Last Updated on November 14, 2023 by Ben
The volatility and market uncertainty are striking fear into the hearts of investors worldwide. With the constant inflation rise, more people have fewer chances of saving for their retirement portfolio. So, how can you properly and effectively protect your wealth and assets from inflation and economic collapse?
A gold IRA might be the solution you are looking for! Gold proved to have steady growth in recent years compared to other assets, which is why many investors turn to gold IRAs to hedge and diversify their portfolios.
Here are the best gold IRA companies for those interested in opening a gold retirement account.
At a Glance Rating:
1. Goldco: Editor’s Choice – Best and Most Trusted Gold IRA Company Overall (4.9/5)
2. American Hartford Gold: Runner up – Best Price for Bullion (4.8/5)
3. Augusta Precious Metals: Great Buyback Program (4.6/5)
4. Birch Gold Corporation: Great Staff Overall (4.5/5)
5. Red Rock Secured: Best at Home Gold IRA (4.2/5)
Top 5 Gold IRA Companies Review
Goldco: Editor’s Choice – Best and Most Trusted Gold IRA Company Overall (4.9/5)
After trying out Goldco’s services, we discovered they offer some of the best gold IRA investment services in the market! They have been in business for a while and are focused mainly on gold and silver IRAs. Working with them, we discovered that they also offer physical precious metals. With top-notch ratings on BBB and TrustPilot, it comes as no one’s surprise that they are currently in the running as one of the best gold IRA companies in the precious metal investment industry.
Based on our firsthand experience with this gold firm, they offer a wide selection of educational resources for investors who still want to learn more about precious metals IRA. Their informative content includes eBooks, price charts, articles, videos, and FAQs.
We asked for a guide, and Goldco didn’t hesitate to appoint us a representative who spent several minutes discussing and explaining how precious metals IRA works. They went into detail about the promos and services they offer. With this personal experience, it isn’t hard to see why current and previous customers have nothing but praise for their customer service and educational resources.
- Up to $10,000 silver promo
- Rollovers are easy and require no fee
- Routinely offers fee-refund promotions
- Lowest annual prices among most gold IRA companies
- High minimum investment of $25k
- Their flat rate is more expensive for low balances
American Hartford Gold: Runner up – Best Price for Bullion (4.8/5)
Our research indicates that American Hartford Gold is among the leading gold IRA company in the industry, thanks to its valuable and unique service in the gold IRA market! Working with them made us realize how much effort they make for their customers. American Hartford Gold goes above and beyond to ensure that it will make it easy for its customers to buy gold and store it.
Aside from being known as an excellent customer support company, American Hartford Gold offers a wide range of gold and silver IRAs. They also provide storage and insurance services for their client’s convenience.
When we trialed their services, we had a precious metals expert help us make and set up an account and fill out the appropriate paperwork. With their hands-on help, we set up an account and transferred our funds in as little as three days!
The gold IRA company also informs clients of their costs and fees, so there is no fear of being charged with hidden expenses. Moreover, they have a buyback commitment and require no liquidation fee!
- Low minimum investment of $10k
- Register to gain a free 25-paged reference on gold bullion, precious metals IRA, and rollover IRAs
- For each transaction, a customer gets a buyback guarantee
- The website does not contain gold prices
- Does not ship outside of the US
Augusta Precious Metals: Great Buyback Program (4.6/5)
Our investigation of precious metals IRAs led us to discover Augusta Precious Metals. After personally trying out their services and products, it quickly reached the top of our list of gold IRA companies! Augusta Precious Metals has a long-standing record of offering and protecting precious metals IRAs.
Based on our personal experience with this firm, they proved that they are heavily customer-centric. Augusta is the kind of company that will go beyond for each client. They can handle the demand of their customers and the hassle of defining a precious metal IRA.
Augusta determines what their clients want and does everything it can to give it, ensuring that each investor will have the best gold investment experience they could have!
Augusta Precious Metals provides gold or silver IRA. Gold-focused clients can use the company’s wide selection of gold bullion and premium precious metal coins and bars. A few of their best sellers are the Canadian Maple Leaf, American Gold Eagle, American Buffalo, and Gold Canadian Eagles.
