Securing funds for retirement is a major talking point these days, especially with the way the world’s economy is struggling ever since emerging from the recent global pandemic.
Investors have been weighing various options for their retirement portfolios, and one solution that has become quite popular is opening a silver IRA and investing in precious metals.
When considering how to secure a retirement portfolio, you have to look at the risks involved and the tax implications of your decision.
If you open a precious metals IRA, you know that no matter what happens to the economy, your funds are safe and will be there waiting when you retire.
However, the trick to enjoying the full benefits of precious metals IRAs is knowing which IRS-approved precious metals custodian is the best fit for your needs.
With the growing popularity of precious metals IRAs, the number of silver and gold IRA companies has increased a lot in the past few years.
There are so many options to choose from that many investors end up putting their trust in the wrong precious metals IRA companies and lose their hard-earned retirement funds. Choosing a reputable gold IRA company is one of the most important decisions you will have to make in 2023.
In this article, we will discuss six precious metal custodians that are contenders for the title of the best silver and gold IRA company of 2023.
If you have made the wise decision of diversifying your retirement portfolio to gold and silver bullion, opening precious metal IRAs with any of these companies will be a big step in the right direction.
The Popularity of a Precious Metals IRA
Although the popularity of investing in precious metals has seen a recent surge in terms of its appeal among investors, gold and silver products have always been in high demand, historically.
Over time, people have turned to gold as a viable way to protect their funds from economic uncertainty.
The demand for gold and silver coins and bars rises each time the world goes through global crises, such as the World War and the Great Depression of the 1930s.
We are already seeing similar trends beginning to emerge right now. The last few years have been difficult for investors, and according to financial advisors, the next couple of years maybe even worse.
This has seen the demand for gold and silver bullion skyrocket as investors scramble for the most valuable precious metals to secure their retirement portfolios.
Even some of the world’s most powerful countries, such as China, the USA, and Russia, are getting in on the act. These countries have been buying gold and silver by the ton, and this has only increased the global demand for precious metals even further.
Unlike central banks with huge cash reserves they can use to buy precious metals, individual retirement account holders can only rely on the little they have in their 401Ks and other retirement accounts.
This means, to buy gold and silver coins for retirement, they have to be a bit clever in terms of how they use the money.
One retirement solution that many investors have turned to is opening precious metals IRAs. Instead of simply buying physical precious metals and storing them in a vault somewhere, putting your money towards tax-advantaged silver and gold IRA investments is the better choice.
Thanks to the massive efforts towards investor education by some of the best precious metal IRA companies of 2023, many investors know that as long as they choose the right precious metals IRA company to invest in silver and gold, their financial future is secured.
Six Precious Metals IRA Companies To Consider
Considering the huge investment that you will be making when you open a silver and gold IRA account, you have to make sure that you are only dealing with the best precious metals IRA companies.
There are so many custodians to choose from out there that it is very easy to choose the wrong option.
Even reaching out to a financial advisor may not be helpful because, at times, these advisors have their motives for directing you toward certain precious metals IRA companies.
What you need to do is conduct proper research before you open a gold IRA account with any custodian. The best gold IRA companies have detailed websites, transparent pricing, and lots of customer reviews to help you make your decision.
We have made life easier for you by picking the six best precious metals IRA companies of 2023, and reviewing them right here so that you can decide which is best suited to helping you reach your retirement goals.
Consider the following reputable silver and gold IRA companies:
1. Goldco – Best overall Silver IRA custodian
2. Augusta Precious Metals – Most trusted precious metals IRA provider
3. Red Rock Secured – Wide range of precious metals
4. American Hartford Gold – Secure storage options
5. Noble Gold Investments – Top pick for safety and reliability
6. Birch Gold Group – The best choice for personalized customer services
Goldco – Best Overall Silver IRA Custodian
No precious metals market analysis is complete without mentioning Goldco. This is one of the best solutions for investors thinking of diversifying their portfolios into silver bars and coins, because of the level of expertise that the company has.
The custodian is also focused on investor education, and regularly provides great educational resources to its clients, such as e-books and webinars. This ensures that all of Goldco’s customers already have a lot of knowledge by the time they decide to buy silver and gold.
Goldco has been around for more than two decades. The kind of experience that only comes from years of faithfully serving investors shows in the way the company is ready to assist clients with everything they need, from conducting gold IRA rollovers to finding the right storage facility.
