Top Rated Precious Metals IRA: Finding the Right Gold IRA Company for Your Investments

You could be looking for strategies to preserve the value of your life savings as your retirement draws near. After all, recent events have demonstrated to everyone that not everything regarding the economy is as secure as we once believed.

Today’s gold and precious metal investments have shown to be fairly stable, and you can possess them in large quantities if you have a gold IRA. How much of your IRA you can use depends on which IRA provider you choose to work with.

How do you decide which of the top precious metals IRA providers is the best for you? Believe it or not, choosing the top gold IRA companies is not that challenging. By taking into account several crucial factors, you’ll be able to pick a precious metals company in no time!

What Is a Precious Metals IRA?

Top Rated Precious Metals IRA

You need to be aware that once you reach retirement age, there are a number of ways you can safeguard your money. Hence, you might be familiar with individual retirement accounts, where you can keep some of your money while you’re employed and spend it when you retire.

Essentially, IRAs are similar to savings accounts that you can only open after you reach a particular age.

The same principle applies to precious metals IRAs, but they have the additional benefit of diversifying your portfolio of investments.

A precious metals dealer or any specific precious metal IRA is supposed to keep extremely valuable precious metals to your name, whereas retirement accounts are meant to store “paper” assets such as stocks, bonds, money, transfer certificates of tile, and other valuable contracts.

However, be clear – gold IRA companies do not actually own gold. Only depositary facilities linked to the company can do that.

Additionally, the IRS has additional regulations and requirements that apply to precious metals IRAs. The government wouldn’t want this financial instrument to serve as a conduit for tax-related fraud and abuse, after all.

Additionally, managing IRAs is fairly expensive. You should budget up to $300 a year for account storage, management, and maintenance costs. This excludes shipping and all transaction fees for each purchase you make.

Overall, having an IRA is both a financial benefit and a financial burden.

4 Top Rated Precious Metals IRA - The Best Gold IRA Companies in the Industry

Our top four precious metals IRA companies are:

  1. Goldco Precious Metals

  2. Augusta Precious Metals

  3. Birch Gold Group

  4. American Hartford Gold

Let’s look at each of these gold IRA companies in further detail:

Goldco Precious Metals

Goldco

Through investor education, one can develop the capacity to make knowledgeable and confident investment decisions. In this aspect, Goldco is head and shoulders above the rest because it provides customers with sizable investor educational resources.

This reputable gold IRA company provides has a collection of digital information, including eBooks, blogs, free guides, and webinars, to anyone who signs up as a client.

Client-only products, including precious metals market analyses and real-time price evaluations are also available on the company’s website.

Giving investors everything they need in an easy-to-understand format will enable them to make informed investment decisions.

Additionally, Goldco is well renowned for its “White-Glove Service.” Basically, a professional will be hired to walk clients through each stage of a transaction or procedure. This is a type of extensive but non-intrusive corporate handholding.

Goldco won’t, however, disclose the cost of their services to you despite their high level of price transparency. You must first contact them if you’re interested in any pricing information.

A $50,000 minimum deposit is also required in order to start a precious metal IRA account with Goldco. Currently, this is the second-highest minimum investment documented in the sector.

Apart from that, Goldco does have a fast order-processing rate, with most transactions being finalized within a few hours.

Pros

  • Excellent buyback program

  • Best gold and silver bullion and coins prices

  • Fast transaction processing

  • Extensive educational resources

  • White Glove service

  • A+ from the Better Business Bureau

Cons

  •  $50,000 investment minimum

  • Not very transparent when providing fees and charges

Augusta Precious Metals

Augusta Precious Metals

A precious metals IRA can occasionally become outrageously pricey. As a result, any precious metals IRA company that offers reasonable pricing for both its fees and services is a good choice, especially for newcomers.

