Planning for retirement is one of the most important things you will ever do. When you can no longer work, you need the assurance that you have a backup plan to ensure the same quality of life.
A gold-based IRA can be among your best options for shielding your retirement savings against inflationary devaluation and economic uncertainty.
Also known as a precious metals IRA, a gold IRA is a type of self-directed retirement account that lets you invest in physical precious metals such as silver, gold, platinum, and silver.
The truth is that setting up a gold IRA fund is more difficult than setting up a regular IRA account, which can be done with relative ease by the majority of investors. This is why many count on the best gold IRA custodians to make the process easier for them.
If you are looking for a reputable gold IRA company to help you reach your goals for retirement savings, you have come to the right place! In this article, we will review the best gold IRA companies to help you find one that best aligns with your needs.
Traditional IRAs and 401(k)s are probably familiar to you. You can finance your retirement fund with a variety ofย paper investments using these types ofย retirement accounts. The majority of conventionalย investment accounts, however, restrict gold investments. This is where gold IRAs come in.ย
These specialized accounts, known as “gold IRAs,” are used to store precious metals like gold, palladium, platinum, or silver. Like standard IRAs, they often permit pre-tax contributions and have comparable contribution limitations.
Gold IRAs, on the other hand, hold actual physical precious metals, unlike 401(k)s and traditional IRAs that retain paper assets. You must keep your precious metals in a secure, approved facility with a custodian and in a safe depository when you buy them with a gold IRA.
A trustworthy gold IRA provider, like one from our list, can assist you with your metal purchasesย and guide you through the process of starting a new gold IRA.
These businesses can provide you with the advice you need to keep your investmentย portfolio lucrative since they are knowledgeable about the finer points of IRS regulations for retirement funds.
What Is a Gold Custodian?
A firm that purchases and stores gold bullion in the form of coins andย barsย as anย investment is known as a gold IRA custodian. These companiesย hold the tangible assets in a “vault” on the client’s behalf.
There are two different kinds of gold IRA custodians:
Custodians that allow you to purchase precious metals yourself.
Those that require that they buy them on your behalf.
How Does It Work?
You’ll purchase gold that is kept in a gold IRA custodian’s “vault” by opening an account with them. In accordance with the terms of the agreement, the custodianย can demand that the money be sent to them through bank transfer or check.
These companies typically only accept written authorization to buy precious metal products on your behalf rather than the delivery of your funds. Keep in mind that you are not purchasing the bullion yourself – the custodian is.
Once acquired, the bullion becomes your property, but you don’t buy it outright. The custodian is in charge of doing this.
The bullion is often kept in a safe place that belongs to the custodian. It will typically stay in this facility until you choose to withdraw it.
Like any investment, purchasing physical gold and keeping it in a vault has some risks. These risks are typically much lower than those related to storing your funds in a bank or any other type of investment vehicle where they could be readily seized by the government or lost due to market volatility.
Why Use a Gold IRA Company for Your Precious Metals IRA?
Wondering whether hiring a gold IRA company is the right choice? Here are a few reasons to use one of theย best gold IRA companiesย on this list:
Buyback Option
When you’re ready to sell your bullion, many custodians provide you the option of buying it from you. This is an excellent option because it saves you the trouble of finding a storage facility. A gold IRA company will offer all the assurance and security you need.
Insurance Coverage
Moreover, when you buy gold from a custodian, the insurance policy covers the precious metals kept in their vault. You also get storage insurance to safeguard your precious metalsย from loss or damage.
Affordable Storage Fees
Many custodians will hold your gold bullion at a significantly lower rate than gold dealers. In certain circumstances, the custodian will even preserve your bullion for free if you purchase a large amount of gold.
The price of storing your metal is typically much lower than keeping it at your residence or in a safety deposit box.
Helping You Reach Your Goals
The top custodians of gold IRA investments will provide guidance based on your unique goals, risk tolerance level, timeframe for investment, and other factors.
They will utilize this information to select an investment strategy that maximizes your returnsย while stillย ensuring that you fulfill your personal objectives.
Bullion Valued at the Price You Paid
Preciousย metals held by a gold IRA custodian will be valued at the price you purchased. To put it simply, if you had purchased an ounce of gold for $1600 in 2012ย and kept it in a safe for a year, its value now would be roughly the same amount.