- Informative and educational content and resources
- Low cost and transparent fee structure
- Money-back guarantee
- Lifetime support
- High minimum investment of $50k
- The high mark-up on premium gold and silver coins
Birch Gold Corporation: Great Staff Overall (4.5/5)
As per our expertise, Birch gold group provides some of the most comprehensive precious metals selection in the market. For IRA accounts, they offer gold silver platinum and palladium products for purchase! We’ve done extensive research on this company and discovered why it is dubbed one of the industry’s best.
Birch gold group, as we’ve seen and confirmed, has a list of information that investors need about precious metals IRA and their firm on its site, including their service costs and fees. Opening up a gold and silver IRA in Birch gold group is easy enough, thanks to the ample support the gold IRA company offers its clients.
As we observed, Birch gold group is a well-established and reputable precious metal IRA company that clients can trust to help them achieve their financial goals. They are famous for being one of the leading firms due to its wide range of precious metal products, including gold bars and platinum coins.
They make it easy for customers to survive in the industry. The firm also offers the assistance of a financial advisor and gold IRA expert to those who need a more hands-on guide!
- Low minimum investment of $10k
- Physical assets are delivered securely and immediately
- Offers assistance from gold investment experts and financial advisors
- Wide selection of approved precious metals
- Incompatible with a traditional IRA
- No repurchase program
Red Rock Secured: Best at Home Gold IRA (4.2/5)
Red Rock Secured prioritizes customized investment plans. The organization knows investors have different financial goals, investing choices, and risk tolerances. Thus, Red Rock Secured investment professionals collaborate with clients to develop customized investment programs. The client’s financial position, investment goals, and risk tolerance are assessed.
Red Rock Secured’s professionals offer investments that match the client’s goals and risk profile. Red Rock Secured invests in precious metals, real estate, and other asset types to maximize returns and minimize risk.
- Customizable investment plans
- Tailored to meet each client’s individual needs and goals
- Offers personalized investment solutions for clients with different investment objectives and risk tolerance levels
- Limited investment options for those seeking higher-risk investments
- Red Rock Secured imposes restrictions on withdrawals, deposits, and transfers as per their policies which may affect traders’ ability to access their funds quickly.
The History of Gold as an Asset
Gold’s history is directly interconnected and entwined with money and currency, though gold had long relinquished its role in developed economies after the outbreak of the Second World War. It is the most-known commodity in all of history.
Gold was utilized in early civilizations as a symbol of status. Additionally, it has been used as a currency for trade and to honor the gods. It is clear from all this evidence that gold is a constant and consistent shadow of the evolution of human culture – from ancient times to the modern world.
Due to its attractive and unique properties, gold was always highly valued. According to the National Mining Association, the history of gold goes way back – so far back that traces of it are present in decorative objects of the cultures in modern-day Eastern Europe in 4000 BC.
No culture nor era can deny the significance of gold. Most civilizations, empires, and dynasties from various points in time treasure gold and sees it as a synonym for power and wealth.
Several countries have used gold and silver coins as currency until the last century. Only in the 1930s, during the worldwide depression, did countries cease using the gold standard.
The Gold Standard
The gold standard is a financial monetary system that utilizes gold to set money’s value. The currency is convertible into a fixed amount of gold per currency unit. With this financial system, a person with some paper money can visit a bank and exchange them for a fixed amount of gold.
Gold was used as a form of currency globally and throughout history mainly for its rarity and difficulty. The earliest record of its use as a minted currency is in Lydia (present-day Turkey) around 600 BC.
The period from 1871-1914 was deemed the golden age of the gold standard since governments worldwide were working together to establish the gold standard further. It all started to collapse during World War I in 1914.
When the US entered World War I, banks started failing left and right since people were rushing to withdraw their money. Banks did not keep enough cash to cover and meet the sudden increase in demand.
The Federal Reserve System was established to try to meet the demands head-on and stabilize the prices by issuing notes to assist banks, but those did not provide the intended effect. By 1933, the gold standard officially collapsed because it was unstable and unsustainable.