As a result, Augusta Precious Metals offers pricing that is clear-cut, plain, and downright transparent. Since entering the market in 2012, Augusta Precious Metals has continuously received favorable ratings from organizations such as the Business Consumers Alliance.

The commitment of this family-owned business to outlining all costs associated with doing business with them is what gives credibility to the company.

When conducting business with Augusta Precious Metals, you will become familiar with what you are paying for and for how much, from annual maintenance to setup costs.

Its promises to refund your money if you are dissatisfied with its work and to offer price protection for new precious metals IRAs are additional factors supporting its assurance of fair pricing.

Additionally, Augusta Precious Metals provides a dedicated buyback program that allows you to exchange some of your physical precious metals for the money you need.

If this gold IRA provider has any drawbacks, it would be the high investment minimum and restricted selection of platinum and palladium.

Many investors also note that Augusta Precious Metals has to be more accommodating when it comes to online transactions.

Overall, this is one of the best gold IRA companies to purchase physical gold and silver coins.

Pros

  • Fair pricing for all purchases

  • Excellent gold IRA rollover services

  • Cost-effective fee structure

  • High degree of transparency

  • A+ rating from the Better Business Bureau

  • Wide selection of gold and silver coins

Cons

  • High investment minimum

  • Limited platinum and palladium products

  • No online purchases

Birch Gold Group

Birch Gold

Birch Gold guarantees complete transparency regarding its fees, just like many other precious metals IRA companies in the market. They do, however, go above and beyond by making this information available to potential customers.

You won’t need to make a call or schedule an appointment to find out how much it will cost to start a gold IRA with this company. Fortunately, you can find everything you need, including fees, transaction-related costs, and charges on its website.

Any pricing changes will be disclosed in advance so prospective customers won’t be taken by surprise in subsequent transactions.

This gold IRA company also uses a flat-rate charge structure, which has pros and cons. On the one hand, people who purchase regularly and in large quantities can increase their budget.

However, people who make sporadic, minor purchases can discover that the long-term cost of shipping, transactions, and storage exceeds the amount they paid for the value of their physical gold or silver.

This is one of the top precious metals IRA companies for gold IRA investments.

Pros

  • Easily accessible information

  • Accommodates depositories and custodians not connected with the company

  • Flat rate fees that are beneficial for bulk and frequent buyers

  • Selection of palladium, platinum, gold, and silver products

Cons

  • Flat rates don’t particularly work well for infrequent or small investors

  • Long transaction clearing procedure

American Hartford Gold

American Hartford Gold

By providing a wide variety of bullion and coins in the form of platinum, gold, and silver as well as competitive pricing, this company has all the hallmarks of a reputable gold IRA provider. The best thing about American Hartford Gold is the way it treats its customers.

Numerous reviews have noted that the company’s staff are not only extremely knowledgeable but also quite friendly. They have a reputation for taking their time to carefully consider consumer complaints before coming up with an answer that adequately addresses the issue.

It also helps that its customer support line is open almost constantly. Customers can conduct business with the company in this fashion, regardless of their local time zone.

In addition to providing excellent customer service, American Hartford Gold is well known for its investor education initiative.

The staff would rather give you the knowledge you need to make a pretty informed investing decision rather than pressuring you to do things such as open a precious metal IRA or purchase gold and silver.

However, the final touch is a flexible fee schedule. This implies that the amount you pay American Hartford Gold each year will directly relate to how frequently you use your IRA.

You need to be aware of the fact that the website does not provide a price list. You must contact the customer support staff if you have any specific questions.

Pros

  • Excellent customer service

  • 24/7 customer support

  • Low minimum investment requirement of $10,000

  • Extensive educational resource center

  • Wide selection of physical gold and silver products

Cons

  • No shipping options outside the USA

  • No price list on its website

  • Comparatively low transaction processing speeds

How to Open a Precious Metals IRA

A standard IRA is more difficult to set up than a gold and silver IRA because there are many variations between the two. That does not prevent you from anticipating a few things when you attempt to open one. If you want to open a precious metals IRA, follow the steps below:

Choose a Self-Directed IRA Custodian

Currently, none of the IRA providers on the market are authorized to manage precious metal IRAs. Only self-directed IRA custodians are permitted to manage IRAs.

