I’ve spent literally hundreds of hours researching the top gold investment companies in the United States. I have been doing this each year to be able to provide you with top tier intel on what’s good and bad. This is where you’ll really learn what action to take for the sake of your future retirement funds. Most traditional retirement accounts only hold paper assets. However, a precious metals IRA is backed by gold and silver. Gold IRAS have surged in popularity as banks have failed and the stock market has started to become highly volatile.
Therefore, you need to find a gold IRA custodian, an approved depository to store your assets, and an advisor to understand the IRS tax rules on these investments. Keep in mind, I’ve written lots of gold IRA reviews, so I know exactly what to look for.
As a result, this process can be time-consuming and a bit overwhelming. Fortunately, I’m one of the toughest gold IRA customers on the planet and went through all the nitty gritty info to compile this report. If you work with a reputable gold IRA company, setting up your new retirement account and buying precious metals through a gold IRA rollover is much easier.
Which gold IRA company is the best?
This page showcases my findings after looking at over 100 gold IRA providers over the last several years. Most gold IRA companies did NOT make the cut. This is the only list I recommend for gold investments.
This page shares my comprehensive review of the best gold IRA companies in 2023 with all the information you need to make the right choice. Each option has been assessed based on multiple factors, including customer support, reputation, user reviews, personal experience, and product offerings.
Best Overall
Minimum Investment: $25,000
Bonus: Welcome special 10% back in Free Silver
Fees: $50 + storage
Best Service
Minimum Investment: $10,000
Bonus: Up to $10,000 in metals for qualified accounts
Fees: $180 yearly storage + one time $50
There are many gold IRA providers, but you should work with a reputable one if you want to streamline the process of setting up your retirement account and buying precious metals. Luckily, this article can help you make a good decision. Like I previously mentioned, I’ve done the hard part for you. If you’re still not sure after reading this, then my advice is for you to read all the gold investment company reviews that I’ve published here on My Retirement Paycheck.
Goldco – The Best Overall Choice
- Approved by Sean Hannity: Celebrity endorsement from the one and only
- Best Bonuses in the industry: 10% back in silver is going above and beyond what other companies offer
- No used car salesman! The advisors are friendly, non-pushy and are always looking out for you, which makes this the top gold IRA for anyone looking for white glove service.
Augusta Precious Metals – The Best Storage Option
- Approved by Joe Montana: Endorsed by Hall of Fame Quarterback
- Best in Education: You can learn everything about Gold IRAs from their webinar and ton of materials
- Super Simple Process: In just a few steps and a few signatures you’re done
Birch Gold Group – The Best Service
- White Glove Service: Recently partnered with Ron Paul, a HUGE gold enthusiast.
- Unheard Bonus: For qualified accounts you can get up to $10,000 in coins
- FREE for life maintenance: Birch doesn’t charge $1 for maintaining your account
Read below for info on gold iras and find out which one is the best for you.
1. Goldco -Best Overall
After detailed research to find the best gold IRA company, Goldco proved to be the most reliable option. This precious metals dealer has built a solid reputation over the years and continues to work hard to provide the products, support, and advice investors need.
About Goldco
Founded in 2011, Goldco is a privately held company offering services and products focused on wealth and asset protection. As a trustworthy and well-known gold IRA company, it allows newbies and expert investors to open their retirement accounts and purchase their favorite precious metals.
Goldco is based in Los Angeles and has become a recognized gold IRA company, endorsed by celebrities and media leaders. Its popularity has been driven by its transparency, exceptional customer support, extensive catalog of IRA-approved coins, and comprehensive educational material on retirement investments.
Additionally, this firm works with mints to source high-quality, coveted IRA-eligible coins for its customers. At this point, it should come as no surprise as to why this is at the top of the list for top rated gold ira companies.
Gold Investments Offered
Unlike other gold IRA providers, where you can buy different precious metals, Goldco focuses on gold and silver. You can even purchase these assets directly from the dealer.
Also, with this company, you can transfer the assets you already hold in your existing tax-advantaged retirement account, such as a traditional IRA, 401(k), and 403(b), to your new gold or silver IRA.
Goldco’s Two Main Service Categories
Goldco offers two services to customers: setting up a precious metals IRA and buying/selling gold or silver.
