Best Gold IRA Company Reviews | Top 5 Precious Metals IRA Comparison
Match the best gold IRA investment company in 2022 to your investment goal to protect your money and your family in times of recession
Disclosure: The owners of this website may be paid to recommend Goldco and other companies. The content on this website, including the positive review of Goldco may not be independent or neutral.
Why Invest in Gold?
An Invisible Thief is Burglarizing your Wallet, your Home, your Bank Accounts and your Retirement Savings…
…at this very moment!
This thief works every day of the year, 24/7, answers to NO ONE, and there are NO means available anymore to make an arrest.
Why is that?
It’s because the thief isn’t even human.
The thief is…
The Federal Reserve’s Printing Press and Computer Equivalent
Creating $$$ literally out of thin air and devaluing every single dollar you own.
Every Day in 2020 it Pumped Out $27 BILLION!
Nov 21, 2002: As a Governor on the Board of the U.S. Federal Reserve Bank, Ben Bernanke says:
“The U.S. government has a technology, called a printing press (and today, it’s digital equivalent) that allows it to produce as many U.S. dollars as it wishes at essentially no cost.”
March 12, 2009 serving as the Federal Reserve Chair 2006-2014 Ben Bernanke on 60 Minutes+ -- Shocking 22-sec. video clip!
Scott Pelley: “Is that tax money that the Fed is spending?”
Ben Bernanke:"It's not tax money. The banks have accounts with the Fed, much the same way that you have an account in a commercial bank. So, to lend to a bank, we simply use the computer to mark up the size of the account that they have with the Fed. It's much more akin – although not exactly the same – it’s much more akin to printing money than it is to borrowing."
Then on Dec. 5, 2010, just 20 months later, here is what Fed Chairman, Ben Bernanke on 60 Minutes+ Part 2 says:
"One myth that’s out there is that what we’re doing is printing money. We’re not printing money." – Ben Bernanke
We Started 2022 with the Federal Government $28.43 TRILLION in Debt
…and empty grocery store shelves across the nation again!
Consider that in 1971, the year Nixon took the U.S. off the gold standard, the national debt stood at $398 BILLION.
Since the devastating debt crisis and recession of 2011, the national debt has DOUBLED in just 11 years! Of that 14 trillion extra, a whopping 6 trillion dollars was added during the two pandemic years we’ve just experienced in 2020 and 2021 (and now in its 3rd year).
Your dollars are worth 98% less than they were in 1913. And it won’t stop. It’s way too late for anyone to turn things around.
Currency devaluation is always at the heart of a rising gold price.
Social Security Retirees Greatest Fear: “Is Social Security Running Out?”
People like you who have worked their entire careers are now wondering, “Will I run out of money in retirement?” You have contributed a large chunk of every paycheck into the Social Security system to ensure that your money will be there when you retire to carry you through your retirement years with at least your basic needs provided…only to learn too late that the federal government has broken their promise to you and to all of America’s seniors.
Political leaders have voted to change the rules and have been raiding your social security savings for years to pay for other things you never agreed to. They have been voting on bills to cut benefits and even eliminate your social security completely.
You cannot rely solely on a social security annuity that has been decimated by egregious government debt and theft, and by the unprecedented devaluation of every single dollar you thought you were saving.
There’s only one way to protect your wealth, your retirement, and your family… INVEST IN GOLD!
There is a finite amount of gold in the world, 197,576 metric tons.
And only 35% of that physical gold, or 70,000 metric tons, is available as investment gold.
All the gold in the world can fit on a football field
Gold is the only substance in the world that is valuable, finite, and through all of human civilization has been the vital constant of value for trade and commerce.
Top 5 Gold IRA Investment Companies | Top 5 IRA Reviews for 2022
All of our top 5 gold IRA companies enjoy perfect or near-perfect ratings from reliable consumer rating services as well as hundreds of five-star reviews from enthusiastic clients.
So, although you can’t go wrong among these winning companies, consider how each may fit your specific needs and values. Here is a brief comparison of the best gold IRA services, with our in-depth reviews following:
- Best leadership, Isaac Nuriani, member of Ethics.net
- Highest ratings with zero complaints in over 10 years of business
- Personalized service with easy precious metals account set-up
- Transparent and low-cost pricing with excellent buyback program
- Cons: No online purchases; does not offer platinum or palladium.