One of the few issues raised by former customers of Goldco is the high minimum investment requirements imposed by the company. While precious metals assets do cost a lot of money, setting its minimum investment deposit at $25,000 means a lot of investors will not be able to work with the company and therefore, miss out on a great opportunity.
Products and services
The primary service offered by Goldco is to help clients set up and manage their precious metals IRS accounts, irrespective of which metal commodities they choose to buy. In this regard, it does a great job because no other custodian has earned the kind of reputation for good services as Goldco has.
Another great thing is that you can find a wide range of precious metals available on the website, such as:
- Silver American Eagle coins
- Canadian Maple Leaf coins
- Silver Australian Spotted Eagle Ray
- Silver Australian Striped Marlin
- Silver Australian Sea Turtle
- Silver Great Barrier Reef
- Silver The Grand Canyon
Pros
- In-depth investor education
- Top-notch customer service
- Efficient transaction processing
- Positive Better Business Bureau rating
- Awesome buyback program
- Best prices on silver and other metals
Cons
- High investment minimum requirement of $25,000.00
Account setup, storage, and fees
Setting up your account with Goldco is made easy thanks to the experienced and helpful team that is ready to assist clients every step of the way. All you need to do is pay the $50 setup fee and $30 one-time wire transfer fee.
The custodian will assist you with conducting a rollover if you wish, as well as managing your precious metals IRA for just $100. Since you are not allowed to keep your physical gold, Goldco will help you choose an IRS depository that charges between $100 and $150 for storage fees.
Augusta Precious Metals – Most Trusted Precious Metals IRA Provider
Trust is everything in the precious metals market, especially with all the scammers and hackers waiting to pounce on unsuspecting gold investors. This is why Augusta Precious Metals always works hard to be as transparent as possible in all its dealings.
When new clients approach Augusta Precious Metals, they receive a wealth of educational resources as well as all the information they need about setting up their precious metals IRA. The fees required are all discussed openly, helping to build a solid custodian/client relationship.
products and services
Augusta Precious Metals is a company that has built a great reputation for itself thanks to the dedication it has to serve all its customers’ needs. These services include setting up and managing silver and gold IRAs, as well as providing lifetime support for its clients.
At Augusta Precious Metals, gold IRA investors have a very wide choice of precious metals to choose from, such as:
- Silver and gold American Eagle coins
- Liberty coins
- Royal Canadian Mint silver soaring eagle coin
- Ben Franklin’s half-dollar coin
- Silver round coins and silver bars
- Canadian silver maple leaf coins
- Gold American buffalo coin
- Canadian gold arctic fox coin
Pros
- Plenty of educational materials, such as e-books and podcasts
- Transparent fee structure
- Lifetime support to all investors
- Great buyback program
- A trusted precious metals custodian
Cons
- The $50,000 minimum investment requirement is much higher than most gold IRA companies will ask for
Account setup, storage, and fees
Augusta Precious Metals informs all its potential clients of the transparent fee structure it has. At no point will customers come across any hidden fees when they invest with this reliable custodian. The precious metal IRA provider also has partnerships with storage depositories in every major state in the USA.
The following fees cover all the expenses associated with owning precious metal IRAs at Augusta Precious Metals:
- An annual maintenance fee of $125
- $75 annual maintenance fee
- $100 custodial fees
- Storage fees of $100
Red Rock Secured – Wide Range of Precious Metals
Red Rock Secured has a panel of experts that have helped the company secure its position as one of the top precious metal IRA companies in the US. These gold IRA experts work hard to ensure that customers know that their investments are in good hands.
To complement such a top-rated team, Red Rock Secured has a wide range of precious metals to choose from. That means when customers choose to invest with this custodian, they are not limited to just a few types of silver and gold coins. As far as portfolio diversification goes, having a wide selection of metals in your portfolio will go a long way in minimizing the risks of investing in precious metals.
One area that attracts a lot of eager investors to Red Rock Secured is the company’s very low minimum investment requirement. You will only need about $1,500 to get started on your journey to becoming a precious metal IRA account holder. That is well within the budget of most employed potential investors.
