Best Gold IRA Companies: Top Precious Metals IRA Custodian Accounts of 2023: Reviews, Fees, Comparison
Best Gold IRA Companies: Top Precious Metals IRA Custodian Accounts of 2023: Reviews, Fees, Comparison
What is this account? How do you set it up? More specifically, with whom do you set it up? To answer those questions, we should look at self-directed IRAs and the best precious metals IRA companies operating right now.
Best Gold IRA Companies
Best Gold IRA Companies
Amidst looming recessions and a weakening economy, ensuring the safety of your hard-earned savings is crucial. As the dollar's strength diminishes and inflation threatens, where can you turn to shield your retirement funds? Delve into this guide because the best gold IRA companies offer a steadfast solution against these financial storms.?
What is a gold IRA account? How do you set it up? More specifically, with whom do you set it up? To answer those questions, we should look at self-directed IRAs and the best gold IRA companies operating right now.
Top 4 Picks of the best Gold IRA companies of 2023 Reviewed at a Glance
#1 Augusta Precious Metals: Editor’s Choice: Best Prices, Great Advisors, and Trustworthy (4.9/5)
Pros:
- Consistently ranked as the top Gold IRA companies to work with
- Zero complaints
- Transparent fee structure
- Fair prices for all products
- Great gold IRA rollover services
- Strong selection of gold and silver products
- ?A+ rating from the Better Business Bureau
Cons:
- Limited Palladium and Platinum options
- High minimum investment
Precious Metals Available
- Gold
- Silver
- Palladium
- Platinum
Minimum Investment
- $50,000
Company Background: Augusta Precious Metals
Being as transparent as possible is one way to stand out from the competition in this market. This family-owned gold IRA company managed to do that by implementing an honest and transparent fee system for their clients to view and pursue, making them one of the best gold IRA companies overall.
In essence, Augusta Precious Metals informs you of everything you should know expense-wise when setting up a gold IRA account with them. This will include one-time gold IRA fees along with transaction-related and yearly costs. The theory here is that letting a client know how much they can spend with Augusta regularly makes them more prepared for what lies ahead. The more prepared a person is, the more confident they will be in their precious metals or gold IRA investments.
Aside from transparency, Augusta Precious Metals offers a money-back guarantee if you are unsatisfied with their work. Price protection policies are also set up for first-time gold IRA owners and investors to get the hang of purchasing gold without exposing them to a lot of risks.
The only criticism regularly lodged against Augusta Precious Metals is in their product selection and investment minimum. To be specific, you won’t find a lot of palladium and platinum with the reputable gold IRA company, and you must invest a high amount at the beginning to start doing business with them.
#2 American Hartford Gold: Runner Up – Excellent Prices for Bullion (4.8/5)
Pros:
- Great Bullion Prices
- Excellent Customer Service
- 10K investment minimum
- Extensive investor education
Cons:
- Transactions can take days to get cleared
- No online price listing
- Cannot ship outside of the US
Precious Metals Available
- Gold
- Silver
- Palladium
- Platinum
Minimum Investment
- $10,000
Company Background
American Hartford Gold, like any other best gold IRA company, offers valuable services and features, including competitive product pricing and reasonable fees. But where the best gold IRA company stands out the most is in its customer service.
Reviews have pointed out that the staff at American Hartford Gold are quite attentive and professional. They are known to answer almost every inquiry and can quickly address complaints raised by a complainant.
It also helps that the hotline of the best gold IRA company is nearly always available on a 24/7 basis. This should ensure that any transaction can be done with American Hartford Gold regardless of wherever the client is and at what time they made the call.
The gold IRA company is also quite infamous for its relatively slow transaction speeds. It could take 3 to 5 days before any order is cleared and a week for shipping to arrive. And in the matter of shipping, AHG only offers such for clients within US territories.
#3 Goldco: One of the Best Gold IRA Company Buyback Programs Available (Rating 4.6/5)
Pros:
- Extensive investor education. Best Precious Metal information kit in the industry.
- Receive up to 10% in free silver with qualified accounts
- Best prices on gold and silver; great selections of precious metal products.
