Based on in-depth research, we’ve come up with a comprehensive list of the best Gold IRA companies you can entrust to secure your retirement account.
In these uncertain times, we are all searching for ways to protect our wealth and retirement. Governments, world banks, and high-net individuals are diversifying their portfolios by investing in Precious Metals and Gold. If you are looking to follow the lead of the people and institutions investing in gold, you’ve come to the right place.
We’ve created this part of our site to educate you on one of the most efficient and safest ways Americans are investing in precious metals. Investors are converting their 401(K), Annuity, IRA, or any other retirement plan to a physical gold-backed IRA without incurring any taxes – what we often call 401(K) to Gold IRA roll-over.
Learn more about the best gold IRA below:
#1. Augusta Precious Metals
Augusta Precious Metals is a company that trades in precious metal trading. The family-owned company has specialized in helping customers secure their retirement with gold and silver IRAs for over 50 years.
Augusta Precious Metals has set itself as an industry leader in the gold IRA niche by providing every client a dedicated manager. In doing this, the managers, and by extension, the company, builds long-term relationships with clients. In the long term, they provide customized guidance that meets the needs of individual customers.
The company handles the hassle of setting up an IRA account and rolling over any existing retirement plans you use. Importantly, Augusta Precious Metals helps its customers diversify their portfolios and defend against economic turmoil and inflation.
Pros
Demonstrated integrity and transparency
Streamlined services and easy setup
Lifetime customer loyalty and customer support
They provide comprehensive educational materials for free
Augusta Precious Metals is endorsed by the respected and renowned corporate ambassador, Joe Montana
Cons
Augusta Precious Metals does not offer small lots of coins and bars and has a $50,000 minimum for IRAs
#2. Goldco
Goldco is another specialty company dealing in 401(K) and IRA roll-overs. Started in 2006, the company is staffed and run by experienced experts. For instance, the executive leadership has over 100 years of combined experience in the precious metals industry. Goldco is mainly known for transparent operations and offering hassle-free IRA roll-overs.
In addition to gold and silver, Goldco also offers Simple IRAs and SEP IRAs. The company also provides extensive educational materials from which you can learn more about your potential retirement plans. Moreover, you can get more personalized investment advice from the dedicated manager they assign to you.
Goldco has a golden track record and an impressive A+ rating with the Better Business Bureau. They have also accrued a TrustLink rating of 4.8 stars.
Pros
Clean reputation
White glove service lasting the lifetime of your investment
Excellent buyback program
Get 5% back in free metals when you make qualified orders over $50,000
Multiple storage options making it easier to match your preference
First-year fees waived on eligible orders over $50,000
Cons
High minimum investment of $25,000 for gold IRAs
#3. Noble Gold
Based in California, Noble Gold Investment specializes in self-directed IRA and precious metals services. Depending on your needs, the company sells silver, gold, platinum, palladium coins, and gold and silver IRAs.
Noble Gold is renowned for its customer-oriented and transparent services. Additionally, Noble Gold offers clients low IRA maintenance feeds. Furthermore, their no-quibble buyback policies allow their clients to quickly sell god from their IRA account at a competitive price.
The company also simplifies the process of funding your precious metals IRA account, making it an easy, straightforward task. They let clients roll over their 401(K) or other retirement accounts into the gold IRA.
Pros
They have advisors who guide you through the whole process
Noble Gold advisors are always available anytime to answer any questions you have
They can send you pictures of your precious metals
They bring any non-savvy investor up to speed quickly
Among the lowest minimum investment requirement
Cons
They offer national storage only
The company is relatively young as it was established in 2017. However, the executives have over 25 years of investing experience
#4. Birch Gold Group
Started in 2003, the Birch Gold Group has served over 7,000 customers since then. A unique thing about this company is the lack of negative reviews the company has accrued over time. Birch Gold has no complaints or negative reviews on Better Business Bureau, Business Consumer Alliance, or TrustLink. Virtually all of Birch Gold Group’s clients have given the company a five-star review owing to their competitive rates and customer-oriented services.
You can invest in gold and silver IRAs to secure your retirement right from their website. They assign a precious metal specialist to every customer to help them set up the silver or gold IRA and provide investment advice. Additionally, Birch Gold Group provides ample educational material on self-directed IRA and investing in gold, silver, and other precious metals.
