Kitco Review

Since it was founded in 1977, Kitco has been buying and selling physical precious metals, establishing itself as one of the most reliable names in the bullion industry in the process. Kitco Metals, the online bullion dealer of Kitco, was one of the world’s first bullion dealers to sell and buy physical bullion products over the internet. This made Kitco Metals a pioneer in the bullion industry. Kitco Metals has, up until this point, delivered millions of ounces of gold and silver bullion bars and coins at competitive prices directly to the doors of customers or to their fully insured non-bank storage accounts.

A large international bullion dealer that was established in 1977, Kitco serves as a source of gold news, gold prices, and expert commentary on the gold market. Additionally, Kitco is a trusted place to purchase gold bars, silver coins, and other precious metals in a variety of formats. Investors in gold and silver are aware of the value of Kitco’s live charts for the prices of gold, silver, and other precious metals and commodities, both currently and historically. Do you want to know how much an ounce of gold cost the day before yesterday or the week before last? Kitco, being a bullion dealer, displays the current price of gold, as well as multiple charts displaying the price of precious metals over the course of time.

Investors might not be aware that Kitco gives you the option to find gold coins for sale online, in addition to silver bars for sale and other precious metals for sale via our user-friendly and protected website. Kitco will also buy gold and silver from its customers, and it will do so at prices that are competitive both in the gold and silver markets. When you sell gold coins, silver bars, or other precious metals to Kitco, you will receive a competitive price.

Kitco is more of an all-encompassing resource for those who are exploring gold and silver investing than it is a retailer of metals, so the company tends to direct its efforts away from selling metals. Users will be able to take part in active forums, read breaking news stories, look at charts and other data pertaining to these two metals, and participate in other activities. For those who are interested in contrasting the performance of gold with that of global fiat money, this website also provides a list of the current exchange rates for the world’s most widely used currencies.

In this review of Kitco, we look at the company, its offerings, what we liked, what we didn’t like, and whether or not we would use Kitco to make an investment in gold or a gold-backed individual retirement account (IRA).

Who is Kitco?

Kitco is an investment and exchange service based in Canada that specialises in precious metals. The company offers essential information regarding current metal quotes, charts, reports, and data that can serve as a guide for any potential investor.

In addition to this, they make it possible for individuals to choose which products they want to buy and then buy bullion from among those options. Using their web service, investors can also sell precious metals at a rate that is competitive with the market.

In the latter part of the 1970s, Bart Kitner, who was a college student at the time, began to trade scrap gold using a loan of $700 he had received. This was the beginning of this business.

He was very successful with this endeavour, and as a result, he was able to investigate our available investment opportunities, such as the numerous industrial regions located throughout the nation.

In the late 1990s, he initiated a business dealing in the purchase and resale of various precious metal products. By 1995, Kitco.com had been established as a website that offered investors access to market information such as news, trends, and prices.

At the moment, the company provides its services to customers not only in Montreal but also in other cities, such as New York and Hong Kong.

What kind of products does Kitco sell?

Kitco Metals is well-known for providing live quotes, the most recent market information and news, as well as online charts that investors can use as a reference point. They offer a wide variety of metal products, such as silver, gold, platinum, rhodium, and palladium. Their selection is extensive.

Additionally, coins, bars, and bullion are all available for purchase from Kitco. In point of fact, the company is well-known for the extensive line of high-quality gold coins and gold bullion bars that it carries in its inventory. In addition to that, it is a well-known reseller of GoldMoney.

It is also important to note that Kitco has a line of Signature Products that is composed of fine silver and gold that has a purity level of.9999. These precious metals are considered some of the best in the business, and only the most skilled fabricators are used in the manufacturing, crafting, and minting of these products.

Kitco presents the Pool Accounts as one of its available investment vehicles to potential customers who are interested in making an investment in this business. It is a savings account that is based on precious metals, and account holders have the ability to obtain physical bullion in the form of any kind of bar or coin that Kitco carries.

Additionally, customers are provided with a separate storage format that is unallocated within the company’s pool of precious metals. In addition to these services, the company offers safe storage, accounts for individual retirement accounts (IRA), a buy-back programme, and gold and silver as part of its Signature Products.