- Offers silver or gold IRA or direct purchase options
- Highest price buyback program
- Most trusted in the industry with a A+ rating from the BBB
- White-Glove Customer Service that streamlines the process
Cons:
- Fees vary depending on the package you choose.
- High investment minimum of $25,000.00
Precious Metals Available
Gold Coins & Products
- Gold Phoenix
- Gold Liberty
- Gold Valor
- Gold Australian Striped Marlin
- Gold Freedom
Silver Coins & Products
- Silver Liberty Bell
- Silver Mighty Mo
- Silver Wright Flyer
- Silver The Grand Canyon
- Silver We The People
Minimum Investment
- $25,000
Company Background
The ability to make a confident yet informed investment decision can be made through investor education. In this regard, Goldco stands out in the industry as it offers a rather extensive investor education program for customers and they back it up by having decades of experience in this field amongst other gold IRA companies.
Whenever someone becomes a customer for the gold IRA company, they are given access to a library of content information, including blogs, eBooks, webinars, and free guides. Additionally, the company’s website also features customer-exclusive tools like real-time price monitors and precious metals market analysis. The goal here is to give clients the information they need in a format that is easy to digest to make the best possible investment decision.
Goldco is also particularly known for what is coined “White-Glove Service.” Goldco’s white-glove service is known for surpassing customer’s expectations by prioritizing their needs, genuinely caring about their success, personalizing their experience, and solving issues before they arise. Their white glove service has enabled them to become experts in setting up gold IRA or rollovers.
Goldco has the highest Better Bureau Business (BBB) Rating and earned the Stevie Company of the Year Award 19th Annual American Business Awards in 2021. The gold IRA company was named in the Inc. 5000 review for being the fastest-growing private gold IRA companies in the country five times in the last few years.
Goldco sells IRS-approved precious metal coins such as gold and silver coins. Goldco sources high-quality coins by working with mints. Their high-quality coins already eligible for your gold IRAs, and includes:
- Gold Bars
- Gold Maple Leaf coins
- Gold American Eagle Gold coins
- Gold Freedom and Hope coins
- And much more.
If you prefer silver, then Goldco has these following options to choose from:
- Silver Lucky Dragon coins
- Silver Bars
- Silver American Eagle coins
- Silver Maple coins
Goldco has the second-highest investment minimum recorded in the industry right now. They require a minimum purchase of $25,000. However, you will receive up to 10% in free silver for a qualifying account.
Goldco’s preferred Custodian charges a flat annual gold IRA account service fee which includes a one-time gold IRA account set-up fee of $50 as well as a $30 wire fee. Annual maintenance is $100, and storage is $150 for segregated storage or $100 for non-segregated storage.
Fees for gold storage and custodianship can vary depending on the gold IRA company you select to handle these services (required by the IRS, as all gold IRA assets must be managed by a custodian). Depending on the Custodian, storage fees can range from $10 to $60 per month, or as a percentage of assets, from 0.35% to 1% annually. Goldco does not charge any storage fees for cash transactions over $25,000.
Those minor complaints aside, the gold IRA company does offer a fast order-clearing rate, with transactions being completed within hours to a day.
#4 Birch Gold: Great Staff overall (Rating 4.5/5)
Pros:
- Will accommodate custodians and depositories not affiliated with them.
- Easily accessible information especially for the fees
- Sizeable product library for palladium and platinum
- Flat rate fees are ideal for frequent and bulk buyers.
Cons:
- Long transaction clearing process that could potentially last a month.
- A flat rate is not ideal for infrequent buyers.
Precious Metals Offered:
- Gold
- Silver
Minimum investment
$10,000
Birch Gold group Company Background
Like a lot of excellent precious metals IRA companies out there, Birch Gold assures full transparency over their fees. However, they do take things a bit further by making such information accessible for would-be clients.
If you want to know how much opening a gold IRA with Birch Gold will set you back, you won’t have to bother with making a call or setting up an appointment. All the information that you need such as fees, charges, and transaction-related expenses is provided to you on their website.
It also helps that any change in the prices will be announced beforehand so potential clients wouldn’t be caught unaware in future transactions.
The gold IRA company also implements a flat-rate fee structure which can be a double-edged sword. On one hand, those who buy frequently and in bulk can maximize their spending.