Self-Directed Precious Metals IRAs
With Goldco, you can open and fund a self-directed IRA and buy precious metals. However, as mentioned, the company focuses on gold and silver.
One of the biggest advantages of this company is that opening a gold or silver IRA is not complex or time-consuming. Instead, you only have to follow three steps to set up your retirement account and buy the precious metals of your choice.
Gold IRAs
Compared to the US dollar, which has lost around 98% of its purchasing power in the last five decades, gold’s value tends to remain stable over time. As a result, it’s considered a hedge against inflation and other negative economic events.
With this company, you can open a gold IRA, which is a self-directed IRA account, and buy this valuable precious metal.
Goldco can also help you with your gold IRA rollover or transfer in order to fund your new account. This process doesn’t involve taxes or penalties if performed correctly. Therefore, the company offers guidance and advice in each phase, so you can get the best results.
While you can hold many qualified, IRA-approved precious metals in your gold IRA, not all coins are eligible for this type of retirement account.
However, Goldco works with worldwide mints to offer high-quality, eligible IRA accounts, which must meet a minimum fineness requirement (.995).
In this regard, these are the gold coins and related products you can buy for your precious metals IRA at Goldco:
Gold American Eagle
Gold American Eagle Proof
Gold Wright Flyer
Gold Liberty
Gold Phoenix
Gold Washington Monument
Gold Independence Hall
Gold Australian Sea Turtle
Gold Valor
Gold Maple Leaf
Gold Australian Striped Marlin
American Gold Buffalo
Gold American Bald Eagle
Gold Military Guinea
Gold Freedom
Gold Freedom and Hope
Golden Lucky Dragon
Gold British Lunar Series
Gold Australian Saltwater Crocodile
Gold Bars
Silver IRAs
Since it’s widely used in different industries and has a high demand, silver’s price has gone up over time. Furthermore, this metal’s tangible nature offers investors increased safety.
If you want to reap the benefits of this precious metal to protect your retirement savings, opening a silver IRA with Goldco is a good idea. The company offers IRA-eligible coins that meet the .999-fineness minimum requirement.
In addition, this dealer offers high-quality silver products and a buy-back guarantee for those who want to sell their coins at the best price.
These are the silver products you can buy for your Goldco’s precious metals IRA:
Silver American Eagle
Silver American Eagle Proof
Silver American Bald Eagle
Silver Maple Leaf
Silver Australian Spotted Eagle Ray
Silver Australian Striped Marlin
Silver Australian Sea Turtle
Silver Great Barrier Reef
Silver Wright Flyer
Silver The Grand Canyon
Silver First Moon Landing
Silver Valor
Silver Washington Monument
Silver Lincoln Memorial
Silver Lone Cypress
Silver Mayflower
Silver Survivor Tree Coin
Silver We The People
Silver Liberty Bell
Silver Liberty
Silver Mighty Mo
Silver Littoral Battleship
Silver USS Texas
Silver Military Guinea
Silver Phoenix
Silver 20th Anniversary Britannia
Silver Freedom
Silver Freedom & Hope
Silver Dragon
Silver Australian Saltwater Crocodile
Silver Land of the Free – Bald Eagle
Silver World War II
Silver World War II Victory
Silver Britannia Lunar Series
Silver Veteran
Silver Bars
Selling/Buying Gold and Silver from Goldco
Besides gold IRA services, Goldco allows users to buy gold and silver directly even if they don’t have a retirement account, which also offers many advantages. You can even sell gold to them as they have an excellent buyback program.
Buying precious metals outside of a gold IRA allows you to safeguard your investments, but what is the difference between buying gold and a gold IRA?
Unlike IRA-held assets, investing in gold with Goldco can be shipped to your preferred warehouse or directly to your location. In some cases, you may also qualify for free storage.
Goldco also offers a buy-back guarantee to those who buy gold or silver coins outside precious metals IRAS.
Investment Minimums
If you want to open a gold IRA with Goldco, you need a minimum initial investment of $25,000. However, this high sum allows the company to reduce gold ira fees and any fees associated with silver bullion or silver coins.
Storage Options
Gold or silver IRA assets must be stored in a bullion depository. Thus, you must pay fees for this service. However, they’re often flat fees.
