620 Cathcart, Suite 900
Montreal, Quebec H3B 1M1
In this Kitco review, we take a look at the business, its offerings, what we liked, what we did not like and whether we would or would not use it to invest in gold or a gold-backed IRA.
#1 Ranked in 2023
- Fees Waived with Minimum IRA
- Get 10% Back in FREE Silver
Who is Kitco?
A Canada-based precious metal investment and exchange service, Kitco provides essential information about current metal quotes, charts, reports and data that will guide any potential investor.
Moreover, they give individuals an opportunity to purchase bullion from a wide array of products offered. Investors can also sell precious metals using their web service at a competitive rate.
This business all started in the latter part of 1970s, when Bart Kitner, who was then a college student, began to trade scrap gold with his loan worth $700.
He gained much success from this endeavor, and that enabled him to explore into our investment opportunities such as various industrial areas in the country.
During the late 1990s, he started getting into buying and selling precious metal products. By 1995, Kitco.com was founded, and this provided market information to investors including news, trends and prices.
At present, the company does not only serve Montreal, but also other cities such as Hong Kong and New York.
What Does Kitco Offer?
Kitco Metals is renowned for its live quotes, up-to-date market information and news as well as online charts that serve as a guide for investors.
They have a vast selection of metal product offerings available including silver, gold, platinum, rhodium and palladium.
Kitco also offers coins, bars and bullions for sale. In fact, the company is popular for its extensive line of high quality gold coins and gold bullion bars. It is also a recognized reseller of GoldMoney.
It is also worth noting that Kitco has its line of Signature Products that are .9999 pure gold and fine silver. These precious metals are among the finest in the industry, and exclusive fabricators create, craft and mint these products.
For those who are planning to invest in this company, Kitco offers the Pool Accounts as one of its investment options. It is a deposit account based on precious metals, and holders can obtain physical bullion through any kind of bar or coin carried by Kitco.
Clients are also given a distinct and unallocated storage format in the company’s pool of precious metals.
Aside from these services, the company provides secured storage, IRA accounts, a buy-back program and gold and silver from its Signature Products.
Things To Like About Kitco
The following are among the key features that most clients appreciate about Kitco:
1. User-Friendly Website
Investors experience an easier time buying products from Kitco because of its website that is easy to navigate. The web page where you can buy products features the recent asking price for bullion.
This helps you make a better decision as you obtain up-to-the-minute rates of the product you are planning to purchase.
There are also helpful categories at the top part of the webpage that guide you when investing including charts, metal quotes and news. You will not find any shortage of information that can help you decide further when buying a type of metal using their web service.
2. Reliable Price List
Another aspect about Kitco that satisfies most individuals is the reliable and accurate list of prices on their site. They appreciate how the rates presented are the actual prices that people need to pay, and this is a major factor since it allows investors to know exactly the amount they are charged upon placing an order.
3. Professional Customer Service
It is important to note that the company provides a professional level of customer service to their clients. Kitco has a phone support service which allows investors to speak with a representative who can help them with any concerns they might have regarding their investments, or simply when they need to present their inquiries before purchasing a product from the company.
Things NOT To Like About Kitco
While Kitco is noted for a number of impressive features, there are certain aspects to think about before making an investment including the following:
1. Unsuitable for Numismatic Collectors
The company may give you a chance to explore and expand on your bullion collection, yet it may not meet the needs of numismatic collectors. Kitco does not offer any coin supplies or rare coins which other companies in the industry provide.
2. Lack of Client Reviews
As you browse online for information about the company’s present clients, there appears to be a lack of information on this aspect. What’s more, there are no Kitco Metals reviews or rankings at Business Consumer Alliance and TrustLink.
This can be rather alarming since if the company has a large base of customers, there should at least be numerous positive reviews about them.
3. Absence of Live Online Support
Although the company has a responsive team of customer service representatives, it would be better if investors can speak with Kitco’s personnel for assistance via real-time online live chat.
This will speed things up when immediate assistance is necessary, but unfortunately, Kitco does not seem to have this type of customer service.
Kitco – IRA Fees
|Initial Setup Fees||Depends on Custodian|
|Annual Admin Fees||Depends on Custodian|
|Annual Storage Fees||$150|
|Minimum Purchase Amount||Not Disclosed|
|Preferred Depository||Brink’s Global Services|
Rankings, Complaints and Customer Reviews
Better Business Bureau (BBB)
The company is not BBB-accredited, although the BBB has given the New York office of Kitco an A+ rating. On the other hand, the Montreal office is not listed on the BBB official website in Canada (read more).
Business Consumer Alliance (BCA)
Kitco is not listed with the Business Consumer Alliance.
There are no customer reviews or ratings for Kitco at TrustLink. Considering how the company has been in operation for quite a number of years, it is rather strange that there are no ratings or feedback about it at the TrustLink website.
As of now there have not been any complaints logged at Ripoff Report for Kitco.
Kitco Review – Final Thoughts
While the company may be known for a number of outstanding services, certain factors can prevent potential clients from investing at Kitco.
For instance, there are no rare coins available, real-time online chat is not offered, and there is an insufficient amount of details about the company operations.
Furthermore, those who are looking to find out more about other clients’ experience with Kitco are not likely to come across any reviews from authority sources such as TrustLink since the company has no customer ratings at this site.
Overall what matters most when it comes to choosing the best company for your investments is reputation and transparency.