- Superior “white glove” service with step-by-step walkthrough for every investor
- 16 years of expertise handling precious metal retirement investments
- 50K minimum investment with low fees and a large selection of precious metals
- Extensive educational resources with comprehensive blogs, videos, and books
- Cons: May be too expensive for new investors; does not offer custodial services
- Founders with decades of experience and specialists to educate and guide investors
- Easy online account access, with physical gold storage in Texas
- Flat fee structure, lower than most with no set-up fee
- Wide range of hand-picked metals including gold, silver, platinum, and palladium
- Cons: Short history; gold storage in Texas (which may be a pro or a con for investors)
- No minimum investment for self-directed gold accounts, and simple buyback plan
- Offers products from U.S. Canada, Switzerland, Austria, S. Africa and Australia
- Their unique price match guarantee
- The only gold investment company recommended by Bill O’Reilly and Rudi Giuliani
- Cons: Not a flat-rate system
- Everything planned for you: experienced specialist, custodian and storage
- Low 10K minimum investment, with 1st year fees waived for 50K+
- Helped thousands of Americans move their funds into gold accounts since 2003
- Free shipping and easy buyback program
- Cons: Setup and annual fees not specified on the website; no overseas depositories
Tied for 5th: Advantage Gold – Best for Beginners to Start and Grow a Portfolio
- They have an entire program devoted to 1st-time precious metals investors
- Complex questions answered fully and transparently so clients feel secure
- Fast cash-out process in less than 24 hours
- U.S. Mint listed dealer, so you are assured your purchases are authentic
- Cons: Relatively new company; (2014); over the phone account set-up
Who is Buying Gold? – Professionals, Millennials, Preppers, Entrepreneurs, & All Types of Retirees
Doctors, lawyers and other professionals are some of biggest investors in gold retirement accounts today
Professionals, like doctors, lawyers and financial advisors are moving as much as 5-15% of their wealth into gold and precious metal investment accounts to hedge against soaring the soaring inflation and rapid decline of the value of the dollar that is decimating their bank savings.
Millennials and entrepreneurs | Gold & silver IRAs become popular for a new generation of investors
As early as 2020 as the deadly CoVid-19 pandemic swept across the world, nearly 11% of U.S. adults held gold in their investment portfolios, with Millennial-age investors and entrepreneurs with fast-growing wealth to invest increasingly turning to historical hedges like gold and silver. That was way up from an estimated 3% of Americans in June 2017, just 3 years before. Since then, gold companies are experiencing robust investment from a new and younger generation of investors.
Preppers protect themselves and their communities by also stockpiling gold in secure storage vaults
Preppers are individuals of all age groups in the U.S. and worldwide who proactively prepare for any type of emergency or chaos – whether job loss from long-term pandemics and frequent natural disasters to financial, social or political disruptions, whether national or global. In addition to survivalist tools and knowledge, preppers are increasingly seeking solutions to protect their wealth by buying individual retirement accounts with physical gold and silver held in storage vaults as they seek new freedom to survive with less dependence on central government, central banking and traditional employment patterns.
Retirees of all ages are flocking to self-directed metals IRAs to preserve and grow their wealth
And there is not just one type of retiree today – there is a fast-growing “Retire Young” movement of savvy investors who diversify to create passive income to retire on with their families by 30 or 40 years old; there are many people from all walks of life in their 50’s and 60’s who are actively preparing to retire in an extremely volatile economy, as well as people already retired who are looking to protect their lifetime of savings.
First-time buyers are learning how to invest in gold
First-time investors in gold and precious metals can make mistakes with short-term expectations, the percentage of their portfolio to rollover into a precious metals retirement account that will make a real impact as an inflation hedge, and which type of physical gold to buy and store. Therefore, it’s important that beginners in the gold market align with a trusted company that focuses on educating their clients and accurately guiding them in their decisions.