If you choose Goldco, there are two storage options available. These are:
Non-segregated storage: Your gold or silver coins and bars are stored with other people’s assets. However, the fee is lower in these cases, and you only have to pay $100 per year.
Segregated storage: This is the best option for those who want to store their coins and bars in separate vaults from everyone else’s. If you choose this option, you must pay $150 per year.
Customer Feedback
Goldco has garnered positive reviews from previous customers who praise the company’s customer service and streamlined processes. With thousands of reviews on different third-parties websites, this precious metals dealer has a 4.9 overall rating.
While there are some negative reviews, most are about Goldco’s unsolicited calls, but the firm has resolved all complaints and maintains a high level of customer satisfaction.
Furthermore, Goldco is one of the most trusted gold IRA companies. The Better Business Bureau gave this firm an A+ rating.
What Makes Goldco Exceptional?
Undoubtedly, Goldco is the best overall gold IRA company. When it comes to funding your account, this firm offers multiple options, making the process easier and faster. You can rollover from savings accounts, traditional IRAs, thrift savings plans, 403(b)s, and more!
Also, while this dealer doesn’t offer many types of precious metals, you can buy a wide selection of gold coins. They’re all high-quality and eligible for your IRA.
Goldco also offers comprehensive educational material and advice. Will investing in precious metals benefit your retirement strategy? Are gold IRAs a good idea? A specialist from this company will help you understand the ins and outs of these accounts, so you can answer those questions and make the right choice.
Pros & Cons
These are the pros and cons of choosing Goldco to open your precious metals IRA:
Pros
- Extensive and comprehensive educational resources
- Competitive pricing compared to other reliable gold IRA companies
- Over a decade of experience helping customers invest in precious metals
- An extensive selection of gold and silver coins
- Free gold IRA information kit
- Direct purchase of gold and silver for those who don't want to open a precious metals IRA
- Trusted gold IRA company with an A+ rating by the BBB
- 10% back ($10,000 or more) in free silver for qualified accounts
- High-price buy-back guarantee
Cons
- Goldco's investment minimum to open a precious metals IRA and buy gold or silver is high. You need at least $25,000.
2. Augusta Precious Metals - Gold Investments of $50,000 or More
Augusta Precious Metals is another of the best gold investment companies in the USA. This firm has received thousands of positive reviews and ratings over the past decade. Moreover, it has won multiple awards for its IRA services.
About Augusta Precious Metals
Augusta Precious Metals has become a premier gold IRA company for multiple reasons. This firm has built a solid reputation in the industry by working hard to provide good customer service, excellent storage options, and high-quality products.
In fact, legendary NFL Quarterback Joe Montan’s advisors chose this firm for his gold investments. With his net worth over $200 million, that’s a huge amount of trust.
Augusta Precious Metals understands that a gold individual retirement accounts can help customers diversify their retirement savings to protect their wealth and have the peace of mind they deserve during their golden years.
As one of the best gold IRA companies, Augusta Precious Metals offers transparent pricing. If you want this information, you can review the company’s transaction agreement or speak to one of its representatives. In other words, you can estimate how much money you need to open your account right from the start.
If you choose Augusta Precious Metals, you must have a qualifying IRA, so you can roll over your funds to your new gold IRA account.
Yes, you’re right! There are many things to consider, but don’t worry. You can contact a live agent and get the economic guidance you need to make good decisions and buy your gold or silver.
In addition, Augusta Precious Metals offers well-researched educational material to help you learn more about gold individual retirement accounts.
Services Offered
With Augusta Precious Metals, you can open a gold IRA to invest in precious metals or buy these assets out of a retirement account. There’s professional guidance and free and secure delivery available for both options.
Also, if you open a gold IRA account with Augusta Precious Metals, you’ll have complete control over your assets.
Like Goldco, Augusta wants to make setting up a precious metals IRA easy and less time-consuming. Therefore, you only need to follow four steps:
Open the account
Fund it
Select your gold and silver products
Sign for delivery at your chosen location
Augusta also focuses on gold and silver. These are a few of the options available:
Canadian Maple Leaf coins
America the Beautiful coins
American Eagle coins
Investment Minimums
Compared to other gold IRA companies, Augusta’s minimum investment requirement is quite high. You need at least $50,000 to open your self-directed IRA and buy precious metals in this company.