On the other hand, those who buy irregularly and in small amounts might find the transaction, shipping, and storage fees to be more than what they paid for their order’s value in the long term.
Gold IRA: Frequently Asked Questions
When traditional investments waver, gold IRAs remain steadfast, providing a solid alternative to standard IRAs. Don't leave your future to chance; discover the reliability of the best gold IRA companies.
Choosing to invest in a gold-supported Individual Retirement Account (IRA) is gaining traction among retirees aiming to safeguard and expand their financial resources. Below are some common questions about top-rated gold-supported IRAs, why Augusta Precious Metals stands out as the best gold investment companies, and the pros and cons of opting for a gold IRA as an investment strategy.
What Exactly Is a Gold IRA?
A Gold Individual Retirement Account (IRA) is a specialized form of retirement account that permits the holding of actual gold and other precious metals like silver, palladium, and platinum. It offers an avenue for diversifying your retirement savings by adding a tangible asset.
The main attraction of a physical Gold IRA or physical precious metals is the diversification it offers. By allowing you to add precious metals to your retirement portfolio, a physical Gold IRA or physical precious metals serves as a hedge against market volatility and inflation. This physical gold IRA account type is regulated by the Internal Revenue Service (IRS), and there are specific rules governing the purity of metals allowed, as well as how these assets must be stored.
Gold IRA investing generally involves setting up a self-directed IRA through a qualified custodian who specializes in such accounts. The custodian manages the logistics of the investment, including the buying, storing, and selling of the precious metals.
Because this type of gold IRA contains physical gold assets, the precious metals must be stored in an IRS-approved depository to comply with regulations. These depositories are secure facilities designed to keep your investment safe.
How is a Gold IRA Different from a Traditional Gold IRA?
While a traditional IRA generally includes investments like stocks, bonds, and mutual funds, a physical Gold IRA is tailored specifically for holding physical gold. This adds another layer of diversification to your retirement savings, often serving as a hedge against inflation and market volatility.
What Are the Steps to Setting Up a Gold IRA?
- Choose a Custodian: Select an approved custodian to manage your Gold IRA. The custodian must be approved by the IRS.
- Open a Gold IRA Account: Complete the required paperwork to open a new gold IRA account.
- Fund the Account: Transfer funds from an existing IRA or make a new contribution.
- Purchase Metals: After the gold IRA account is funded, you can direct the custodian to purchase specific types of precious metals.
- Storage: The purchased metals are stored in a secure, IRS-approved facility.
How We Ranked The Best Gold IRA Companies
When contemplating an investment in a gold IRA or other types of gold IRAs, the importance of partnering with a reliable and credible firm cannot be overstated. Given the plethora of choices in the market, pinpointing the ideal gold IRA provider may seem like a daunting task. To simplify your search, we've curated a list of top-notch Precious metals IRA companies, evaluated based on various benchmarks.
Initially, we scrutinized the reputation and customer feedback of each firm via the Better Business Bureau and checked out other third party platforms for gold IRA company reviews. A commendable track record in the industry generally signals that a precious metals IRA company is both dependable and reputable.
For instance, all the providers featured in our roundup maintain a Better Business Bureau rating of 'B' or above, and the balance of their gold IRA reviews skews positively rather than negatively.
Secondly, we assessed the ease with which each firm facilitates the account creation process for new clients. Trustworthy gold IRA providers strive to make the onboarding experience as smooth as possible, typically by providing expert guidance from seasoned investment advisors.
Gold IRA companies that met our criteria not only streamline the setup but also offer ongoing, specialized support throughout the initial stages of account creation.
Thirdly, we examined the pricing structure and ongoing fees associated with maintaining a precious metals IRA with each company. Those featured on our list maintain transparent and reasonable fee schedules that encompass everything from account activation to long-term storage of your valuable metals.
Additional insights were gathered by consulting consumer advocacy platforms like the Better Business Bureau, Business Consumer Alliance, and TrustPilot, which allowed us to get a holistic view of customer experiences.
In order to give you a comprehensive understanding of each company's appropriateness for your specific investment goals, we looked at various aspects including fee structures and any stated minimum balance requirements.
We also gauged the user-friendliness of their websites in terms of locating this essential information. We went a step further to evaluate the accessibility and efficiency of each company's customer service department.
