Is Kitco a legit precious metals company or a complete scam? This review will focus on the pros, cons, accreditation and Kitco reviews by real customers to help you determine if they are the ideal company for your Gold IRA or 401k rollover.
Table of Contents
- 1 Who Is Kitco?
- 2 Does Kitco Offer Gold IRAs?
- 3 Kitco Reviews Information Summary
- 4 Location:
- 5 Website:
- 6 Address:
- 7 Management:
- 8 Products:
- 9 Business Hours:
- 10 Overall Rating:
- 11 Recommended?
- 12 Kitco Products
- 13 Kitco Fees
- 14 Advantages of Kitco
- 15 Detailed Website
- 16 Multiple Products to Choose From
- 17 Many Years of Experience
- 18 24-hour Price Chart
- 19 Disadvantages of Kitco
- 20 Insufficient Customer Reviews
- 21 Poor Customer Support
- 22 Problems Buying From, and Selling to the Company
- 23 Kitco Reviews and Accreditation
- 24 Should You Consider Kitco for Your Precious Metals IRA Investments?
- 25 FAQs- Frequently Asked Questions
- 26 Is Kitco a legit company?
- 27 Is Kitco ideal for numismatic collectors?
- 28 Kitco Reviews- Conclusion
Who Is Kitco?
Kitco is a precious metals company with offices in Montreal, Hong Kong and New York. The company was founded in 1977 by Bart Kitner, who was by then trading in scrap gold. After years of great management and ingenious business strategies, Kitco has grown to be the giant precious metals company we know today. Kitco’s competitors incude Monex, Apmex, Regal Assets and IRA Financial . Thus, Kitco is legit and not a scam.
The most unique characteristic of Kitco is their website. They’ve build a sophisticated, yet user friendly website, which makes them stand out in the precious metals industry.
Some of the services offered by their website include comprehensive metal price charts to enlighten investors. They also have real-time precious metals information, news as well as expert commentaries. This could be the reason behind the website’s 1 million+ daily visitor’s.
However, what is rather shocking is the fact that the company has only a handful reviews and testimonials. This could mean that most of those visiting their website end up not transacting with them for some odd reason, and this should be a warning alert to you as an investor.
Does Kitco Offer Gold IRAs?
Unfortunately, Kitco does not offer precious metals IRAs. If you are looking to open a Gold IRA we recommend you get our FREE Gold IRA Guide on this Page>>
Kitco Reviews Information Summary
Rouses Point, NY
64 Lake St Ste 101, Rouses Point, NY 12979-1028
Bart Kitner (Founder)
Gold, Silver, Platinum, Palladium, Rhodium.
Overall Rating:(3.5 / 5)
Unlike most precious metal companies, Kitco is a bit unique in that its operations are diversified. You will find that they not only sell and buy precious metals. They also play a role in the refining process of the metals by offering lab equipment and the necessary technology.
They mainly trade in gold, silver, platinum and rhodium, and you can buy from or sell the metals back to them conveniently through their website. The company also offers IRA and 401 (k) rollovers and you can easily transfer your retirement to gold or silver.
Initial setup fee– Not mentioned on the website
Annual storage fee– $150
Minimum purchase amount– not mentioned on the website
Annual admin fee– not indicated
Advantages of Kitco
As mentioned earlier, Kitco prides itself in having what is arguably the best website in the precious metals industry. The design is epic and navigation is simplified so that visitors can easily find what they are looking for.
They also have lots of useful investment articles to help novice investors get started with selling bullion or opening a precious metals IRA account.
Multiple Products to Choose From
Kitco can only be compared to the likes of JM Bullion and APMEX when it comes to the selection of products in their store. You’ll find metal bars of all sizes, coins from common government mints like The Royal Canadian Mint as well as rare coins. One thing that separates Kitco from the rest is that their products are of high quality.
Many Years of Experience
Imagine a business that’s been running for four decades–obviously there is immense expertise in them. Kitco has been operating since 1977, hence are one of the oldest precious metal retailers in the world. This has enabled them to gain massive experience in the industry. They’ve learnt the art and science of trading in gold, platinum, silver and palladium and are therefore in a better position to guide and educate newbie investors.
24-hour Price Chart
Their price charts are elaborate and are updated every second to capture real-time global spot prices of metals. This makes their website a nice reference point for most investors, hence attracting thousands of visitors to the web page every day.
Disadvantages of Kitco
Insufficient Customer Reviews
Kitco reviews and testimonials are scanty. This, in our view, shows that they are not as reputable as they claim to be. We use customer reviews (as well as other factors) to determine the overall trustworthiness of every IRA Company under our review, and since Kitco is severely lacking in this field, we have no choice but to conclude that it isn’t a worthy company, despite being one of the oldest.
Poor Customer Support
Kitco representatives have been accused of rudeness and unwillingness to assist clients. It is no secret that most of the complex issues faced by customers are usually escalated to supervisors or top management, why? Because junior employees are sometimes arrogant and unreliable, placing customers’ urgent phone calls on hold for up to 10 minutes, in most cases. The company also lacks a live chat feature on their website, which means that contacting them is too much of a hassle.
Problems Buying From, and Selling to the Company
In spite of the fact that Kitco isn’t widely reviewed like other companies, we did manage to unearth a few complaints that point out to the possibility of fraudsters within the company. For instance, some disappointed customers on BBB claim that once they shipped products to the company (mostly coins), they would later receive a call informing them that some of the coins are missing or the box they sent is empty. And once they confronted the top management and investigation is done, it was indeed discovered that the employees of Kitco were responsible for tampering of boxes and possibly stealing the coins. This is sad and paints a bad picture of Kitco.
Below is an example of a BBB complaint from a dissatisfied customer who had problems 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
Here is the link to the BBB reviews and complaints.
Additionally, buying from the company seems to be a difficult task as some customers have openly castigated the company for hitting them pretty hard with high cancellation fees.
Kitco Reviews and Accreditation
BBB– Based on Kitco reviews on the BBB, the firm has a rating of A+ . Also, we found 8 customer reviews and 1 customer complaint on the platform.
BCA– the Company is neither accredited by the Business Consumer Alliance nor does it have any reviews there.
Facebook- No reviews, no ratings.
TrustLink– No reviews, no ratings.
Ripoff Report– No reviews.
Should You Consider Kitco for Your Precious Metals IRA Investments?
It is your responsibility to conduct a thorough research and decide for yourself, and it’s also our responsibility as investment advisers to conduct our own independent, neutral, honest, fact-based research and guide you accordingly.
In our opinion, after looking at Kitco reviews, complaints and the company’s products, we believe that this company is not what they claim to be. They need to up their game if they are to withstand the current competitive precious metals industry.
FAQs- Frequently Asked Questions
Is Kitco a legit company?
Yes, Kitco is a legitimate precious metals company.
Is Kitco ideal for numismatic collectors?
No. Kitco does not specialize in rare coins and is therefore unsuitable for numismatists. If you are a coin collector and looking for an ideal company then you may want to look at California Numismatic Investments Inc.
Kitco Reviews- Conclusion
We hope that you 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 qualities and these are the factors we use to determine if a company is worth recommending or not.
Some of the positives of Kitco include detailed website, many products, and the experience they’ve had over the years. On the flip side, the company has insufficient reviews, poor customer support, and has put customers through untold suffering while trying to buy or sell metals to them.