GoldCore is known as one of the most trusted precious metal dealers in the United Kingdom, and they are slowly creeping up on two decades in the business. They offer a wide selection of coins and bullion in addition to savings plans, all available via their online platform. Goldcore also claims to provide an array of information and analysis, for both professional and retail investors. When it comes down to it though, should you trust them with your money? We investigated their company, products, and service to find out. Keep reading for our verdict on Goldcore.
WHO IS GOLDCORE?
Founded in 2003, GoldCore is an Irish investment company and precious metals dealer. Headquartered in Dublin, they also have a branch in London and serve clients in approximately 130 countries worldwide. Speaking of clients, they have over 4,500 around the globe, and manage over $130 million in assets. They cater to everyone from ultra-high net worth individuals to institutional investors to individuals approaching retirement.
Back when they were established, they carried with them the notoriety of being the first gold broker in Ireland. They’ve built on that head start to become the most well-known and trusted gold firm in the country. They strongly believe in being a contributor to the gold community at-large as well, and have been featured as experts in local media including RTE, The Irish Times, Newstalk, and Today FM. They’ve also appeared in numerous international financial media such as the Wall Street Journal, CNBC, CNN, Bloomberg, Dow Jones, Reuters, the Associated Press, and more. They’ve been a part of CNBC and Bloomberg Gold’s surveys, and regularly participate in Reuter’s Precious Metals Poll.
GoldCore is led by CEO Stephen Flood, who has been with the company for a decade now. He began his career at various finance posts throughout New York City. After working for Goldman Sachs in their Equity Derivatives division, he joined the GoldCore team. He works closely with Mark O’Byrne to run GoldCore on a day-to-day basis. O’Byrne actually founded Goldcore and now serves as Marketing/Research Director, in addition to Executive Director. As their business grew, O’Byrne found himself constantly inundated with requests for his research and advisory services. He eventually transitioned to a role where he now primarily focuses on those efforts to inform clients of the best ways to increase their wealth.
GoldCore has become especially well-known due to the fact that their storage locations are in the safest legal and political jurisdictions on the planet. They are also popular for their gold bullion delivery services. Let’s take a deeper look at their product offering.
WHAT DO THEY OFFER?
GoldCore’s main focus is delivering and storing precious metals in the safest manner possible for its clients. They provide services for both those desiring do-it-yourself home storage, and for those seeking a selection of secure vaults across the globe.
Over the years, GoldCore has formed partnerships with the most trusted names in the international bullion industry to provide extensive product and delivery options. While they don’t offer a great deal of obscure choices for coins and bars, their selection should be more than enough for the vast majority of investors.
As far as coins, they offer the most desired varieties including American Eagles, British Sovereigns and Britannia coins, Canadian Maple Leafs, and South Africa Krugerrand coins.
For gold bars, their offering comes from the Perth Mint, with one ounce, ten ounce, and one kilogram weights available.
In silver coins, they carry the Vienna Philharmonic, Canadian Maple Leaf, American Eagle, Australian Kangaroo, Britannia, and silver coin bags.
Goldcore offers one hundred ounce and one thousand ounce silver bars.
They offer platinum and palladium products, but you will have to call and inquire if you are interested in those. Only silver and gold are currently available on their website.
While GoldCore doesn’t offer any IRA products, they do have some savings plans available that can serve a similar purpose. The GoldSaver gold accumulation program and their signature GoldCore Secure Storage programs help clients build up their investment in gold by purchasing it over a period of time.
Basically, you tell them the amount you’d like to invest every month and they’ll go ahead and automatically purchase the gold on your behalf. They use industry standards for their pricing, derived from the London gold market, and guarantee price transparency since trading prices are being used. To check your overall balance, simply log on to your account every month to see the change. We really like that they have a low minimum savings amount of $100 per month, so you can start small if you want.
Goldcore’s storage fees aren’t the lowest, but they are competitive.
Their annual gold storage rates are based on the total value of customer holdings, and are as follows:
0.79% $100,000 – $250,000
0.69% $250,000 – $500,000
0.59% $500,000 – $750,000
Silver storage rates are similar:
0.95% $100,000 – $250,000
0.85% $250,000 – $750,000
For delivery services, all shipping, import, and duty costs are the client’s responsibility. The costs can vary widely based on quantities and location, so it’s best to contact GoldCore if you’re curious.