Gold IRA companies don’t mark up the price of your bullion. Instead, they charge you the same amount it wasย worth when you bought it from them.
How to Choose the Best Gold IRA Company
Selecting a custodian is a difficult decision that requires much thought. It’s best to consider your requirements, objectives, and tolerance for risk. It’s important to consider whether you want to use precious metals as retirement income, an inflationary hedge, or short-term investments.
You will also need to think about when you will need to make a withdrawal. Whenever you can, spread your investment among a variety of metals, such as gold and silver.
Taking these factors into consideration, here are a few things to look for when choosing the best gold IRA company to help you reach your goals and objectives:
1. The Fee Structure
This is one of the most important things to look for because it has a direct impact on the value of your investment. The lower the fees, the more attractive the precious metals IRA provider.
In the list of recommendations below, you will see that we have listed the companies with the most affordable fees on the market, so you won’t have to look far to find a gold IRA company with affordable pricing.
2. Customer Support
Setting up precious metals IRAs is no walk in the park. The gold IRA company you choose should be able to answer your questions about gold coins, silver coins, and bars and help you set up your gold IRA.
If something goes wrong, you should also have access to the support you need. The custodian should also allow you to check your balance easily.
3. Storage Facility
It’s important to check that the facility where your precious metals will be stored is secure to prevent theft. It’s also a good idea to consider the insurance coverage offered to see how much of your precious metals investment will be covered.
4. Customer Reviews
A great way to tell whether a company is reliable is to look at online reviews. Most gold IRA companies are reviewed by the Better Business Bureau and have thousands of online customer reviews for you to read. This will give you an idea of the kind of experience you can expect.
5. How Easy It Is to Set Up an Account
Reputable precious metal IRA providers go above and beyond to attract new customers, including simplifying and streamlining the setup procedure. These businesses provide competent guidance from financial professionals and enable new customers to set up gold IRAs in a short amount of time.
The gold IRA providers on our list have simple setup procedures. During the account-opening process, many firms also let you speak with a specialist immediately, ensuring you get the assistance you require as quickly as possible.
6. The Range of Products
Diversifying their financial portfolios is one of the main reasons why many people decide to acquire gold IRAs. Therefore, working with a gold IRA firm that provides a broad range of precious metals makes sense.
7. Buybacks
Choose a firm that provides prospective buybacks if you’re unsure of the kind of bullion to acquire within an IRA or are apprehensive about the transaction. Customers of such businesses are permitted to sell their precious metals back to them without paying any further costs.
The top gold IRA providers provide buybacks and make the process as simple as possible. If you bought your precious metals directly from these businesses, they might even offer to ship them back to their facility at no cost to you.
The Best Gold IRA Companies to Choose for Your Retirement Investments in 2023
We have done our research to identify some of the top performers in the industry. These gold IRA custodians are renowned for excellent service, low fees, good educational resources, and more. Here is our list of the best gold IRA providers on the market:
1. Goldco
Pros
- Focus on education – new gold IRA investors can request a free investment information pack
- No commission for purchases of precious metals IRAs
- Free shipping on purchases over $500
- You can enjoy tax benefits – Goldco will help you avoid tax penalties
- The company has years of experience in the industry, so you can trust its advisors to help with gold IRA accounts
- Track the growth of your investments with ease
Cons
- You will have to set up multiple accounts for each type of metal you wish to store
Goldco is the best gold IRA company to use if you want to invest in physical precious metals or set up a gold IRA account. It has been in operation for more than 10 years and has earned its reputation for reliable service and affordable prices.
(Read ourย full review of Goldcoย if you want a more detailed breakdown.)
In addition to the Perth Mint Lunar Series, Silver Eagles, American Eagles, Maple Leafs, Krugerrands, and Austrian Philharmonics, it also provides a large selection of gold and silver products at affordable pricing.
When you purchase these things for your precious metals IRA account, there are no fees or other relatedย costs. Additionally, a variety of “one ounce” bars are available, including Valcambi Suisse Bars and theย Scotia Bar. The order minimum is only $500, so you can start with a relatively small investment.