This can be an equity trust corporation, a bank, or another organization that has received IRS approval. The list of services is rather extensive, but you must keep in mind that the custodian’s primary responsibility is to invest in assets on your behalf.

You only need to select the self-directed IRA custodian you feel most comfortable working with. Pay attention to the fees for maintaining your IRA as well.

Select a Precious Metals Dealer

Your custodian gives money to the dealer, who uses it to buy precious metals. What qualities should a dealer have? Research is your best course of action in this situation.

You must search for credibility through affiliation with industry bodies and watchdogs. The Professional Numismatists Guild and American Numismatic Association, Industry Council for Tangible Assets are the organizations that dealers must belong to because they define the criteria that all dealers must follow.

Additionally, gold IRA firms ought to be acquainted with these dealers. Choose the dealer that your IRA agent suggests if you’re unsure of which one to go with.

Choose What Products to Purchase

When you have a dealer, you can look at the products that are on sale. Prior to anything else, you must keep in mind that occasionally, specific silver and gold coins and bars are unavailable. In accordance with any changes in the market, the prices for such items will also vary.

What you decide depends entirely on your preferences or areas of expertise. If you are unfamiliar with the idea of buying precious metals for an IRA, you might choose to start with familiar coins such as Gold Buffalos or American Gold Eagles. 

You may want to venture into rarer (and riskier) items such as mint-specific coins once you have mastered the more popular ones. If you can locate a merchant with an ample supply, you can even try obtaining palladium bullion, gold bars, or gold and silver bullion.

Select a Depository

Your purchases won’t be kept physically by the precious metals IRA company. An IRS-approved depository facility, such as the International Depository Service, Brinks, or the Delaware Depository Service, is given responsibility for that.

Find a facility that is both nearby and best suits your needs and financial situation. Choose segregated-type vault storage if you have the money to do so as your valuables will have an additional layer of security inside the facility.

Finalize the Transaction

Your transaction is now complete! The gold IRA company will cover all costs associated with transporting your order to the depository of your choice as long as your IRA has the necessary funds.

Furthermore, the custodian will be in charge of updating your IRA’s item list. Once your precious metals have been relocated, all you need to do is continuously keep an eye on changes in its value. 

How to Make Withdrawals from a Gold IRA

Gold IRA Withdrawal

You can withdraw funds from your precious metal IRA in one of two ways. In-Kind is the first option, in which your physical gold or silver will be sent to your address.

Although shipping costs will apply, you can choose how to sell your silver or gold.

Your second option is a depositary purchase. The idea behind this is simple and clear: the depository holding your investments will purchase the gold you asked to withdraw. Moreover, the price will be as close to the latest market value as possible.

Just keep in mind that an IRA withdrawal will have several tax consequences. Tax penalties will apply if you don’t sell your precious metal within two months.

Therefore, you should first speak with a financial advisor or attorney before making a withdrawal decision.

What Are the Benefits of Precious Metals IRAs?

Why should you invest in a precious metals IRA? How can you benefit from it? Here are a few reasons:

Precious Metal IRAs Allow for Asset Diversification

Experienced financial advisors will agree that diversifying your assets is your best chance of surviving in any environment.

With precious metals IRAs, you can add silver, gold, palladium, and platinum as new types of assets to your investment portfolio. Due to their limited quantity and lower volatility than fiat currencies, they are currently in high demand.

The fact that these goods can be obtained from several nations and are available in the form of precious metal bullions, coins, and bars further diversifies your holdings. Your IRA can hold Canadian Maple Leaves, Gold Buffalos, American Gold Eagles, and a variety of bars if you arrange your investments well.