Storage Options
If you’re worried about the storage of your gold and silver coins, Augusta Precious Metals is a good option. This company works with Delaware Depository, a highly reputable custody and distribution center with vault locations around the country to keep customers’ metals guarded.
Delaware Depository makes sure your precious metals are highly secure in a non-government facility. Furthermore, your assets are legally documented and cannot be accessed by the facility’s creditors.
In addition, this gold IRA company works with reliable custodians, such as Equity Trust, its number-one choice, Kingdom Trust, and Gold Star Trust.
Augusta Precious Metals also serves as customers’ liaison with your preferred custodian. You can get access to them at any time through the company.
Customer Feedback
Considered a leading gold IRA company by first-time and expert investors, Augusta has amassed thousands of five-star reviews and built a solid reputation over the years.
Previous and current customers praise the company’s customer service and educational resources, as Augusta goes the extra mile to resolve issues and complaints.
In addition, most reviews mention the companies’ knowledge about the industry, flawless and fast transactions, and streamlined processes to set up and fund a gold and silver IRA.
Augusta Precious Metals has earned a 4.95 or A+ rating from the Better Business Bureau (BBB), a 5.0 rating from TrustLink, a 4.9 rating from Google My Business, an AAA rating from the Business Consumer Alliance (BCA), a 4.8 rating from Facebook, a 4.9 rating from Consumer Affairs, and more.
What Makes Augusta Precious Metals Exceptional?
Besides impressive reviews praising its services and products and excellent ratings by reputable third parties, Augusta Precious Metals has worked hard to become one of the best gold IRA companies in the USA.
The company’s website features top-class educational resources to help customers make informed decisions to protect their investments and retirement assets, including a video resource library with footage recorded by Harvard-trained economist Devlyn Steele.
These videos are great if you want to learn more about the industry, precious metals investments, or the current economy!
Augusta’s website also features a chart showing the live price of gold and silver, which can help you know the value of your assets and make smarter purchases or sales.
This gold and silver dealer has also built an excellent reputation for its transparency and integrity. Besides fair pricing, new customers can enjoy a 100% money-back guarantee with seven-day price protection. The company also has a buy-back program for those who want to sell their assets at the highest price.
As mentioned, Augusta Precious Metals has also partnered with the highly reputable Delaware Depository, hoping to offer the best solutions for customers’ storage and asset insurance needs.
This dealer also offers top-notch customer support, as shown by its high ratings and positive reviews. Do you need help setting up your precious metals IRA account? Are you still unsure about the best options to invest in? An Agusta specialist can assist you through the process and help you handle all the necessary paperwork.
Pros & Cons
If you want to know if Augusta is a good choice when it comes to precious metals investing, you should also consider the company’s pros and cons.
Pros
- Transparent fee structure
- Fair pricing
- A website full of informative videos and educational resources
- Reputable company with over a decade of experience
- High-quality, IRA-eligible silver and gold coins
- Streamlined process to open and fund your new gold IRA account
- Paperwork assistance
- IRA and direct gold and silver purchases
- Silver bullion and gold IRA rollover support
- Thousands of five-star ratings
- Helpful economic guidance as soon as you get in touch with the company's representatives
Cons
- High minimum investment
- A limited selection of products (no other precious metals available besides gold and silver)
- No online purchases
3. Birch Gold Group - Best Service
When it comes to best service, extensive precious metal investment, and comprehensive platform, this is another gold IRA company worth considering.
This precious metals dealer stands out from the competition for its large selection of products and transparent information about transaction fees. Furthermore, the company has been around for two decades, building a solid reputation in the industry.
About Birch Gold Group
Founded in 2003, this company has been a leading precious metals provider ever since. Now, the company has a dynamic team of financial advisors, former wealth managers, and commodity brokers willing to help customers protect their hard-earned money and diversify their portfolios to safeguard their retirement savings.
This gold IRA provider is based in Burbank, California, across the street from Warner Bros. Studios. However, it serves customers from all over the country.
This company empowers customers through knowledge to help them make informed decisions that benefit their investment strategies. Moreover, the company allows investors of all levels to communicate with their representatives to find the answers to all their questions and concerns.
In fact, this firm wants to become an open book for those who plan to invest in precious metals. Therefore, its team will always ensure you understand all the options available to help you choose one that truly benefits you.