Products and services
As we mentioned earlier, Red Rock Secured has a wide range of precious metals to choose from, such as:
- Different sizes of gold, silver, and platinum bullion bars
- Silver American Eagle coins
- Silver Lucky Dragon coins
- Canadian Maple Leaf coins
- 1-oz Silver Canadian Maple Leaf
- Gold Freedom and Hope coins
- Platinum American Eagle 1-oz
- 1-oz Silver American Eagle
- 1-oz Silver South African Krugerrand
- 1-oz Gold American Eagle
- 1-oz Gold American Buffalo
Pros
- Safe storage
- Great reputation and a reliable panel of experts
- Wide selection of precious metals
- Choice of using Thrift Saving Plans (TSPs)
- Lower minimum deposit than other gold IRA companies
- Chance for opening a zero-fee account
Cons
- Potentially high fees if you do not qualify for a zero-fee account
- The fee structure is not transparent
Account setup, storage, and fees
Setting up an account at Red Rock Secured is a very easy process that only requires you to open the account and fund the purchase of precious metals. If you do not qualify for the zero-fee account, you will have to pay a total of between $250 and $300 to set up and maintain your account.
Red Rock Secured will also help you find a secure depository to keep your precious metals so that you are not fined by the IRS for breaching the regulations regarding holding physical gold at home.
American Hartford Gold – Secure Storage Options
To date, American Hartford Gold has assisted thousands of clients to set up and manage their silver and gold IRA accounts, helping them to invest over $1 billion in the process. With all this money exchanging hands, American Hartford Gold has partnered with some of the best precious metal depositories in the country to help secure the assets of its customers.
American Hartford Gold offers an impressive selection of silver and gold coins, as well as other precious metals for you to choose from. The combination of excellent service delivery, a wide selection of products, and secure storage facilities, has helped American Hartford Gold get excellent customer service ratings on Better Business Bureau and other platforms.
One area where American Hartford Gold needs to improve quickly is its transaction speed. The custodian is nowhere near as efficient as some of its competitors, sometimes taking more than three days to verify transactions.
This is a major drawback, and one of the things preventing this otherwise great precious metals custodian from being the best gold IRA company in the country.
Products and services
American Hartford Gold is a silver and gold IRA provider that is here to cater to all types of investors, from beginners to those with lots of experience. This can be seen in its minimum deposit requirement of just $10,000, which is designed to cater to a wide range of investors.
In terms of products, the custodian has an impressive selection, which includes the following:
- Silver and Gold American Buffalo coins
- Canadian Maple Leaf coins
- Sold and silver Canadian buffalo coins
- Silver American Eagle coins
Pro
- Top-notch customer service
- 24/7 customer support
- Low minimum investment requirement of just $10,000
- Dedication to investor education
Cons
- No international depository service or deliveries
- Waiting days for transactions to clear is too long
Account setup, storage, and fees
Setting up an American Hartford Gold account is a quick process that requires the following steps:
- Open a gold IRA account
- Conduct a gold IRA rollover to fund your account in the easiest way possible
- Purchase precious metals that are IRS approved
- Choose a reputable storage facility
Gold IRA investors can choose from a variety of reputable depositories, such as Delaware Depository Services. The fees will normally range from $100 to $150 per annum for secure storage.
Noble Gold Investments – Top Pick for Safety and Reliability
Noble Gold is one of the most experienced precious metals custodians on this list. Its many years of serving investors in the precious metals market have helped it develop a very high level of safety and reliability. The reputation it has earned is clear from the many positive reviews about the company from happy customers.
Products and services
The following are some of the products you can get from Noble Gold:
- Morgan Silver Dollars
- 1oz Highland Mint Silver Round
- American Silver Eagle Coins
- Australian Silver Kangaroo Coin
- Austrian Silver Philharmonic Coin
Pros
- Reputation for being a reliable and trustworthy company
- Its low minimum investment rates are ideal for small investors
- Noble Gold has a flat-rate fee structure for its services
- Lots of educational materials
Cons
- The maintenance costs are higher than most precious metals IRA providers
Account setup, storage, and fees
When you invest with Noble Gold, you can rest assured that the storage of your assets will be handled by the very best in the business. This is because Noble Gold offers you the choice of choosing one of its many depository services partners. They will assist with the transportation and secure storage of your products until you are ready to withdraw.
You will only be expected to pay $80 to set up your account, as well as $30 for a wire transfer, and annual service fees from your depository should not exceed $150.
Birch Gold Group – Best Choice for Personalized Customer Services
With more than 15 years in the industry, Birch Gold Group has perfected its personalized customer service approach; thus, becoming one of the best in the industry. The company’s reputation has been bolstered by stellar endorsements from Newt Gingrich and Steve Bannon, which has made the industry sit up and take notice!
By providing complete attention to each customer, Birch Gold Group has built a strong reputation for being a trustworthy gold IRA provider. Customers have been quick to go online and share their positive experiences by leaving many positive reviews about the company on Better Business Bureau.
