Convert IRA to Gold

Last Updated on January 15, 2024 by Ben

You have probably noticed that for the past few years, several countries have experienced hyperinflation. In these trying times, many investors made an effort to convert IRA to gold.

Worry less because this article will explain why converting your IRA into gold is essential and how it can help better protect your financial future.

Gold IRA Rollover Companies Review

Augusta Precious Metals: Editor’s Choice – Great Gold IRA Company Overall (4.9/5)

Star Rating

Working with Augusta Precious Metals means opting for a gold IRA custodian that has proven to provide satisfactory assistance. Numerous consumers have rated Augusta Precious Metal’s services highly for several green flags.

Unlike other precious metals IRA companies, Augusta Precious Metals already reveals a breakdown of all their product and service fees in the first client meeting. This allows individuals to prepare the reasonable amount of investment they need before choosing them as custodians.

On top of that, Augusta Precious Metals clients are eligible for a one-on-one web conference to enrich their knowledge of different trading and financing of various investments, such as precious metals.

Augusta Precious Metals also enables clients to include several gold and silver coins in their IRA, such as the Australian Striped Marlin, American Eagle Proofs, and Gold Canadian Eagle. Instead of partnering with government facilities, Augusta Precious Metals provides storage in private facilities in the main cities in the US.

However, their special metals selection is strictly limited to gold, coins, and silver bullion. Unfortunately, Augusta Precious Metals do not have palladium and palladium options.

One thing that drives potential clients back out of Augusta is its high minimum investment. But some seasoned investors are okay with it because this company delivers more than they bargained for.


  • Has transparent costing
  • Has had no legal criticisms for a decade
  • Precious metals commodities like gold and silver are of 99% purity level
  • Has an A+ rating from BBB


  • Lack of choices for palladium and platinum
  • Some concerns with customer assistance

American Hartford Gold: Runner up – Best Prices on Bullions (4.8/5)

Star Rating

American Hartford Gold (AHG) is a leading gold IRA enterprise with excellent customer service. They operate in an always-available assistance line to attend to clients’ concerns swiftly and satisfactorily. AHG also excels in investor education programs.

American Hartford Gold provides its customers with full access to content libraries. It includes various topics, including how investors can acquire precious metals and formulate better financing decisions.

On top of that, American Hartford Gold (AHG) operates with a variable fee structure. The annual service costs are proportionate to the amount clients use in their individual retirement accounts (IRAs) for a certain period.

Some offerings that make American Hartford Gold stand out are insurance, free shipping, and seamless tracking of your purchases. It also does not have a minimum order size — the depository storage costs are under your account size and precious metal holdings.

Another bonus characteristic of American Hartford is offering one of the lowest investment requirements in the precious metals market. This is perfect and beneficial for beginner investors on a budget looking for a good gold IRA custodian.


  • Focusing on investor education
  • 24/7 customer assistance
  • Family-owned investment gold IRA firm
  • Without liquidation fees on its buyback programs


  • No international shipping alternative
  • Sluggish waiting times for transactions

Goldco: Great Buyback Program (4.6/5)

Star Rating

This next gold IRA custodian stands out in terms of customer assistance. Goldco’s website interface is easy to navigate and constantly updated. You will not get intimidated by it.

Potential gold IRA investors still contemplating picking them as their gold IRA custodian may request a free gold rollover IRA kit to grasp what it is like to work with them.

Goldco also operates in a “white-glove” level of customer assistance. They designate their clients with a company specialist to assist in every investment transaction. However, this company’s red flag is its non-disclosure gold IRA fees.

Still, Goldco is among the leading gold and silver IRA brokerage firms. They have managed investment plans for gold rollover IRA account owners, making investing with Goldco more secure and effortless.


  • Investor education assistance for improved knowledge
  • Has one of the highest buyback rates on the market
  • Operates in a white-glove-level customer support
  • Has a broad selection of gold and silver assets available


  • Limited palladium, bullion, and platinum preferences
  • Lack of transparency regarding product and service fees

Birch Gold Group: Great Staff Overall (4.5/5)

Star Rating

Birch Group Gold is another reputable precious metals IRA firm that deals with numerous investment alternatives. Their cheaper minimum investment makes them more accessible and affordable to almost every person and family looking for a gold IRA company that offers what they want.

In addition, the firm breaks down administrative and service fees on a single page on its web page. The figures or amounts can change, but the Birch Gold Group team adjusts its online costs months before executing them.

Birch Gold Group also implements a flat rate structure. It is fortunate for individuals who buy frequently and in bulk. This option maximizes the yearly shipping, storage, and other transaction-related expenditures costs.


  • Numerous options for depository services
  • Transparent fee setup
  • A flat rate is ideal for investors who frequently buy commodities in bulk
  • Strong priority on palladium and platinum selection


  • No international depository alternatives
  • Often long transaction waiting times

What is an IRA And How Does it Work?