We're committed to keeping our recommendations current, featuring only the gold IRA companies that consistently meet these rigorous standards. Rest assured, our picks are the result of meticulous research designed to facilitate your intelligent investment decisions.
We also took into account the range of gold and silver investments products each company makes available for IRA investment. A diversified precious metal retirement portfolio is often more resilient, and that’s more easily achieved when you’re dealing with a reputable provider that offers a broad array of investment products.
For instance, our top picks for gold IRA providers extend their offerings to include coins and bars in a variety of precious metals like silver, platinum, and palladium, and even cryptocurrencies such as Bitcoin.
Finally, we considered each company’s policy regarding potential buybacks, should you decide to liquidate your assets in the future. A number of our recommended gold IRA companies make this process straightforward, offering simple buyback options and even covering the cost of shipping the metals back to their facilities if initially purchased from them.
Regardless of your ultimate choice, it's crucial to only engage with gold IRA companies that are known for their reliability and trustworthiness.
Who is the Highest-rated Gold Investment Company?
Several gold IRA accounts exist for investing in precious metals, but Augusta Precious Metals distinguishes itself through its impeccable reputation. With no recorded complaints and an A+ rating from the Better Business Bureau (BBB), it is the top-ranked gold investment firm in the United States.
Well-regarded by both industry insiders and consumers, Augusta Precious Metals is recognized for its dedication to transparency, high-caliber customer service, and competitive rates. As a business founded by veterans, its aim is to make physical precious metals an accessible safeguard against financial instability.
Augusta tailors portfolio suggestions to each client's individual goals and risk appetite. Furthermore, they provide a variety of gold and silver coins or bars that can either be delivered straight to your doorstep or stored securely in various locations across the country.
Is a Gold-backed IRA a Good Investment?
Investing in a gold-backed Individual Retirement Account (IRA) can offer several advantages but also comes with its own set of drawbacks. On the positive side, gold is often seen as a diversifying asset that can act as a hedge against inflation and currency fluctuations. In times of economic uncertainty, gold has traditionally been a "safe haven" asset that retains or even increases in value.
Adding gold to your retirement portfolio can provide an extra layer of diversification, which may be beneficial for risk management. Moreover, a gold-backed IRA offers similar tax advantages to a traditional or Roth IRA, providing a tax-efficient way to hold gold.
However, it's crucial to consider the downsides. Gold doesn't generate income in the form of dividends or interest, which means its potential for long-term growth may be lower compared to other investment options like stocks or bonds. The costs associated with gold-backed IRAs, such as setup fees, storage fees, and higher broker commissions, can also eat into your returns.
Additionally, the value of gold can be quite volatile in the short term, and like any investment, it's possible to lose money. Overall, a gold-backed IRA could be a good investment for those looking to diversify their portfolio and who are comfortable with the associated risks and costs, but it may not be suitable for everyone.
What are the Disadvantages of Gold IRA Accounts?
Gold-backed Individual Retirement Accounts (IRAs) come with several disadvantages that prospective gold IRA investors should consider carefully.
First, unlike traditional investment vehicles like stocks and bonds, gold does not generate any income in the form of dividends or interest. This absence of income-generating potential could impact the long-term growth of your investment portfolio.
Second, the fees associated with gold IRAs can be higher than those for more traditional retirement accounts. These can include setup fees, annual maintenance fees, and storage costs for the physical gold. These extra costs can diminish the overall returns on your investment over time.
Third, the liquidity of gold IRAs can be less straightforward compared to selling stocks or bonds. Depending on the terms of your account, you might face restrictions or additional fees when trying to liquidate your gold assets.
Fourth, the value of gold can be volatile in the short term, just like any other investment asset. While gold has historically been viewed as a hedge against inflation and economic uncertainty, there is no guarantee that it will always perform this way. Market conditions can lead to fluctuations in gold prices, which could impact the value of your IRA.
Fifth, investing in a gold IRA usually means you're betting on rising gold prices, which may or may not happen. This makes your retirement savings more susceptible to the factors that influence the price of gold, such as geopolitical events, interest rates, and currency value, adding an extra layer of risk to your portfolio.
