The last few years, many precious metals companies have been excelling because the market is hot. The economy is experiencing massive turbulence, so people recognize the value of currently investing in silver and gold. And online shopping and purchasing precious metals online has simplified the buying process overall.
Have you ever heard of the company Goldworth Financial? This company deals in precious metals – at least they did in the past – and they used to sell their customers silver and gold investments. But at this time, it appears that the company has closed their virtual doors permanently. Why did this happen? Was the company labeled a scam? And is there anything investors need to know about growing their money in the future?
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Goldworth Financial Company Info
When this company had their virtual doors still open to the public, they claimed to be the premier company selling gold and silver products. They said that the products they sold were considered the best all across the industry and they also claimed to have prices that were more competitive than others. Additionally, they claimed to focus their efforts on delivering excellent customer service as well.
The goal of the company was to reach individuals that were brand-new to this type of investing and they focused on providing education to help them learn about precious metals. They had a wide variety of resources that taught about the precious metals industry and the different aspects that it entails. Additionally, they also provided bonuses to their customers if they were to make purchases in bulk.
Right now, their former website is basically defunct when you attempt to open it on your web browser. They were previously located in West Hills, California, which was their headquarters, but they are no longer there either. If you’re going to invest, you obviously have to invest with an active company, which Goldworth Financial is not.
There wasn’t any fanfare as the company quietly shut their doors for good. They didn’t provide an explanation or put out a press release. So we can only speculate as to what actually happened. Overall, it looks like they suddenly closed their doors, but it’s really difficult to determine if anything was left behind to appease their customers.
Unfortunately, it appears that based on certain reports, many of their previous customer accounts were open and they were not provided with valid answers. In fact, we do not know the exact day that Goldworth Financial shut down for good.
Closing Their Business
More than likely, when a company permanently shuts its doors, they usually give their customers an explanation. They may have a going out of business sale. They might ask others if they would like to buy the company to avoid bankruptcy. They might hold a briefing with the press to explain the reason for shutting down.
At a bare minimum, warning signs of the closure usually exist. Companies that were really successful in the past rarely disappear without a trace in the blink of an eye. That’s why so many people are confused about what happened. This company appears to have vanished into thin air and their competitors didn’t even know they were closing down.
There’s no doubt that the competition isn’t complaining that they shut their doors. This means less competitors for them to face in the marketplace. But these companies didn’t realize that something was wrong.
More than likely, this company disappeared fast because it was poorly managed. Poor management tends to lead to bad things for a business overall, and usually it means bad things for company clients as well.
This company may have been dealing with losses because their business plan wasn’t viable. The math may have been calculated incorrectly, which could have led to a dwindling amount of resources. The company possibly shut their doors because it couldn’t exist without being profitable.
Mismanagement is definitely a serious thing. Certain investors claimed that they were happy with the overall direction of the company, which leads you to believe that they were making profits at some point.
Mismanaging a company isn’t the only reason that it could potentially go out of business. Even more potentially damning, this business may have shut down after they received loads of complaints and scrutiny by the government. If any of their dealings were considered illegal, they may have chosen to avoid an IRS audit by shutting their doors for good.
Consumers can complain about the company on the Business Consumer Alliance or Better Business Bureau websites, amongst others. Agencies in the federal and state governments monitor businesses as well. Customers can complain to these entities if they were scammed by Goldworth Financial.
If a former customer alleges something about the company, the organization will have to respond to this complaint. They might have an explanation for what happened and they might even be able to right the wrong. More importantly, it’s possible that they can’t prove that they weren’t maliciously intending to harm their customers.
If they do not adequately answer a complaint, a government entity could scrutinize the company. They might look to the total system for further issues within the management and operations.
Additionally, if malicious practices aren’t being engaged, scrutiny from the government can be detrimental nonetheless. A government investigation into potential fraud is never a good look for any company and customers and potential clients will pay attention, especially if there’s any doubt as to whether or not a company is trustworthy.
We cannot prove one way or another if Goldworth Financial was under investigation. We have no idea if this actually happened to the defunct company. It’s one potential scenario that may have happened, because in this case companies tend to shut their doors quickly.
Goldworth Financial didn’t tell anyone why they decided to shut down. But it’s really difficult to find them on the web at this point, so instead, you should consider investing with other reputable companies that remain in business and are much better options for precious metals IRA creation, funding, and investing.
Goldworth Financial Reputation
Since this organization is no longer in existence, their Better Business Bureau page has been removed. Although, other online reviews make it seem like the company is still in existence. But it doesn’t look like these reviews are real or written by previous customers.
