Last updated on April 3rd, 2021Home / Precious Metals / Investment Company /
Kitco, also known as Kitco Metals Inc., is a Canadian precious metal investment company that was launched in 1977 by Bart Kitner. The company operates out of Toronto, Ontario, Canada, and has offices in Montreal, New York, and Hong Kong.
The company is a major supplier of gold, silver, and other precious metals to the North American market. It also provides live spot prices for these commodities through its website as well accesses news about global markets in general from around the world via their site's blog section.
Address: 620 Cathcart, Suite 900
Phone: 514 875-4820
Kitco is a trusted provider of gold, silver, platinum, and palladium. As an industry leader in precious metals, the company has built strong relationships with suppliers and customers through its dedication to customer service and integrity.
Kitco has a dedicated news division named Kitco News. The division works pretty much like a content company that produces news, analysis, and commentary on the global gold market.
The division has a dedicated team of journalists who produce content for their website as well other media outlets like Business Insider or Bloomberg TV Canada to name just two examples out many that they work with globally.
This is an important point because it means Kitco News can be relied upon by investors in any part around the world at all times when looking up information about precious metals markets from one single source which makes them very valuable indeed!
Kitco reporters usually have a serious market background and cover topics like fundamental and technical analysis. The division also benefits from the expertise and commentary of other analysts.
Kitco Trading Platform
The Kitco trading platform is a great way to trade gold, silver, and other precious metals. The interface of the website has been designed with simplicity in mind so that it can be used by traders at any level.
It offers valuable charts and resources, live prices, exchange rates, reviews, press releases, and news reports.
Gold and Silver in Registered Accounts
Canadians have been able to acquire physical bullion in registered savings accounts such as RRSPs, and TFSAs since 2005. However, gold and silver must follow certain purity and consistency requirements of Revenue Canada to be eligible for this. Also, physical bullions can be held within an authorized storage facility only.
In 2007, Kitco became the first Canadian bullion retailer to provide and service investors precious metals in registered accounts.
Kitco has started to serve physical gold and silver trades in 15 different kinds of registered Canadian accounts, including RRSPs, TFSAs, RESPs, LIFs, and RRIFs, following a partnership with Questrade.
Here is the most surprising fact.
Investors can even fund physical gold or silver into their registered Questrade accounts by sending them to Kitco's Montreal headquarters. However, Questrade accounts are allowed to store only fresh Royal Canadian Mint bullion.
What about older eligible precious metals to hold in those accounts?
Kitco exchanges your older eligible precious metals for a free (USD $75 + $2 / oz) to new products. By doing that you can still fund your Questrade accounts even if you own older precious metal.
In the beginning, Questrade originally worked with Kitco only. Later on, the company expanded its business including a number of other bullion dealers in their client base.
When you're working with other dealers, you will need to allow them to manage your funds under your Questrade account.
However, If you manage your Questrade by yourself, you will streamline the entire process. Because by using Questrade by yourself, you will weed out the middleman in between by working with Kitco directly.
If you use Questrade you want to work with Kitco. Let me tell you why.
Because Questrade's trading desk trades gold and silver bullion primarily with Kitco.
Here is how you can start with.
Create a self-directed account with Questrade. This is a quick process you can do online.
Next, fund your Questrade account either by moving funds from an already registered account or funding directly.
When you want to make a trade you can call Questrade directly. Placing a trade order is only possible between 8:30 am and 3 pm. Therefore, plan ahead your trades and act accordingly.
Are there any fees trading with Questrade?
Yes, Questrade charges a $19.95 commission per trade which is how they make their money. Make sure not to buy during the volatile market times. During these times, trading desks tend to increase the spread between buying and selling prices to mitigate their risks and even increase their profitability.
What about the prices? How do you know if you get a good price to buy/sell your gold and silver?
There's no fixed premium over spot price; when you dial you will get a quote.
Always make your research beforehand. Know at what time of the year, and the hour of the day you take a trade to avoid a large spread that may apply.
Kitco Allocated Storage Program
If you are not sure where to store your metals Kitco can help.
Using Kitco's Allocated Storage Program you safeguard your wealth at the maximum level. The company offers fully segregated storage places that are fully insured. You can also geo-diversify your assets by selecting a combination of vaults located in the US, Canada, Hong Kong, and the Cayman Islands.
VaultChainTM Gold & Silver
Kitco is a pioneer in the precious metal investment industry. It allows investors to store their gold and silver digitally. You can also trade your digital precious metals conveniently using the Kitco's secure trading platform.
Your unallocated precious metal ounces at The Royal Canadian Mint; one of the world's most prestigious mints. Monitor your assets on your private ledger in real time, trade your ounces or take physical delivery anytime you want.
Precious Metal IRAs / RSPs
Retirement accounts need a serious look since they need to be well-diversified. Kitco offers rollovers from a traditional IRA to precious metal IRA. Kitco Metals partners with some of the US and Canada's leading precious metal IRA and RRSP custodians.
Gold App Rated
Kcast Gold Live!+™ offers you direct access to the precious metals, base metals, stock market indices, oil prices, and more live spot prices!
Kitco accepts a variety of payment methods such as Visa, Mastercard, American Express, Discover Card, Money Order, and certified check.
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|
Kitco is not accredited by the Better Business Bureau. In order to get accredited by BBB, Kitco needs to apply to get accredited by this organization.
To do that it should meet the quality standards to show commitment and good faith to solve any consumer complaints. Here are a few required items from the BBB that are requested from the businesses to comply with in order to be an accredited business:
- Build Trust
- Advertise Honestly
- Tell The Truth
- Be Transparent
- Honor Promises
- Be Responsive
- Safeguard Privacy
- Embody Integrity
Kitco has a good Trustpilot review if you want to check.
Kitco is not listed with BCA (Business Consumer Alliance).
By the time I write this review there is no complaints filed at Ripoff Report for Kitco.
Although the business is well recognized for its variety of quality services, certain considerations discourage prospective clients from investing at Kitco.
For example, there are no rare coins offered by the company. That may look like not a big problem. But there is more than that.
There is no real-time online chat function to the customers in order to solve their problems immediately. Imagine you invest thousands of dollars if not millions with a company. However, you find no online correspondence that may help to solve your issue in the immediate future.
Also, the company website doesn't provide much detail regarding the operations of the company. Transparency is very crucial when it comes to a business trying to attract millions of dollars investment. I feel there is lack of that with the company.
It is not even all yet.
Those who are trying to find out the experiences of earlier consumers of Kitco are unlikely to come across any comments from authoritative outlets such as TrustLink. Because the business does not have consumer feedback on this platform.
Overall what counts most is credibility and honesty when it comes to picking the right business for your investments.
While various investment options offered by Kitco, the essence comes down to the efficiency and reliability of the business in delivering the finest investment services. However, I couldn't see enough proof of earlier investors had a solid experience with this company.
Diversify & Grow Your IRA with Metals and Cryptos