Many people are opening a gold IRA because they know it’s one of the best alternatives when it comes to planning for your retirement.
It took a while, but I finally realized I wanted to do it too. I spent a long time learning different things to make sure I made the best decisions, and in this guide, I’ll teach you all I know.
Gold IRA Investing Guide: The Basics
Firstly, we need to go through different aspects. Then, we’ll be able to compare some of the best gold IRA companies. Let’s get started!
Why Investing in Physical Gold Is a Good Idea
Before even thinking about the best gold IRA companies out there, you might be a bit on the fence about investing in precious metals.
I wasn’t sure either when I got started. However, with time, I learned that opening a gold IRA was the best idea for many reasons. Here are some of the factors that made me get on board with this option:
Gold’s Value Is Stable
Everyone talks about cryptos and stocks, but the truth is that on a long-term basis, they’re not as convenient as opening a gold IRA.
Unlike other investment types, physical gold is a stable option because it maintains its value regardless of what’s going on.
If check some history books, you’ll notice that physical gold has always been one of humanity’s most precious metals. How we perceive it has changed very little, which is why it’s still such a convenient option for people to invest in.
Over the last few hundred years, people have associated physical gold with wealth and prosperity. Therefore, if you’re looking for an option that’s convenient on a long-term basis, this might be it because it’ll maintain its value.
Lastly, the composition of physical gold is also essential when talking about its value. It doesn’t corrode or lose color, making it very appealing.
It’ll Help Hedge Against Inflation
A straightforward way to understand inflation is that the dollar’s value will gradually decline over time. If you, for example, buy a house now, it costs much more than what it did 50 years ago.
Therefore, when you’re investing, you must make sure that your decisions are intelligent. What you invest in must hold or increase its value throughout the years. Otherwise, you’ll lose money.
Physical gold is unique because it acts as a hedge to protect your assets against inflation. Even though its prices can change, these variations are not as substantial as to make you lose money.
In most cases, gold and other precious metals will endure price fluctuations due to the amount of substance in bank reserves, supply and demand, and investor behavior.
If the dollar’s price goes down, the price of precious metals will probably increase, especially gold’s. Therefore, they’re a fantastic option to invest in if you want to protect yourself against the probability of financial hardship.
Gold Protects You Against Deflation
Holding gold coins and bars is a fantastic alternative because it’ll also protect your assets against losing value. People will look for a safe place to hoard cash if there’s a diminished demand and a drastic price change, and generally, precious metals are the ideal option.
Historically, gold’s purchasing power has improved during deflation moments, such as the Great Depression. Therefore, if something similar ever happens, your assets will be safe.
Having a Diverse Portfolio Is Always the Best Idea
When I started investing, I made the mistake of putting all my eggs in one basket. I only trusted paper assets because I wanted to make profits fast.
Unfortunately, I couldn’t grow my wealth as fast as I thought I could. Plus, I also didn’t put enough money into other convenient, long-term options. I’ve learned from my mistakes, though.
The best suggestion I can give is to diversify your retirement portfolio as much as you can. Don’t do as I did, do as I say.
If you put all your money in one specific investment type, for example, stocks, you’re purposely making yourself vulnerable to all sorts of risks.
Eventually, what you invested in might significantly lose value (without you having planned it or prepared for it), and you could lose money.
Instead, you should find a trustworthy and reputable gold IRA company and start working on having a diverse retirement portfolio. Therefore, you’ll be able to protect yourself against volatility and fluctuating market prices.
One of the best parts of trusting a fantastic gold IRA company is that you’ll most likely be able to hold various precious metals while also investing in traditional assets.
If the price of one of your investment options drops, you’ll have other alternatives to make up for it. Trust me, a diverse portfolio is essential to happy retirement years.
What Is a Gold IRA?
Now that you know why investing in gold coins and bars and purchasing precious metals is so convenient, let’s dig into the definition of a gold IRA.
