Best Gold IRA Companies
A Gold IRA, or Individual Retirement Account, is a retirement account with the Internal Revenue Service (IRS) and an investment vehicle. There are many benefits of having a Gold IRA and we will go over the Best Gold IRA Companies so you can decide which company is the best for you.
Top 5 Gold IRA Comparison Chart
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There are thousands of mutual funds out there to invest in, so to narrow down your search a little bit, here are the top 5 best gold IRA companies
Goldco is one of the largest precious metals dealers in the United States, Goldco offers a wide range of choices for your IRA account. They offer services not just for gold, but also for other precious assets such as silver and platinum, so if you wanted to diversify a bit more, they are a great choice. They have been in business since 1975, so they are a well-established company with a lot of experience.
- Convenient option to buy gold and other precious metals
- Experienced company
- Has options for silver, platinum, and palladium as well and even cryptocurrencies
- Rates can potentially be higher than some of its competitors
- Doesn't accept credit or debit cards
BitIRA is a Precious Metals IRA company that is dedicated to not only helping people create an IRA, but also teaching them about the process. They believe that while professionals can help people make smart choices, they should also be teaching you how to make these choices yourself.
We first came across BitIRA at a Chicago trade show and were very impressed with their selection of products and their knowledgeable staff.
- Exceptional customer service
- Teaching investors about the value of PMs
- Very affordable prices
- Not a large product selection
- Not available in all states (only select states)
Augusta Precious Metals
Augusta Precious Metals is a trusted online dealer that has a lot of experience in the industry. As an online-only dealer, they are able to keep their overhead costs low and can pass the savings on to you. They offer a range of plans for your precious metal IRA, from simple gold investment to actual bullion coins if you want something a bit more unique. They have very low minimum quantity requirements as well so you can start small if you don't have a large sum of money available right away. As your fund grows, you can easily transfer money over to their site and monitor it all from their intuitive and user-friendly dashboard.
Augusta Precious Metals was founded with the goal of making investments in the precious metals as easily as possible for the average person. They specialize in coins and smaller quantities so that you don't have to deal with bags of gold. They offer a wide range of IRA options so that you can choose exactly what you want.
- Very low minimums to start
- Intuitive and easy to use dashboard
- Wide range of products to choose from
- Somewhat higher prices than competitors
- Limited product range compared to brick and mortar dealers
Regal Assets has a great resource area for this. They give a detailed run-down of each product, what makes them valuable, and how they have faired through market crashes in the past.
This information can be extremely useful when you are trying to decide how you want to invest your money. Even if you already know, it never hurts to do a little refresher.
- Excellent resource center
- Reliable company with great customer service
- Produces detailed information on all of their products
- More expensive than online-only dealers
- Some of the products come with slightly higher premiums
- Could have more information on historical value
Gold Alliance is a well-respected precious metals dealer with a large network of brick-and-mortar stores across the nation. They offer some of the best prices in the industry and have products ranging from bars to bullion. If you want to actually see your product before buying it, visiting one of their many stores located in major cities would be the way to go. With their reasonable costs and high quality, they are one of the top picks for Precious Metals IRAs.
- Very reasonable costs
- Easy to use website
- Offers multiple products and prices
- Availability of products depends on location
- Less reputable than online-only dealers
Why You Should Invest in a Gold IRA Company?
- The IRS allows you to contribute up to $5,500 per year into your Roth IRA. With a Gold IRA, you can contribute up to $100,000 per year without any taxes being due on it! This means that if you have a Roth IRA at work and want to invest in gold as well as other investments like stocks and bonds, then investing in a Gold IRA is the way to go!
- Like a regular IRA, if you are using a Gold IRA Company the money is going to be invested in gold bullion. If it is stored at an IRS-approved depository such as Brinks or Guardian, then the company you are using will not have access to your gold. This way you know that your money cannot get lost or stolen by the company you are using. You can take possession of the gold yourself as long as you hold the receipt that shows that it's yours.