Goldcoย does not have any hidden costs. It also doesn’t impose a “storage” fee like the majority of other gold IRAย companies. When you invest with Goldco, you can get access to the Track Your Purchase feature, which makes it so much easierย to follow the growth of your investments using anย online account.
Customers ofย IRA Financial Groupย can take advantage of a unique rewards program through which they can earn one percentย on all purchases. However, this deal is only available for those setting up their retirement account through IRA Financial Group.
Moreover, you will onlyย be eligible for this unique incentive if you haveย at leastย $250,000 in your Goldcoย account every year. This is in addition to the affordable storage costs and competitive pricing the companyย already provides!
2. Augusta Precious Metals
Pros
- High-security storage
- Comprehensive insurance coverage
- Customer management feature to help manage your gold IRA account
- Setting up your account is easy
- Wide assortment of gold and silver coins to choose from
Cons
- Augusta Precious Metals charges high amounts for purchases
Augusta Precious Metals is another reputable gold IRA company that can help you reach your financial goals. Like Goldco, it has over 10 years of experience in the industry. With this custodian, you can choose from a wide variety of gold coins as well as silver, platinum, and palladium products. This includes the following precious metal coins:
British Sovereigns
American Eagles
Krugerrands
Gold American Eagles
Austrian Philharmonics
Canadian Maple Leafs
Silver American Eagles
The companyย doesn’t charge monthly storage fees or any other unforeseen costs. Without having to payย a commission to Augusta Precious Metals, you canย get your physical gold, silver, platinum, and palladiumย directly from the USย Mint or other vendors.
(Read ourย full Augusta reviewย for even more details.)
After you buy your physical gold and other productsย from Augusta Precious Metals, you can count on the custodian toย keep them for you in its secureย vault at a safe location without having to pay additional costs.
Additionally, the business charges a reasonable $20 maintenance fee per year for each bullion bar in your account.
All items purchased via Augusta’sย exclusive partner, the IRA Financial Group, now come with a one percentย bonus from Augusta Precious Metals. In comparison to other gold IRA firms, this is sufficient to make their fees reasonable.
Itย providesย a comprehensive emergency service protection plan for your metals that covers chain-of-title insurance, safekeeping, and insurance coverageย for up to $2.5 millionย per incident.
3. American Hartford Gold
Pros
- No introduction commission and affordable storage fees
- Personalized service to help you reach your goals
- Great insurance coverage or up to $10 million
Cons
- American Hartford Gold will charge considerably more than other gold IRA companies
Setting up gold IRAs can be a complicated affair. Fortunately, American Hartford Gold can help to streamline the process.
American Hartford purchases, sells, and stores gold, silver, and other precious metals in your gold IRA using the government’s gold market. The company will store any precious metal you buy.
(Read more details on ourย American Hartford Gold fee breakdown.)
It is one of the few gold IRA companies that would store your metals without charging you a commission.
This indicates that, in comparison to other companies, its fees are pretty inexpensive. Thanks to its superb customer support, you can call the team if you have any inquiries regarding your gold IRA account or have any difficulties making a transaction.
American Hartford has been in business since 2015, making itย an extremely seasoned organization with a broad range of services. It will use the current market prices to findย the most affordable method for purchasing the quantity you want, which canย help you determineย how much bullion to buy.
The team behind American Hartford Gold comprisesย SEC-registered investment advisers, and the companyย is accredited by theย FINRA.
This indicates that when the businessย worksย with your goldย IRA, you will have complete peace of mind, as it isย subject to thorough background checks and is required to follow all federal standards.
4. Birch Gold Group
Pros
- Affordable pricing on gold, silver, platinum, and palladium products
- Excellent customer support available over various channels
- No minimum investment
- Offers gold IRA investors easy access to their account information
Cons
- The withdrawal process is not as straightforward as with other precious metals companies
Birch Gold Group is one of the most well-known businesses that provides precious metals IRAs. This company won’t charge you a fee if you decide to buy more precious metals from them in the future, unlike some other gold IRA companies.
Customers can set up their precious metals IRAs without incurring any additional fees because the company doesn’t charge an introduction fee either.
You can also rest assured that your investment is safe when you choose this gold IRA company because it has a secure facility for storing gold and silver products. Additionally, the company upholds very strict physical security guidelines and will keep your gold in a secure vault that is separate from the rest of its facilities.