You might’ve heard about traditional and 401(k) accounts, especially if you’ve already started planning for your retirement.
These are account types that allow you to invest in index funds, stocks, and many other paper assets to save money for your future.
Traditional alternatives may be convenient for some people, but that doesn’t mean they’re the best. To me, a gold IRA is.
A gold IRA is an individual retirement account. When you open it, you can hold precious metals, such as gold coins and bars, silver, platinum, and palladium.
At the same time, you get unique tax benefits when you have gold IRA accounts since your contributions and gains are not taxable.
Generally, having a gold IRA is the best idea to stabilize and diversify your portfolio.
How to Choose the Best Gold IRA Company
If you’re ready to open a gold IRA, you should remember that you can’t trust anyone offering expert services.
When you’re buying gold coins and other precious metals, you have to make sure you’re relying on the best gold IRA company to facilitate the process.
The way to do this is to make sure you’re getting help from knowledgeable, reliable, and experienced professionals. In this section, we’ll discuss all the aspects you might want to keep in mind.
Read the Company’s Reviews
Typically, gold IRA companies will develop a positive or negative reputation for a reason. If you’re looking for professionals to guide you when opening an account and investing in precious metals, you’ll have to make sure you pick the people who will most likely help you have an overall enjoyable experience.
Evaluating the reputation of some gold IRA companies was challenging for me at first because I didn’t know who to trust. Some reviews were contradictory.
However, with time, I found out that the best way to go through this is by looking them up in the Better Business Bureau.
The BBB is an organization where customers can write reviews and leave comments or complaints online. Each gold IRA company also has a rating, which will range from A+ to F (A+ being the best one).
If you want to know what people say about a company, look it up on the BBB. Overall, try to pick a business that has good ratings and more positive reviews than negative ones.
Make Sure You Can Easily Set Up an Account
Gold IRA companies are businesses, and the purpose of all of them is to win you over. Therefore, staff must do everything they can to achieve this.
It’s one of the best aspects of working with professionals. Their goal is to make the process as hassle-free as possible. Therefore, when you pick a gold IRA company to work with, make sure opening an account is straightforward and fast.
The best gold IRA companies allow you to open and set up an account in a few days. If you need any help, you can contact customer support.
On some occasions, if you have questions about gold IRAs, you’ll be able to ask professionals from the company, and they’ll tell you what you must know.
You should try your best to open your precious metals IRA with top-notch experts. Make sure the account setup process is straightforward, and if you can, choose a business that offers professional guidance in case you need it.
Check the Company’s Costs and Fees
Although trusting top gold IRA companies sounds fantastic, you’ll have to pay for the services they offer.
Gold IRA investments can be immensely expensive because you’ll have to cover the costs of opening and maintaining your account.
Furthermore, when you purchase gold bars or other physical precious metals, you also need to pay fees to keep them safe in a secure depository.
Therefore, you should never trust gold IRA companies that offer free services. Typically, their experts won’t go to lengths for you and your retirement plan. They most likely won’t have the necessary expertise or knowledge to help you, and they probably won’t put in the effort or time you need.
Moreover, you probably won’t get additional assistance unless you hire top gold IRA companies.
Nonetheless, you also shouldn’t trust companies that charge too much for helping you open and manage gold IRAs.
If you find an immensely expensive business, its employees might be more focused on getting profits than helping you thrive.
Instead, you should choose a reputable gold IRA company that charges reasonable fees for the help you’re getting.
Take a Look at the Product Catalog
If you’re looking for the best gold IRA company, you’re probably thinking about buying gold coins, bars, or other precious metals.
You should try to find a business that offers a diverse catalog. While some companies give you a few options, others focus on different alternatives.
Gold prices can also vary depending on the company you work with, although fluctuations are usually not that significant.
Some gold IRA companies only offer gold and silver, but they’ll give you many different coin types to choose from.