- Unlike with regular IRAs, there are no income limits that will stop you from contributing to a Gold IRA. Single people can contribute as much as $5,500 per year and married couples can contribute $11,000 per year, regardless of their income level. This is because gold is seen as a type of investment as opposed to an asset.
- This is the big one. By using a Gold IRA Company, you are ensuring that your money will be safe. Due to the nature of gold, it is not subject to any sort of inflation or market loss, unlike with other investments. Since gold holds its value all over the world, your investment is relatively safe and you can rest easy. If you don't have enough money to contribute to a Gold IRA Company, it might be wise to invest in some other way.
Benefits of a Gold IRA Company
There are many benefits that come with a Gold IRA Company. These include, but are not limited to:
The Rising Price of Gold
Because the value of gold rises every year, many people are taking advantage of it and using it as an investment opportunity. If you are looking to make wise investments with your money for retirement, then you should seriously consider a Gold IRA Company if you don't already have one.
Many companies are offering this service so you will want to do your research before committing to one. Make sure it is trusted, has a good reputation, and offers a fair price when buying the gold from you. You also want to make sure that the company you choose stores your gold at an IRS-approved depository. This will ensure your IRA is safe and sound.
Long-term Safeguard and Protection of Your Money
As you probably know, the value of paper money is constantly diminishing. This is because more and more of it is continually being circulated throughout the economy. The value of gold, on the other hand, tends to rise over time and it cannot just be created from thin air. In fact, many financial advisors are encouraging their clients to invest in gold as a safeguard for their future.
This is why you should seriously consider opening up an IRA with a gold account today. Even if the amount you put in is small, the benefits will still be there for you in the future and you also have time on your side.
If you are investing in gold, consider also purchasing some mining stocks. Owning both gives you extra protection because if one investment falters the other might pick up the slack. However, both of these investments have the same risk factor: they can be wiped out completely by a massive depression.
If you're looking for something that has a little more safety, go with treasury bonds or government treasury bills. These are low-risk choices that tend to hold their value even during a depression.
Any profit you make from your gold IRA is tax-free, meaning you won't have to worry about setting money aside to pay taxes on your returns.
Things to Be Aware of Before Opening a Gold IRA
If you want to start investing in gold, there are a few things you should be aware of before you make a decision.
Fees and Expenses
Understand what you are actually paying for with your gold IRA. There should never be any sort of maintenance or storage fee. You should not be charged a premium for actual gold-plated penny bars. All of these things can add up and eat into your profits if you're not careful. The charges should really be competitive in the industry. The lower the expenses, the more you will actually save.
Just like any sort of investment, there are risks involved. But investing in gold for your IRA is a solid long-term solution that has proven it's worth time and time again.
No Yield, No Dividends, No Interest
One big misconception about gold is that it does not earn any sort of yield or interest. However, this is not true. Over time your investment will grow in value and will actually earn you money time thanks to the power of compounding. Gold is a very steady investment and can actually outpace inflation over the long term. There is no other type of savings account that can claim that!
Fraud and Theft
Unfortunately, fraud and theft are everywhere and the world of IRAs and gold investments is no exception. That's why it's really important to only deal with reputable dealers and to always keep track of your receipts and records. You never know when you'll need them!
Buyer's Guide to Investing in a Gold IRA
One unique investment opportunity that has been available for years is the ability to purchase gold, silver, or other precious metals through an IRA. This gives you the chance to protect your retirement investment portfolio against the ongoing financial turmoil around the world.
If you are interested in learning more about this option, this buyer's guide is designed to give you the basics of what you need to know.
Speak with a Financial Advisor or Lawyer
Before you start researching the various opportunities available, you will need to find out if this is even allowed where you are and also which investment vehicles are okay. Some retirement accounts are set up through an employer and these may have more restrictions than other accounts.
You also need to speak with a financial advisor or lawyer before moving forward with any account to ensure that it is set up in accordance with the law and that you understand all of the relevant tax implications.
