Updated October 4, 2022

Best Gold IRA Companies

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Seeking a stable investment for your retirement? Consider a gold IRA. Review the 7 best gold IRA companies in this guide.

Few investments have been around longer than gold. It's less volatile than other assets and a hedge against inflation.

So, what's the best way to invest in gold?

One smart option is a gold individual retirement account. By rolling over a portion of your retirement account into a gold IRA, you can diversify your portfolio and invest in gold on a tax-free or tax-deferred basis.

In this guide, review the best gold IRA companies, the pros and cons of gold IRAs, and common fees to watch out for.

Who has the best gold IRA?
The best gold IRA companies for retirement accounts are:

  1. Augusta Precious Metals: Best overall
  2. Goldco Precious Metals: Best buyback program
  3. Patriot Gold Group: Best for no IRA fees
  4. Birch Gold Group: Best 1-on-1 service
  5. Noble Gold Investments: Best security
  6. American Hartford Gold: Best for small investors
  7. Advantage Gold: Best for beginners

What is a Gold IRA?

A gold IRA is a self-directed individual retirement account that lets you invest in physical gold coins and other precious metals. Some of the top gold IRA companies are Augusta Precious Metals, and Goldco, and Patriot Gold Group.

Just like regular IRAs, a precious metals IRA gives you tax benefits. It allows the value of your gold to grow tax-free (gold Roth IRA) or tax-deferred (gold Traditional IRA).

The same withdrawals rules apply as well. You can't access your gold until you turn 59½ without incurring a penalty.[1]

The IRS has strict requirements for storing IRA gold. They must be stored by the IRA custodian in an IRS-approved depository. You cannot store IRA gold at home yourself.

Is gold allowed in an IRA?
You're only allowed to invest in physical gold through special gold Individual Retirement Accounts. Traditional IRA accounts only let you invest in publicly-traded securities like stocks, bonds, and mutual funds. But gold IRAs let you hold gold, while giving you the same IRA tax advantages.

Best Gold IRA Companies for Retirement Investment

The gold IRA business is rampant with scams. Companies often resort to high-pressure tactics and gimmicks to get you to buy gold from them.

When choosing the best gold IRA company for you, fees should not necessarily be your top factor. It's more important to work with a company that you trust.

Below are some of the most reputable gold IRA companies. They're chosen for their strong track records, positive customer reviews, and transparency.

1. Augusta Precious Metals: Best Overall

Founded in 2012, Augusta Precious Metals is a family-owned gold and precious metals IRA provider. It's the best gold IRA company if you're looking for superior customer service and education.

Instead of high-pressure sales tactics, Augusta goes above and beyond to educate customers. The customer comes first, so you can make the best choice for your future.

Before you even sign up, you'll get a free 1-on-1 web conference led by their on-staff, Harvard-trained economist. This session will teach you about gold, the risks and rewards, and even gimmicks to avoid. They want to make sure you really understand and that you're buying for the right reasons.

Even if you're not a customer, you can get the free guide below.

All of Augusta's precious metals experts are led by Devlyn Steele, their Director of Education. Steel is a Harvard-trained economist who sits on the board of several Silicon Valley and technology companies.

Why we like Augusta Precious Metals:
Once you're an Augusta customer, you get lifetime support from their entire team of gold professionals. They don't just leave you on your own after your purchase.

They're there to support you with whatever questions you may have. They can help with:

  • General questions about gold investing and the precious metals market
  • Adding more gold to your IRA
  • Managing distributions during retirement
  • Building a legacy for your family
  • Precious metal buybacks

It's not surprising that Augusta Precious Metals has hundreds of 5-star reviews across BBB, Trustlink, and Business Consumer Alliance. It's one of the only gold IRA companies with no negative complaints.

It's also the gold IRA that Joe Montana personally uses, chosen by his financial advisors.

The only downside is that the minimum investment is $50,000. This is a lot higher than other gold IRAs, which start at $25,000 or even less. But for those rolling over your 401k or IRA, $50k is probably not a big deal.

Key Features:

  • Gold, silver, platinum, and palladium
  • Coins available for IRA or direct purchase
  • Insured by Lloyd's of London
  • Roll over IRA, Roth IRA, 401(k) or 403(b)
  • Buy-back program

Fees:

  • Minimum investment: $50,000[2]
  • Custodian account setup fee: $50
  • Custodian maintenance fee: $80 per year
  • Depository storage fee: $100 per year[3]
  • No commission fees
  • No management fees

Bottom line:
If customer service is your main concern, Augusta Precious Metals is a top contender. They really take education seriously and stand by their lifetime support commitment.

  • Priority on education
  • Best transparent pricing
  • Support from their entire team
  • $50,000 minimum
  • High markup on premium coins

2. Goldco Precious Metals: Best Buyback Program

Founded in 2006, Goldco is another highly rated gold IRA provider. It has an A+ rating from the Better Business Bureau.[4] and over 1000 five-star reviews on Trustpilot and Consumer Affairs.

It has several celebrity ambassadors, including Sean Hannity, Chuck Norris, and Dr. Ron Paul.

Goldco understands that opening a gold IRA can be scary. Their specialists will take time to explain the options, guide you through the whole rollover process, and answer any questions.

