Overview of GoldCore
GoldCore, a company founded in 2003 and headquartered in the United Kingdom, operates in the realm of precious metals, specializing in gold and silver bullion and coins. Notably, the company is unregulated, aligning itself with the unregulated nature of bullion dealing worldwide. GoldCore provides a range of account types Satisfying diverse client needs, including Personal, Joint, Company/Trust, Pension, and GoldSaver accounts.
Clients engage with the company through an online trading platform. Customer support is accessible via phone for the UK, Ireland, and the USA, along with an email option. For financial transactions, GoldCore facilitates bank transfers and credit/debit card payments. The company also offers educational resources such as a blog, gold price charts, guides, and a frequently asked questions (FAQ) section, contributing to a comprehensive learning experience for individuals interested in or already involved in the gold and precious metal investment space.
Pros and Cons
Pros:
Variety of Account Types: GoldCore offers a diverse range of account types, including Personal, Joint, Company/Trust, Pension, and GoldSaver. This variety allows clients to choose an account that best suits their individual or organizational needs.
Gold and Silver Bullion/Coin: GoldCore provides access to precious metal investments, specifically gold and silver bullion and coins.
Diverse Educational Resources: The company offers a range of educational resources, including a blog, gold price charts, guides, and a frequently asked questions (FAQ) section.
Global Customer Support Reach: GoldCore's customer support is accessible globally, with phone contact options for the United Kingdom, Ireland, and the USA. This ensures that clients from various regions can seek assistance when needed.
Cons:
Unregulated: GoldCore operates in an unregulated environment, which may be a concern for some investors. Regulatory oversight provides an additional layer of security and assurance for clients, and the absence of it may pose risks.
Demo Account Availability not specified: The information does not specify whether GoldCore offers a demo account. A demo account is a valuable tool for investors to practice trading strategies and familiarize themselves with the platform before engaging in real transactions.
Limited Information on Trading Platform: While GoldCore mentions an online trading platform, specific details about the features, functionality, and user experience are not provided. More detailed information on the trading platform would be beneficial for potential clients.
Regulatory Status
GoldCore operates in an industry, namely bullion dealing, that lacks a specific regulatory body. The statement suggests that bullion dealing is unregulated, drawing a parallel with other sectors like foreign exchange and property. This implies that GoldCore, as a bullion dealer, not hold any regulated licenses or be subject to oversight by a specific regulatory authority.
Market Instruments
GoldCore provides a variety of products and services related to precious metals.
GoldCore Secure Storage:
GoldCore offers a secure storage solution for precious metals, allowing customers to store their gold in a safe and protected environment. This service includes features such as secure vaults, insurance coverage, and advanced security measures to ensure the safety of stored assets.
Perth Mint Certificates:
GoldCore provides Perth Mint Certificates, indicating a partnership or association with the renowned Perth Mint. It offers customers a convenient and secure way to hold and trade gold without physically possessing metal.
GoldSaver (Gold Accumulation Program):
GoldSaver is a gold accumulation program offered by GoldCore. This program allows individuals to systematically accumulate gold over time, through regular contributions or purchases. It provides a disciplined approach to building a gold portfolio, making precious metal ownership more accessible to a broader range of investors.
Bullion Coin and Bar Delivery:
GoldCore facilitates the delivery of physical bullion coins and bars to customers. This service allows clients to purchase actual gold products and have them delivered to their specified location. The selection include a variety of bullion coins and bars from reputable mints, providing customers with tangible assets.
Account Types
GoldCore offers a diverse range of account types, satisfying personal, joint, company/trust, pension, and systematic gold-saving needs. Each account type provides secure online trading, global storage options, and the ability to buy and sell coins and bars, ensuring a tailored and comprehensive approach to precious metal ownership.
Personal Account:
GoldCore's Personal Account is tailored for individual ownership, providing a secure and global solution through GoldCore Secure Storage. Individuals can buy and sell coins and bars, with international delivery options available. The convenience extends to online trading, ensuring a seamless and secure experience for personal gold ownership.