Pros
Customer reviews point to a high customer service level
Education and communication are priorities
Highly rated by investment professionals, consumer organizations, and clients
No fees due in the first year on all transfers over $50,000
Cons
Their website does not give precise annual fees and setup charges
#5. Regal Assets
Regal Assets has built a reputation for being among the best gold IRA companies in the industry. Their efforts in rendering client-centric services have received high praise from Bloomberg, Forbes, Smart Money, and numerous other publications.
Regal Assets has made it easy for customers to start a gold or silver IRA. Additionally, the initial fees are competitive. Aside from dealing with gold and silver IRAs, Regal Assets helps clients buy and sell precious metals and cryptocurrencies.
The company has accrued an A+ rating on Better Business Bureau and a 5-star rating on TrustLink. This indicates that most Regal Assets customers are satisfied with the quality of services they receive.
Pros
Multiple storage options
Best ratings across in the industry
Flat fee model (instead of scaled fee model)
Ample selection of bullion products
They offer annual fees waiver for the first year
Cons
They require a $5,000 minimum investment
Gold IRA Quick Tips
Buy approved precious metals only for your IRA (avoid numismatics and collectibles)
Choose an IR-approved depository when storing your precious metals
Choose a gold IRA company with no or low fees company to avoid bleeding money from high fees
Learn about precious metals spot price and how much over the spot you’ll be paying
Explore some gold IRA starter kits before choosing a company
What Are Gold IRAs?
In many regards, gold IRAs are similar to traditional Individuals Retirement Accounts (IRA) that comes with certain tax advantages. However, a gold IRA is different because it allows users to own precious physical metals and is self-directed.
A gold IRA diversifies your retirement fund beyond paper-backed assets such as stocks, bonds, and mutual funds. You’ll invest in physical silver, gold, platinum, and palladium.
How Do Gold IRAs Work?
People looking to set up a gold IRA usually go through a specialized firm, like those reviewed above. The gold IRA firm specializes in sourcing and being custodians of the IRA-approved precious metals. The firms purchase silver and gold on your behalf using funds they hold in custody. By sourcing, purchasing, and being custodians of the precious metals, individuals will not be purchase gold and silver with the withdrawn funds, which would attract taxation on the transaction.
Below is a step by step process you will encounter when dealing with any gold IRA company:
#1. Funding Your Gold IRA Account
Many of the leading gold IRA custodians will usually have a minimum investment requirement. The minimum investment amount is designed to make the margins generated from your transaction worth the time for the firms. In many cases, small transactions yield small margins, which can be costly for gold IRA companies rather than being profitable. You can expect the minimum investment to range between $10,000 and $50,000. We’ve provided the minimum investment for you on our site.
For investors who want to fund gold IRS with traditional forms of funding using pre or post-tax funds, the annual contribution limit in 2020 is between $6,000 and $7,000, depending on how old you are.
Some investors have some funds sitting in their 401K or other sitting IRA. They can roll over these funds into their gold IRA, increasing the funding for their gold IRA.
#2. The Gold IRA Fees
Part of IRA companies’ income is commissions from the precious metals that they buy for your IRA. To this end, expect to pay anywhere from 3% to 5% above the current spot price of the precious metals. It’s similar to how real estate agents earn a 3% commission when selling a house or representing a buyer.
However, it’s important to note that fees are incurred when buying IRA precious metals, similar to buying a house. SEE BELOW.
#3. Initial Or Admin Setup Fees
Some IRA companies charge a setup fee. Ranging between $50 and $90, the administration or setup fee is a one-time fee for processing paperwork and setting up a gold IRA account.
#4. Depository Fees
Storing your physical gold takes considerable effort and resources. For starters, the precious metals must be deposited in a government-approved location. Such storage facilities have heightened security, monitoring, and insurance. You’ll incur some fees for storing your gold in these depositaries, which range between $100 and $300 per annum. Naturally, you’ll want to find the lowest storage fees to keep costs down.
#5. Annual Fees
Some gold IRA firms also charge an annual custodian fee to maintain your account in good standing. The annual custodian fee ranges from $0 to $300. Some firms offer lifetime fee waivers when you hit a certain minimum. Other firms waive the first year’s annual fees. With this in mind, you should ask about the fee waivers to find out if you qualify. Fee waivers could save you a lot of money in the long run.