However, others will have fewer coin options, but you’ll get to buy other precious metals too, such as platinum and palladium.
Lastly, even though it’s less frequent, you might also find some gold IRA companies that allow you to invest in cryptocurrencies.
The key to choosing the best gold IRA company is to make sure the one you pick has as many products as you need to guarantee you’ll get to boost your portfolio.
See If There Are Buyback Programs
Many people are unsure of which precious metals to buy. I was when I first started out, and at some point, I wanted to sell back what I’d gotten.
Don’t worry. The best gold IRA companies often offer buyback programs. It means you can sell your precious metals back to the business without any hassle, and you’ll get a fair amount of money for them.
In addition, the best gold IRA companies also make sure that the process is as stress-free as possible. The experts will guide you through it and answer any questions. Plus, on some occasions, you might even get to ship your products for free if you directly purchased them through the company.
Making the best gold IRA investments takes time, and you’ll need to learn a lot of things when you’re getting started. Therefore, you might not be fully convinced or want to sell back your products. Trust the businesses that offer top-notch, stress-free buyback programs.
You’ll Need to Find a Reputable Custodian
We’ve talked a lot about what a gold IRA is and what you should look for in a company when opening an account. However, there’s also a vital aspect to think about – where will you keep your products?
You’re responsible for storing your precious metals when you open a gold IRA. Nonetheless, there are IRS rules against keeping products at home.
When I first opened a gold IRA, I thought that didn’t make sense. If I’m the owner of my precious metals, why can’t I store them?
With time, I learned that trusting a reputable custodian is by far the best alternative. You don’t have to worry about break-ins, they often offer insurance, and you can keep track of your products and visit the depository if you want to.
Custodians are any financial institution with federal approval to keep your precious metals and other assets. Therefore, they can be brokerage firms, credit unions, banks, etc.
Sometimes, gold IRA companies will recommend a specific custodian since they might work with some institutions. Nonetheless, you can choose any trustworthy one you want.
Choosing the best custodian for your precious metals IRA is probably one of the most daunting parts of the process. They’ll be in charge of storing your products, so you can’t take things lightly.
To make sure the process goes as smoothly as possible, you’ll have to guarantee the custodian has registrations, insurance, and the necessary licenses to protect your assets. Therefore, overall, try to pay close attention to the institution’s qualifications.
You can also take a look at the custodian’s reputation in the BBB. See what people say about the institution – you’ll get to have an idea of what others have gone through, and you can decide whether or not you want to trust the business too.
Is a Gold IRA and a Rollover the Same?
They’re not the same. However, understanding both concepts is crucial if you’re opening a gold IRA account.
On most occasions, you won’t be able to open an individual retirement account from scratch. Instead, you’ll have to transfer funds or withdraw them from a different account and deposit them into yours.
The process of withdrawing funds and depositing them into your new account is called a gold IRA rollover. To go through with it, you’ll have to follow specific IRS rules and regulations.
You can’t, for example, keep funds in your account for longer than 60 days. If you do, you’ll risk having to pay expensive fees.
Doing a gold IRA rollover often requires you to get expert help because you’ll need to make sure you’re not breaking any rules if you don’t want to get in trouble. Therefore, trusting the best company is essential because professionals will guide you.
Even so, a gold IRA rollover often happens much faster than a fund transfer. In most cases, the process won’t take longer than 60 days.
If you’re opening a precious metals IRA, you must guarantee you can trust the professionals you’re working with. Therefore, company experts have to help you avoid IRS penalties.
Can You Hold Other Precious Metals?
Just because you’re opening a precious metals IRA doesn’t mean you can hold any substance and it’ll be valuable and help you grow wealth for your retirement.
The IRS has very specific regulations when it comes to the types of precious metals you can store in a gold IRA account.
Platinum, palladium, gold bars, and other products must be at least 99.5% pure. Silver, on the other hand, has to be 99.9% pure.