Joint Account:
The Joint Account offered by GoldCore is designed for two or more persons seeking joint ownership. This account facilitates secure online trading and global storage across locations like Hong Kong, Zurich, and Singapore. With the ability to buy and sell coins and bars, the Joint Account allows for seamless collaboration and secure transactions.
Company / Trust Account:
GoldCore caters to corporate entities and trusts with its Company/Trust Account, providing secure online trading and global storage options in strategic locations. This account type facilitates the buying and selling of coins and bars, offering a comprehensive solution for companies and trusts looking to include precious metals in their portfolios.
Pension Account:
GoldCore's Pension Account allows individuals to hold bullion within their pension portfolios. This account type supports secure online trading and global storage in key locations such as Hong Kong, Zurich, and Singapore. Clients can buy and sell coins and bars, offering a secure and strategic option for pension fund management.
GoldSaver Account:
The GoldSaver Account is specifically designed for individuals looking to save monthly in gold. It provides individual ownership with the flexibility to invest lump sums anytime. With the option to convert to physical gold and change the plan after 12 months, the GoldSaver Account is a cost-effective solution with low fees, allowing individuals to save from as low as €100, $100, or £100 per month.
How to Open an Account？
To open a GoldCore account, you will need to:
Create an account: Visit the GoldCore website and click on the “Open an Account” button. Enter your personal information and create a username and password.
Verify your identity: GoldCore will require you to verify your identity. You will also need to provide proof of address.
Fund your account: You can fund your GoldCore account by wire transfer, credit card, or debit card.
Place an order: Once your account is funded, you can place an order to buy gold or silver.
Store your metals: GoldCore will store your metals in secure vaults in Switzerland, Hong Kong, or Singapore.
Fee Structure
GoldCore's fee structure covers annual storage, administrative, wire transfer, inbound shipment, outbound shipment, vault-related, and ancillary service charges, ensuring transparency while offering a range of services to meet client needs.
GoldCore Standard Fees – Annual Storage Charges:
GoldCore applies annual storage fees based on the asset value of precious metals. For gold, platinum, and palladium, fees range from 1% for values under $100,000 to 0.49% for values over $750,000. Similarly, for silver, fees vary from 1% to 0.75% based on asset value tiers. These fees are subject to change and may be revised based on individual circumstances.
Administrative Charges:
GoldCore imposes administrative charges for specific services. Extra administrative assistance, involving nonstandard company setup and documentation review, incurs a $150 fee. Additionally, a $30 charge is applied for postage of paper-based correspondences.
Wire Transfer Fees:
GoldCore charges varying fees for wire transfers. Standard payment requests incur a $10 fee, while urgent requests are subject to a $30 charge.
Inbound Shipments:
Incorporating stock in and verification costs, GoldCore imposes charges for inbound shipments based on the metal value. For values below €10,000, there is a fixed charge of €100 or equivalent. For values exceeding €10,000, a 1% fee of the current market value of the underlying metal is applied.
Requested Shipment Out of Storage:
Costs for shipments out from storage depend on the destination. Fees range from £50 to €90/£75 per package, with variations based on the metal type and value. For shipments from USA or Canadian-based depositories, the fee is $100 per package.Vault Related Fees:
For movements between depositories, GoldCore charges stock out/in fees and an $80 administrative charge. External audit requests, involving third-party auditing firms, incur fees of $120 per part hour per guard, with a $150 administration charge.
Request to Inspect Metal:
When permitted, GoldCore facilitates metal inspections with a fee of $120 per part hour per guard. Visits are strictly by appointment, and details must be disclosed before arranging a visit.Release from Storage:
The release of a single product type from a sub-account for shipment or transfer incurs a $40 fee.
Ancillary Services:
Additional services such as requests for photos of stored assets or coin date verification have associated fees, with charges of $120 per metal type and a minimum of $120 plus $50 per coin type, respectively.
US Fee Schedule:
The fees for clients in the US follow a similar structure, with annual storage charges, administrative fees, wire transfer fees, inbound shipment charges, requested shipment fees, vault-related fees, external audit fees, inspection fees, release from storage fees, and ancillary service fees. All fees are designed to be reasonable and are subject to change based on individual circumstances.