Right now, you can even store digital currencies such as Bitcoin and Ethereum in some IRAs to diversify your portfolio even further.

A Precious Metals IRA Creates Safety

Everyone can see from current events that nothing is assured or certain in today’s world. Even the industries that did well in previous years are now having difficulty.

There’s no guarantee that a significantly strong currency, such as the Euro or US Dollar, would maintain its current level of purchasing power in the months to come.

This indicates that the current state of the economy makes it far too easy for money to be influenced. You must invest some of your savings in assets that will hold their worth even during the most difficult economic times. This is where investing in precious metals makes sense.

Precious metals can maintain a strong position in any market they are being traded since they have a high demand and high intrinsic value.

You can spread a safety net wide enough to guard the majority of your wealth against inflation by investing a very small proportion of your money in precious metals such as gold, silver, platinum, and palladium.

There Are Tax Advantages

Self-directed gold IRAs typically benefit from the same tax advantages as traditional IRAs. Your contributions to a precious metal IRA or self-directed gold IRA may be tax deductible, based on your tax rate.

With a gold or silver IRA, you can keep your physical precious metals or remove your holdings in accordance with the same rules and guidelines as the traditional IRA distribution management.

You can sell, hold, and purchase metals in precious metal IRAs in the same ways as are permitted for general fund assets.

Precious Metal IRAs Provide a Certain Degree of Control You Can’t Find in Other Retirement Accounts

You may not be surprised to learn that, when it comes to your standard retirement plans, you actually have very little to no involvement or control.

Regular contributions are already specified and collected from your pay on a regular basis. The amount you are permitted to regularly withdraw is also capped until you are ready to use the funds.

However, you have complete control over what you can contribute to and withdraw from a trustworthy gold IRA company. There’s nothing stopping you from restricting the amount of gold and silver you keep in your IRA.  Additionally, the majority of businesses provide a simple buyback method if you want to withdraw any of your funds.

You have total control over your precious metals investments with a gold IRA. In this particular area of allocating financial resources, it is distinctive and exceptional. Moreover, you have the last say on the distribution or allotment of these physical assets, as well as the direction or course they will take.

The same is true for the numerous options you have for doing things such as turning them into cash, relocating them to a different vault and location, etc.

However, the amount you can invest in an IRA each year is the only restriction. The IRS would prefer that you refrain from contributing all of your yearly income to your IRA because doing so would amount to tax evasion.

Provides More Opportunity

Are there only four metals available for investment in a gold IRA, irrespective of its form? No. You may store assets other than precious metals in your IRA, whether or not they are tied to precious metals.

If you so choose, for example, you can own stocks in the companies that mine the precious metals directly. You can even use your real gold bullion as leverage to purchase select government bonds, which are unique contracts that obligate the government to reimburse you after a certain amount of time, plus interest, regardless of what may occur.

Why even consider including paper assets in your IRA for precious metals? Passive income! Although they may increase in value, precious metals do not produce money.

You can ensure that your investments are not only saved in terms of value but also generate income for you by including certain stocks and bonds in your IRA.

The best part of this income is that, based on IRS regulations, it may be eligible for tax exemptions or deferrals. 

Disadvantages of Precious Metals IRAs

While investing in precious metals is an excellent and wise investment decision, there are a few drawbacks:

Specific Restrictions Place Limitations on How You Handle Your Investment Portfolio

Not being able to manage your own finances directly is not always comforting. Only custodians have the authority to alter your gold IRA account significantly.

You would need to contact them rather than handle transactions yourself if you were interested in adding more precious metals to your IRA.

There Are Higher Fees Associated with Hiring a Custodian

The physical assets you would receive by investing in your preferred gold IRA business are not physically in your possession.

All transactions within your account will be managed by custodians, and since they will be the ones performing all the work, you will need to compensate them for their expertise in the area.