Indian households and the Chinese government are buying up the world’s massive gold reserves
What have families in Asia always known that American families don’t often realize? -- That gold is the true measure of wealth that protects them in any emergency or upheaval, whether natural or manmade. Collectively, individuals in Indian households hold the largest amount of gold in the world – roughly 24,000 metric tons. According to the Chinese Gold Association (CGA) both individuals and the government are accumulating gold at rate in 2021 that was formerly unprecedented, with a view to replace the dollar with the Chinese Yuan (CYN) as the world’s international reserve currency.
Is a Gold Retirement Account the Best Alternative Post-Pandemic Investment for You?
People like you, at all ages and from all walks of life, are looking at the same unstoppable events and nightmare statistics of massive debt and market manipulations in economies around the world. Those who can read the handwriting on the wall are adding gold, the only physical substance of constant value, to their portfolios as a hedge against hyper-inflation and one of the few means of protecting their families in fragile future scenarios.
The price of gold today is most undervalued among the financial asset categories, and it may shoot past its lifetime high at any time due to the unpredictability and fragility built into the structure so many market sectors by massive debt.
Exter’s Pyramid of Liquidity illustrates a hierarchy from the most illiquid assets, complex derivatives and real estate to the most liquid asset of true value, physical gold.
Only the tip of that pyramid, 36% of all the gold in the world, is available as investment gold that you can buy and hold in a vault depository. When any one of the other assets is devalued or fails, it can wreak havoc on all the others; with one exception:
Only GOLD is certain to retain its value.
According to a study by the World Gold Council and using data since 1971, gold has returned 15% per annum on average when inflation has been higher than 3%, compared to just over 6% per annum when inflation has been sub-3%.
Now is the time to add gold to yourIndividual Retirement Accountbefore the U.S. and global dollar-based economy fall off the financial precipice they are tottering on into worldwide economic collapse in our post-pandemic world.
Only Two Possibilities – Things Will Get Better, or… Things Will Get Worse
“Inflation Hits a 40-year High! Gas Prices up 50% from One Year Ago”
January 12, 2022 — ABC World News Tonight: Season 13, Episode 11
Investors and market-watchers like you and ordinary Americans intensely feel the effects of the Consumer Price Index (CPI) rise a staggering 7% in one year from Dec. 31, 2021 to Dec. 31, 2022, the highest level of inflation since 1982. Staring at empty grocery store shelves again in January 2022, ordinary Americans suffered with food prices soaring up 12.5%, rents up almost 4%, used cars unbelievably up almost 40%, and gas prices up 50% from January 2021, just one year ago.
With the current high borrowing costs, an unstable forex market, a potential stock market shock, and the inevitable interest rate hikes in 2022, the U.S. and global economies are not going to miraculously get better; quite the opposite:
The Fed’s Dilemma of Choosing between Two Devastating Scenarios for 2022:
ASU professor Jonathon Barth describes the impasse facing the Fed: “If the Fed raises interest rates — even if only a little — it would undoubtedly risk bringing the economy into recession. Yet even a mild hike in interest rates has the real potential to wreak havoc in asset values, the mortgage market, the bond market, and the government’s ability to finance its enormously unsustainable debt.
However, to bring inflation under control, the Fed must raise rates in 2022, and the rate hike must be far more than a quarter of a percent here or there. But if Powell doesn’t actand interest rates do not move significantly upward – the Fed risks inflation heading into double digits in 2022, just as Americans saw in the 1970s.”
“The Federal Reserve is expected to hike interest rates four times this year to keep inflation from undoing the economy.”
Jan 12, 2022 – Rebecca Jarvis, ABC World News Tonight
Retirement Planning: Social Security Benefit Cuts
You’ve heard the alarms raised in Washington DC that social security is running out by 2035, and that Social Security cuts are just around the corner. Legislation is being proposed and brought to a vote over raising contributions and cutting benefits, and changing how the annual cost-of-living calculations are done to reduce your COLA increase as much as possible, while inflation is pumping up the costs of basic necessities, such as food, housing and transportation.
Social Security collapse is a valid concern within our retirement years, which is why buying gold for retirement is gaining popularity as one of the best retirement investments. Gold for retirement is one of the best ways to get gain peace of mind for the Social Security problems today as well as mitigate the loss of your savings due to Social Security problem in the future. A rollover of 10-20% of the value of your traditional IRA into a self-directed gold IRA is a solution that many Americans have been taking advantage for the past two decades.