An individual retirement account is another retirement savings account that allows investors to acquire tax advantages. Their contributions are typically tax-deductible, and the earnings grow as tax-deferred.

Traditional IRA account holders pay their taxes on withdrawals in their retirement. On the other hand, Roth IRA account owners have tax-free withdrawals since their contributions are after-tax dollars.

You don’t even have to worry about finding where to open an individual retirement account. You can set them up at most financial institutions. This includes credit unions, banks, and brokerage firms.

On top of that, they will assist you regarding how to invest your existing IRA funds. These financial establishments will hold and manage your gold assets. You may put them in bonds, stocks, mutual funds, and other related investments.

How to Convert an IRA to Gold or Silver

Every investor has a reason to consider converting IRA to gold. One is how gold commodities are valuable enough for people to use as currency and a supply of wealth for centuries.

The process of converting an IRA is relatively simple. First, you must open a self-directed IRA with your chosen financial institution that provides this account. You may refer to the list of recommended companies in this article.

Once your IRA is open and operating, you can transfer the money from your traditional IRA to your new self-directed IRA account. After that, you can purchase gold, silver, and other precious metals from your precious metal IRA companies.

When buying precious metals, such as gold, you must store them safely and securely. Fortunately, you do not have to look for them yourself. Most self-directed IRA firms provide storage services or work with various custodians for an extra cost.

Now that your rare metals are safe and secure, you can take distributions from your IRA account as required in retirement. Further, self-directed IRAs allow you to take gold or cash distributions.

Benefits of Gold or Silver IRAs

Traditional investors prefer gold, silver, and other precious metals because of their relative price stability compared to paper assets like stocks. Unlike paper assets, gold prices increase as the years pass by.

Investing in rare metals can be a part of a more comprehensive diversification strategy for your retirement funds. Gold IRAs allow investors to own a physical asset, unlike other investments like ETFs or stock.

Note that building retirement savings with precious metals have several benefits. This includes tax advantages, broader diversification, and a hedge against inflation.

You can set up a precious metals IRA to enjoy the same tax laws as a Roth or Traditional IRA. The contributions may be tax-deductible. Plus, you may enjoy tax-free withdrawals.

Another exciting benefit of investing in precious metals IRAs is that the value of the assets typically increases during a geopolitical conflict, market crash, and inflation. You won’t even have to worry about your funds getting corrupted in the future.

Lastly, investing in gold, silver, and other precious metals IRAs requires using SDIRA or self-directed IRA, enabling investors to buy alternative investments.

This practice provides more control compared to regular individual retirement accounts.

Things to Consider With Gold Or Silver IRAs

Like other investment vehicles, gold or silver IRAs also allows investors to minimize risk while increasing their chances for higher gains. However, converting IRAs to gold can be a complicated process. It carries its cons and pros.

Before getting started, you must understand that there are various things you need to know before investing in individual retirement accounts. Keep reading to discover them:

Check the Retirement Accounts

The first step before converting your IRA is distinguishing what retirement account it is. It can either be a traditional or Roth IRA.

Traditional IRAs allow account holders to make after-tax contributions. You can pay taxes on withdrawals from traditional IRAs.

On the other hand, Roth individual retirement accounts have after-tax contributions. When transferring your funds to a gold IRA, you must ensure that your new account type matches your previous IRA account.

Find a Reputable Gold IRA Company

This step is crucial in converting an individual retirement account (IRA) into gold. Finding a reputable and trusted gold IRA company can be daunting. Hence, it would be best if you researched thoroughly.

You must start looking for a firm with a good image as a retirement company. Most importantly, you should find one that has excellent customer service. Luckily, some precious metals IRA companies list their reviews and ratings with BBB or Better Business Bureau and their years of experience.

Further, a reputable company lets customers know how many assets they have under management, plus the number of transactions they handle. Comparing rates and fees with other firms is also essential to ensure you land on an IRA company offering a reasonable deal.

Another green flag to spot is that a gold IRA custodian must be upfront with their costs and fees for additional transparency. Gold IRA custodians sometimes have a minimum investment amount required before opening an IRA account.

You may need to liquidate some of your gold assets as an IRA account holder. This is why it is also suitable for potential clients to check their buyback rates.

The buyback programs allow investors to trade their gold commodities directly to the gold IRA firm instead of waiting to find a customer on the market. It is also excellent to check whether they offer their clients educational resources.

Lastly, looking for a gold IRA company that offers blogs, articles, or webinars would be best. This benefits you if you want to stay informed and updated about precious metals investments.

Opening a Gold IRA Account

Once you have assessed and chosen a custodian, you must open your precious metals IRA account. Some custodians allow customers to open the account online with their forms, while others may need clients to send a paper application.