With an excellent reputation, great product offerings, and a comprehensive educational approach, it has become a leading player in the precious metal industry. As a result, the company has been featured on major news and media outlets, including the Ben Shapiro Show.
Since this gold IRA company has served over 20,000 customers, which shows that many trust this company for its retirement investments.
Services Offered
This gold investment company offers the four most popular physical precious metals on the market: gold, silver, platinum, and palladium. If you want to buy these assets, there are two options: physical possession and gold IRAs.
You can also buy physical precious metals as cash purchases. However, if you think a gold IRA is a better option for your investment strategy, this company can help you too.
If you open a precious metals retirement account, you can diversify your assets and protect your wealth against inflation and other negative economic events.
Open and fund your new gold IRA account easily to buy your preferred precious metals. Plus, you can convert your traditional IRA or 401(k) into a new account to protect your retirement savings.
Whether you prefer to open a precious metals IRA or buy your assets directly from the company, here are the options of precious metals coins available:
Gold Coins and Other Products
American Gold Eagle Bullion Coin
American Buffalo Gold Coin
Canadian Maple Leaf Gold Coin
Gold Twin Maples
Australian Gold Florin
Valcambi CombiBars
South African Gold Krugerrand
Gold Rose Crown Guinea
Saint Gaudens Double Eagle
Liberty Head Double Eagle
Gold Indian Head Eagle
Gold Polar Bear Club
Gold Gyrfalcon
Gold Bars and Rounds
Silver Coins and Other Products
American Silver Eagle Proof Coin
Silver Twin Maples
Silver Australian Florin
Silver Napoleon Bee Coin
Silver Standing Lion Guinea
Canadian Silver Maple Leaf
Morgan Silver Dollar
Peace Silver Dollar
Walking Liberty Half Dollar
Silver Polar Bear and Cub
Silver Gyrfalcon
America the Beautiful
Silver Rose Crown Guinea
Silver Bars and Rounds
Platinum Coins and Other Products
American Platinum Eagle
Australian Platinum Florin
Platinum Bars and Rounds
Palladium Coins and Other Products
Canadian Palladium Maple Leaf
Palladium Bars and Rounds
Investment Minimum
Compared to other gold IRA companies, the minimum gold IRA investment requirement is lower. You only need $10,000 to get started!
Storage Options
Like other recommended gold IRAS I covered, you will work with the industry’s leading depositories to make sure customers’ physical gold and other precious metals are always protected. While there are several options, most of the company’s customers use the Delaware Depository and Brink’s Global Services.
The Delaware Depository is well-known for its 200 years of combined experience in the industry and seasoned staff. Moreover, the company stands out for its all-inclusive 1-billion-dollar insurance coverage of all assets under its management and a $100,000 transit insurance per package.
In other words, your assets will be protected from the moment you buy them until they’re stored in one of their top-class facilities located in Wilmington, Delaware, and Boulder City, Nevada.
You can also choose Brink’s Global Services. This company has become a leader in the logistics security industry and has thousands of facilities worldwide. The most popular are located in New York City, Los Angeles, and Salt Lake City.
Brink’s Global Services offers precious metal storage to multiple customers, earning the trust of banks, governments, and jewelers.
Customer Feedback
With a rating of 4.8 overall across different platforms and websites, Birch Gold Group is a reputable gold investment company. As a precious metals dealer, it takes pride in educating its customers to help them make informed decisions before investing.
Look around and you’ll se that they have amassed many positive reviews. Most customers have praised the firm’s extensive product catalog and exceptional customer service. Others recommend this gold IRA company for its seasoned team of precious metals specialists, as they can find comprehensive advice and educational material as soon as they contact this dealer’s representatives.
While the company has gotten a few negative comments, most reviews are positive and show that Birch Gold Group is a reliable gold IRA company to invest in.
In fact, it’s A+ rated by the Better Business Bureau (BBB) and AA rated by the Business Consumer Alliance (BCA), with thousands of satisfied customers.
What Makes Birch Gold Group Exceptional?
As you can see, this company has become one of the best gold IRA companies across the country for multiple reasons. Besides having two decades of experience in the precious metals industry, this firm is transparent and offers top-class customer service.
When it comes to information and educational material, Birch Gold Group is one of the best options. If you browse its website, you can find extensive information on its products, partnerships with depositories, non-IRA investments, and more.
