When it comes to investing, gold is the way to go. No matter what the economy is doing, booming, busting, trading sideways, investing in gold will still help you maintain financial security.
It’s also a good idea to make sure you have a portion of your savings in precious metals as a hedge against inflation and other economic conditions. I’ve put together this site as a guide to gold investing, and one thing that many investors don’t know, is that they can essentially build a retirement portfolio by starting a gold IRA.
What is a Gold IRA?
A gold IRA is an individual retirement account where the account holder invests in gold and other precious metals. This type of account comes with more fees than a Roth or traditional IRA in bonds, stocks, and mutual funds. A gold IRA account works well against the effects of inflation. It also is concentrated in one asset class.
When you invest in a gold investment retirement account, a portion of your retirement nest egg is transformed into gold. However, all IRA accounts don’t allow gold investments, according to Cayman Financial Review, a website that has covered the gold companies that are active in helping consumers make precious metals investments.
How to Start a Gold IRA Account
The first step in this process is to set up a self-directed gold IRA account. Don’t worry, this is all done with assistance from one of the gold IRA account broker’s you’ll see on my below list. Scroll down to the list and you’ll see no shortage of companies I have checked out over the years.
Once you have set up this account, you’ll have the ability to store precious metals like gold, silver, palladium, and platinum. It’s entirely your choice whether you want to invest in gold coins, or gold bullion. Again, an account specialist will walk you through the options, and out of the many gold IRA companies that are out there, they all have different offerings and limitations. What they do have in common, however, is the ability to give you the ultimate hedge against market turbulence – GOLD. Compare gold investing to any other investment strategy, such as stocks, bonds, and real estate, and it’s always stood the test of time because the fact remains that precious metals are an asset that are 100% tangible. The stock market can go up and down, but have a look at any graph showing gold vs. the stock market and it’s easy to see why many people are moving large portions of their retirement savings to precious metals.
Gold IRA Investment Tips
Before you go out there and start talking to companies on this list below, which I’ve personally drilled down to only reputable providers that I have actually spoke to and checked out, it’s important that you know a few things so you can have a little bit of leverage in your corner as you prepare to speak to reps. This is all information that I wish I knew about before I started the process, so I felt compelled to put it out here in black and white for anyone looking to soak in all the information before they choose a gold IRA custodian.
- Gold bullion typically is seen as a better investment vs. gold coins. It’s great to have both, but have more bullion in your portfolio vs. coins.
- If you do purchase any coins, make sure you know they are IRS-approved coins.
- Avoid tax penalties by holding all investments to maturity date.
- There can be tax penalties if you choose to store your metals at home.
There are many asterisks that can make any of these investing tips sound funny to a broker, so don’t take them out of context, and use them to your advantage just so you can ask questions during the interview process and get their take on these topics. I feel like the more I know going into a call with a salesperson, the better I can drive the conversation in the direction I want to rather than just listen to a sales pitch.
Gold IRA Reviews for Top Rated Companies 2020
There are more gold IRA companies in the market nowadays. Having said this, many gold IRA reviews have stated that the following are the best gold IRA companies in the market:
GoldCo has a BCA rating. According to TrustLink, GoldCo has a 4.8 out of a 5-star rating that is based on 240 reviews.
2. Regal Assets LLC
According to TrustLink, Regal Assets LLC has a 4.9 out of a 5-star rating from more than a thousand customer reviews. They also have no customer complaints on the Better Business Bureau. This company has a one-week buyback guarantee as well.
Goldsilver has the following criteria: A BCA rating of AAA, only one grievance in three years from BCA complaints, an A+ BBB rating, and a perfect 5-star rating based on three reviews and complaints according to TrustLink.
4. Birch Gold
In the past three years, Birch Gold has gotten no complaints according to BCA. They also have an A+ BBB rating, a five out of 5-star rating based on 73 complaints and reviews in TrustLink. In the past three years, however, they have received six complaints that are now closed in BBB.
5. Augusta Precious Metals
With the Augusta Precious Metals, the BCA rating is AAA. There have been two complaints in the past three years. Nevertheless, this organization has an A+ BBB rating in which two BBB complaints are closed in the previous two years, and one is closed in the previous year. Also, Augusta Precious Metals have a 4.9 out of a 5-star rating according to 240 reviews and complaints on TrustLink.
6. Cornerstone Bullion
Cornerstone Bullion has an AA rating in BCA. They have no complaints in the last three years in BCA. Also, Cornerstone Bullion has an A+ rating and no complaints over the last three years in the Better Business Bureau. And according to the TrustLink, this company has a five out of a 5-star rating based on three complaints and reviews.
7. Advantage Gold
Advantage Gold has a BCA rating of AA. They have no BCA complaints in the past three years. Also, Advantage Gold has an A+ BBB rating, one documented BBB complaint since August 2013, and a five out of the 5-star rating according to 208 complaints and reviews in TrustLink.
Another creme of the crop among gold IRA companies in the gold IRA reviews is Apmex. They have a BBB BCA rating and one BCA complaint in the last three years. According to the Better Business Bureau, they have an A+ rating in which 31 BBB complaints have been closed in the past three years and nine are closed in the last year. And according to TrustLink, Apmex has a five out of the 5-star rating that is based on two complaints/reviews.
Monex has a BCA rating of A in which one complaint was made in the last three years. Their BBB rating is A+ in which six complaints occurred in the prior three years. Also, according to TrustLink, this organization has a 4.2 out of a 5-star rating among 40 complaints and reviews.
10. California Numismatic Metals
With the California Numismatic Metals, the following includes their ratings: A BCA rating of AAA, no BCA grievance complaint in three years, an A+ BBB rating, only one BBB complaint in three years, and a three out of the 5-star rating in TrustLink according to six reviews and complaints.
11. Red Rock Secured
Red Rock Secured is located in Southern California. They have been assisting investors for more than a decade. In fact, they were created to re-establish secured retirement options for their clients, friends, and family. This company has an A+ BBB rating and a BCA rating of AAA from 45 reviews. They have a 2.6 out of a 5-star rating from seven reviews in TrustLink.
What is a Gold IRA Custodian?
Gold IRA custodians include organizations that are mandated by the International Revenue Code to hold all IRA assets for interested people. These organizations may call themselves either an IRA custodian or a self-directed IRA custodian which both mean the same. All IRA accounts are self-directed because the account holders don’t influence the IRAs.
Important: You MUST use a custodian if you are holding precious metals in your retirement account.
What is the Gold IRA Rollover?
Now that you know some information about gold IRA investing, it is imperative to know about the gold IRA rollover. This involves moving your entire or a part of your savings to a gold IRA. You will have retirement savings in a form of physical gold assets. And thus, you will roll over funds to the gold IRA by withdrawing a certain amount from your personal retirement account to the the precious metal procurement in a gold IRA company. Then, the procured item is recorded into your new IRA account according to the present market price. Many people who change jobs throughout their career and have various retirement accounts choose to do this with an account at a previous employer. Any broker from the list above can help you with the process of performing the gold IRA rollover, it’s a rather simple process when guided by the right person.
Of course, it’s very important to know the rules yourself prior to a call. For this reason, I outlined them on a dedicated rules and regulations page.
Gold is the way to go when it comes to more secured investing. This type of investing serves as a hedge fund against inflation. Investing in a gold investment retirement account (IRA) also ensure you have financial security for your golden years as well.
Now that you know what is a gold IRA and other details about gold IRA investing, you can proceed in making better decisions in investing in gold IRAs.