#6. Gold IRA Withdraw Age
When IRA account holders reach 72 (or 70 ½ years on or after January 1, 2020), they must take the required minimum distribution (RMD) on their IRA account. This means they must withdraw from their IRA account annually. You can read more tips on retirement account withdrawal.
3 Golden Rules For Gold IRAs
IRS Approved Metals
Whether you choose to invest in silver, gold, platinum, or palladium, the IRS requires that the precious metal meets certain purity standards and fineness:
Silver – .999%
Gold – .995%
Platinum – .9995%
Palladium – .9995%
Storage
Precious metals held in an IRA account should be stored in an insured third-party depository.
Taxes
Precious Metals IRAs are subjected to similar tax laws as traditional, SEP, Roth, or Simple IRA plans.
How To Start A Precious Metals IRA
Starting a Precious Metals IRA is pretty straightforward. You can rollover your 401k, or any current IRA, SEP, Roth IRA, TSP, $03b, Pension Plan, or Annuity in a process known as 401k to gold IRA roll-over.
Precious metals IRAs are a form of self-directed IRA.
As such, there is a high chance that your employer will not allow you to convert your current IRA funds into a Gold IRA plan. You can only transfer those funds when you transition out of your job, giving you control over the retirement funds you’ve accumulated without incurring penalties. Importantly, when you roll over your IRA funds to a precious metal IRA, you still maintain your tax-deferred status.
While a precious metals IRA is self-directed, you’ll need an expert advisor to walk you through setting up the account and, importantly, to choose the suitable metals and selecting a depository.
Why Invest in a Gold IRA?
Investing in precious metals IRAs preserves your wealth in three ways:
#1. Wealth Protection
Silver, gold, platinum, and other approved precious metals are physical and tangible assets with a finite supply. They cannot be printed or created by governments and will retain their value in the long term.
#2. Liquidity
Gold is a world currency that can be converted to any fiat currency anywhere in the world quickly.
#3. Diversification
Precious metals reduce the overall risk exposure on your retirement portfolio by adding tangible assets into the asset mix. It guards your wealth against inflation.
What Are Gold IRA Depositories?
Users of precious metal IRAs are required to store the precious metals in an approved depository.
An approved depository is a firm that owns a high-security storage facility to protect assets in a dedicated storage location. One of the most renowned depositories in the world is Fort Knox. Fort Knox stores the vast majority of the U.S.A’s gold reserve and other precious items in custody of or belonging to the federal government.
Similarly, precious metal IRA depositories are safe storage where you can store your precious metals in a space with bank vault-level security. Using a depository takes away the hassle of protecting your precious metals at home (which is highly discouraged) while keeping your retirement assets safe and secure.
Some of the strategies that depositories implement to secure investor assets include:
– Armed security
– Constant monitoring
– Building disaster-proof structures
– Insurance that largely guarantees your assets
What Makes Gold IRA Rollover An Effective Way Of Investing In Gold?
Every savvy investor will have an intricate understanding of the benefits of investing in precious metals such as silver, gold, platinum, and palladium. However, not everyone will have a lot of cash sitting idle to purchase the precious metals directly.
And even if you have thousands of dollars in savings, that money has been taxed. The after-tax cash is your net capital which you are left with after Uncle Sam has taken out his share from the gross income. That is where the Gold IRA becomes advantageous.
Many people tend to have large sums of investable funds in their 401k and IRA. They can 401k roll-over to Gold IRA without incurring taxes.
As such, investors can roll over or add silver, gold, or any other precious metal directly to the precious metals IRA. Precious Metals IRAs are ideal for any first-time precious metal investors seeking the security of physical silver and gold. They are also suitable for investors with existing retirement accounts such as 401(k), 403(b), IRAs.
Traditionally, such retirement accounts included bonds, stocks, and money-backed assets like mortgage-backed securities and U.S. Treasury Bills. However, investors can now secure their portfolios further by investing in IRA accounts backed by silver and gold.
Precious Metal IRAs have become a primary means to securing retirement and asset diversification while also reducing the exposure of inflation to investor’s retirement savings.
Bars and coins approved by the IRS (Internal Revenue Services) must be stored in a licensed, insured depository for safekeeping and later withdrawn in strict adherence to the federal withdrawal rules.