One of the best aspects of relying on a top-notch gold IRA company is that experts will often recommend which products to buy. Furthermore, in many cases, the business will only offer metals adhering to the IRS standards, so you can buy anything you want from the catalog and it’ll be perfectly within the rules.
The Best Companies to Trust in 2023
You now understand all the basics of opening a gold IRA, investing in precious metals, and choosing the best company.
I think you’re ready to know about the best picks of 2023 when it comes to choosing reputable and trustworthy experts. I’ve handpicked these options because I think these businesses offer the highest quality when it comes to products, prices, and customer support. Let’s take a look!
It’s a private firm, and it specializes in protecting your assets and wealth and helping you thrive by allowing you to open a gold IRA.
Goldco allows you to transfer funds from other accounts when you’re opening a gold IRA. Therefore, you can forget about your 401(k) or 403(b) and start investing in precious metals.
At the same time, one of the things I love the most about Goldco is that it offers silver and gold products for all its clients. If you open an account, you’ll get numerous coins to choose from.
Another fantastic aspect of Goldco is that it works with some of the best mints in the US. You’ll only get top-quality and IRS-approved coins, such as the following:
- Gold Maple Leaf coins
Silver Maple Leaf coins
Gold Freedom and Hope coins
Silver American Eagle coins
Gold American Eagle coins
Silver Lucky Dragon coins
Gold and silver bars
You won’t waste any time if you’re opening a precious metals IRA with Goldco. On the contrary, the process is quick, hassle-free, and straightforward.
The first step to take is to go to the website and sign an agreement. A representative from the company will get in touch with you and explain what you must know to understand the process, so don’t worry – there’s no way you’ll be lost. On the contrary, you’ll be in control every step of the way.
After that, you’ll be able to fund your gold IRA account by rolling over your assets from previous ones. In most cases, it’ll happen without you having to face any penalties because you’ll get help from top-notch professionals.
If you’ve never opened a retirement account, you can open a gold IRA from scratch since Goldco offers options for new clients too.
Once you choose your products, you can buy and ship them to the depository of your choice. Keeping them at home is always an alternative, although I don’t recommend it because you’re risking a lot.
Goldco provides free storage for some investors. However, it’s not an option that’s available for everyone, so you have to check and see the terms and conditions.
To understand all the alternatives you get for your gold IRA account, you should contact Goldco’s customer service.
There are also two other aspects I love about Goldco. Firstly, the company offers numerous products for you to choose from, so there is no shortage of alternatives when you’re investing in physical precious metals.
Lastly, what I also loved about Goldco is that it offers a free kit if you’re on the fence about its services. With it, you’ll get to know more about the company and gold investments overall, so it’s a fantastic alternative if you’re a beginner.
Free educational kit with convenient information.
Goldco offers buyback programs.
The company has a positive reputation and has been around for years.
A+ BBB rating.
- There aren’t as many palladium and platinum products. Therefore, if you’re looking for more alternatives, this might not be the company for you.
Augusta Precious Metals
It’s one of the best gold IRA companies in the world, and Joe Montana, the Hall-of-Fame quarterback, founded it with its financial team.
Thousands of clients have left positive reviews about Augusta Precious Metals over the years, which is why it has become one of the most reputable and trustworthy businesses out there.
When you work with Augusta Precious Metals, you can open gold IRAs and make cash purchases. You’ll need to have an account to be able to roll over funds and make an investment, of course.
Augusta Precious Metals allows you to talk to a live agent who will help you through the process of opening a gold IRA account.
What I don’t particularly like about this company is that you need to invest at least $50,000 to open an account. If you do have that much money, you can fund your IRA. Then, you can submit your order to Augusta Precious Metals and start purchasing precious metals.
However, a positive aspect of Augusta Precious Metals is that you can buy gold and silver products even if you haven’t opened an account with the company.