Before the BBB page shut down, the company maintained a good rating. Closing the page made it possible to preserve Goldworth Financials’ reputation and the reputation of the people who worked there at the time.
Regardless, they didn’t have a perfect BBB page. There were complaints on the page and the company responded to them, but it’s hard to discover info about these previous problem resolutions.
The Better Business Bureau told us that no one has taken legal actions against this company. It’s quite possible that an investigation took place but no one had to take action because the company decided to shut down before the government dropped the hammer on them.
Trustlink also confirms that this company is no longer in business. They have a screenshot of the former website for Goldworth Financial, but it doesn’t load because the domain is defunct.
History of the Company
This company first came into existence in 1999, in which they made their headquarters in Woodland Hills, CA. The biggest portion of their business was that they can access foreign markets. They could get precious metals inexpensively from suppliers in foreign countries much cheaper than prices in the US.
This gave them the ability to eliminate the middleman. By doing so, they didn’t have to charge us a high markup on their precious metals, which gave them an edge against the competition. Their pricing was incredibly competitive and some of the best in the market. They possibly priced their gold and silver too low, which means they may have sold products at a loss, which would certainly harm their finances overall.
They provided their customers with access to a storage facility that was fully insured because they had connections with independent acceptable depositories. The depositories that they worked with have not gone out of business, so the accounts from previous customers should remain open. Their precious metals should be safely stored in a vault for them.
Goldworth Financial would ship their customers precious metals all throughout the US. If you met a certain threshold with your order, the company would ship your precious metals to your fault for free. They insured all shipments and all packages needed to be signed for before they were delivered.
Many other companies follow a similar path. Companies commonly ship products along the US for a flat fee, no matter how much the package weighs. If it’s a worthy enough package, Goldworth Financial would even waive the shipping cost.
International shipping, on the other hand, is a complicated practice that often gets very expensive.
Was Goldworth Financial a Scam Company?
It’s very difficult to determine whether or not Goldworth Financial was considered a scam. At this stage, the opposite seems to be true based on the evidence. They closed their doors fast and certainly made people feel suspicious. Why didn’t they tell their customers what was going on? Why did they avoid selling the company? Why didn’t previous investors get contacted about the closure?
Honestly, we may never find out what actually happened to this company. We know their record with the Better Business Bureau was in good standing and they attempted to fix any complaints made against them. And we found out that they were never formally charged with any type of crime.
Financial mismanagement is the likely reason why this company shut down. They sold numerous products for very low prices. Believe it or not, many of their prices were the lowest in the precious metals industry. But they could have failed because the profits just weren’t there to keep them going, especially when the economy gets turbulent.
It’s fortunate that the company was considered a precious metals dealer. They had a connection with independent depositories, which remain in existence today. If you used their precious metals IRA services, they would’ve also connected you with a licensed custodian. This means your assets remain safe and protected. You just need to find a new precious metals dealer to continue investing.
There are a number of great options available for customers to choose from. Various precious metals dealers have different areas of expertise. Find one that is perfectly suited to meet your long-term needs.
Goldworth Financial Pros
- They had some of the lowest prices in the entire precious metal space
Goldworth Financial Cons
- They shut their doors without any warning or notice
- They didn’t notify their account holders that they were closing
- Their sudden disappearance blindsided other precious metals brokers
Bottom Line
Goldworth Financial is a company that remained in business for over 20 years before they eventually closed their doors not too long ago. They didn’t announce their closure, so it’s hard to determine what made them shut down for good. It could have been economic factors, mismanagement, and other reasons why they close down.
When the company was active in the industry, they sold precious metals by cutting out the middleman and offering incredibly low prices to their customers. They got supplies from foreign markets directly instead of buying from other dealers in the US. This helped them sell precious metals for a much lower cost.
Likely, their lower prices is what got the company in trouble. Trustlink and the BBB removed their previous pages. The company is no longer in their headquarters in Woodland Hills, California either.
If they helped you with your precious metals IRA, you likely chose to work with one of the depositories that they were partnered with. So, you have nothing to worry about because these independent companies remain in existence and your investments are safe. This also holds true for your IRA custodian, who is likely also still in business.
Disappearing overnight is odd to say the least. But it isn’t the end of the world because many precious metals dealers remain in existence.
Consider doing business with a company that will help you grow your precious metals retirement account. Find a company that specializes in precious metals IRAs.
Goldworth Financial may have provided incredibly low prices to their customers, but they aren’t the only fish in the sea. There are other options to choose from.
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About Tim Schmidt
Tim Schmidt is an Entrepreneur who has covered retirement investing since 2012. He's also a published author, and his views on investing have been featured in USA Today, Tech Times, The Huffington Post, Nasdaq, and many more.