Diversify your Portfolio as a Hedge against Inflation
You already know the economy has been in serious trouble for a long time. You are witnessing the effects of a global pandemic. You are feeling the fear of an uncertain future and doubting that the government or anyone else is going to be there to help you and your family survive the even tougher times ahead.
You already know you need to diversify how you are holding your nest egg so it doesn’t sit in a bank or a fund deteriorating at 5% or more a year. To be reading this page, you’ve beensearching online for answers toquestions like, “Are we in a recession?” “Is Social Security running out?” “How can I protect my retirement savings?” “Is it smart to invest in gold?”
You KNOW you need to buy gold as an investment.
You know WHY to invest in gold.
You know WHEN to invest in gold.
The question now is, “HOW to invest in gold?”
…and more specifically,
“Is a gold IRA a good investment?”
You’re even ready to move a portion of your traditional IRA into a self-directed precious metals IRAand wondering…
“What is the best gold IRA company?”
In-depth Reviews of the Best Gold IRA Companies
There is no doubt that at this time, before gold has another massive breakout in a price rise, buying physical gold and holding it in a gold IRA is absolutely essential to safe-guard your family and a life-time of savings.
You’ve decided to buy and hold gold in your individual retirement account. The next step is to decide which gold IRA company to work with. Although each of these companies have earned thousands of A+ ratings and five-star reviews, one or two of them may be more attractive to you for practical reasons, or because they resonate better with your values and lifestyle.
We have researchedthe latest information on the top-performing and best-rated gold IRA companies in 2022 that have specialists to help you open accounts and rollover existing funds into a self-directed physical gold account.
Augusta Precious Metals Review
1st Place: Best Overall for Leadership; Best for Professionals and Serious Investors who want to diversify their holdings
Increasing numbers of professionals and high-earners, such doctors, lawyers, business owners, and financial advisors’ clients are moving up to 15-20% of their savings into precious metals in self-directed IRAs as a safety measure in an ever-increasingly fragile economic world. Just in their working years, they’ve experienced recessions, runaway inflation, a shocking devaluation of the dollar, bank failures, turbulent markets, and now an ongoing global pandemic crisis that’s put businesses and people out of work, so it’s no wonder that people who are accumulating wealth are seriously looking for how to protect it against fiat currency deterioration. And Augusta Precious Metals is one of the first places they look.
When you first go onto Augusta’s website, you’ll see that the company’s celebrity ambassador is none other than Hall of Fame quarterback, Joe Montana, who, along with other American investors, share their experiences setting up a self-directed IRA with APM as their gold company of choice.
The first thing to consider is that the minimum investment and/or rollover at APM is $50,000that goes toward a self-directed metals account that can include gold or silver in coins or bullion. The larger opt-in amount means that this is where serious investors move their retirement accounts. Augusta’s excellent order desk helps you complete most of the paperwork for the rollover, educates you in their gold and silver purchasing options, ensures that your precious metals are shipped to their storage destination, and gives lifetime support for you to gain access to your portfolio.
One of the best reasons that any investor today would consider moving their wealth to Augusta Precious Metals is because of their leadership. CEO Isaac Nurianihas many years of experience of guiding American seniors in protecting their retirement savings against economic policies that favor big banks and Wall Street rather than individuals. He launched APM in 2012with a vision of top-quality service and an unflinching dedication to ethics and transparency as a member of Ethics.net and the ICTA. Devyn Steele, Harvard grad with 3 decades in financial services, and early predictor of the 2008 financial crisis, is APM’s Director of Education. Howard Smith, CFO, who previous work with major banks and local/federal governments gives him extraordinary insight into the current crises, is dedicated to empowering clients to offset valid concerns about protecting their savings.
With top ratings and zero complaints in 10 years, an easy account set-up process, transparent and low pricing, storage facilities in 6 coast-to-coast U.S. cities, and an excellent buyback process, Augusta Precious Metals is our overall top choice for any serious investor.
2nd Place: Best for Long-Term Investors with Portfolios to Protect; Best-loved Customer Service
The greatest fear of investors is that they will run out of money in retirement. They wonder, “What is the best retirement investment? Are self-directed IRAs a good investment? Is it too late to invest in gold?”
