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Goldline International is one of the longest lasting gold dealerships in the US. They have been part of the industry for over 50 years, since before Americans could even own gold privately. But despite their enduring name, there are some concerning reviews and red flags online.
Is the oldest business really the best one to work with? What exactly does Goldline offer, and how do they compare to their competitors? More importantly, what do past customers say about their experiences?
Here's what you should know.
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About Goldline International
Goldline International has been operating since 1960, and it is one of the go-to companies for US individuals who want to buy precious metals. Their advertising campaigns are familiar to many older people. In addition, they have received the exclusive endorsement of conservative commentator Glenn Beck.
The company does have an A+ from the Better Business Bureau, but there have been several complaints filed. In addition, there are extremely poor reviews across sites like Trustlink and Gold Dealer Reviews.
It seems like the company really did have good customer service and a loyal client base once upon a time. But then it was acquired by A Mark Precious Metals. Many of the reviews indicate that the service has gone downhill since the acquisition. Even former employees say that the merger caused such a negative workplace that they had to leave their careers behind.
There's no guarantee that A Mark is responsible for the lower service quality with Goldline. And many of the customer comments are just hearsay. But these issues are a major concern.
Over its six decades in the industry, the company has facilitated the trade of over $4 billion in precious metals. They are also the only dealer for certain items created by private mints around the world. Part of the company's appeal is that they have an extremely large variety of rare coins and bullion.
The payment options are straightforward, and the company is committed to not having any hidden fees. Pricing is transparent. Every customer is given a thorough disclosure prior to making any purchase. You will also be given a Personal Account Executive to advise you on the purchasing process.
All of this sounds excellent. And it would be excellent, if not for the reviews. Customers have stated that they were given prices that were much higher than the competition, and that they were misled about what they were paying for. They indicate that the customer account executives use high pressure sales tactics to get people to buy.
There are a lot of other companies that offer dedicated customer service and transparent pricing without any of those other complaints. You're likely better off working with one of them.
One service that the company offers is the accumulation program. This allows you to automatically purchase a certain amount of gold every month. If you intend to keep purchasing precious metals over time, it's a solid way to take care of the process so you don't need to worry about it.
Getting set up is easy. All you have to do is choose the items that you want to buy. Then you specify how much you want to put into your account per month, with a $200 monthly minimum. You'll attach your debit or credit card.
Then the company will automatically add gold to your account in whatever value you've selected. You'll be able to accumulate it over time. If you don't have quite enough funds to purchase the products you want, the savings will build up until you can buy the item.
The accumulation program also doesn't have many major fees. If your account has less than $5,000 in precious metals, then you can have your assets stored for free. Once you reach that threshold, you will be charge a storage fee of 1% of your total purchase value.
Percentage based fees aren't as good as flat fees, because you'll be paying higher percentages as you put more money in. But this is a relatively low fee overall.
You can keep your items stored with the company vault, or you can have your items shipped directly to you as soon as you have reached the payment threshold for a full bar or coin.
Selling Your Metals
Goldline International has a buyback program so that you can liquidate your metals whenever you're ready to move on. They say that they cannot guarantee that they'll buy back your items, but they have never denied a sale. In addition, they are willing to purchase items from people who have not actually purchased from them before.
The first step is to give the company a call or to go fill out the contact portion on the sale section of their website. You'll get a call back with a price quote. Once you approve the price, you'll get an email containing shipping instructions and a list of the inventory for your package.
After you ship the metals, you just need to wait for them to arrive and be inspected. Following the inspection process, the payment should arrive in three business days or less.
The company is willing to buy from people who have not made a Goldline purchase before. However, they do note that they only purchase bars and coins. If the metals are not in a bar or coin form -- ie: rounds, bullets, jewelery -- you will need to find a different dealer.
The company has a section of its website that is dedicated to IRA products. If you want to purchase only bullion that's eligible to hold in your precious metals IRA, this is where to go. It's helpful to have this category, since there are strict IRS regulations regarding the purity and types of metals that you can hold.
There is no information about whether the company will help you set up an IRA or fund it. They also don't mention which custodians or depositories they work with. IRAs seem to be a very small part of their business, rather than a focal point.
If you're looking to set up a precious metals IRA for the first time, it's best to work with a company that specializes. They can streamline the process and do the majority of the paperwork for you. Some companies will even talk to your custodian and depository for you so that you never have to interact with anyone else.
If you already have a precious metals IRA and want to add more items to it, you might find Goldline's categories helpful. But this is far from the only company to offer IRA eligible products. And there are other dealerships that might be able to offer the same items at a significantly lower price point.
Express IRA Program
The Express IRA program offered by the company is closer to the traditional IRA services that you'd expect from a precious metals dealer. This is optimized for those who do want to open a new IRA with a new custodian.
The company emphasizes the fact that you can open a new account and fund it with assets in your existing retirement account. This type of rollover can be one without incurring any taxes or penalties. There are three steps to create an account through Goldline:
There are some advantages available to customers who choose to use the Express IRA program.
One is that you'll be eligible for free coins if you meet a certain purchase threshold. This will help to offset the cost of maintenance and storage.
Shipping to your depository will be free as well.
Is Goldline International a Scam?
Goldline International is not a scam. The company has been in business for over 60 years, and it has an A+ rating with the Better Business Bureau. They have also been accredited with the organization since 2015. It is a little odd that it took so long to achieve an accreditation.
But the fact that they're a legitimate company doesn't mean they're actually good to work with. There have been a huge number of complaints lodged with the BBB. Though the company has resolved many of them, the sheer volume of complaints speaks to some mismanagement.
In addition, there are poor customer reviews on many different websites. People say that the Goldline salespeople use underhanded tactics, confusing language, and general unethical practices. The prices they're quoted are significantly higher than the spot price of metal. You can find the same items significantly cheaper elsewhere.
On top of all of this, there have even been complaints from current and former employees. It seems like a lot of the trouble started when the company was acquired by A Mark Precious Metals. This change in management led to so much dysfunction that several sales representatives quit after long careers with Goldline. The environment left behind is tense and stressful.
When you're picking an investment company, you want it to be somewhere that the employees are actually happy to work. Otherwise, you're likely to end up with subpar customer service and frustrating policies.
Pros & Cons of Goldline International
Goldline might look like a good company on the surface. After all, it has been in the business for more than 60 years. The employees should all be experts in the precious metals industry, and they claim to care a lot about customer service. They also have celebrity endorsements from conservative commentators like Glenn Beck.
But not everything is what it seems. Goldline has been subject to poor feedback across a number of different sites including the Better Business Bureau, Trustlink, and Gold Dealer Reviews. Customers report that they were charged high prices and subject to underhanded sales tactics. Even former employees say that they were treated badly when they worked at the company.
There's just too much negative feedback for us to happily recommend this company. Even though they have an A+ rating with the BBB, they have also been subject to more complaints than seems feasible. You'd be better off looking for a company that has positive consumer feedback, better pricing, and a lot of the same services.
Overall, we believe that there is a better option when it comes to your investment.
The above company is our top recommendation after doing extensive research. Feel free to keep doing your own research, or you can visit Goldline International below!