Additionally, you should be aware that the custodial fees charged by gold or silver IRA providers are the most expensive management fees you will come across.

High Expenses and Fees

You should be aware that there are particular costs and fees that you must cover and pay when opening a gold IRA account. The expenses continue even after you create the gold IRA. 

Fees for maintaining your precious metal IRAs must be paid in addition to the costs of opening and setting up the account. Initiation fees, storage fees, yearly custodian fees, and other expenses may be among them.

In addition to those, you must employ and pay a third-party depository and trustee for storage. Some dealers and companies demand a greater fee for gold IRA transitions because they need a lot of paperwork. There is also the added expense of shipping and transportation.

What Precious Metals Should You Invest in for Retirement?

Gold, silver, platinum, and palladium are a few of the precious metals that you can store in a precious metals IRA. These metals can be kept in a variety of forms, including bullion coins, proof coins, and bullion bars.

Before being stored in precious metal, gold, or silver IRAs, these products must be approved precious metals and can be obtained from the US or other countries across the world.

This is significant since, during the 1990s, the circulation of products that were manufactured abroad was prohibited. The only options available in the 1990s were Gold Buffalos and American Gold Eagles, along with a few US-only coins and bars. All of that changed in 1997 when the IRS authorized coins from other nations to be used in American IRAs.

However, there is a catch: you need to confirm that the precious metals you are purchasing meet IRS requirements and are legitimate. That requires a purity of 99.95% for gold. The purity of silver, palladium, and platinum needs to be at least 99.99%, which is considered to be near-perfect.

Fake products is another problem. The distribution of fake bars and coins is an issue that the state and federal governments are tackling head-on, but it won’t go away anytime soon.

Therefore, it is your responsibility as a prospective buyer to ensure that all of your purchases are made from a recognized and reputable gold IRA company.

How Many Precious Metals Should You Include in Your IRA?

Despite the fact that a precious metals IRA can hold silver, gold, platinum, and palladium, it would still be better on your side if you could be cautious when making your purchases.

Precious metals should make up between 5% and 10% of your investment portfolio, based on your circumstances.

You ought to stay inside this range for three main reasons. Firstly, the best way to safeguard your savings is still through asset diversification. This indicates that avoiding investing in just one kind of asset will be your greatest hope for surviving inflation.

Secondly, although precious metals have a steady price trend, paper assets such as equities continue to outperform precious metals in terms of performance. Unless you sell them to another individual, they won’t generate income for you.

You might underinvest for the remainder of your retirement if your whole asset portfolio consists solely of precious metals.

Thirdly, price decreases do occasionally affect precious metals. There have been times in the past when the prices did fall below levels that were profitable. It’s impossible to predict when or if this will happen again.

The point is that it’s never a smart idea to stock your IRA entirely with a single kind of asset, even if that asset was designed to be kept there.

Spreading your investments wisely over a variety of asset classes and industry sectors is advised. It is less likely for all of your investments to lose value if your safety net is larger.

Conclusion: What Gold IRA Company Should You Invest with?

Is it a good idea to invest in gold coins and bars? Should you open a precious metal IRA?

On the one hand, you can own stable assets even under unfavorable economic conditions, which makes them an effective form of insurance against market instability and inflation.

However, IRAs are expensive, and if you make a mistake with your transactions, you run a high risk of becoming tax-liable.

Additionally, this will help you diversify your investment portfolio. You cannot rely on a traditional IRA to protect your wealth from the economy.

Therefore, investing in a gold IRA depends on your investment plan and financial position. The use of gold and other precious metals should not be your only way of combating inflation.

Which of the top gold IRA companies should you pick if you decide to open an IRA? 

This depends on what you’re looking for in a gold IRA company; however, Goldco and Augusta Precious Metals are two of the most popular precious metals IRA companies in the world.

Gold IRA companies with high levels of transparency, excellent customer service, and a diverse range of gold and silver coins are generally your best bet.

Goldco