Kitco’s Strong Points and Weaknesses

The majority of Kitco’s customers place a high value on the following features and benefits of the company:

  1. User-Friendly Website

Because Kitco’s website is straightforward and simple to navigate, purchasing products from the company is a simpler process for investors. On the website where you can make a purchase, the most recent price that bullion is being asked for is displayed.

You will be able to make a more informed choice as a result of this because you will have access to the most recent prices for the item that you are considering buying.

When it comes to investing, there are also helpful categories that are located at the top part of the webpage. These categories include charts, metal quote data, and news. When you use their web service to buy a type of metal, you will not have any trouble finding information that will be of assistance to you in making additional decisions.

  1. Reliable Price List

The fact that Kitco’s website contains a reliable and accurate list of prices is another facet of the company that appeals to the majority of customers. They value the fact that the rates that are displayed are the actual prices that individuals are required to pay. This is a significant aspect because it enables investors to be aware of the precise sum that will be charged to them once an order has been placed.

  1. Offering Competent Assistance to Clients

It is essential to emphasize that the company offers its customers a level of customer service that is conducted in a professional manner. Kitco provides investors with the opportunity to speak with a representative over the phone who is able to assist them with any concerns they may have regarding their investments, or simply when they need to present their inquiries prior to purchasing a product from the company. This service is available through Kitco’s phone support service.

Things That Do Not Make Kitco Appealing

Kitco is probably a name that rings a bell for the vast majority of people who deal in precious metals. The Canadian company known as Kitco is in the business of buying and selling precious metals such as gold, silver, platinum, and palladium. They are even involved in the Rhodium business. The headquarters of Kitco can be found in Montreal, Quebec, and the company also has locations in New York and Hong Kong. Kitco is not only in the business of buying and selling metals, but it also operates a large news operation, provides resources for jewelers, hosts discussion forums, and even develops mobile apps.

In the 1970s, Bart Kitner established Kitco as a trading company. At the time, Kitner was a college student who was interested in putting his business savvy to the test. Kitner started the business with just a $700 loan because he did not have any other sources of funding and he was self-funded. He got his start in the metals industry by purchasing scrap metal from jewelers all over eastern Canada.

This was the beginning of his career. Kitner would take the scrap metal, refine it, and then resell it to larger companies after the process was complete. Kitner expanded into a variety of new fields as his business continued to flourish. By the time the 1990s came to a close, Kitco had expanded its operations to include precious metals.

Even though Kitco is well-known for a number of impressive features, prospective investors should give careful consideration to a number of factors before making a financial commitment, including the following:

  1. Not appropriate for use by Numismatic Collectors

It’s possible that the company will allow you to explore and expand your bullion collection, but it’s also possible that it won’t satisfy the requirements of numismatic collectors. Kitco does not provide any coin supplies or rare coins, in contrast to the practices of other businesses in the industry.

  1. An Absence of Feedback from Customers

There appears to be a dearth of information regarding this facet of the business when you conduct research online to learn more about the company’s existing customers. In addition, neither the Business Consumer Alliance nor TrustLink contain any ratings or reviews of Kitco Metals in their databases.

This is cause for some concern because if the company has a sizable number of clients, then there ought to be a good number of glowing testimonials about the services they provide.

  1. The lack of live support available online

Even though the company has a helpful team of customer service representatives, it would be preferable for investors to be able to speak with Kitco’s personnel via real-time online live chat in order to receive assistance with their inquiries.

This will help things move along more quickly when immediate assistance is required, but unfortunately, it appears that Kitco does not have this kind of customer service available to them.

Kitco.com as well as Kitco’s Market Coverage and News

Kitco.com was first made available to the public in the year 1995. This website is the most important source of information, news, and reporting on the precious metals market in the entire world.

Daily, thousands of people rely on the data and charts that are produced by Kitco regarding the spot price of gold. In addition, there is a wealth of market commentary available on the website, all of which is kept current with frequent updates throughout the trading day.

Kitco’s “Kitco News” department is entirely devoted to covering the latest happenings in the metals industry. This division of the company is responsible for producing original content, which can be found in the form of print articles and videos. The company provides analysis and information not only on precious metals but also on base metals.

Kitco’s reporters and analysts are frequently featured on a wide variety of media outlets such as CNN, Reuters, Bloomberg, Market watch, BNN, The Wall Street Journal, The New York Times, and many more. This is largely due to the company’s stellar reputation within the industry.