If you choose this route, you can get expert help. Professionals will explain all your alternatives and make sure you don’t have to face any penalties due to unfortunate mistakes.
Augusta Precious Metals also offers free delivery and it’s completely safe, so you never have to worry about the transport of your precious metals. You’ll be in full control throughout the whole process.
Another top-notch aspect of this company is that it works with some of the best custodians out there. Some of them are Gold Star Trust Company, Equity Trust, and Kingdom Trust.
At the same time, Augusta Precious Metals can be the intermediary between you and the custodian. Therefore, you’ll get access to your products the whole time.
You’ll also get access to a resource library if you check the company website. There are numerous videos about the investment world, which will help you learn more and make better decisions.
It’s one of the most reputable companies.
Augusta has received thousands of positive reviews.
There’s a wide catalog.
It works with some of the best custodians to keep your products safe.
You get help from top-notch, friendly staff.
- The minimum investment amount is too high for many people.
Red Rock Secured
It’s another top-notch company that offers options for opening gold IRA accounts. In this case, you’ll see that it’s not as fancy as Augusta Precious Metals.
However, it’s still a convenient option for many people, which is why it has gained a positive reputation online.
The headquarters of Red Rock Secured are in California. Its employees say that its primary goal is to educate clients, give them access to fantastic products, and provide them with superior customer service.
According to Red Rock Secured’s employees, the primary company values are honesty and integrity. They say they’re the most relevant things to keep in mind when helping clients open a precious metals IRA.
When you work with Red Rock Secured, you get personalized advice to help you make the best decisions regarding your gold IRA.
However, I’ve seen some things I don’t like about this company. According to some people online, its staff works on a commission basis. Therefore, sellers may tell you anything you want to hear to make sure you buy from them.
At the same time, Red Rock Secured highlights that investing in precious metals is risky. However, if anything, it’ll help stabilize your finances, so that statement made the alarms go off in my head.
Even so, many clients have said they’ve been able to successfully open and grow their gold IRAs with Red Rock Secured.
A positive aspect of this company is that you’ll get full control over your gold IRAs from the moment you open your account. Nonetheless, it can also be a downside because you’re the only one responsible if something goes sideways.
The company’s priority is to offer personalized guidance.
Integrity and honesty are essential for Red Rock Secured.
The setup process when you’re opening a precious metals IRA is fast and straightforward.
You get different product options.
I think its processes are a bit shady, especially because workers seem to work on commissions.
American Hartford Gold
Staying updated about what’s going on in the world is essential, but when it comes to your finances, it can be life-changing. Fortunately, American Hartford Gold specializes in offering the best gold IRA services. At the same time, it presents critical information in a way that makes sense.
You’ll find a lot of information on the American Hartford Gold website. However, you won’t have to read through a lot of junk if you want to get to the meat and potatoes. Instead, you’ll find essential stuff that will help you manage your precious metals IRA.
New investors who are opening a gold IRA with American Hartford Gold can download a guide that will explain everything they must know to get started.
I’ve always believed that what a business does is essential. However, the way they do it is even more so. It’s why I always focus on finding companies with top-notch customer service.
When you work with American Hartford Gold, you’ll always talk to real experts who will walk you through every stage of the process.
Moreover, American Hartford Gold is also one of the best gold IRA companies because it offers a gold buyback guarantee. If you ever have an emergency and need to quickly sell your products, you’ll get a fair price for them.
The company is also very transparent when it comes to gold prices. You’ll find all the information you need on its website.
Lastly, American Hartford Gold has been around for some time now and people love it. The company has five stars in Trustpilot and has earned an A+ in the BBB.
It’s a company with a fantastic reputation.
Free, secure shipping.
Top-notch customer service.
You might not get as many product alternatives as you want.
Noble Gold Investments
Working with Noble Gold Investments is also a fantastic option since you can buy palladium, silver, platinum, and gold products. You also get other alternatives, and you can learn more about them by going to the company website.