Here's a summarized table of the key fees charged by GoldCore based on the provided information:
Trading Platform
GoldCore offers a user-friendly trading platform that has been handling thousands of transactions each month for over two decades. With over 14,400 clients across 130 countries, GoldCore has established itself as a trusted and reliable provider of gold and silver investment solutions. Their secure storage facilities hold over $130 million in assets, further assuring investors of the safety of their investments. Whether you prefer to purchase gold and silver bullion online or through their knowledgeable experts, GoldCore provides an insured and audited storage facility.
Deposit & Withdrawal
GoldCore provides its clients with convenient payment methods, ensuring flexibility and efficiency in managing precious metal investments. The primary and cost-effective option is bank transfer, allowing clients to transfer funds directly from their bank to GoldCore's segregated client fund bank accounts. This method ensures that client funds are held separately from the company's own funds, emphasizing transparency and security.
The second option for those in a hurry is credit card or debit card payments, enabling the purchase of up to $/£/€ 50,000 (USD, GBP & EUR) worth of precious metals online. To facilitate these transactions, clients need their special Verified by Visa or Mastercard SecureCode passwords. It's important to note that credit card and debit card bank charges are 1.9% and 0.45%, respectively.
Clients have the flexibility to sell their precious metals at any time during regular business hours, Monday to Friday from 0900 to 1700 GMT. After liquidations, funds from the sale are expected to arrive in the client's bank account within three working days, providing a prompt and seamless financial transaction experience.
Here's a summarized table of the payment methods and fees provided by GoldCore:
Customer Support
GoldCore demonstrates a commitment to customer support through various contact channels, providing clients with accessibility and responsiveness. Clients can reach out to GoldCore's customer support through phone and email. The company offers dedicated phone lines for different regions, including the UK, Ireland, and the USA, making it convenient for clients across different time zones to seek assistance. For clients in the UK, there is a specific phone number (+44 203 086 9200), and for those in Ireland, another dedicated number is provided (+353 1 632 5010). Clients in the USA can contact GoldCore using the designated phone number (+1 888 381 8130).
Additionally, there is an email option (support@goldcore.com) for clients who prefer written communication or have inquiries that can be addressed through email correspondence. This multi-channel approach to customer support ensures that clients have options to choose the communication method that best suits their preferences or urgency of their queries.
Educational Resources
GoldCore provides educational resources in the form of a blog, gold price charts, guides, and frequently asked questions (FAQ). These resources are designed to empower clients and individuals with information about precious metal investments.
The blog contains articles, updates, and insights related to the gold market, offering valuable analysis and perspectives. Gold price charts are visual tools that may help clients track and understand the historical and current trends in gold prices, aiding in informed decision-making. Guides serve as comprehensive resources, covering various aspects of investing in precious metals, storage options, market trends, and more. Lastly, the frequently asked questions section provides quick answers to common queries, offering a convenient way for clients to access information and address common concerns.
Conclusion
In conclusion, GoldCore presents itself as a well-established player in the precious metals investment space, offering a diverse range of account types and access to gold and silver bullion and coins. The provision of educational resources and global customer support adds value to clients seeking information and assistance.
However, the lack of regulatory oversight raises concerns about the company's unregulated status, potentially posing risks for investors. Potential clients are advised to carefully consider these factors and conduct thorough research before engaging in transactions with GoldCore.
FAQs
Q: What types of accounts does GoldCore offer, and how do they cater to different needs？
A: GoldCore provides a variety of account options, including Personal, Joint, Company/Trust, Pension, and GoldSaver accounts.
Q: Is GoldCore regulated, and what measures are in place to ensure the security of client funds？
A: GoldCore operates in an unregulated environment, similar to the nature of bullion dealing.
Q: What educational resources are available for clients looking to enhance their understanding of precious metal investments？
A: GoldCore offers a range of educational resources, including a blog, gold price charts, guides, and a frequently asked questions (FAQ) section.
Q: How can clients contact GoldCore for support, and what is the company's global reach in terms of customer assistance？
A: Clients can reach GoldCore's customer support through phone contacts for the United Kingdom, Ireland, and the USA.