Lastly, regulations around gold IRAs can be complex and restrictive. The IRS imposes strict requirements on the purity of the gold that can be included and also mandates that a qualified trustee, not the IRA owner, must hold the gold. Failure to meet these requirements can lead to disqualification of the IRA with consequent tax penalties.
What is a gold IRA rollover?
A Gold Individual Retirement Account (IRA) Rollover is the process of transferring assets from a traditional or other type of IRA into a Gold IRA. A Gold IRA is a retirement investment vehicle used for holding gold and other precious metals like silver, platinum, and palladium, rather than paper assets like stocks, bonds, or mutual funds. It's a specialized type of Self-Directed IRA that requires a custodian capable of managing such assets.
The "rollover" part refers to the act of transferring funds from one account to another. Typically, there are two main ways to accomplish a rollover:
Direct Rollover: In this method, the funds move directly from the old IRA to the new Gold IRA. You never receive the funds, and thus there are no tax implications.
Indirect Rollover: Here, you take a distribution from your traditional IRA and then deposit the funds into the Gold IRA within 60 days. If you fail to complete the rollover within the 60-day window, the distribution will be subject to regular income tax and potentially an early withdrawal penalty if you're under age 59?.
Is a 401(k) to Gold IRA Rollover right for me?
A gold IRA rollover is a financial process where funds from an existing retirement account, such as a 401(k) or a traditional IRA, are transferred or "rolled over" into a special type of IRA that holds precious metals, commonly referred to as a gold IRA. This allows investors to diversify their retirement savings by including physical gold or other approved precious metals within their investment portfolio.
Are there any Gold IRA Fees?
Yes, there are several fees associated with gold IRAs that investors should be aware of. The exact fees can vary depending on the custodian and the precious metals dealer you choose, but here are some common types of fees you might encounter:
Setup Fees: These are one-time fees charged when you open your gold IRA account. Some providers might waive this fee as part of a promotion or for accounts that meet certain minimums.
Annual Maintenance Fees: These are fees for the ongoing maintenance of your IRA account. They might cover record-keeping, administrative work, and other services provided by the custodian.
Storage Fees: Because a gold IRA holds physical gold (or other precious metals), these assets need to be stored securely, typically in a depository or vault. There's often an annual fee associated with this storage. The fee might vary based on whether you choose segregated or commingled storage.
Brokerage Commissions: If you're buying or selling precious metals within your IRA, you may pay commissions or markups on those transactions.
Cash-Out Fees or Liquidation Fees: If you decide to sell your precious metals and cash out, there might be associated fees.
Transfer Fees: If you're rolling over assets from another IRA or a different type of retirement account into a gold IRA, there might be fees associated with this transfer.
Can I Store my Gold and Other Precious Metals at Home?
The rules surrounding the storage of gold and other precious metals in an IRA (Individual Retirement Account) are strict and generally prohibit at-home storage for assets held in such an account. According to the Internal Revenue Service (IRS) regulations in the United States, precious metals in a gold IRA must be stored in the custody of a qualified trustee or a federal- or state-approved bank or financial institution. These approved custodians usually partner with specialized storage facilities designed to safeguard precious metals.
Failure to comply with these regulations can lead to the disqualification of the IRA, resulting in tax consequences and potential penalties.
There are some self-directed IRAs that market themselves as allowing "home storage" or "checkbook control," but these arrangements are often fraught with legal and tax risks. The IRS has not provided clear guidance approving these setups, and individuals who choose to store IRA assets at home could expose themselves to risk of IRS action.
How Long Does it take to Open a New Gold IRA?
The time required to open a new gold IRA can vary depending on several factors, such as the efficiency of the custodian, the complexity of the paperwork, and whether you are rolling over funds from an existing account or funding the new IRA with fresh contributions. Here's a general idea of the steps involved and the time each might take:
Research and Select a Custodian: This could take anywhere from a few hours to a few days, depending on how thoroughly you want to research different custodians, their fee structures, and their customer reviews.
Approval and Account Creation: After submitting your application and paperwork, it may take anywhere from a few hours to a couple of business days for the custodian to review and approve your account.