Review Current News for Fraud Alerts
As with any investment, you should make it a point to review news on a regular basis so you are aware of any potential fraud warnings. In the world of precious metals investing, this means that you stay alert to the activities of the Better Business Bureau and the FBI's Internet Crime Complaint Center.
The key is to be aware of potential warning signs so you do not become a victim of fraud.
Find a Custodial Company and Establish the IRA
The first step is to find a reputable gold ira custodial company where you can set up the IRA. The law only allows specific types of IRAs so you will need to find out which vehicle will work best for your situation.
Once you have chosen the company, they will provide you with all of the necessary paperwork to fill out and send back to them.
You will have to supply personal information such as your name, address, Social Security number, and some additional information about you and your income. The company will also ask for a list of assets that you currently have so they can calculate how much can go into precious metals IRAs.
Once you have established the IRA, you can then move onto the next step.
Establish and Fund the IRA
You can convert some or all of the money that is in another type of retirement account to a precious metals IRA. You can also start with a lump sum payment or contribute on a regular basis, such as monthly. Some companies may even allow you to do a combination of both.
Look into How the Investments Work. At this point, you should look into how your investment works so you can decide if it is right for your circumstances.
Invest in Precious Metals Via the IRA
At this point, you are ready to actually put money into the IRA. The process will be different depending on which company you are working with but they should all provide you with instruction at this point detailing what to do next.
Most of the time, this involves putting an order in for a specific amount of precious metals with a specific purity from a list of approved dealers. This is then stored in your retirement account and it is up to you to keep track of any changes in value each year.
5 Things to Look For When Choosing a Gold IRA Company
When looking for a gold IRA company, you will need to choose very carefully as this is your future retirement that is on the line.
First, you should do some initial online research to see what companies are out there that offer this service. You can get information on a company's reputation through consumer watchdog websites as well as search for feedback on their services through forums on the internet. While many sites offer this service, the most commonly used and trustworthy one is named the Better Business Bureau (BBB). You can use this site to get an idea of how others have felt about a company's customer service experience.
IRA Fee Structure
The second thing to consider is how much you will have to pay for the service. Each company is different but they all usually charge a fee for setting up and maintaining your account. The most common ones are a yearly management fee as well as a transaction fee each time you buy or sell precious metals.
The fee you pay can really make a difference over time so make sure you choose a company that has low fees.
Efficiency & Delivery Time
The third thing to think about is how efficient the company is at doing what they do as well as how quickly they are able to get delivery to you of your precious metals.
Many of the big and reputable companies have a good record for being efficient and getting things to you in a timely manner.
In most cases, the metals will be delivered to you by armored truck service or they might arrange to have it picked up in person at a local branch. This depends on what you are more comfortable with.
Pushy Salesmen or Unfriendly Customer Support
The fourth thing to look for is how pushy the company's salesmen are. If you go to a local coin shop to buy your precious metals, then this is something you are probably used to. Some of these companies have employees whose job it is to try to get you to buy more than you need. They do this because they are paid on commission so the more you buy, the more money they make.
Because you will be dealing with these people on a regular basis as you add to your IRA, you want to choose a company whose employees treat you nicely and are not overly pushy. Otherwise, you might find yourself having to deal with them multiple times which can get stressful.
Other Alternative Investment Options Available
If you are looking for something a little simpler, there are other alternative investments such as mutual funds that you might want to consider. These are managed by professional fund managers who do all of the work for you. They research and buy small portions of many different stocks and assets so that your money is spread out over many different types of investments which lower your risk overall.
This can be an overwhelming process for a first-time investor, but the most important thing is to stay confident in your decision. Think about why you're investing and consider what you hope to accomplish. Are you doing this to make money, or do you want some extra security? You should have a goal in mind before starting.
After you've decided what type of metals you're interested in, the next step is looking into potential companies. There are many dealers out there, but not all of them will be reliable. We hope this article helps you get started, but you'll still have much more homework to do.
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