Goldline is a precious metals firm that has been in the industry for over 60 years. The company offers investors the option to purchase gold, silver, platinum, and palladium assets, as well as open a precious metal IRA. Read this Goldline review to learn the details.
Goldline was founded in 1960, and its headquarters are located in Los Angeles, California. The company has been a part of the precious metals industry for over 60 years and has provided investors with gold, silver, platinum, and palladium products. The company also has IRA-eligible coins and bars for those saving up for retirement, as well as rare and collectible coins.
Goldline has an Express IRA program, which offers clients a three-step process to establish a Precious Metals IRA. It also gives “free bullion coins on qualifying purchases to help offset IRA account maintenance fees.”
Additionally, the company has a buyback program for those who want to sell coins and bars. Once the precious metals are received and approved by Goldline, payment is received in three business days. However, the company does not purchase jewelry made of precious metals that do not come in a coin or bar form.
According to the Los Angeles Business Journal, in 2009, Goldline had a sales revenue of $825 million and over 300 employees, which made it the sixth fastest-growing company in Los Angeles County.
It is important to note that Goldline reviews are mostly negative: customers have rated them 2.3 out of 5 on Trustpilot, and their Better Business Bureau rating is only 1.41 out of 5.
|Precious metal IRA; IRA-approved precious metals coins and bars
|Bi-annual storage fees of 1% of your holdings or $15, whichever is greater
Goldline has a generous range of products and service offerings, catering to all types of precious metal investors. Through Goldline, individuals are offered:
Goldline offers various precious metals, including some from the 19th century. Their gold bars weigh between 10 ounces and one kilogram. They offer a collection of gold numismatic coins from Austria and other metals, such as palladium, silver, and platinum.
Goldline offers products ranging from gold bullion bars and gold coins. The site lists the products they offer and the cost. Many of the company’s gold coins and bars are IRA eligible.
Goldline offers several unique, limited production gold and silver bullion coins, bullion bars and coins, and other various precious metals for collectors and investors. On the website, you can see coins such as the $5 Liberty Gold Coin and The Heroes of Two Nations Gold Bullion Coin, gold bullions such as the Legal Tender Bar Gold Bullion, and gold bars such as the Mapleflex. These are all available for viewing and purchase.
Having precious metals as a part of your retirement savings plan can reap long-term benefits. You may be able to roll over your current plan into a precious metals IRA, whether you have an existing 401(k), IRA, Thrift Saving Plan, or any other qualified plan. You can apply for this process in 3 steps:
Goldline offers several gold and silver bullion coins issued by the Royal Canadian Mint and The Perth Mint Australia. According to the site, their bullion coins can be included in precious metals IRAs and are guaranteed for their weight and purity.
Only specific bullion and proof coins, including some precious metal bars, can be held in the customer’s Individual Retirement Account (IRA).
Gold IRA Rules: Gold coins and bars (with the exception of the bullion and proof gold American Eagles) must have a minimum fineness of 99.5 percent to qualify for an IRA.
Silver IRA Rules: Silver coins and bars must have a minimum fineness of 99.9 percent to qualify for an IRA.
Goldline has a simple three-step process for buying precious metals.
|Step 1. Choose Your Product
|Goldline offers gold, silver, palladium, and platinum bars and coins.
|Step 2. Choose Your Payment Method
|The customer pays the same whether it is by card or check.
|Step 3. Choose Shipping Options
|Shipping and insurance are available for home delivery, IRA depository, or a Goldline vault.
Goldline offers useful information regarding investment goals, precious metals, and general information about gold. The company also provides educational resources that are especially helpful to new investors. Even if you have invested before, it is still a good idea to read through the articles to gain even more knowledge about gold.
Additionally, Goldline has a section that tracks current precious metal prices and a chart that shows trends in the price of gold.
Goldline’s service fees can be a little hard for the website user to understand. However, they have a “Price Guarantee Program” regarding changes to the customer’s account and a “Client Concierge” who answers questions. They offer delivery and storage options as well.
However, there are shipping and storage fees. Specifically, there are bi-annual storage fees of 1% of your holdings or $15, whichever is greater. Shipping fees are based on the product and the shipping location.
|Biannual storage fees of 1% of your holdings or $15, whichever is greater
Standard and express delivery fees (vary by product and location)
The company has faced some legal issues in the past that have negatively affected its credibility. While the website does have extensive information about gold coins and precious metals, legal cases from the past have impacted its reputation.
The company has been in business since 1960 and used to be the largest retailer of gold in the industry
New investors are given the tools and information to learn about the precious metals industry and how to get started with investing
The precious metals purchased on Goldline are pricier than the competition and there are several add-on costs
Civil and criminal investigations were opened in several states against the company. Additionally, many complaints were filed.
The company has received multiple complaints over the years, leading to poor reviews on several consumer report sites. In fact, a website for complaints was created by the City Attorney of Santa Monica. This allowed the city to gather complaints from those who were mistreated by Goldline. The company’s assets were then frozen in December of 2010 due to ongoing complaints and an investigation.
In 2011, the city of Santa Monica brought charges against Goldline. The company had been charged with 19 counts of fraud and theft and had allegedly been using bait and switch tactics on their customers. In February of 2012, Goldline settled. They instated new sales practices, one of which was having a third party verify all commissions and markups that had been disclosed to customers over the phone. They also offered to refund $4.5 million in assets to 43 customers who had filed complaints. As a result, the criminal charges were dropped, and there was no civil action taken against the company. However, the company’s reputation was tarnished.
|Consumer Protection Agency
|Number of Reviews
|Better Business Bureau (BBB)
|Business Consumer Alliance
Yes. Goldline delivers precious metals to your account address as soon as there is a receipt of funds associated with the customer’s purchase. Usually, the metals will be delivered within 28 days of receipt of funds unless the state requires a shorter delivery date.
The company states that although dealers cannot guarantee a buyback, Goldline has been known to repurchase the precious metals it sells.
Yes, storing precious metals with the company is available for most clients. Some states require clients to have their precious metals delivered. The customer’s Account Executive can provide more information on whether third-party storage is available for them. Goldline’s Account Agreement page explains full terms regarding the storage of precious metals.
The company offers the usual resources such as a phone number, live chat, and an email address in case customers want to reach out with questions.
Goldline is not a scam. It is a reputable company, although its reputation has taken a few bumps and bruises over the years. It should be noted that Goldline International no longer exists. It sold its remaining assets to A-Mark Precious Jewels.
|11835 W. Olympic Blvd
Los Angeles, CA 90064