In addition, this company has the highest ratings from the BBB and BCA, which can give you peace of mind. You’ll work with a reliable dealer who will go above and beyond to make sure your assets are safe.
If you have questions about how to purchase precious metals, don’t know how to open your account, or need help to make informed decisions about your investments, Birch Gold Group offers a resource library with comprehensive and well-researched content for first-time and expert investors.
Undoubtedly, Birch Gold Group also stands out from the competition for its extensive selection of products. Although they’re excellent and worth considering, the companies listed above only offer gold and silver. Instead, this dealer’s catalog includes other precious metalsn outside of just a gold IRA investment, such as platinum and palladium.
Pros & Cons
Do you want to know if Birch Gold Group is the right gold IRA company for you? Check out its pros and cons below!
Pros
- Extensive educational resources, including a comprehensive library, for investors of all levels
- Online account to make transactions easier
- First-class program to educate customers about their investments
- Many positive reviews and excellent customer service
- Partnership with reputable depositories and multiple storage options
- Huge catalog of products, with physical gold, silver, platinum, and palladium bullion
- Cash purchases for those who want to buy precious metals outside of individual retirement accounts
- Two decades of experience helping gold IRA investors and customers in the precious metals industry
- Endorsements from celebrities and well-known personalities, such as Ben Shapiro and Ron Paul
- Unbiased advice on gold IRA investments by specialists
- Low minimum investment requirement if compared to other gold IRA companies
- Rollovers or transfers from a traditional IRA, 401(k), Roth IRA, 403(b), SEP, TSP, and annuity into new gold IRA accounts
Cons
- Rollovers or transfers from a traditional IRA, 401(k), Roth IRA, 403(b), SEP, TSP, and annuity into new gold IRA accounts
- High minimum investment requirements for beginners
- Potential hidden fees
What is the Best Overall Gold IRA Company?
If you were looking to purchase gold or purchase precious metals and were wondering which is the best gold IRA company, here’s finally the answer: Goldco! While you can find many similar firms and dealers, it stands out because it really cares about customer satisfaction and is committed to offering multiple benefits.
Goldco isn’t the best option for those who want to invest in multiple precious metals since its product offering is limited. However, it has earned a top place among the best gold IRA companies for many other reasons.
If you want to buy physical gold, either through direct purchase or gold IRAs, this company has the solutions you need. Although its catalog only features products made from two precious metals, there are different types of coins.
In addition, Goldco offers many educational resources and guidance to both first-time and expert buyers who need advice on precious metals investment or how to purchase gold.
Besides offering high-quality, IRA-eligible products, Goldco has also built a solid reputation as the best gold IRA company thanks to its endorsements and multiple positive reviews from previous customers.
This gold IRA company is endorsed by renowned personalities and media leaders, such as Sean Hannity and Chuck Norris. There’s a reason wealthy people purchase gold and trust Goldco, don’t you think?
Finally, there’s its pricing. Although you need $25,000 to set up your precious metals IRA and buy gold or silver, Goldco fees are not that high. Moreover, you can get a 10% back on free silver, and silver and gold prices are fair.
However, although Goldco is ranked as the best option, you can also reap many benefits if you choose Augusta or Birch Gold Group to open gold IRAs or buy precious metals.
Augusta is one of the world’s highly recognized gold investing firms, for example. American Hartford Gold is also popular for offering gold and other precious metals, such as silver, platinum, and palladium.
Therefore, before making a decision and choosing one of these gold IRA companies, you should consider your needs and analyze your investment strategy. If you’re looking for a dealer with the lowest investment minimum and various precious metals, Birch Gold Group is for you. However, Augusta may be a better option if you need paperwork and educational support along the wa
How Do Precious Metals IRAS Work?
Before opening an individual retirement account and investing in precious metals, you should also learn more about gold IRAs. Why should you consider them for your retirement investment strategy? Are they really good?
Let’s start with the main definition of a gold IRA. Essentially, it’s a retirement account – specifically a self-directed IRA, which allows you to invest in precious metals.
A standard IRA allows holders to put their money in stocks, index funds, and other paper investments. However, these assets are volatile and pose more risk of loss and depreciation. Also, these accounts don’t allow you to invest in gold and other precious metals.