The scope of Kitco’s news and market coverage is impressively broad. Not only do the reporters and analysts at Kitco cover market developments and fundamentals, but they also provide commentary and coverage on topics like technical analysis, commitment of traders reports, and other related topics.

Kitco News not only makes use of the market expertise and commentary of its own journalists and analysts, but it also makes use of the market expertise and commentary of other industry professionals.

These professionals may include, but are not limited to, futures brokers, bank analysts, scrap dealers, and metals brokers. Readers have access to a variety of perspectives thanks to Kitco’s extensive commentary and coverage that covers a wide range of topics.

It should come as no surprise that Kitco has such a strong brand recognition given the breadth and depth of information that the company provides regarding the metals markets. In point of fact, it is said that one million people visit their website Kitco.com each and every single day.

Additionally well-known is Kitco’s reporting on the prices of various metals. A significant number of people consult Kitco in order to ascertain the most recent spot prices for gold and silver, in addition to the most recent gold lease rates and the London gold fix. In addition to publishing information on stocks and other markets, the website also publishes a number of different exchange rates. Users of Kitco have access to a wide variety of charts, some of which span shorter time frames than others, including intra-day, daily, weekly, monthly, and even longer time frames.

Not only are there charts available for gold and other precious metals, but there are also charts available for other metals, including rhodium, palladium, and platinum. People who are interested in buying or selling bullion frequently use the website Kitco in order to attempt to determine prices that are appropriate. For instance, a person who is interested in selling gold on Craigslist or eBay might use the price reporting provided by Kitco to determine the selling price for their item (s).

All Market Updates are presented as the result of the analysis conducted by a third party; they do not necessarily reflect the explicit views of JM Bullion Inc. and should not be construed as financial advice.

USER REVIEWS

Alex

Wired money name on the passport matching account name and bank account name, kitco disabled my account two weeks after than start asking all sort of questions, I provide everything they ask no problem… then Kitco takes four days to tell me they are closing my account and cancelling all my transactions without any reason as they claim that is how they fell… and that I will get my money that they kept for five to six weeks and making interest… and that I will get my money that they kept for five to six weeks and making interest… and that I

Mustafa

I used my debit card to make the purchase, but after five days, they reversed the transaction for no apparent reason. Two days later, they deducted $50 from my debit card without first obtaining my permission. I reported an unauthorized charge to my bank, and as a result, they deducted fifty dollars from my account. What a wonderful large company, and what excellent service they provide to their customers by giving away nasty things for $50.

Mike Hellman

It is possible that Kitco is a dishonest or incompetent company. In either case, you should steer clear of it. March was the month that I placed my order for silver and paid for it. Products still haven’t been delivered. Kitco has been giving me the run around, including outright lies, telling me that I can pick up the package at Fed X when in reality they have been giving me the run around ( I went there in person and no package). Since the price of silver has increased since I placed my order, Kitco has less of an incentive to make sure that I receive the product that I paid for and ordered. Complete scumbags who couldn’t give a toss about the satisfaction of their clients. If you or someone you know has had an experience like this, you should file a complaint with the Federal Trade Commission and any other regulatory authorities that are relevant.

Steve

Kitco, which offered a mere $20 fee per coin, as opposed to the $50-$200 I was quoted elsewhere, was the service I found after searching locally and online for a low-fee service to buy my two $50 maple leafs. Kitco was the only service I found that offered such a low fee. After exchanging a few e-mails with Kitco, which were all replied to within a few hours or the very next business day, I was assured that the process would not cost a cent more, and that I would get a check (there are other ways to receive funds) within ten business days at the latest (although there are other ways to receive funds). I was able to track the well-protected, plain envelope (postmarked at the post office), through the next 8 business days, through which it travelled, which was oddly long, considering that the address was a post office just 30 miles away, but, though, after spending just over $20 on registered/insured mail (don’t bother with the USPS “e-mail delivery notice option; the registered tracking number gives you free tracking, and tells you when it was delivered; save the $2.00! Two business days after that, I received an e-mail from Kitco saying that they had received it, that the check would be sent within the next 24 hours, and that I could expect to receive it within the next 10 business days. It arrived in my hands four days later (it had been sent from an out-of-state address, but, written on an in-state bank; go figure! ), and it was precisely what I anticipated; there were no additional fees, taxes, or other charges of any kind. They come highly recommended from me to anyone who is considering the sale of their gold bullion: Avoid the stress that comes along with paying WAY too much at jewelers, pawn shops, metal recyclers, and other similar establishments!