Depending on the gold IRA custodian, their customer service unit can help set up and open a new gold IRA account for your retirement portfolio. However, due to IRS regulations, some gold IRA custodians typically cannot provide investment suggestions or advice.

Customers should ensure they open the proper individual retirement account at this stage. An IRA-to-IRA transfer demands a transfer in kind, meaning you can only transfer a Roth IRA to a Roth IRA. And, of course, a traditional IRA to a traditional IRA.

Transfer vs. Rollover

You must contact your gold IRA company to initiate the gold IRA transfer. Further, you must provide them with the necessary information regarding your current IRA firm, such as the IRA type, amount, account number, and other relevant details.

With all the information, your new custodian will send the documents to your current IRA company to begin the process. After that, they will send the money to your new gold IRA firm.
Knowing that it is a trustee-to-trustee transfer, the procedure does not create a taxable event. Further, there are no restrictions on the number of IRA transfers in a particular year.

An indirect rollover, or an IRA rollover, is where the account holder takes possession of their funds directly from the traditional individual retirement accounts. This results in a tax-reported event that makes investors deposit their funds sixty days into their new IRA to complete the indirect rollover.

On top of that, the IRS limits indirect rollovers to one per year, and the current gold IRA company must withhold taxes if the check is not made payable to the new IRA firm.

The benefit of an IRA-to-IRA transfer is that the new gold IRA company will handle the paperwork. Their added task is following up with the old IRA firm to ensure the funds get transferred correctly.

Buying the Gold

When the indirect or transfer rollover is complete, the clients can invest in their new gold IRA accounts. They can either purchase gold bullion or coins.

Investors must associate with a reputable gold dealer to know where to buy IRA-eligible gold for their account. Otherwise, they can get hit with penalties and taxes from the IRS.

Lastly, they can direct their chosen custodian to make purchases of gold and silver. The company will securely hold and store the physical precious metals until the client needs to withdraw. This also works if they must liquidate some silver, gold, or other precious metals.

Gold IRA Custodians, Precious Metal Depositories, and Gold Dealers

A gold IRA custodian is a non-bank trust organization that permits investors to acquire an IRA account with alternative investment assets, such as precious metals. It includes dealing with palladium, platinum, silver, and gold.

A gold IRA custodian assists customers in establishing a gold IRA, funding it, issuing quarterly statements, calculating Required Minimum Distributions, and other relevant reporting requirements.

Aside from IRS reporting, a gold IRA custodian handles withdrawals and other transactions within a silver or gold IRA. Regarding costs, your chosen gold IRA custodian can assess fees, such as annual management fees, to cover the costs of reporting and other documents.

Further, a gold IRA company must assess fees to set up your account, transfer the money from an external gold IRA custodian, and assess the costs for each transaction.

The task of a precious metal depository is to physically store the gold or other precious metals in a client’s gold IRA. If they act as a precious metal depository, that company may also levy a yearly storage fee. Clients must find a precious metal depository if the gold IRA custodian does not provide storage services.

Some gold IRA custodians provide clients with a list of preferred IRS-certified depositories for a more effortless transaction. Don’t fret because, in most situations, clients can choose their preferred storage house.

Notably, the IRS requires gold coins to be 99.5% pure to convert ira to gold. The IRS only approves gold and other precious metals in a gold IRA portfolio with that particular purity level.

On the other hand, if you are investing in proof coins, you should know that these coins must be in mint condition. Additionally, proof coins must come with a certificate of authenticity to qualify. However, they must be in at least brilliant condition if you are not using a proof coin.

Alternatively, you can buy gold bars and rounds from a precious metals IRA dealer. When trading gold rounds or bars, you must choose from those produced by a national government mint or accredited by them. The gold bars must be 24-karat, while small bullion bars must be of a specific weight to qualify.

An excellent precious metal dealer can help customers identify which products are IRA approved to help take the guesswork out of the buying process. One thing to note is that a customer must refrain from directly buying and selling approved gold and other products.

Once you find the products you want, you must provide your gold IRA custodian with Investment Direction paperwork showing which products you wish to purchase.

To have a silver or gold IRA, a client must choose a gold IRA custodian approved by the IRS as a depository for storing physical gold assets. Investors must look for a separate precious metals dealer depending on the gold IRA custodian. Fortunately, some custodians have an inventory of recommended dealers.

Final Thoughts – Convert IRA to Gold

It was never easy to make the proper and reasonable financial decisions. However, investors need to ensure they will not risk their retirement savings or financial future.

You can make your life easier once you have established your objectives, researched the available investment options, and chosen the suitable gold IRA company to convert IRA to gold. Some custodians offer excellent online resources and tools to help you comprehend the investment world.

Checking if they match your need, financial goals, and capacity is always a green flag for a gold IRA company. You may start your search from Augusta Precious Metals, as we did.

Scroll to Top