Is Kitco a legitimate precious metals company or an outright scam? This review will examine the pros, cons, ratings, and online Kitco reviews to help you determine if they are the ideal company for your precious metals purchase or gold IRA rollover.
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Who Is Kitco?
Kitco is a precious metals company with offices in Montreal, Hong Kong, and New York. Bart Kitner established the company in 1977 while he was trading in scrap gold. Kitco is the massive precious metals company it is today as a result of years of excellent management and ingenious business strategies. Monex, Apmex, JM Bullion, and BullionVault are some of Kitco’s competitors.
Kitco’s website is its most distinctive characteristic. Their sophisticated yet user-friendly website distinguishes them within the precious metals industry.
Their website provides investors with comprehensive metal price charts as one of their services. In addition, they provide real-time precious metals data, news, and expert commentary. This may account for the website’s million-plus daily visitors.
However, the fact that the company has so few reviews and testimonials is surprisingly startling. This should serve as a red flag to you as an investor, as it may indicate that the majority of those who visit the company’s website do not transact with them for some odd reason. Continue reading this review to discover more.
Does Kitco Offer Gold or Silver IRAs?
Kitco does not currently offer precious metal IRAs. If you are interested in opening a Gold or Silver IRA, you should learn about our top-rated precious metals IRA provider on this page.
Kitco Reviews Summary
Location:
Rouses Point, NY
Website:
https://www.kitco.com
Address:
64 Lake St Ste 101, Rouses Point, NY 12979-1028
Management:
Bart Kitner (Founder)
Products:
Gold, Silver, Platinum, Palladium, Rhodium.
Business Hours:
Mon-Fri 9 am-5 pm
Overall Rating:
[3.5/5] Not recommended
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Kitco Products
Kitco’s operations are diversified, unlike those of the majority of precious metal companies. They do not only sell and buy precious metals, as you will discover. Additionally, they play a role in the refining of metals by providing lab equipment and the necessary technology.
They primarily deal in gold, silver, platinum, and rhodium, and you can easily purchase or sell these metals through their website.
Kitco Fees
Initial setup fee– Not indicated on the website
Annual storage fee– $150
Minimum purchase amount– not indicated on the website
Annual admin fee– not indicated
Advantages of Kitco
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Detailed Website
As previously stated, Kitco is proud to have arguably the finest website in the precious metals industry. The design is epic, and navigation has been simplified so that visitors can readily locate the information they seek.
In addition, they have many helpful investment articles to assist neophyte investors in selling bullion or opening a precious metals IRA account.
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A Vast Selection of Products
Kitco can only be compared to JM Bullion and APMEX in terms of their product selection. There are metal bars of all sizes and rare coins, as well as coins from government mints such as the Royal Canadian Mint. Kitco’s products are distinguished from those of its competitors in that they are of superior quality.
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Numerous Years of Expertise
Consider a company that has been in operation for four decades; evidently, there is a great deal of expertise in that field. Kitco has been in business since 1977, making it one of the world’s oldest precious metals retailers. This has allowed them to acquire vast industry experience. Because they have mastered the art and science of trading gold, platinum, silver, and palladium, they are in a better position to guide and instruct novice investors.
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24-hour Price Chart
Their price charts are elaborate and are updated every second to reflect the global spot prices of metals in real-time. This makes their website a useful resource for the majority of investors, resulting in thousands of daily visitors.
Disadvantages of Kitco
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Few Customer Reviews
Kitco reviews and testimonials are scanty. This indicates that they are not as reputable as they claim to be. We use customer reviews (along with other factors) to determine the overall trustworthiness of every precious metals Company we review, and since Kitco is severely lacking in this area despite being one of the earliest firms, we could not ascertain their credibility.
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Poor Customer Support
According to online reviews, Kitco customer service representatives have been accused of being impolite and unwilling to assist customers. Why is it common practice to escalate the majority of the company’s complex consumer issues to supervisors or upper management? Because junior employees are occasionally arrogant and unreliable, they frequently place customers’ essential phone calls on hold for up to 10 minutes. Additionally, the company’s website lacks a live conversation feature, which makes contacting them difficult.
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Purchase and Sales Issues With the Company
Despite the fact that Kitco is not widely reviewed, we were able to locate a few complaints that suggest the company may employ fraudsters. Some dissatisfied customers on the Better Business Bureau claim that after shipping products (mostly coins) to the company, they received a phone call informing them that some of the coins were missing or that the box they sent was empty. And after confronting the upper management and conducting an investigation, it was confirmed that Kitco employees were responsible for tampering with boxes and possibly stealing coins. This is unfortunate and reflects poorly on Kitco.
Listed below is an example of a BBB complaint from a dissatisfied client who had difficulties selling precious metals to Kitco.
Shipped a package of over $6,000.00 worth of gold bullion to their NYC depository. I was sent an email asking for me to call them. I was later informed that they claimed that the package was empty. In turn, their insurance carrier ****** *** supposidly investigated, and has denied my claim. They sent me pictures of the box, whereby the bottom is cut! Kitco, and ****** *** are thieves, DO NOT DO BUSINESS WITH EITHER ENTITY
Additionally, the company appears to be difficult to purchase from, as some customers have explicitly criticized the company for imposing harsh cancellation fees.
Kitco Customer Reviews
BBB– Based on Kitco reviews on the BBB, the firm has a poor rating of 2.08 out of 5 stars based on 13 customer reviews and 6 complaints filed in the past 3 years.
BCA– The Company is neither accredited nor reviewed on the Business Consumer Alliance website.
Facebook- No reviews or ratings.
TrustLink– No reviews or ratings.
Ripoff Report– No reviews.
Should You Consider Kitco for Your Precious Metals IRA Rollover?
It is your responsibility to conduct extensive research and make your own decision, and it is our responsibility as expert researchers to conduct our own independent, neutral, truthful, fact-based research and to guide you accordingly.
After reviewing Kitco reviews and customer complaints, we believe the company is not what it claims to be. They must improve in order to survive in the current competitive precious metals industry. Click the link below to learn more about our top-rated precious metals IRA company.
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Frequently Asked Questions
Is Kitco a Legitimate Company?
Yes, Kitco is a legitimate precious metals company with years of experience to its name.
Is Kitco Ideal for Numismatic Collectors?
No. Kitco is unsuitable for numismatists because it is not a specialist in rare coins. If you are a coin collector in search of the best company, you may want to consider Golddealer.com.
Kitco Alternatives
Kitco Reviews- Conclusion
We sincerely hope you have enjoyed reading our Kitco reviews. To summarize, Kitco Precious Metals Inc. is one of the biggest and oldest precious metal brokers in the world. The company has both positive and negative aspects, and we use these factors to determine whether a company is worthy of recommendation.
Kitco’s advantages include a comprehensive website, a wide selection of products, and years of industry experience. On the other hand, the company has insufficient reviews, and poor customer service, and has put customers through unimaginable suffering when attempting to sell or purchase metals from them.