Puna

Frequently, I place my orders with Kitco. Yes, I pay with a check, and the transaction takes several weeks to complete, but once the payment clears, the item is delivered within three days (Hawaii). I have bought about 80% of my coins from them, and there was one time when I had a problem with one of the gold eagles that they had sent me. It had a deep gash near the edge, but on the coin face, and they were willing to accept the return on their dime despite the damage. Aside from that, they will call me and attempt to convince me to make payment via bank wire transfer; however, I will not do so, despite the fact that they offer to pay the $15 fee.

Alex

Even after factoring in the cost of shipping, the prices are reasonable, and the sales representatives are very helpful. They have some pretty cool items that I haven’t seen anywhere else, which is a plus, so that’s something else that they have going for them. After I had sent in the funds, the shipment arrived by UPS three days later. However, I was required to send a wire, and the fee that the bank assessed me was $15. Because the sum was insignificant in relation to the quantity that I was purchasing, I didn’t mind paying it. Because it takes some time for them to process checks, I didn’t want to hold off on getting my items.

Amr Attiya

1)Prices that are significantly higher than those offered by most markets or banks

The price of one ounce of gold ranged between $1660 and $1720 CAD, and it was approximately $1880 CAD at Kitco.

Why should you even consider purchasing something from them in the first place?

2) Take special care with their website, as it can be challenging.

Do not follow or click the links that say “Shop now” or “Buy now,” as this may sometimes lead you to sell instead of buy, and in order to cancel this sales order, you will be required to buy cancellation fees due to their zero tolerance policy.

There is no such thing as “This was my first time” or “Your website persuaded me to sell rather than buy.”

You will be required to pay the cancellation fees regardless. I am hopeful that my contribution of fifty dollars will contribute to Kitco becoming a good place.

Kevin

Kitco was the retailer from which I acquired a 2015 Canada 1 oz Gold Maple Leaf BU. Never before have I purchased a coin from a dealer that was advertised as brilliant uncirculated only to receive one that was covered in so many scratches. Never, ever again.

David

During the past two years, I have used Kitco for a number of transactions, including purchases of gold and platinum coins, as well as one transaction in which I sold gold coins. Once, I had sent in a personal check in advance, and I waited until it cleared before placing my order. The majority of the time, I paid with a bank wire (from the US), and I had absolutely no problems doing so.

My favorite thing about Kitco is that the price that is displayed on their website is the same price that you pay when you make a purchase there. My first purchase was made with a different company that advertised a lower price per coin on their website; however, when I called to place my order, they added a charge that was not associated with Atlas, and then they added a sales commission on top of that! At Kitco, on the other hand, the pricing was straightforward: $ per coin, plus shipping and insurance (if necessary), and all of these costs were itemized and presented to you before you made a purchase commitment. Will keep working through these issues with them.

David

I placed an order for an American Eagle Monster Box that is SAFELY SEALED. It was obvious that the box had been opened, resealed, or otherwise tampered with when I received the package from Kitco because the straps on the box were very loose. When the box was opened, there was no ticker sheet from the United States Mint, which is normally included in each box. Instantaneously, I sent a message to Kitco in which I requested nothing more than a swap. After a number of phone calls and some back-and-forth arguing, they finally agreed to exchange the box without charging me any additional money to do so. Initially, they informed me that the cost of shipping would be on my end. I didn’t waste any time and used the shipping label that they provided to get the box on its way. After that, they sent me a new box that had the same loose straps as the previous one. I called them once more today to inform them that they had essentially sent me back the same box that they had originally sent to me. They explained that there was nothing else that they could do and that it was out of their hands. When I asked them what the purpose of the transaction was, they responded by saying that it was “to satisfy the customer.” I have not yet reached a point of contentment, so tomorrow I will be contacting the office of the Attorney General.

Dan

Ordered several times. The first time was in the summer of 2013, and the most recent time was in April of 2014. Never had a problem. I’m going to guess that all of the problems that were read about were associated with purchases made outside of Canada, but Kitco is fine for domestic orders. They use UPS for their shipping and are based in Montreal. Never have a problem. We called with some questions, and the customer support we received was helpful. It would be great if we could add them to our checking account and send money that way, just like we do with visa and MasterCard. Currently, they only accept bank wires and checks, but it would be great if we could add them to our checking account. It takes an interminable amount of time to send Cheque through the mail and then wait for them to clear. Bank wire worked good.

