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Should you work with Kitco?

kitco

Contact Details

Address: 620 Cathcart, Suite 900
Montreal, Quebec
Phone: 514 875-4820
Website: http://www.kitco.com/

Company Background

Kitco is a Canadian bullion dealer that was launched in 1977 by Bart Kitner. At that time, Kitner was a college student and didn’t have any financial background. He borrowed a $700 loan and started to buy scrap metal from jewelers.

He was improving the scrap to resell for a profit to larger companies. It is a very smart move to do especially in 1970s.

God loves him, he could expand his business further than most people’s imagination. By the late 90s, Kitco started to offer various precious metal investment options. Then the company earned a decent reputation across the world.

Kitco headquarters are located in Montreal, New York, and Hong Kong. The company is also engaged in processing precious metals as well as doing mineral analysis.

Kitco Metals buys and sells investment grade physical precious metals. The company has completed thousands of transactions shipping millions of ounces of precious metals to its customers around the world.

Available​​ Products

  • ​Bullion Bars
  • ​Bullion Coins
  • Numismatic Coins
  • ​Precious metal IRA

News/Market Coverage

The company has a dedicated news division named as Kitco News. The division works pretty much like a content company creates financial news to get featured on reputable channels primarily. In fact, they do it very well. Kitco reporters get media coverage on popular financial media outlets like Reuters, CNN, and Bloomberg quite often.

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

Kitco has a robust online trading platform that offers valuable charts and resources, live prices, exchange rates, reviews, press releases, and news reports. The business primarily targets precious metal investors rather than numismatic coin collectors. That said, they offer investment-grade bullions that are in different sizes.

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.

Simplified Trading

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 IRA fees

Initial Setup FeesDepends on Custodian
Annual Admin FeesDepends on Custodian
Annual Storage Fees$150
Minimum Purchase AmountNot Disclosed
Preferred DepositoryBrink’s Global Services

Company Ratings

Kitco is not accredited by the BBB (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.

Final Verdict

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.

🥇Recommended Investment Company in 2020: Regal Assets

Regal Assets stands out as the best precious metal and cryptocurrency investment company in 2020. The business is multiple times featured by Forbes, SmartMoney, and many other reputable publishers in the field. Either you want to buy gold with cash or rollover your IRA into a gold-backed IRA, Regal Assets is your one-stop-shop.

Here is why you should work with Regal Assets:

FREE first year, FREE set up, 7-day delivery, Flat rate annual fee, Brinks segregated storage, A+ BBB, #20 Inc. 500, 5-star Trustlink.

The company is offering a free Gold investment guide for a limited time, a free edition of Forbes magazines, and a free DVD providing facts about the future of the dollar and US economy.