The Bretton Woods Agreement
After the gold standard era, the Bretton Woods Agreement was established in 1944 at the Bretton Woods conference. The US economic and political dominance has necessitated the dollar currency to be the center of the new system.
This agreement was created to achieve stability and more flexibility than the traditional gold standard. The new system set that the currencies of all involved countries have fixed (but adjustable) exchange rates to the US dollar. Meanwhile, it draws up fixed the US dollar to the gold price – at $35 an ounce.
It continued until 1973, when the US became the last country to stop using the gold standard. The main reason was that the country needed additional funds for the Vietnam war.
Today, gold is an asset that derives most of its value from its historical tie to currency. People can now invest in gold, and most usually use it to diversify their investment portfolios.
How Does Gold Perform as an Investment?
The idea of gold as an investment only took off after the 1970s, following the decision of the US to make the trade and ownership of physical gold legal again. Before that, the Gold Reserve Act of 1934 was in effect and had made possessing physical gold illegal.
Since then, gold investments have steadily risen in fame and become a popular option among a wide range of global investors. It is especially famous to those looking to diversify their portfolios outside paper assets and traditional shares and stocks.
It helps that gold has never lost its value. Over a long time, gold consistently held on to its high value against other financial assets. In fact, in the last 45 years, gold has outperformed shares and stocks!
That probably is one of gold’s many charms – it outperforms amidst a crisis. This precious metal is considered an iconic hedge against inflation, and the gold price has proven to rise during economic uncertainty.
When the market crashes, most investors turn to tangible assets, like gold and other precious metals. The popularity of gold investments has grown exponentially in the past 20 years, mainly due to the increasing geopolitical tensions and the growing mistrust toward the modern financial system.
Reasons to Buy Gold in your IRA
A gold individual retirement account (or gold IRA) allows investors to possess and own gold bullion, coins, and bars. How it operates and functions are similar to that of a traditional IRA or 401(k) retirement account. Opening gold IRAs with the most reputable precious metals companies should make an investor’s gold investing experience easier and more manageable.
What are the main reasons an investor should buy and invest in precious metals?
Gold IRAs can help people diversify their retirement accounts, investment, and portfolio while protecting them from inflation and market uncertainty. Many investors treat gold and other precious metals as a safe haven.
When inflation rises and the dollar’s buying power drops, gold’s value will hold and remain strong. In some cases, it might even improve! Investors deem gold a wise investment in parking wealth and insulating it from most inflation impacts.
The security and protection gold IRAs provide long-term. Gold is an asset that has been around for so long – one that will likely stay and be around for the next thousands of years. It will only change if people stop using it for investments, jewelry, and decoration or if another currency pops up and takes the reins.
Since gold and silver have existed for centuries, there is no real chance they will disappear or become obsolete soon.
While gold and other precious metals are not necessarily known for being huge moneymakers, they allow investors to spread their investments across several asset classes, like stocks, bonds, mutual funds, and real estate.
Using gold to diversify your retirement portfolio is a practical investment as it protects the account holder from the instability of other, more volatile sectors.
When an investor buys into a gold IRA, they can take advantage of certain tax benefits that other investment instruments are not offering. A traditional IRA is an ideal retirement account, but it does not provide the flexibility of some different investments.
With a gold IRA account, investors can easily invest in precious metals without worrying about paying taxes on the profits they gain throughout the year or when they finally retire.
3 Different Ways to Invest in Gold for Retirement
Those watching the gold space should know by now how valuable using gold and silver is in a retirement portfolio or account. Despite the fair share of pros and cons of using gold investments for retirement funds, many successful and experienced investors started considering precious metals investment as a sort of safety pocket they can fall back on.
Everything should be confusing for those new in the industry of investments and gold IRAS. It doesn’t have to be! Working with trustworthy gold IRA companies should make it easier! Though, for those that need the basics, three ways can help them get started.
From purchasing physical gold to investing in gold IRAs – the options are diverse for those that choose gold IRAs as a retirement account!
Buy Physical Gold
Among the best ways to go about gold investment is to buy physical gold bullion bars and coins.