Joseph

I have been working with them for a while, and it has been a pleasure all the way through. Their pool accounts are fantastic in my opinion. They are extremely knowledgeable and have a wonderful personality. There are no problems with the transmission of the wires that I send. Based on the other reviews, I did some research regarding intermediary bank fees. I discovered that almost all banks charge these fees when conducting international wire transfers because they are required to use an intermediary bank. Kitco is not responsible for these fees. They do have an account in the United States; the only issue is with Bank of America. They are unable to complete a domestic wires transaction online if the company’s address is located outside the United States, despite the fact that the bank itself is located in the United States (although you are still able to complete a domestic wire transaction at their branch). Please don’t let ignorant or emotional reviews bring you down!

Krisal

Disaster!! After I had placed my order and was in the process of paying for it, I realized that domestic wire transfers to Kitco are not possible!!!

I contacted their customer service department. They proposed the establishment of an international wire. After they had received the payment, I received an update informing me that they had not received the payment in its entirety and that additional funds were required from me!!

Both on my end and on their end, I was required to pay an international wire fee!! A total loss !!!

It would appear that they are using some intermediate bank in order to route the bank wires, and as a result, they are charging us a fee that is double the normal amount!!! After all of this mayhem, they act as if Kitco is doing a huge favor to the entire world by allowing us to make purchases from them, as if it were some kind of altruistic gesture.

They tell us that they have an office in the United States, but it turns out that the office is actually in Canada!!

Even though they have some kind of serious issues with bank wires, they continue to act as if our banks do not know how to wire money.

They run their entire company on international wire transfers between countries, but they act as if they are completely unaware of the fundamentals involved in the process, such as the fact that a minimum wire fee applies to every wire on their end as well; they should be ready to handle that instead of shoving it in the faces of their customers. They ought to have some level of common sense to tell them that it is not right to make one party pay all of the charges for wiring on both ends when the other party is the one with problems on their end of the connection.

They need to employ some common sense and negotiate terms with the banks concerning their wires in order to ensure that their customers will not suffer a financial loss as a result of their choice to do business with them.

After all of this nonsense, they seem to think that they are doing the world a great service by acting and talking as if they are saving a lot of time and money.

Idiots on the cheap!!

Stay at home and play video games if you don’t know how to run a business!!!! Do not behave like street dogs by berating your customers about your inability to meet their needs. Or mention in advance on your website what customers should be prepared to deal with in the event that it arises. Keep some degree of clarity.

Be conscious of the fact that it serves the interests of both of the parties involved. Not only consumers who come with the intention of making a purchase. Do not act as if you are performing some kind of social service or charity on my head after raking in a significant amount of money through the use of your underhanded strategies.

Unacceptable and unprofessional conduct Idiots who are dishonest, cunning, and cheap.

Caius

After making a purchase from Kitco and paying for it with 619 euros from my bank, Kitco informed me that they only received 594 euros and that I need to pay an additional sum. After that, I attempted to withdraw, but the process was the same and I received even less money.

If you are from Romania, you should avoid working with them because they will use an intermediary bank and charge you twice the amount.

Do not collaborate with them unless you are interested in experiencing financial hardship!!!

Review of Kitco: Conclusions and Recommendations

Despite the fact that the company may be well-known for providing a number of exceptional services, there are a few things that may discourage prospective customers from investing with Kitco.

For instance, there are no rare coins offered for purchase, there is no real-time online chat service, and there is an insufficient quantity of information regarding the workings of the company.

In addition, individuals who are interested in learning more about the experiences of other customers with Kitco are not likely to discover any reviews from authoritative sources such as TrustLink because the company does not have any customer ratings posted on this website.

Reputation and openness to information are the two most important factors to consider when selecting the most suitable business to handle your investments.

Even though there may be a large number of products available, the success of the business hinges on its dependability and consistency in delivering the highest quality service that satisfies the requirements of its existing clients.

If a very high proportion of customers are content with the services provided by the company, then it is reasonable to assume that you will also be able to achieve the same level of self-assurance and contentment.

 

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