Fund the Account: If you're rolling over funds from an existing retirement account, the time frame will depend on how quickly the funds can be transferred from your old account to the new one. This could take anywhere from a few days to a few weeks. If you're making a fresh contribution, it could take as little as a day or two for the funds to clear.
Select and Purchase Precious Metals: After your account is funded, you'll need to select which precious metals to purchase. The time this takes can vary widely depending on how much research you want to do. The purchase and allocation to your account might take a few days.
Storage: Once the metals are purchased, they will be stored in an approved depository. This is usually arranged by the custodian and might take a few days to a week to complete.
What Is a Precious Metals IRA?
At this point, you must understand that a precious metals IRA is but one of several methods that you can use to protect your money from inflation and other bad economic downturns. So what are gold IRAs exactly?
Before investing in a precious metals IRA, it is important to understand the difference between traditional IRA and precious metals IRAs. A traditional IRA is a retirement savings account that is funded with pre-tax dollars and grows tax-deferred.
A precious metals IRA account, on the other hand, is a retirement account that is funded with physical gold, silver, platinum, or palladium. Gold IRAs are a type of self directed gold IRA account, which means that the account holder has more control over his or her investment choices.
In addition, gold IRAs are not subject to the same annual contribution limits as traditional gold IRAs. As a result, investors looking to increase their exposure to precious metals may want to consider opening a self-directed gold IRA account. Some of these investors might already work with other top gold IRA companies and are seeking to diversify their holdings.?
Another key difference is that traditional gold IRAs typically have annual contribution limits of $5,500 (or $6,500 for those over age 50), while precious metals IRAs have much higher limits of $30,000 per year. With precious metals IRAs, investors also have the option of rolling over their existing 401(k) or 403(b) accounts. As a result, these gold IRA accounts can be an appealing choice for those who are looking to diversify their retirement portfolio.
There are gold IRAs out there that were designed to store paper assets like stocks and bonds, and these happen to be the most common form of gold individual retirement accounts. However, and as the name would imply, a?precious metals retirement?account allows you to store gold and other highly valuable physical precious metals.
What makes IRAs complicated is that they are not “physical” storage. Your precious metals IRA is connected to an IRA custodian that manages the entries of the logbook and a depository vault where the actual assets are stored. What complicates things even further is that the use of your IRA is subject to special IRS rules. If you fail to meet certain conditions when using it, you will be made liable for tax penalties under the law.
One other quality that all IRAs have become known for is the cost. Essentially, you are expected to spend as much as $300.00 every year just to maintain it. That will not include the fees you incur whenever you buy and ship precious metals. All in all, the IRA is both a special privilege given to you by the law and a source of obligations.
Advantages of Precious Metals IRAs?
What would be the reason why you would rather go through the hassle of setting up a precious metal IRA? There are many reasons to do so but, more or less, they would revolve around the advantages that such a gold IRA account brings. This will include the following:
A Precious Metal IRA Allows for Diversification of Assets in Physical Precious Metals
Any seasoned financial advisor would tell you that your best bet of survival in any economy is to diversify your assets. That means you invest in more than just one type of asset to spread a safety net for your retirement portfolio.
With a precious metals IRA, you can introduce a new type of asset to your retirement portfolio in the form of gold, silver, platinum, and palladium. They are not as volatile as fiat currencies and currently enjoy a high level of demand due to their finite supply. You can start small with gold by looking into gold IRA companies then expand to other precious metals.
Diversifying your assets even further is the fact that these products can come in precious metal coins, bullions, and bar form, and can be sourced from multiple countries. If you time your precious metals investments right, your IRA can store American Gold Eagles and Gold Buffalos, Canadian Maple Leaves, and various bars. There are even some IRAs right now that allow for the storage of digital currencies like Bitcoin to further diversify your precious metals or gold IRA investments.
Beyond Diversity, a Precious Metal IRA Provides Opportunity
Is your investment options with a precious metals IRA limited to 4 metals only regardless of their form? The answer is no. You can always use the IRA to store other forms of assets that may or may not be related to precious metals.
For instance, if you want, you can invest in the firms that directly mine these precious metals by buying company shares. Also, you can leverage your physical gold bullion to buy some government bonds. These are special contracts that bind the state to pay you back plus interest after a period no matter what may happen.