As we touched on earlier, GoldCore has a variety of secure vault locations: Delaware, New York, Salt Lake City, London, Frankfurt, Zurich, Singapore, Hong Kong and Perth. Depending on your native country and tax status, you should be able to find a location that works best for your specific needs.
While you technically aren’t storing your metal with the company directly, they have partnered with top names such as Brink’s and Loomis International that have strong reputations worldwide. We would feel very comfortable storing our precious metals with these firms.
Lastly, GoldCore offers a buy-back program so you can easily liquidate your holdings whenever you wish.
WHAT DO WE LIKE?
First of all, GoldCore has an extremely strong roster of storage partners. They’ve chosen only to join forces with established companies that have excellent reputations in the industry. These partners offer considerable benefits, such as being located in the safest jurisdictions around the world. Brink’s and Loomis in particular are known for their highly secure facilities, as well as their confidentiality, discretion, and respect of property rights. Not only that, but all products are directly owned by clients via allocated and segregated bullion.
We really liked how GoldCore provides clients with a wealth of storage and delivery options. We touched upon the wide variety of vault locations everywhere from Switzerland to Hong Kong to Singapore to Great Britain, and more. In fact, you’re able to actually visit any of these locations and inspect your very own bullion holdings on-demand. You can be confident in the safety of their vaults because they regularly perform complete audits and third party verifications of all products being stored. Feel safer having your metals in your own home? No problem. GoldCore makes it easy to get your holdings shipped to your door, no matter where you are.
GoldCore’s storage fees are very competitive compared to their competition, ranging from 0.49% to 1.0% annually. We also liked the ability to sell-back to GoldCore at competitive rates, and at any time.
Their longevity also helps build trust in their company. They certainly wouldn’t have survived since 2003 if they weren’t doing things right. Add to that their overall positive reputation from online review sites. On Ekomi for example, a UK-based rating site, GoldCore has over 900 reviews. The average score? An impressive 4.8 out of 5 stars.
Finally, they provide their clients with excellent support. There is a live chat function on their website, so there’s immediately help just a few clicks away if you need. You can also email or call them and they’ll be happy to assist you.
HOW TO GET STARTED
Getting started with GoldCore is essentially a 4-step process. First you’ll open your account. Next, you’ll transfer funds from your bank account to your GoldCore account. Then you can begin purchasing, either online or via phone. Lastly, you’ll decide on whether you want it delivered or placed in storage.
The way GoldCore works is that you’ll have to select your specific currency first. Note that you can have as many accounts as you want, with as many currencies. Then, you’ll select your account type. GoldCore offers the following:
Personal account – Intended for private, individual investors.
Joint account – Intended for two or more private individuals sharing an account.
Corporate/Trust account – Intended for companies, charities, trusts. For this you’ll need to provide additional documentation and appoint a representative.
Pension – Intended for precious metal-approved pension investments. Note that these assets can’t be delivered to an individual while they reside in a pension account.
GoldCore will ask for copies of your ID during the sign-up process. This is required by law. While sometimes inconvenient, it’s meant to protect you. You should absolutely not do business with any company that does not request your ID. You’ll also need to submit a copy of a recent bank statement. The documentation is very easy to send, at least. Simply log on to their site, upload what you need, and they’ll automatically receive it.
You can fund your account via bank transfer or credit/debit card payment. There is a $50,000 total limit for credit/debit card transactions. Remember though, credit card and debit card bank charges are 1.9% and 0.45%, respectively.
THE BOTTOM LINE
GoldCore brings a number of strong attributes to the table that makes them a solid choice for both first-time buyers and veterans of the precious metal trade. They have a long history of providing quality services and products, and their customers have hardly anything negative to say about the GoldCore experience. With top-notch storage partners and a comprehensive selection of storage and delivery options, we feel you should have GoldCore near the top of your list if you’re looking into purchasing precious metals.
If you’re interested in learning more about GoldCore, or are looking to purchase precious metals through them, visit them at www.goldcore.com or call +1 302 635 1160.