However, you can hold gold, silver, platinum, and palladium with a precious metal IRA. These assets often bring many benefits to most investors, especially those who want to diversify their portfolios to protect their retirement savings.
Like standard retirement accounts, precious metal IRAs offer tax benefits, such as pre-tax contributions, and have similar contribution and income limits.
As another key difference, a gold IRA allows you to invest in physical assets, such as gold coins or silver bars. However, you cannot store these products at home. Instead, you should choose a custodian and a secure depository to safeguard your metals.
If you want to enjoy all the benefits of a precious metals IRA and protect your investment, you should choose the top gold IRA companies to invest in. Fortunately, you already know the best options! This list features reputable and recognized dealers that you can work with to diversify your portfolio and protect your wealth.
IRA Approved Products
If you want to open a precious metals IRA and invest in gold, these are the products you can buy:
Investing in Coins
The metals you buy for your gold IRA must be approved by the Internal Revenue Service (IRS). Therefore, these assets must meet specific standards of quality, fineness, and purity.
Gold, platinum, and palladium coins must be at least 99.5% pure. If you want to buy silver coins, they must be 99.9% pure.
As long as the gold coins meet these requirements, you can buy them and hold them in your precious metals IRA. The following are some examples of IRS-approved coins:
American Gold Eagle bullion and proof coins
Chinese Gold Panda coins
American Gold Buffalo uncirculated coins
Canadian Gold Maple Leaf coins
Australian Kangaroo/Nugget coins
Austrian Gold Philharmonic coins
All coins you can buy and hold in your gold IRA must be manufactured by an accredited refiner or assayer certified by COMEX, LME, NYMEX, NYSE/Liffe, LPPM, LBMA, ISO 9000, or TOCOM. Products produced by national government mints are also eligible for these accounts.
However, if you work with one of the top gold IRA companies listed above, you can be sure that any product you buy is IRS-approved.
Investing in Bars
Do you want to invest in gold bars? They’re gold pieces, usually rectangular, available in different sizes and weights. According to IRS regulations, these products must be 99.99% fine to be IRA-eligible.
Like coins, bars must be manufactured by accredited and certified refiners or assayers. In addition, these products must be produced to exact weight specifications if they don’t fall within the common categories, which are the following:
100-ounce gold
400-ounce gold
Investing in Rounds
If you think this precious metal is ideal for your investment strategy, you can also buy gold rounds. These products must also meet quality, fineness, and manufacturing requirements.
Additionally, they must be in their original packaging and in excellent condition to be eligible for a gold IRA.
Step by Step Investing in Gold Process
Are gold IRAs for you? Do you think investing in physical gold, silver, platinum, and palladium is the best course of action? Let’s get started!
If you choose the best gold IRA companies, setting up these accounts and buying your preferred precious metals is easier than you may think.
However, you must follow some steps to ensure there are no issues and make the right decisions for your investment strategy. These are:
Understand Asset Allocation Fully
Before investing your hard-earned money, you must understand asset allocation fully. This term defines an investment strategy designed to balance risk and reward by dividing your portfolio into portions according to your goals.
Asset allocation also considers your risk tolerance and investment horizon since this strategy allows you to make decisions that really benefit and protect your wealth.
All assets have different levels of risk and return. Moreover, these variables often change over time. Therefore, understanding asset allocation is essential to make safe investments.
Have you wondered: “What is the safest way to invest in gold?” or “Is it better to buy gold coins or bars?” Understanding asset allocation can help you get the answers.
Consider Risk Tolerance
Besides better understanding these assets’ features and behavior, you should also know the degree of risk you’re willing to endure according to your investment value.
As mentioned, all assets have unique features and behave differently in certain circumstances. Considering risk tolerance can help you determine the type and amount of investments you can choose.
Know When to Leave It to the Professionals
Finally, you must know when it’s time to seek help. All investments are complex. However, you can make smarter decisions and reduce risks if you get advice from professionals.
Gold IRA Investing Tips
Are you ready to open your gold IRA and buy your physical gold, silver, platinum, and palladium? Before putting your money in these assets, check these tips!
Shop Around
Don’t buy physical precious metals from the first dealer you find. If you shop around, you can find the best gold IRA companies and fair prices, which would greatly benefit your investment.