Noble Gold makes the process quick and straightforward because its employees want to give clients as much help as they possibly can. To get started with your gold IRA account, you have to fill out an online form, which will only take about five minutes.
If you don’t have all the necessary information, you can ask someone from the Noble Gold team and they’ll guide you.
You’ll get a call from the Noble Gold custodian after that. Therefore, you’ll have to either make a gold IRA rollover or open an account from scratch. Customer service is ready to help you regardless of what you choose.
Noble Gold could be the ideal alternative since you can transfer your funds or roll them over into your account. You’ll have to send some documents, and once you’re done with the process, you’ll get your account number via email.
Directly purchasing precious metals is also an alternative if you work with Noble Gold. Something I love about this company is that it offers ‘Royal Survival Packs.’ These include hand-picked options, which I found fantastic if you don’t know which products to buy.
Noble Gold has received numerous five-star customer reviews. Therefore, you can trust its practices.
Lastly, Noble Gold offers buyback programs if you’re purchasing precious metals or opening gold IRAs. If you ever regret having acquired these products, you can always sell them back to the company.
- Customer service goes above and beyond when helping you open gold IRA accounts.
Noble Gold has competitive prices.
It offers top-notch products and rare coins.
Even though it has numerous positive reviews, its reputation isn’t as good.
Birch Gold Group
It’s a private firm that specializes in offering precious metals and gold bars to clients. If you work with Birch Gold Group, you can invest in palladium, platinum, silver, and gold products.
Birch Gold Group has been around for over two decades, which has allowed it to develop a reputation as one of the most trustworthy dealers out there.
Currently, Birch Gold Group serves over 10,000 customers in the US alone. Its employees consist of analysts, advisors, commodity brokers, financial managers, and more.
Even though the headquarters of this company are in California, it serves people all over the US. If you go to the website, you’ll find a free information kit that’s available for all newcomers. Its design helps you understand the value of different precious metals and how they can allow you to diversify and improve your portfolio.
Birch Gold Group works with experts and various institutions to make sure that when you open a gold IRA, the process goes completely smoothly. You only need to worry about picking the precious metals you want to buy.
- It has a fantastic reputation.
Numerous public figures, such as Ben Shapiro and Steve Bannon, have worked with it to educate people on the importance of investing in precious metals.
Birch Gold Group offers buyback programs.
You get help from experienced specialists.
- Relatively low customer ratings compared to other companies.
According to some customers, selling tactics are aggressive.
Frequently Asked Questions
Is There a Minimum Amount to Open a Gold IRA Account?
It depends on the company. While some companies don’t have a specific minimum investment amount, others do.
The IRS doesn’t state any specific minimum investment amount for gold IRAs. However, some companies do. If you want to work with Augusta, for example, you’ll need at least $50,000.
Nonetheless, to open a gold IRA with Birch Gold Group, you only need $10,000. Make sure you check these specific aspects when picking a company to work with.
Should You Store Your Precious Metals at Home?
You shouldn’t. It’s against the IRS rules, and if you do it, you’ll risk facing penalties that could cost thousands of dollars.
Is Opening a Gold IRA Expensive?
It can be much more expensive than opening and managing a traditional IRA. Nonetheless, for me and many others, the rewards are worth it.
Will You Have to Pay a Lot in Fees?
You will generally have to pay some money in fees. However, the amount depends on many factors, including the company you’re working with and the size of your account.
Can You Buy Any Type of Gold?
Unfortunately, no. The IRS has very specific regulations when it comes to the type of gold and silver you can buy.
Where Should You Store Your Precious Metals?
To make sure you don’t face penalties, you should store your precious metals in a secure depository.
There are different gold IRA companies out there. As you can see, each will offer different alternatives, benefits, and drawbacks.
The key to choosing the ideal one for you is making sure you’re evaluating your needs and comparing them to what the business gives you. Take some time and think about everything before picking the company you’ll trust!