Birch Gold Group offers a nationwide network of more than 100,000 locations where you can purchase various types of precious metals. It also provides bullion coins made of gold and silver.
The company isย well-known for itsย affordable pricingย and has a stellar reputation in the precious metals sector.
Itย providesย a variety of services, such as buying and selling valuable metals, advising you on the best location for storing your physical gold, silver, and other precious metals, andย setting up the appropriate type of gold IRAย account to meetย yourย needs ad help you reach your goals.
With Birch Gold Group, you also get access toย a wide selection of proprietary tools that can assist you with makingย purchases more quickly.
Birch Gold Group is renowned for providing exceptional customer service in addition to having lower prices. You can communicate with a representative at any time of the day using a variety of customer support channels.
Because it hasย been in operation since 2003 and isย a registered financial advisor, Birch Gold Group has earned its place on this list of our top picks. The company hasย a lengthy history in the field and hasย built a solid reputation as one of the most reliable precious metals suppliers.
5. Noble Gold
Pros
- Among the gold IRA providers with the lowest rates
- Invest in a wide range of gold, silver, platinum, and palladium products
- There is no minimum investment
- Noble Gold offers exceptional customer service
- You don’t pay transfer or annual fees
- Like the other gold IRA companies on this list, it offers easy access to your account information
Cons
- Investors need to have a verified account with Noble Gold before they are allowed to withdraw any of their precious metals
The last (but certainly not least) on our list of the best gold IRA companies isย Noble Gold. Although it is one of the newer custodians in the industry, this firm has a lot to offer those hoping to set up a precious metals IRA.
It also provides investors the chance to set up a tax-free retirement account, and you can purchase physical precious metals such as gold and silver to store at home.
You pay less for both larger and smaller transactions because this gold IRA company bases its fee calculation on the current price of gold and silver instead of the amount you are buying.
Noble Gold does not charge yearly or transfer fees when you purchase physical gold, silver, platinum, and palladium for your IRA, unlike other gold bullion custodians.
Once you set up your account, you will be required to pay a storage fee between $80 and $150 annually. You won’t be required to pay a setup fee.
The best in the industry, Noble Gold’s security, and safety measures provide great insurance coverage in addition to theft protection. The Standard Insurance Company insures its bullion, providing asset protection up to $50 million for each customer’s holdings.
Additionally, itย providesย a large selection of precious metals, including gold coins, silver coins,ย and an assortment of bullionย bars for your IRA. One of Noble Gold’s strongest points is its excellent customer service. The team will helpย how you to set up your account most effectively.
Furthermore, the ANX Internet Group Index, which is regarded as a top third-party certification program in the sector, has evaluated each of the company’s products. Theย pricing atย Noble Goldย is among the lowest, and the business strives to keep costs down.
Itย isย renowned for providing excellent service and quick shipping. When your account is created, you will have complete access to it and can purchase items using just aboutย any payment method.
Takeaway
Setting up a precious metals IRA is the best way to secure your financial future. Precious metals like gold and silver have held their value historically, which is why most financial advisors recommend investing a portion of your portfolio in this commodity.
If you want to enjoy a stress-free precious metals IRA investment, then it’s important to find a gold IRA company whose mission aligns with your goals and objectives. You can use our list of top five precious metals IRA providers to get started with your retirement investment.
Found this review helpful? Please feel free to browse our website for more precious metals-related content.
Frequently Asked Questions
Want to know more about the best IRA custodians on the market? Here are a few FAQs:
1. How do I purchase gold for a precious metals IRA?
If you need to buy precious metals for gold IRAs, you can get in touch with a custodian. The custodian will help you set up a retirement account and make your purchase.
2. I already have a self-directed IRA. Will a custodian allow me to add precious metals to it?
You could purchase precious metals in your current self-directedย IRA, but you must first confirm that your custodian permits this. If so, you must complete a beneficiary designation document so that the metals are transferred to your name.
3. What are some reasons to invest in gold for retirement?
Here are some of the benefits a gold investment can provide:
Gold has held its value historically.
It is not affected by inflation.
The metal also offers deflationary protection.
Investing in gold is a great way to diversify your investment portfolio