So why entertain the addition of paper assets to your precious metals IRA? The answer is passive income. Precious metals may retain their value and appreciate, but they do not generate money. With some stocks and bonds in your IRA, you make sure that your savings are not only preserved value-wise but also earn money for you.
How to Open a Precious Metal IRA
There are quite a few differences between a precious metals IRA and a standard IRA. The latter is a bit complicated to set up. However, that does not mean that you can’t expect a few things to happen when you are trying to open one. Here are some of the steps you can expect when opening a precious metals IRA.
Select a Self-Directed IRA Custodian
None of the precious metals IRA companies in the market right now are allowed to handle precious metal IRAs. Self directed IRA Custodians are the only entity allowed to manage your IRA.
This can be a bank, an equity trust company, or any other IRS-approved institution. The list of their services is quite considerable, but what you have to remember is that the gold IRA custodian is primarily charged with Gold IRA investing in assets for you.
As to which self directed IRA custodian you should choose, you only need to pick the one that you can trust the most. Be sure to research all?gold IRA companies in the sector so you can make an informed decision. Also, be mindful of what fees they are charging you for maintaining the IRA.
Choose a Precious Metals Dealer
Precious Metals Dealers will purchase precious metals for you once they receive money from your IRA to the gold IRA custodian. This is similar to?gold IRA companies . To find a suitable dealer, you must do some thorough research.
What should you look for, then? For dealers, a sign of legitimacy is if they are part of industry groups like the Industry Council of Tangible Assets, the Professional Numismatists Guild, and the American Numismatics Association. These groups set the standards for which precious metals dealers have to follow, and becoming a member of such does involve a lot of effort.
If you can’t choose one, then consider what the gold IRA company is recommending to you. More often than not, a legitimate gold IRA company will also do business with equally legitimate dealers.
Decide What Products to Buy from the best gold iras
Once you have your dealer, you can then look at what products are available for purchase. Before anything else, you have to remember that the availability of certain gold and silver coins and bars do change from time to time. The prices for such will also change, depending on any shift in the market.
As for what to choose, it all boils down to what you prefer or are most familiar with. Assuming that you are new to the concept of precious metals IRA purchases, you might want to start with something that you know like American Gold Eagles and Gold Buffalos.
You can even try some Australian Koala Bullion Coins or Canadian Maple Leaf coins while you are just starting out. Remember some companies offer a variety of precious metal purchases like platinum coins while others only specialize in gold coins or silver coins.
Once you have gotten the hang of the more common products, you might want to branch out to rarer (and riskier) products like mint-specific coins or internationally-minted coins. You can even try some gold bars, palladium bullion, or gold and silver bullion if you can find a dealer with a plentiful supply of such.
Choose a gold backed IRA Depository
Again, the precious metals IRA company will not be the one to physically store your purchases. That duty is delegated to an IRS approved depository facility like Brinks, the International Depository Service, and the Delaware Depository Service.
Look for the facility that is closest to you and meets your needs/budget the most. If you have the money for it, choose segregated-type vault storage. This way, your assets have an extra layer of security inside the facility.
Complete the Transaction with the best gold iras
Now that everything has been set up, the last thing to do is to complete the order. The custodian, gold IRA company, and depository service will do the rest of the managing of your accounts and assets.
All that you have to do is to regularly check on the value of your orders. You will never know when you might have a need to take them out of the vault.
Final Thought on the Best Gold IRA Companies
Since an IRA is demanding and expensive, you would rather invest your gold IRA funds with the best gold IRA companies. In that regard, the best choice is Augusta Precious Metals of all precious metals IRA companies.
The reasoning here is simple: every other gold IRA company offers roughly the same set of perks and advantages as well as services and features. What you should be looking for is a gold IRA company that can do better by helping in every step of the process which is Augusta Precious Metals.
This is where Augusta Precious Metals excels as their white-glove service ensures that you go through each process attaining your goals and without overstretching your finances. With that level of assistance, Augusta Precious Metals is considered the best precious metals IRA company for first-time precious metals IRA investors and would-be applicants.
Disclaimer: The above is a sponsored post, the views expressed are those of the sponsor/author and do not represent the stand and views of Outlook Editorial.
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