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The BBB awarded accreditation to GoldCore in 2021. A quick skim through the BBB entry reveals no complaints extant.
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There aren't any reviews, either, but that's not surprising because GoldCore is based in Dublin, Ireland.
Indeed, many of their products are geared to the European and Asian markets. For example, they only deal in gold and silver.
Also, because they're outside the United States, they don't provide IRAs of any kind, let alone the self-directed, custodian-driven precious-metals IRAs most American investors who deal in tangible assets seek. Still, the company has some good points even for North American clients.
Who Should and Shouldn't
First, it must be said that anyone who wants to have a precious-metals IRA should not do business with GoldCore. It's not just that the company doesn't offer the IRAs. It's also because you can't set up an IRA with gold or silver you already own.
So, if you buy some American Eagle coins from GoldCore, then you won't be able to put them into your IRA. Fear not, however, because many precious metals companies in North America let you create iRAs or their equivalent. All of this said, there are other reasons to buy precious metals from GoldCore.
You don't need a custodian to buy your metals for you. Not only can you buy them yourself, but you can also store the metals at your home if you so desire. Many folks do this, but it is not a good practice most of the time.
Generally, residences can't provide the top security that's required for storing valuable coins or bullion. That's why the IRS requires depository storage for gold that's put into IRAs.
If you want to store your precious metals in a depository, then you can either select one yourself or use one of GoldCore's multiple locations. Their depositories are in Europe and Australia, so if you're in North America, then you'll have to be OK with your investment being that far away.
In any event, if you're not going to start an American IRA, and you either are OK with storing the physical precious metals in your home or sending it to a depository, then you are a good candidate to buy precious metals from GoldCore.
In the beginning, the company was small. It's kept that profile even more than 20 years since its first opening. Currently, the company has fewer than 15,000 worldwide customers. That means that it can take time to provide you with personalized service rather than cookie-cutter service.
CEO Stephen Flood has been with the firm for 16 years, and his No. 1 aim is to lead the way in the industry when it comes to customer service.
The company was the first precious metals broker in Ireland. They've since expanded across the Irish Sea to the United Kingdom. There are currently plans in the works to add the ability to create trusts and expand the depository.
The company provides access to coins from all over the world, such as Maple Leafs from Canada, American Eagles, and South African Krugerrands.
While it's true that GoldCore doesn't offer American individual retirement accounts, they do offer an "Irish version" that is called a "pension account." The website describes this kind of account as "approved metal investments."
GoldCore also states that people's gold and silver can never be delivered to their homes if the metals are in a pension account. The applicable laws aren't fully explained on the website, so if you have questions, then it would be a good idea to ask GoldCore directly.
The company also offers both personal accounts and corporate accounts. Personal accounts are allowed to be joint between two or more people. The corporate accounts must have a representative to do all of their transactions to avoid conflicts of interest.
This is similar to the concept of custodians for American IRAs, but the rules are slightly different for these corporate accounts. The company will answer any questions you have about any of the accounts it offers.
When you purchase your gold or silver products, GoldCore accepts either wire transfers or credit cards.
If you live in the United States and wish to make a purchase of $10,000 or more by wire transfer, then it would be a very good idea for you to report the purchase to ensure that you don't arouse suspicion under the Bank Secrecy Act, which was designed to detect and prevent money laundering both at home and abroad.
Or, you may simply choose to pay by credit card, which has no reporting requirements. With a wire transfer, you can buy any amount, but if you use a credit card, then the limit is 50,000 of the applicable currency.
Gold or Silver?
The company makes the cogent point that what you own is largely irrelevant as far as value is concerned. Gold might be 100 times more expensive than silver, but it's a simple matter just to own 100 times more silver than gold.
That might sound like a lot, but it's the difference between 1 Troy ounce and roughly 6 pounds. Of course, if you want to own multiple millions of dollars worth of material, gold makes more sense. The point is this: Value is value.
The "Pension Account"
Since 2007, the Irish equivalent of the American IRS enacted policies for building pension accounts that fulfill the same function as IRAs in the United States.
The gold that folks put into these pension accounts must be 99.5% pure, which is the same purity required in the United States.
