My Last Update to this Article was on: October 11th, 2018
A Word Of Advice
Don’t fall for pushy salespeople that will utilize the “Bait & Switch” and will charge you a premium for “rare” gold coins…unless you are looking to lose half of your investment.
Before you read my review of Kitco, click here to see why I decided to work with this other company instead.
Kitco Metals, Inc., otherwise known as simply “Kitco,” is a precious metals retailer and bullion dealer that supplies refining services and mill products to the jewelry manufacturing industry. The firm maintains offices in Montreal, Hong Kong, Shanghai, and New York.
Kitco was allegedly founded in the 1970s, but its operation did not really explode into full fruition until the 1990s, and after launching their presence on the Web. Kitco is now one of the to-go websites to find information about precious metals, including live spot prices, up to minute news, and its very diverse marketplace.
My Personal Opinion About Kitco
Other than its A+ ranking with the Better Business Bureau, there does not to seem to be much additional ranking information about Kitco. There have also been no client reviews (good or bad) filed with any of the major ranking entities, which seems a little strange for a large financial company that has been in operation for over 30 years.
I Liked These Things
– Perfect score with the Better Business Bureau
– Long standing and reputation – Founded in the 1970s
– Wide menu of product choices
– One of the only companies to offer Rhodium
– Their own Kitco Signature gold and silver products (highly refined and high level of purity)
– No minimum purchase
I Did Not Like These Things
– Not ranked by TrustLink
– Not listed with the Business Consumer Alliance
– Lack of testimonials from clients or additional information we could use to better evaluate this company
– Buy Back Program is at around 1.5 below the spot price (other companies offer more competitive rates)
– Does not accept credit card payments
– No real time customer support
Reviews, Ratings, Complaints, and Scams
Better Business Bureau
Kitco does not currently have Better Business Bureau accreditation. This fact alone does not necessarily carry any negative connotations about a company. Obtaining BBB accreditation is a voluntary process that businesses are not obligated to pursue.
Despite the lack of such accreditation, Kitco’s New York office has a BBB rating of “A+.”
The official Canadian BBB website has no listing for Kitco’s Montreal office.
The New York BBB site reflects six closed complaints against Kitco during the last 3 years.
Business Consumer Alliance
Kitco is not listed with the Business Consumer Alliance.
Kitco was founded in the 1970′s by Bart Kitner, who was then in college. The company slowly developed until it came of age in the 1990′s after launching its website.
Today, Kitco is best known for its famous online charts and live quotes and up to the minute market news and information.
Kitco has alliances with important industry players, like the Royal Canadian Mint, which is owned by the Canadian Government.
In 2011, Kitco of Montreal was under official Revenue Quebec investigation for having allegedly participated in a gold refining tax fraud that involved over 100 companies. Kitco officials vehemently denied any wrongdoing and this incident appears to be the only major stain on the firm’s otherwise sterling business reputation.
Kitco has a fantastic variety of product offerings, including gold, silver, palladium, platinum, and rhodium, including bullions, bars, and coins. The company is also very well known for its full product line of high caliber gold bullion bars and gold coins.
In fact, Kitco carries its own line of Kitco Signature products, which bear the Kitco hallmark of trust and are .9999 fine silver and pure gold. These products are the purest and finest available today in the industry, and are minted, crafted, and created by unique and exclusive fabricators.
Additionally, Kitco sells GoldMoney and is the sole authorized GoldMoney reseller.
Kitco’s Pool Accounts
Pool Accounts is one of the type of investments that Kitco offers. As its name implies a Pool Account is essentially a precious metals based deposit account with an “unallocated” storage format.
Pool Account holders do not own any specific coins or bars. Instead, the client holds a title to a distinct undivided interest in a pool of Kitco-held precious metals.
Pool Account holders are entitled to get physical bullion via any kind of coin or bar that Kitco ordinarily carries by paying pre-specified fabrication fees that are often quite costly. Kitco’s Pool Accounts are comparable to those of other gold vendors like Monex and Perth Mint, among others.
Buy Back Program
Kitco will buy back clients’ gold and silver holdings, including jewelry. Prices vary and are based on silver and gold spot prices at the time of purchase. Kitco’s buy back prices typically hover around 1.5 below the spot price.
Why I Did Not Choose Kitco
Overall, Kitco appears to be a trustworthy and dependable business. The company is very well established and and well known with investors, mainly due to its website’s live spot prices and wealth of information.
Kitco offers IRA accounts, Pool accounts, secured storage, a wide array of products, hyper refined and pure gold and silver products from its Signature brand, and a buy back program. The lack of a minimum purchase amount seems to be this precious metals retailer’s primary attribute. A concurrent absence of real-time customer support via live online chat appears to be its main drawback.
There is not much information about Kitco from existing clients. There have been no reviews or rankings filed with TrustLink, and the company is not listed with the Business Consumer Alliance. This could be either a good or a bad sign, but it is a bit strange that a company of this scope does not have raving reviews from its large base of existing clients.
What Company Did I Choose?
For the reasons above, I decided to not choose Kitco.
Instead, I decided to work with this other company.
I wrote 3 pages on all the reasons on why I decided to choose this other particular company.
In a nutshell:
They specialize in gold IRAs, they have a non-pushy sales staff, the lowest fees, the fastest processing and shipping times, segregated storage (this is a big reason), and the best (and also the most) consumer reviews.
If you would like to talk to me, I’ll be glad to help out in anyway I can. You can email me directly to [email protected] and I’ll answer personally.