Products and services
The following are some of the products you will find at Birch Gold Group:
- American The Beautiful Silver Series
- American Platinum Eagle
- Australian 1/4 Ounce Gold Florin
- Canadian Palladium Maple Leaf
- Saint Helena Napoleon Bee
- Valcambi CombiBars
- Gold and Silver Rose Crown Guineas
- Saint Helena Silver Standing Lion
- Canadian Gold Maple Leaf coin
- Gold American Eagle and American Gold Buffalo coins
- Canadian Gold Twin Maples
Pros
- Unique one-on-one approach to helping customers
- Wide selection of products
- Plenty of educational resources to help beginners
- The solid reputation of being one of the best gold IRA companies in the industry
Cons
- Not available to international investors
Account setup, storage, and fees
If you want to invest with Birch Gold Group, the following is the fee structure and required deposit:
- 10,000 minimum purchase requirement
- $200 annual maintenance and storage fees
- $50 basic setup fee
- $30 bank wire transfer fee
No matter where in the US you are located, Birch Gold Group will find a suitable storage solution for you. This is because of the many affiliated and non-affiliated depositories that the custodian works with. Storage fees are generally between $100 and $150 per year.
Our Verdict
With such an awesome list of reliable custodians, it is difficult to say which is the best option for you to open a precious metals IRA account. Your budget and financial goals will be essential in your decision.
However, if we have to choose one stand-out precious metals IRA company to help you diversify your retirement portfolio, it has to be Goldco.
The level of experience and formidable track record that the precious metals IRA company has cannot be overlooked.
Goldco has the unique ability to cater to both experienced and beginner investors, making it a good starting point for anyone who wants to venture into the precious metals IRA industry.
If you want to rest assured that your silver IRAs are in great hands, Goldco is our top pick for 2023.
Silver IRAs Explained
A silver IRA is a retirement account that is based on the value of the precious metals it has. this means, unlike other retirement accounts that either keep their funds as fiat currencies or diversify to paper assets, such as stocks and bonds, gold and silver IRAs deal in precious metals.
As a tax-advantaged retirement account, a precious metals IRA also comes with a lot of benefits to the investor, such as withdrawing or depositing funds into the account without having to pay taxes. Precious metals IRAs can be structured in the same way as a traditional IRA or Roth IRA.
A precious metals IRA is also referred to as a self-directed IRA, which means you will have a lot more control over how the account is managed. While this is a major advantage, it also puts a lot of responsibility on your shoulders as the account holder.
There are many IRS rules and regulations that you need to consider if you want to avoid having to pay huge penalties. You will not be able to withdraw funds from your precious metals IRAs before you retire, for example.
The types of gold, silver, platinum, and palladium bullion coins and bars you include in your IRA also have to be IRS-approved precious metals.
Other IRS rules to consider are regarding the storage of your precious metals. You will not be allowed to hold precious metals that are part of your IRA. Instead, your custodian will help you choose an IRS-approved depository facility to keep your metals for you. This means investing in precious metal coins and bars will come with additional storage fees.
Four Steps to Investing in Precious Metals IRAs
Even with all the IRS regulations explained above, investing in precious metal IRAs is still one of the best decisions you can make in 2023.
The best silver and gold IRA companies have a structure in place that makes investing in precious metals IRAs an easy process.
With the right silver and gold IRA company, getting started on your precious metals investments will require just four simple steps, which are:
Step 1: Find a Reputable Gold IRA Company
Opening silver and gold IRAs is a very big step that has the potential to affect how much you will enjoy your retirement.
As such, you need to make sure you pick the best gold IRA company to manage your precious metals investments.
Shrewd gold IRA investors know that before diversifying their investment portfolio, they need to do a lot of research and look at the history and reputation of the silver and gold investment company. Only after researching, can they consider buying silver coins and other precious metals.
Popular customer review platforms, such as Better Business Bureau and Business Consumer Alliance are great sources of valuable insight into how a specific precious metals dealer operates and whether it is dependable.
Step 2: Fund Your Precious Metals IRA
You will need to deposit some substantial funds into your IRA to purchase precious metals. The best way to do this is through a 401k to silver and gold IRA rollover.
If you already have another active individual retirement account, all you need to do is ask your custodian to assist you with the rollover process.
With the right gold IRA company, you do not have to do much to get your rollover process complete.
Your gold IRA custodian will work with the current custodians of your retirement accounts to make sure the funds are transferred to your gold IRAs without breaching any IRS regulations.
