With people losing their life savings everyday in today’s highly unstable economy it is no wonder that many are turning to the security of a gold IRA account to protect their assets.
In this Kitco review we’re going to take an in-depth look at this company and see just what they have to offer and if they are up to the task of helping you protect your hard earned assets from the failing US dollar, an increasingly incompetent government, and a treacherous economic environment.
Services and Products
Let me start by saying that Kitco’s website is the very definition of information overload. It is a complete mess that looks almost like it came straight out of the late 90’s.
That being said, I dug through the site and managed to figure out what Kitco is all about and what they offer.
Kitco is a precious metals broker that specializes in selling gold, silver, platinum, palladium and rhodium. This was actually a big surprise since it can be hard to find a precious metals dealer that offers rhodium.
In addition to helping you buy and sell precious metals, Kitco also offers a “pool” account. This interesting program allows you to buy a “share” of a pool of precious metals owned by various individuals. This can be appealing if you have no plans to store the metals you buy yourself.
The big question here is this: Does Kitco function as a gold IRA custodian? The answer is unfortunately no.
Instead Kitco will refer you to other IRA custodians like many precious metals dealers will do. Kitco however seems to put you through a convoluted process to do so, including having to take a screen cap of your IRA account balance.
Let’s take a moment to see what others are saying about Kitco in this Kitco review.
This particular customer had issues with Kitco’s customer service:
“Have made a few large orders from them. Prices are good, but service is terrible. The staff that they have are young and inexperienced. As welll they came up 10 OZ short of my gold delivery which was corrected.” – Will from TrustPilot
This customer had several good things to say about Kitco though he states that international wires may be an issue:
“I have been dealing with them for some time and it has been awsome. I love their pool accounts. They are very friendly and knowledgeable. The wires I send go through with no issues. I investigated about intermediary bank fees based on the other reviews, and almost all bank charge them when doing international wires as they must use an intermediary bank so it has nothing to do with Kitco.” – Joseph from Gold Dealer Reviews
This customer however, had a negative experience 2 out of 3 times doing business with Kitco:
They might be one of the biggest metal sellers around, but I had some very bad experiences that make me question about the company integrity and honesty.
”I sold them some metals to them 3 times in 2006.. out of the 3, 2 of the deal were either:
A.) switch and bait – I send in US junk silver, they say it was Canadian – when did canadian junk quarters had a bald eagle on the back and stated “United States of America”?
B.) weight and karat different – some of the gold to kitco I send was bought from known US jewerly stores as 14,18, 22 karat items… when I send them to kitco, they say they were plated.. okay, so those little stamped tag on gold chains about the product purity was for show then – that news to me since my family does jewelry in the past..” – L.C. from Yelp.com
Reviews for Kitco are somewhat of a mixed bag but there are some rather startling accusations as seen above. The overall scores for the company are fairly average for the most part:
4.2/10 – TrustPilot
1/5 – Yelp
3/5 – Gold Dealer Reviews
A + – BBB
To conclude this Kitco review I’ll give it a final score based on what we’ve learned about the company and how they do business. The final score for Kitco is:
2/10 – as an IRA option
4/10 – as a precious metals broker.
While Kitco does provide referrals to several partner custodians their process for getting your IRA setup feels overly convoluted.
As far as them being a precious metals broker I honestly would have given them a 5/10, an average score, but I had to take a point off for their terrible website design. If you decide to try and take a look at Kitco’s site to see if they are right for you, good luck with that, you’ll need it.
On the other hand, if you’re looking for a top tier gold investment company with a professional easy to navigate website my #1 recommendation is Regal Assets.
Their dedication to providing exceptional customer service is second to none and they also specialize in helping you rollover your 401k or other IRA into a safe, secure gold IRA without any tax penalties.
Also, Regal Assets is the only gold investment company I know of that has perfect scores with the BBB, BCA, Personal Income, Yelp, and TrustLink.