It must be in the form of either a bar of bullion or the form of a coin of an allowable weight. Similar to the rules in the U.S., the Irish rules stipulate that it's not legal to possess gold in your pension account.
The list of depositories that are approved by the Irish government is much smaller than the same list in North America.
One of the prominent depositories is the Perth Mint in Australia. American investors might like the fact that the gold invested in Irish pension accounts is exempt from both British and EU value-added tax or VAT.
The Perth Mint
It is the oldest governme nt-run mint in the world. It also has the backing of the Western Australia government and has received a AAA rating from Standard and Poors, both of which make it highly worthy of both confidence and respect.
That GoldCore has a strong partnership with it is much to the company's credit. The Perth Mint doesn't charge storage fees or transaction fees because it's run by the government and is not interested in profit.
The GoldCore Way
Creating an account with GoldCore is easy. You can do it either online or by phone. All you have to do is to open the account, ensure that there is enough money in your payment account to cover the costs of what you want to buy, buy the items, and decide whether you want the items delivered or stored.
As with many firms that specialize in handling precious metals, they have a discrete team that handles individuals with a high net worth.
GoldCore assures its richest clients of both the security of their investments, the lack of applicable taxes, and the ease with which they can divest themselves. GoldCore will buy back anyone's bullion or coins at the current market value at any time, which provides extra security.
What Folks Online Are Saying
On the popular British rating site Ekomi, there are nearly 4,000 reviews of GoldCore, and the overwhelming majority of them are positive. The few negative reviews mention shipping errors and mishandled signature collections.
GoldCore has responded to nearly all of them with calm and professional explanations. When it's been warranted, the company has accepted responsibility and done the right thing.
The positive reviews have mentioned the outstanding customer service GoldCore provides. Several have remarked on the company's friendliness in dealing with all manner of situations. Many others have also remarked on the ease with which they can conduct business with GoldCore.
This has all led to GoldCore receiving a gold medal from Ekomi, which is awarded to companies that achieve an overall rating of at least 4.8 out of 5 on 50 or more reviews.
It bears mentioning that GoldCore has reviews from today on Ekomi, indicating that even though they're a small company, they have an active client base. All of this points to a good business model.
What About Small Investors?
If there is one knock against GoldCore, then it's that the company doesn't make small investors a priority. On its website, for example, it recommends an initial purchase of 1,000 Troy ounces of silver. At current prices, that's nearly $30,000 in U.S. currency.
To someone with millions of dollars in a portfolio, 30 grand is pocket change. For some folks, though, that is a life's savings. GoldCore could improve its excellent reputation by providing more services for "the little folks."
Other Website Perks
The website provides clients with the current prices of gold and silver along with historical data. It gives the prices in all three major currencies: United States dollars, pounds sterling, and euros. Having the current prices is handy because folks trade gold 24 hours a day from Monday to Friday.
The website also goes into the math involved in figuring out the price of gold per Troy ounce, avoirdupois ounce, gram, and kilogram. This will enable investors to do their own figuring to determine what they want to sell or buy.
How Much and When?
GoldCore also fully discloses the gold premium and how it affects what you'll pay. The so-called "spot price" of gold is what the gold is actually worth. The price you pay per Troy ounce includes a premium that goes to GoldCore or whichever other company with which you do business.
As far as when to sell is concerned, GoldCore rightly acknowledges that it's hard to tell. Because gold and silver are such long-term investments, with their gains not being realized until years, or even decades, into the future, when to sell is largely a guess.
The company does make the point on the website that gold will be high when other investments are low and vice versa. As a very loose and general rule, the time to sell is when the economy is bad because that's when gold is at its highest. The safety it provides increases demand and drives up the price.
GoldCore might not be right for American investors, but European, Asian, and British folks will do well with them. In certain circumstances, so will Americans for that matter.
The company is well-reviewed on European websites even if there is little, if anything, about GoldCore on American review websites. With more than 20 years of history behind it, the company seems like a safe bet.
Remember to read our list of the Top Gold Companies to see if Goldcore made the cut.
Or, if you like what you read about Goldcore, you can visit their website below.