Besides conducting a precious metals IRA rollover, you could also decide to simply transfer funds from your bank account to your silver and gold IRA. However, this may turn out to be a more complicated process than doing a rollover.
Step 3: Buy Precious Metals
Once your funds have been reflected in your precious metals IRA accounts, it will be time to consider which physical gold bullion and other precious metals you want to have in your IRA.
Your silver and gold IRA company should be able to provide you with a detailed catalog of all the physical precious metals it has.
When choosing your gold and silver coins, make sure you are only buying IRS-approved precious metals, otherwise, you will not be able to include them in your retirement account. Besides silver and gold coins, consider platinum and palladium coins and bars as well.
Step 4: Choose an IRS-approved Depository
Unlike the physical precious metals, you buy from a dealer for your personal use, all your precious metals IRA products need to be stored by an IRS-approved storage facility.
All the precious metals IRA companies reviewed in this article have partnerships with reputable depositories around the country, such as the Delaware Depository Service.
Carefully consider the storage fees and verify that the contents of the depository vault will be insured during transportation and storage.
Far from being a major disadvantage of opening a precious metals IRA, having a reliable depository service take charge of the storage of your metals will give you peace of mind knowing that your valuable assets are being kept in a secure place.
What Are IRS-Approved Precious Metal Coins and Bars?
The type of precious metal coins and bars that you choose for your silver investments is closely regulated by the IRS.
This means you have to make sure that the gold, silver, platinum, and palladium that you choose meets the following IRS standards:
- All precious metals must be of the right purity, meaning silver must be 99.9% pure. Gold requires a purity of 99.5%, and platinum and palladium must be 99.95% pure.
- The coins and bars must come from IRS-approved mintages, such as the United States Mint and the Royal Canadian Mint.
- All bullion coins must be uncirculated and in excellent condition.
- US-proof coins must be in their original mint packaging and have a valid certificate of authenticity.
- No rare coins or collectibles are allowed in an IRA account.
How To Choose the Best Silver IRA Companies of 2023
Choosing the best precious metals IRA custodian requires you to look at a few important features that all the best companies have in common. Consider the following while researching the top gold IRA companies of 2023:
- Have you verified the legitimacy of the company by doing proper research into how it works, who its founders are, and whether or not is IRS certified?
- Go through all the customer reviews you can find to determine the reputation of the custodian and see whether it delivers on the promises made on its webpage.
- Each precious metals IRA company has minimum investment requirements and fee structures that you will need to consider so that you not only stick to your budget but also make great returns on your investment portfolios.
- What services and products does the company offer? Depending on your retirement goals, you may prefer the products offered by one custodian over another.
- What storage solutions can the precious metals provider offer you? Remember, you cannot keep your physical precious metals at home, so your choice of depository service will play an important role in your precious metals investments.
Benefits of an IRA Based on Silver Coins and Bars
While the strict IRS requirements are enough to discourage many potential investors from opening a precious metal IRA account, there is no denying the many benefits such a retirement portfolio has. Consider the following:
- Hedge Against Inflation
Your precious metal IRA will provide a good hedge against inflation, meaning if the current bleak economic projections happen, your funds will be protected from whatever occurs in the next few years.
- Portfolio Diversification
One of the best ways you can minimize risks when investing is to diversify your portfolio as much as possible. Precious Metal IRA experts recommend diverting about 5% to 10% of your retirement funds toward precious metals./p>
- Tangible Assets With Intrinsic Value
Silver is a very valuable metal that has a lot of intrinsic value in the industrial, technological, and medical sectors. This means the demand for gold, silver, platinum, and palladium will only increase as time goes on.
- Potential for Growth
Gold and silver are also affected by market volatility like all other commodities. However, over time, silver and other precious metals have shown a huge growth potential. This means the sooner you invest in precious metals and give your investment portfolio the time it needs to grow, the more rewards you will enjoy when you retire.
Ready To Join the Precious Metals Industry? Choose the Best Precious Metals IRA Custodian Right Here!
As long as you choose the best precious metal IRA company to invest in, your financial future will be secured. Each of the six companies reviewed here can help you to diversify your investment portfolio and start investing in gold, silver, platinum, and palladium today.
Rather than keep all your eggs in one basket and risk losing your retirement funds in the predicted economic downturns we may experience soon, why not secure a part of your portfolio in precious metals?
With a reliable silver and gold IRA company, such as Goldco or Augusta Precious Metals, you can take control of your financial future and take steps to achieve all your retirement goals.