Although there may be numerous products offered, it all boils down in the company’s reliability and consistency in providing the finest service that meets the demands of its existing customers.
So, if a huge percentage of clients are pleased with what the company is offering then you should be able to obtain the same level of confidence and satisfaction as well.
- Fees Waived with Minimum IRA
- Get 10% Back in FREE Silver
- Editor Rating
- Rated 2 stars
- Reviewed by:
- Published on:
- Last modified:
I’ve been a financial retirement planner for over 30 years and have been investing in gold, silver and other alternative investments since 2008. When I’m not spending time with my wife and 3 beautiful children, I am learning more about new emerging technologies such as the blockchain.
Andrew Wambsganss says
Kitco just ripped me off to the tune of $1500. I would not recommend doing business with them.
RUSSELL WILLIAM (Bill) PURDY says
I would need a lot more detail before deciding if I take your complaint seriously. Since the $1500 you mention is almost the EXACT price of a one ounce gold coin, I would guess that that’s what is involved. Tell us more, please.
Kitco Metals Inc. says
Hello Mr. Wambsganss,
Thank you for providing feedback regarding your experience with Kitco. We do apologize for the pricing discrepancy. As you can imagine, we try our best to price the bullion that customers want to sell to us, but without actually seeing and testing the products, it can be quite difficult to guarantee an exact price. Upon receiving your metals, we realized that some of the items we received were not as indicated in the transaction you placed with us. Because of this, we had to adjust the price based on the value of the item we actually received. Rest assured, the market price was locked in when you placed your sale transaction, so the price of the items in question was not affected by market fluctuations.
If you wish to sell other items in the future, feel free to send us pictures of the front and back, prior to placing your sale transaction, so we can more accurately provide you with a price.
Gordon N Lefort says
If Kitco spent less time answering these reviews and more time correcting the issues – then they might not have these issues.
Kevin Zych says
Quite possibly the worst company I have ever dealt with. This opinion is based on several experiences I’ve had with Kitco, which I will list below.
My first experience is based on their policy and how they are relayed by their customer service. I purchased an ounce of gold with this intention of selling it the next week. Based on their contract, which you essentially mutually agree to when placing on order, “Your payment will be charged to the credit card provided within 24 to 48 business hours…Your purchase will be shipped within 24 to 48 business hours after clearance of funds, at which point an email containing a tracking number will be sent.” They had NO Problem charging my credit card but failed to send me my package after a week. I called to complain and waited an hour on the phone. I was told they would look into it. I stated that this was not what I agreed to when purchasing the product, as I was intending to sell it within a week, and would like to cancel. They said that was fine but the would charge me an administration fee. After stating my case that they violated their policies and the contract between us, I argued I shouldn’t be charged the fee. They responded with “There’s a 100% chance that the fee won’t be waived”. I asked to speak to a manager and waited another hour. The manager relayed the same information. The package took another week to arrive and I’m lost $250 because of it.
My second experience comes from purchasing Rhodium on their Kitco Pool account. They say that you are able to convert your purchases to physical products at any time. I tried to do so but was told that I would have to pay taxes on top of the taxes I already paid for the Ounce of Rhodium because they have to sell the pool account then buy it again! Ridiculous. I had to argue for quite a while and a week later they eventually relented on this. Then when I was ready to sell my Rhodium they said you had to be put on a waiting list and would hear back from a trader the next week. When I didn’t hear back from them after a week, I gave them a call and was told the person I spoke to was mistaken. They said , wouldn’t you know it (surprise, surprise), they currently aren’t buying it back because of “market volatility”. Buy they have no problem still selling it! They said it could take up to a month or longer and that I should have received an e-mail about this. I never received an e-mail of any kind from them. It’s been two months now and have never heard back from them.
No sure how they have such great reviews and are part of the Better Business Bureau (BBB). Thanks for nothing KITCO!
Mike Hellman says
Kitco – Total Sleazebags. Ordered silver In March for my son’s birthday and they still haven’t delivered. Silver has gone up since I ordered and paid, so they have no incentive to honor the order. If you’ve had a similar experience, let the FTC and other regulatory agencies know. Companies like this need to be held accountable.
Gordon N Lefort says
Kitco is the worst seller of precious metals I have used. It takes forever to take possession, their systems to display your account balances are illogical and fairly useless, their customer service people are mostly arrogant. GO ELSEWHERE!
I have used Kitco several times over the past 10+ years. I had an issue recently with an order. I placed two orders for silver coins and only one showed up. UPS dropped the ball and it took a while to sort out. Once Kitco customer service became involved, everything was fixed quickly. I will use them again without question.
Thank you for your review. I was just going to place a an order for Silver Bars..I’m glad I did not.
I just made my fourth purchase with Kitco and so far I have no complaints. I hope I can say the same ten years from now.
Bruce Harshbarger says
A total fiasco! I sold silver to Kitco. A service was supposed to pick up my package and send it – they never came. Kitco was supposed to take four days to process my check after receiving the silver – they took 43. I described some of the commemorative bars by their weight, mint, name of series, and date of issue – Kitco deducted $400 from my payment because the bars “weren’t what they were expecting.” Eleven days ago they told me the check was in the mail – it’s not arrived. Two Kitco reps told me they’d research my transaction and get back to me the same day – neither did. At this point I have no reason to believe that my payment will ever arrive.