These days, precious metal investors come in all age groups. Although the majority are seniors enjoying active golden years or needing extra guidance as time goes on, there are also 40 million people who are preparing to retire as the last half of the baby-boomer years. Additionally, the most recent decade has brought us the “FIRE” movement of savvy young investors (Financial Independence, Retire Early), whose goal is to retire as early as 30 or 40 years old enjoying life with their children while still at home.
Goldco loves retirees, and you can see that the moment you go on their website. Reviews show that their investors are happiest with the famous “white-glove” customer service they enjoy, which is a much-needed and appreciated feature of this company. Their celebrity ambassador, Sean Hannity, greets you on the website, along with fantastic reviews from retirees and investors.
With Goldco’s mid-range 25K minimum investment, opening a gold IRA or a Roth gold IRA, which are a great option for a wide range of investors. They’ve earned the chops –integrity and trust with over 17 years of experience helping people set up alternative asset accounts since 2006, a full-service precious metals firm offering gold, silver, platinum, and palladium in a variety of products such as coins, bars, common and premium products, and extensive educational resources.
Goldco works with 7 depositories across the entire U.S., they have a great promo offer with up to 10% back in free silver coins for new accounts, competitive pricing with no hidden fees, and an excellent buyback program. Goldco rivals our top choice for 1st place and is a great choice for many investors who are preparing for retirement, as well as retirees who need to protect their portfolios during the tumultuous years ahead.
Noble Gold Review
3rd Place: Best for Entrepreneurs and Millennials, and Best Flat Fee Structure
Millennials have grown up in the midst of financial insecurity and upheaval, so it’s no wonder they make up a large percentage of people who are investing in precious metals, while entrepreneurs, often in the same generation, tend to travel and do online business from a number of distant locations.
Clients appreciate that Noble Gold uses Lloyd’s of London as their precious metals deposit insurer, and has 2 depositories located in the U.S. and an international depository in Ontario, Canada for secure custodial gold storage. Noble is unique as the first and only gold storage vault in Texas – a state that has always fiercely defended its states’ rights and laws, many of which are still in effect today, making it one of the most secure locations for a depository. Noble also ships its “Survival Packs” right to your home discreetly and quickly if you wish to buy physical gold and silver coins to keep on hand at home for emergencies.
Also attractive are the low minimum investment to get started, no set-up fee, easy roll-overs, a great selection of gold, silver, platinum and palladium, as well as flat feesno matter the amount in your depository and portfolio. Since 2016, the mission of founders, Charles Thorngren and Collin Plume,is to guide and educate a new generation of investors with a pledge of “no high-pressure sales” that they find so unsavory in the IRA industry. They also offer a no-questions-asked buyback program when you need to access your funds.
Noble Gold will help you rebuild your portfolio from the ravages that the CoVid pandemic may have wreaked on it with advice on how precious metals can hedge your investments to give you more overall stability no matter what the future brings.
American Hartford Gold Review
4th Place: Best for Preppers, Independent Lifestyle, No-and-Low Fees, and Giving Back to Non-Profits
What really makes American Hartford stand out from other companies is their unique Price Match Guarantee on a full range of IRA-eligible precious metals, coins, and bullion from U.S., Canadian, Swiss, Austrian, South African and Australian mints. There is no minimum contribution amount to start your gold IRA investment, and only normal fees for gold depository storage. This company offers ongoing promotions to help you get started, including free shipping and insurance, and up to $5,000 in free silver depending on your initial rollover investment; or instead, you can choose up to 3 years with no IRA transfer, storage or maintenance fees.
American Hartford Gold is dedicated to enlightening fiscally conservative Americans about savings diversification through alternative assets. They understand why Americans are turning some of their assets into gold for survival purposes to guard against a number of worst-case survival scenarios that are increasingly present: recurring pandemic crises, business closures, job losses, crippling inflation, rising prices, and store shelves empty of food and equipment for basic survival.
American Hartford Gold has an enthusiastic client base since opening their doors in early 2015 as the only gold IRA company recommended by Bill O’Reilly to his friends, family and viewers. But it’s not only because of their popular ambassador; this company is popular across-the-board with investors because it delivers top service along with real-world values.