Generally, investors buy gold through bullion coins and gold bars through a trusted dealer. While it may sound as simple as other investment vehicles, it is increasingly essential for any investor to research to ensure they are working with a reputable dealer or gold IRA company.
Owning and possessing physical gold does have its downsides. The main one is that investors must consider where to place their physical bullion, gold coins, and bars. Most opts to pay for storage fees to place their gold at a bank depository, but setting up a safe in their homes is also available.
Invest in Gold Stocks
Most think investing in gold stocks is only for people entrenched in the stock market. The truth, however, is that anyone willing to put in the needed work and effort can invest in gold stocks if they want to.
Investors need to take the time to monitor their financial assets and investments. Doing so will give them purchasing power. That means allotting time to select the right gold stocks to invest in and watching them regularly to see if these stocks can benefit their savings and wealth.
Invest in a Gold IRA
Lastly, investing in a gold backed individual retirement account is another way for investors to invest physical gold in their retirement funds or savings. A self directed gold IRA can contain non-traditional assets like precious metals and real estate as long as the investor can follow the pre-set special rules.
For example, the Internal Revenue Service only allows IRA eligible gold to be placed in a gold backed IRA. Furthermore, gold in a gold backed IRA should be administered by a gold IRA custodian and securely stored in an IRS-approved location.
These and the other rules set by the Internal Revenue Service certainly make setting up a gold backed IRA intimidating, which is why this option is mainly considered an alternative investment.
How to Open a Gold IRA Account
Those with an existing IRA can easily roll over to a gold IRA account if they so choose. The process is called a gold IRA rollover and is typically easy to accomplish as long as an investor gets help from a reputable gold IRA company or custodian.
Opening self directed IRAs and investing in gold and silver is more complicated than setting up a Roth IRA or traditional IRA. For those new to the gold investment field, here are the steps to follow in opening a gold or precious metals IRA.
1. Select a Precious Metals Company
Picking a gold IRA company is the first step to setting up an account. These gold IRA companies can help their clients start an account, transfer their funds, purchase precious metals, and ensure that their gold and silver are shipped to a safe depository approved by the Internal Revenue Service.
Most gold IRA companies will also act as the investor’s gold IRA custodian. They will also handle the IRS compliance and the paperwork for the gold IRA account.
With precious metals IRA becoming a popular investment choice, countless gold IRA companies are around to work with! Each has its own set of services, unique fees, and customer care quality that sets them apart.
2. Fund the Gold IRA Account
Once the precious metals IRA account is open, the holder must start purchasing and investing in metals. There are three options to go about it:
- Gold IRA Rollover
- Cash Contribution
- Account-to-account transfer
Most investors opt for a direct transfer to reduce the hassle and potentially costly penalties.
3. Decide on the Precious Metals Products
Investors can purchase gold, silver, platinum, and palladium once they fund their gold IRA account. Note that the IRS only permits certain types and purity to be stored in a self directed gold IRA.
Purchasing the precious metal will depend mainly on the gold IRA firm they are working with. Some gold IRA companies sell precious metals approved by the IRS so clients can purchase directly from them.
4. Monitor the Performance
Some precious metal firms offer online dashboards for investors to monitor their investment performance. Though, others do not. Suppose regular updates into a precious metals IRA performance are something that an investor values. Then they will need to ask upfront if these services are available.
Final Thoughts – Gold Retirement Account
When it comes to precious metals investment, gold will remain supreme. Though, that doesn’t make the other precious metals worth any less. Today, many see a self direct gold IRA as a solid long-term investment option – and with good reason.
Instead of only owning paper assets, it can be reassuring for an investor to know that at least a few of their retirement investments are assets that they can touch and see. Augusta Precious Metals is currently the leading gold IRA company on our list!
Drawing from our experience, Augusta is a reliable firm offering its clients various gold IRA services. As to why it became our number one, we considered a few factors: its reputation, accreditations, transparency, and dedication to clients. For us, Augusta meets all those and more!
Goldco and Red Rock Secured are also worth considering for those looking for other recommendations not on the list.