest customer service standards.
This way you can easily compare the best companies in the business, and choose one that fits your needs and investment goals.
Read the list to see if Colorado Gold passed our strict customer service standards to become one of our top recommendations.
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About Colorado Gold
Colorado Gold is a family-run business run by the children of Colorado Gold founder Don Stott. Don had almost 40 years in the precious metals industry before his three children took over in 2015 and they’ve been in business since 1977.
They’re headquartered in Montrose, Colorado, and offer gold and other precious metals products for investors. The founder and his children also maintain a weekly column on the website to provide customers with additional information and educational resources to help them make more informed investment decisions.
Colorado Gold has built a strong reputation in the precious metals industry and Don’s children strive to maintain the same reputation that their father built.
Currently, Colorado Gold is managed by the founder’s three children, Melissa, Morgen, and David. They typically work from their home offices across the country to help customers from different time zones. In addition to their hours, they’re closed on the weekends and on legal holidays due to the market being closed.
Custodians and Storage Options
Colorado Gold doesn’t offer Gold IRA custodian services directly, but they’ve worked with a network of companies in the past. Currently, Colorado Gold recommends The Entrust Group, New Direction Trust Company, and Strata Trust Company but maintains that they don’t receive compensation or commission from these companies and you’re free to work with your own IRA custodian.
The custodian that you choose will have their own network of recommended storage companies that they work with for you to store your gold and other precious metals.
Colorado Gold will send the gold and other precious metals directly to the depository, while the custodian you choose will be responsible for managing your Gold IRA account.
If you need to make a withdrawal, you will have to initiate the transaction with the custodian directly, but Colorado Gold can repurchase your gold and provide you with a cash payout after the gold is transferred.
How to Open a Gold IRA with Colorado Gold
You will first need to select a custodian that offers a Gold IRA. You can choose from one of the recommended custodians that Colorado Gold has worked with in the past or you can choose your own custodian. You will need to find a custodian that specifically offers Gold IRAs as not all companies offer this type of product.
You will then need to work with the custodian to find a depository to store your gold and other precious metals. You can only use an IRS-approved facility, but the custodian should have one or more depositories that they work with and can point you in the right direction.
When selecting a custodian and depository for your Gold IRA, it’s a good idea to check their fees and other costs to see if it’s right for you.
Some custodians may offer different services that are tailored to different types of customers, so it’s prudent to shop around and find a custodian that’s right for your particular investment needs and preferences.
When looking for a depository, it’s good to check what kind of security services they have in place along with insurance and other factors to make sure that your gold is secure when Colorado Gold sends the precious metals.
Once you establish your Gold IRA, you will want to transfer funds into the account. This can be done with either a transfer or a rollover depending on what type of retirement account you currently have.
If you’re currently employed, you may also qualify to make a contribution up to the contribution limits.
Once there is cash in your Gold IRA, you can direct the custodian to purchase the gold and other precious metals that you want for your IRA.
The metals are then sent to the depository directly by Colorado Gold as any gold sent directly to you would be considered a withdrawal from an IRA and be subject to any penalties and taxes there may be.
To purchase from Colorado Gold, you simply need to fill out a client agreement. Once filled out, you can easily place the call over the phone and they will provide you with a trade number and the price will be based on the current prices based on their website.
Colorado Gold currently offers precious metals in gold, silver, platinum, and palladium. They offer these products in the form of bullion bars, coins, and similar products.
If you’re unsure of which products to purchase for your IRA, you can check out their specials along with their best sellers page for more specifics. Before making purchases, you can view current prices with ease right from their website.
In addition to its core offerings, Colorado Gold provides several other services that make it an appealing choice for investors. Here, we will discuss some of these additional benefits that clients can enjoy when they choose to invest in Colorado Gold.
Assistance with IRA Investments
For clients interested in holding their investments in an Individual Retirement Account (IRA), Colorado Gold offers valuable assistance. Though not an IRA custodian itself, the company can guide clients in liaising with an IRA custodian firm to establish an account.
Clients can then purchase their preferred items through Colorado Gold to hold in their IRA. Importantly, Colorado Gold ensures the purchased items are shipped to an IRA-approved depository, where they are securely held until the client's retirement.
A distinguishing aspect of Colorado Gold's service is its inclusive buy-back policy. This policy is not limited to products initially purchased from the company.
In fact, Colorado Gold is willing to buy back any precious metals, as long as they bear a hallmark. This offers a potential exit strategy for investors who have precious metals acquired from other sources.
However, it's important to note that there is a nominal 1% fee for the buy-back of precious metals that were not originally purchased from Colorado Gold. This fee is a small price to pay for the convenience and flexibility this policy offers, providing investors with an easy way to liquidate their assets when necessary.