This gold investment company attracts members of the military and veterans as supporters of the Wounded Warrior Project, and they are experienced in assisting with rollovers from military and federal employee TSP accounts (Thrift Savings Plan).
American Hartford is a leader in supporting local non-profits. As well as admirable leadership supporting local non-profits providing services to seniors, the homeless, families, and youth with food, housing, medical and recovery services, and even homeless pet placement. Besides their commitment to helping military vets and those in their neighborhood who have been devastated by the economy, they do know how to have some fun as a multi-year sponsor of NASCAR.
Birch Gold Group Review
Tied for 5th Place: Best for Recent Retirees and “FIRE Retirees”
As you enter into retirement, it’s vital that you manage your exposure to financial risk to reduce the chances of losing your resources when needed most – during retirement. So, whether you’re a more traditional retiree in your 60’s or early 70’s, or one of the growing numbers of younger retirees in the “Financial Independence, Retire Early” movement, opening an account with Birch Gold Group is one of the best choices you could make.
Birch Gold offers one of the best programs to diversify your portfolio with a truly impressive selection of gold, silver, platinum and palladium coins, bars and bullion. A highly reputable IRA company with two decades of experience, they have the entire process structured and planned from having helped thousands of people set up retirement accounts. Birch Gold is a featured company on major news and media outlets, including regular appearances on the Ben Shapiro Show where their financial experts educate listeners on economic cycles, the causes of global financial instability and how it relates to the country’s current crises.
One of the first things you’ll see when you go on Birch Gold’swell-organized and easily navigable website, is that each client is paired with an investment professional who sticks with you to answer all your questions and to make the account setup, funding and rollover, gold and precious metal purchases, delivery, and storage feel smooth and simple. Their goal is to empower each client to be comfortable with their decisions, based on a strong emphasis on financial education and transparency.
So, if you’re newly retired and wondering how to best diversify and protect your wealth over coming next decades, Birch Gold Group is an excellent choice.
Advantage Gold Review
Tied for 5th Place: Best for Beginners to Start and Grow a Portfolio
When considering our Top Five companies and how they might fit best with variety of Americans who see the value of investing in gold and silver, we narrowed the field down to six favorites, but couldn’t decide which one to leave out; so, we didn’t. A company that has been voted #1 Trusted Gold IRA Company by TrustLink five years in a row is a strong contender for anybody’s business.
Instead, we opted for a tie with a very strong 5th Place rating for Advantage Gold – our top choice for people who are just starting out acquiring precious metals and who would most appreciate this company’s pledge to educate and guide you about alternative retirement investments without pressure or sales tactics.
As soon as you enter their website, you can order a free copy of one of the most valuable books on finance by NY Times bestseller, Jim Rickards, “A New Case for Gold,” explaining the background of the coming economic collapse and how to protect yourself and your family from the disastrous conditions that will follow. Their co-founders, Adam Baratta and Kirill Zagalsky, previously worked at a national U.S. Mint as a listed dealer and a Senior Account Executive specializing in precious metal IRA accounts, so you know your purchases are always authentic.
When you’re ready to begin, they set up your account, contact your current financial representative and process a full-service rollover on your behalf. This full service extends through the life of your account, and should you decide to liquidate metals in your account, their buyback services are fast and efficient, with the funds wired to you usually in less than 24 hours.
Advantage Gold offers such a great customer experience that it’s no wonder that the Advantage team gets rave reviews from their clients and are especially appreciated by first-time investors.
Our Methodology in Choosing and Ranking the Best IRA Companies for 2022
- Getting to know YOU! – We researched who has been buying gold, silver and setting up gold IRAs recent past years, since the 2008 real estate and financial collapse and insecurity of business closures and job losses throughout the 2020-2022 pandemic. Although we attempted to match our top performing companies with the practical concerns of each type of investor, there are always emotional factors and core values that play into an individual’s preference.
- Trust and Security – Only companies with A+ ratings with and solid 5-star reviews across multiple rating platforms were considered. Besides ratings, the authenticity of their gold and precious metals products was paramount, as well as their shipping, insurance and depository services and locations to assure investors of the quality and security of trusting their financial portfolios the most reputable companies.