Choose a Reputable Dealer
As mentioned, you can find many gold IRA companies. However, you must make sure the one you choose is trustworthy and transparent.
A reputable gold IRA company is honest about prices, offers advice throughout the process, discloses its fee structure on its website or through calls, and helps you make unbiased decisions that can truly protect your wealth.
Check Gold and Bullion Quality
If you want to buy physical gold, silver, platinum, and palladium, check whether those products meet quality and purity standards. Otherwise, they won’t be eligible for precious metals IRAs.
Are you unsure if the products you found are high-quality and IRS-approved? A gold IRA specialist can guide you through the investment path!
Check Your Budget
As you can see, the best gold IRA companies ask customers for an investment minimum. Therefore, you must determine how much money you can spend before opening your account and buying precious metals.
Storage
Whether you buy physical gold, silver, platinum, and palladium directly from the dealer or through precious metals IRAs, you should pick the best storage option.
Reputable gold IRA companies work with qualified depositories and custodians to make sure your assets are always safe. You can also buy precious metals out of your retirement account and store them at home, but it’s riskier.
Is a Gold IRA Investment Smart?
Not sure if investing in gold IRA companies is a good decision? Here are the reasons why you should consider this strategy for your retirement.
Tax Benefits
If you invest in a gold IRA, you’ll enjoy tax benefits. Interest accrues tax-free until withdrawals are made, for example.
Portfolio Protection
Gold IRAS allow you to invest in different assets that can diversify your portfolio. In addition, precious metals offer protection against inflation and other negative events during turbulent times.
Safety
When you store your precious metals in a gold IRA, they’re safe and secure. Moreover, reputable depositories offer insurance.
Hedge Against Inflation
Gold and other precious metals are a hedge against inflation since they maintain their value over time and withstand market volatility.
Low Management Fee
As gold IRAs are self-directed, management fees are usually low.
Gold IRA Risks
There’s another key question you need to answer: “What are the disadvantages of a gold IRA?” Investing in these accounts can also pose some risks, including the following:
Paying for Storage Fees
If you open a gold IRA and buy precious metals, you must pay storage fees since you cannot store these assets at home. However, these fees may vary depending on the company you choose. Goldco charges between $100 and $150, for example.
Also Read: Gold IRA With Lowest fees.
10% Penalty
When you withdraw money from a gold IRA before turning 59 ½, you may incur taxes and pay a 10% penalty.
FAQs
What Is the Minimum IRA Investment Amount?
The minimum investment requirement amount varies according to the gold IRA company you choose. As you can see, Goldco requires $25,000, but Augusta requires $50,000.
Birch Gold Group has set a $10,000 minimum investment requirement.
Can I Withdraw Money From My Gold IRA at Any Time?
IRS rules state that you cannot take a distribution from your gold IRA unless you’re 59 ½. As mentioned, if you make a withdrawal before your retirement age, you must pay a 10% penalty.
How Often Can I Contribute to My Gold IRA Account?
It depends on your age. These are the contributions limits set by the IRS in 2023:
$6,500 annually
Additional $1,000 if you’re 50 or older, for a total of $7,500
How Do I Liquidate My Assets?
According to IRS rules, you can liquidate your IRA gold metals for cash or take physical possession of your assets after you turn 59 ½. However, at that time, there are income taxes due on withdrawals.
Related Reading: Top Gold and Silver Promotions.
Summing Up
Speak with your financial advisor about any investment. With gold prices rising, and the economy on life support, investing in gold, in the opinion of my financial advisor is one of the best decisions you can make to safeguard your retirement portfolio. Precious metals offer protection against inflation, potential future earnings, and diversification.
However, if you want your investments to be safe and avoid issues, you should choose the best gold IRA company and purchase gold (or silver, or both). This article listed the top three options, but Goldco takes first place!
Best Overall
Minimum Investment: $25,000
Bonus: Welcome special 10% back in FREE Silver
Fees: $80 + storage
Best Service
Minimum Investment: $10,000
Bonus: Up to $10,000 in metals for qualified accounts
Fees: $180 yearly storage + one time $50
About Edwin Cannon
Edwin Cannon has spent his entire career in the financial industry and specializes in alternative investments and surviving marketing turbulence. He started My Retirement Paycheck to help educate consumers about retirement investment options that aren't typically introduced by advisors.