In conclusion, Colorado Gold extends beyond just selling precious metals. It supports clients with their IRA investment needs and offers a versatile buy-back policy, making it a comprehensive service provider in the precious metals investment landscape.
Pros & Cons of Colorado Gold
In the complex world of investing, it's crucial to be aware of both the strengths and weaknesses of your potential investment partner. Here, we'll break down the pros and cons of this particular company to help you make an informed decision.
BBB Accreditation: This company enjoys accreditation from the Better Business Bureau (BBB), boasting an impressive A+ rating, a testament to its commitment to customer service and ethical business practices.
Long-standing Reputation: With a track record spanning over four decades, this company has demonstrated resilience and adaptability in the ever-changing financial landscape, offering clients the benefit of their vast experience.
Variety of Investment Options: They provide an expansive portfolio of investment options. This includes a wide range of precious metals like gold and platinum, available in both coins and bars, allowing clients to diversify their portfolio according to their risk tolerance and investment goals.
Limited Customer Reviews: The company has relatively few reviews available. While this doesn't necessarily signal poor service, it does make it more challenging for prospective clients to gauge the quality of their offerings and customer service experiences.
No After-Hours Help Service: The absence of an after-hours help service may be a drawback for some investors, particularly those who prefer round-the-clock access to support or those residing in different time zones.
No Investment in Rare Coins: While they do offer a range of precious metal investments, this does not extend to rare coins. This may disappoint investors specifically interested in this niche area of the market.
Not an IRA Custodian: The company does not serve as an IRA custodian, meaning investors interested in setting up a self-directed IRA with this company would need to work with a separate custodian, which could potentially add complexity to the process.
Limited Selection of Colorado Gold: If Colorado Gold is a specific part of your investment strategy, it's worth noting that the selection from this company may be limited.
In summary, this company offers a solid reputation and a range of precious metals investment options, but potential clients should weigh these benefits against some of the limitations, such as a lack of after-hours service and the absence of rare coin investments. As with any financial decision, it's important to thoroughly research and consider your individual needs and circumstances.
Ratings and Complaints
With a distinguished legacy spanning over four decades, Colorado Gold stands as a trusted family-run enterprise in the precious metals industry.
This firm's reliability is underscored by an exceptional A+ rating awarded by the Better Business Bureau (BBB), a notable achievement reflecting its commitment to customer satisfaction.
Remarkably, there have been no complaints lodged against the company in the past three years, further testament to their exemplary service.
Moreover, the voices of over 10,000 satisfied customers echo their positive experiences with Colorado Gold, reviews that can be readily found on the BBB's official website.
However, it's worth noting that as of now, there are no customer reviews for Colorado Gold on platforms like TrustPilot, TrustLink, or the Business Consumer Alliance.
This does not reflect negatively on the company but simply indicates that customers have not yet shared their experiences on these particular platforms.
The decision to invest in precious metals is a significant one, and choosing the right partner for this journey is crucial. In this regard, Colorado Gold presents itself as a viable option for many investors.
Established as a family-run business, Colorado Gold has consistently delivered quality service and products in the precious metals industry for over four decades.
Their legacy, built by founder Don Stott and carried forward by his children, is a testament to the firm's commitment to maintaining high standards and nurturing strong customer relationships.
The team's dedication is further highlighted by their weekly column, an educational resource that helps clients make well-informed investment decisions.
One of Colorado Gold's key strengths lies in its broad product range, offering investors the flexibility to diversify their portfolios with gold, silver, platinum, and palladium in various forms.
Furthermore, their assistance with IRA investments and their inclusive buy-back policy extend the company's services beyond just selling precious metals, making them a comprehensive choice in the investment landscape.
Despite not being an IRA custodian, Colorado Gold has effectively networked with reliable companies, guiding clients to suitable custodians and ensuring safe storage for their precious metals.
Their buy-back policy, albeit with a nominal fee for metals not originally purchased from them, offers a potential exit strategy for investors, adding an extra layer of convenience and flexibility.
Yet, every investment journey is unique, and while Colorado Gold has many strengths, some aspects might not align with certain investor needs. For instance, the absence of an after-hours help service, no investment options in rare coins, and the lack of customer reviews on certain platforms may not appeal to all potential investors.
Nonetheless, their remarkable A+ BBB rating, zero complaints in the last three years, and an abundance of positive customer reviews on the BBB website underscore the company's reliability and dedication to customer satisfaction.
In conclusion, Colorado Gold's longstanding reputation, diverse offerings, and customer-oriented approach make it a noteworthy contender in the precious metals investment sphere.
As with any investment decision, prospective clients need to undertake thorough research and consider their unique needs and circumstances. Colorado Gold, with its years of experience and strong customer focus, is certainly worth considering as part of this process.
Remember to read out list of the Top Gold Companies to see if Colorado Gold made the cut.
Or, if you like what you read about Colorado Gold, you can visit their website below.