- Customer Service – With so many 1st-time gold buyers in the market looking for an oasis of stability among many investment options, how the companies took care of their clients over the long-term is a key attribute in what could otherwise be a confusing rollover and selection process.
- Leadership – When it came to company leadership, we looked for CEOs and Founders with stellar credentials and years of work experience within the industry, clean records, values that align with the search for honest brokers and those who put their clients first
- Costs, fees, promotions, access and buyback programs – everything that affects your costs to open and maintain a self-directed IRA with precious metals purchases, including fees, shipping, insurance, and storage, as well as an easy-access, no-hassle buyback program that makes it fast and simple to liquidate your assets at any time.
How Does a Gold IRA Work?
1. How to Set up a self-directed account?
These days, it is simple and fast to convert your existing retirement plan to a precious metals IRA. Choosing a specialized firm like the ones reviewed here is the usual first step. Speak with an IRA specialist from this company, who will help you fill out the necessary paperwork and work with you through each step. It usually takes between 1 and 3 weeks to complete the entire process.
2. Can I open a new precious metals account with a contribution?
Yes, and for most people with an income, annual contributions can be made up to the approved IRS limits. For 2022, total annual contributions to a self-directed IRA cannot be more than $6,000 ($7,000 if you’re age 50 or older).
3. What is a 401K to Gold IRA Rollover?
Many investors ask, “How to move 401K to gold without penalty?” First, using a precious metals IRA rollover, most retirement plans, such as an existing IRA, TSP, 401K, or 403B are eligible to transfer some or all of their assets into a self-directed gold account. Speaking with an IRA consultant will help you determine the eligibility of your existing account.
4. Gold IRA account? or Gold Roth IRA?
Your decision of which type of precious metals account to open will depend on your individual situation, the status of your existing IRAs, your contribution plan, your age, and your end goal. The same tax implications regarding capital gains taxes when making withdrawals apply to IRAs and gold IRAs, whether they are traditional or Roth. Consulting the free Gold IRA guide from your company will help you with this decision.
5. What Does it Cost to Maintain a Precious Metals Retirement Account?
On average, the cost of a self-directed retirement account can range from about $160 - $200 per year. This is less than most retirement plans, as long as you retain enough coins or bullion in your account. As an example, that yearly amount is less than half of 1% on as little as a 50K investment.
6. What are the Gold IRA fees can I expect to pay?
- Set-up fees: Some companies set your account free; others charge between a $50-$90 one-time fee to set up a Gold IRA account.
- Commission or mark-up fees: Working with a company that buys gold direct cuts out the middleman. Most gold companies don’t charge a commission for buying and selling gold. However, others add a “mark-up” of 3%-5% above the spot price to facilitate the transaction, and they may or may not be transparent about it. If the fees are not published, be sure to get them on paper before your purchase.
- Depository fees: The fees to keep your physical gold bullion and coins in an IRS-approved depository can range from a flat fee of around $80 annually no matter the amount stored, to fluctuating fees as high as $300 a year; or, they can be waived by your gold IRA company depending on your investment level.
- Annual fees: This custodial fee varies greatly between gold investment companies. Some don’t charge an annual fee, some waive the first-year fee, others charge between $100-$300 per year.
- Withdrawal or liquidation fees: Different companies may or may not charge you fees to cash in or take possession of your precious metals. It’s always best to understand all the fees up front and get them in writing.
- Miscellaneous fees: Be sure to ask about any non-disclosed fees before signing with a company, and work with a company that offers full transparency of their fees.
7. Should I Buy Gold Bars or Gold Coins?
Gold and other precious metals are priced by weight based on the spot price of gold, and you can choose to buy precious metals as sovereign coins, bullion or both. Coins and bars are available in gold, silver, platinum and palladium to hold in your self-directed IRA.
Well-known gold coins, such as the American Eagle and Canadian Maple Leaf, may be the more convenient and safer choice since they are well-known, easily recognized and traded often; however, they tend to sell at higher premiums than bullion bars. Small bullion bars of 1-10 ounces may be harder to sell and the largest bullion bars are more suited to institutional investors. On the other hand, bullion can have .995% purity and hold more value than coins. Purchasing coins and bullion in 1 oz pieces means you can manage sales a little at a time in the event of a financial emergency or economic instability.
When you choose to work with a top-rated IRA company, they will walk you through your gold investment options as well as your withdrawal options. The best precious metals programs like the gold IRA company reviews on this page offer favorable purchase and buyback policies for both coin and bullion, making liquidation a smooth process.
8. How are Gold Deposits Stored in a Self-Directed Account?
All IRAs, including gold retirement accounts, are required by the IRS to keep their assets with a 3rd-party precious metals custodian rather than in the owner’s possession. The storage of precious metals held within an IRA is done at IRS-approved depositories. Depending on which gold IRA company you work with, they may already have one or more gold depositories they work with, or you may need to locate one.
9. Gold Investment Company Buybacks and Withdrawals – How to Liquidate Gold in an IRA?
Reputable gold investment companies offer a fair buyback policy to their clients when they ask to liquidate their precious metals, and can often facilitate the process within 24 hours. According to IRS rules, there is the option to liquidate your precious metals for cash, or to take physical possession of them. Keep in mind that either way, the laws for taking a distribution from a precious metal retirement account are the same as those for a regular IRA and will tax rules will apply depending on whether there is a gain or loss in value.
“Gold IRAs have the same risks that any investment has. The price of gold can go up or down and have volatility. No one can accurately predict its future,” says Edmund C. Moy, a former director of the United States Mint. “Because gold prices generally move in the opposite direction of paper assets, adding a gold IRA to a retirement portfolio provides an insurance policy against inflation,” he adds. “Stocks can go to zero as we’ve seen with Lehman Brothers, bonds can default like in Argentina or get big haircuts like in Greece. The value of the dollar has steadily gone down. But gold will never be worth zero.”
1st mistake: Holding expectations that are inaccurate about the gold market by thinking of buying gold as a short-term investment for the sake of profit. Serious precious metals investors look at it as a long-term commitment of at least 3-5 years to balance the effect of the devaluation of other assets such as fiat currency, stocks, bonds, and others.
2nd mistake: Without taking the advice of a gold IRA consultant, first-time buyers may purchase the wrong percentage of gold, either too much or too little, to balance their portfolios correctly. A list of IRS-approved coins and bullion that your company offers can be obtained by ordering their free gold IRA kit or brochures.
3rd mistake: First-time investors in precious metals need to do their due diligence to not end up working with an illegitimate company or one that scams its customers. Research all company fees and get them in writing, check reviews and ratings, request a written customer agreement and be sure you understand all the terms of the contract, and keep informed on the current buy/sell prices of precious metals.
You can learn to invest in gold successfully and avoid making these mistakes by working with a trusted and reliable company that has earned a good reputation and reviews, and by being diligent to understand every step of the process.
Like all IRAs, gold IRAs provide special tax benefits for their owners when buying gold for investment. Precious metal assets held in a gold IRA are tax-deferred until withdrawal, whereas assets in a Roth gold IRA consist of after-tax assets and are free from long-term capital gains taxes. Traditional and gold IRAs both function on the same income limits and annual IRA contribution limits; however, when you use a rollover to fund your precious metals IRA, you are not subject to the annual contribution limits of $6,000 ($7,000 for those 50+).The rules for taking a distribution from a gold account are the same as those for a regular or a Roth IRA and taxed accordingly, depending on the type of account you open.
What Do We Know from History and Recent Events?
Imagine what it was like for these unemployed men in Chicago in the 1931 Great Depression, waiting for hours for a free food handout.
You don’t have to imagine what it was like, because we’ve experienced waiting in food handout lines in the 2020-2022 Pandemic like these 10,000 families in Texas…
… or like the 20 million unemployed workers in California, waiting overnight and all day in lines of cars that stretched for miles to receive a box of groceries.
As a nation still reeling from the economic shock waves just in the past 15 years, including the Great Recession of 2007-2012 and the CoVid-19 Pandemic of 2020-2022 that is still in our midst, these calamities have reminded us that:
You cannot count on running your own business
You cannot count on real estate or rental income
You cannot count on your 401K
You cannot count onthe stock market
You cannot count on your savings account
You cannot count on Social Security
You cannot count on your government
You cannot even count on the dollars in your pocket