Goldco lets you rollover an existing IRA, 401(k), 403(b), TSP, savings account, or any other tax-advantaged retirement account into a Gold IRA. There are no taxes or penalties for rollovers.

Why we like Goldco:
Goldco has one of the best buyback guarantee programs. Goldco guarantees that they will buy back your gold at the highest price. This gives you more security knowing that you're not stuck with your gold if it no longer matches your goals.

To sweeten the deal for new customers, Goldco even offers up to $10,000 in free silver coins when you open a gold IRA investment account.

The minimum investment is $25,000. This may be a little more palatable than Augusta if you only want to rollover a portion of your 401k or IRA into gold.

Key Features:

  • Gold, silver, platinum and palladium
  • Larger range of IRA-approved gold and silver products
  • Highest buyback price, guaranteed
  • Roll over existing IRA, 401k, 403b, and TSP
  • Up to $10,000 silver promo for qualifying customers
  • Educational materials: e-books and videos

Fees:

  • Account Minimum: $25,000 recommended
  • Storage Fees: Depend on custodian
  • Annual Fees: $175; $225 for $100,000 investment or more

Bottom line:
Overall, the great customer service, silver coins promo, and buyback guarantee make Goldco a solid choice. It helps first-time buyers feel more confident in the investment.

  • Competitive prices
  • Helpful educational resources
  • Rollovers are easy + no fees
  • High minimum investment
  • Flat rate fee more expensive for lower balances

3. Patriot Gold Group: Best for No Fees IRA

An experienced precious metal IRA provider, Patriot Gold Group has been named America's #1 Gold IRA Dealer five years in a row from 2016-2020 by Consumer Affairs. The company has received all 5 star reviews.

Why we like Patriot Gold Group:
Patriot Gold Group stands by their 3 commitments to all customers:

  • Work directly with an owner
  • No fees for life on qualifying IRAs
  • Lightning fast 24-hr account setup

Patriot gives every client the opportunity to work directly with the owners. They will personally answer your questions and make sure you feel comfortable taking this next step in your retirement planning journey.

If you have $100,000 in your account, Patriot waives all IRA fees. This can save you a lot over the lifetime of your account, as most gold IRA custodians cost $200 to $300 per year.

Your account can be ready to go in as little as one day. Once it's funded, Patriot will help you buy the coins and manage it automatically.

They also promise that you will never pay retail on your precious metals. But the prices are not listed on the website, so you will have to talk to them to find out.

Key Features:

  • Gold, silver, platinum and palladium
  • Work directly with an owner
  • Fast 24-hour account setup
  • No Fees for Life IRA for accounts $100,000+
  • Roll over existing retirement accounts
  • Endorsed by Dick Morris, a best-selling author and political strategist

Fees:

  • Account Minimum: $25,000
  • Account Setup Fee: $225 one time
  • Annual Fees: Depend on custodian; range from $5 to $250

Bottom line:
Patriot Gold Group is worth considering, especially if you have more than $100,000 to invest. The No Fees for Life IRA can help you save a lot on fees compared to other Gold IRAs.

  • Excellent customer service
  • 24 hour account set-up
  • No IRA fees for accounts $100k+
  • High minimum investment
  • Pricing not transparent

What's the best gold IRA for beginners? Beginners should consider Augusta Precious Metals for their gold IRA. They provide an 1-on-1 web conference so you can make an informed decision when opening your new gold IRA account. When you're ready, their specialists will walk you through the process and help you fill out the paperwork.

4. Birch Gold Group: Best 1-on-1 Service

Founded in 2003, Birch Gold Group is one of the oldest precious metals IRA companies boasting almost 20 years of experience. Birch is the gold IRA of choice for over 14,000 customers.

It has an A+ BBB rating and an overall rating of 4.84 stars across almost 600 reviews on Trustpilot, Trustlink, Consumer Affairs, and Google.

Why we like Birch Gold Group
From your very first call, Birch Gold Group matches you with a precious metals specialist. And that same specialist will stay with you the entire time you're with Birch.

This ensures that you get just one dedicated person who understands your financial needs and goals. They can provide personalized advice to help you best reach your retirement goals.

Your specialist will go over all the available investment options and their pros and cons. They can even help you figure out the best precious metals for your goals and how much and how often to invest.

And when you decide to open a gold IRA, they'll help you rollover your existing retirement account, fill out the paperwork, and make the gold purchases.

The minimum to invest with Birch Gold Group is just $10,000. This is lower than most competitors.

Key Features:

  • Gold, silver, platinum, and palladium
  • Dedicated specialist for the life of your account
  • Roll over IRA, Roth IRA, SEP or SIMPLE IRA, 401(k), 403(b), 457, and TSP
  • Focus on educational resources
  • Endorsed by Ben Shapiro and Ron Paul

Fees:[5]

  • Minimum investment: $10,000[6]
  • Account setup fee: $50
  • Account management fee: $100 per year
  • Storage/insurance fee: $100 per year
  • Wire transfer fee: $30

If you transfer over $50,000 to your new gold IRA account, Birch Gold Group will cover all first year fees for you.

Bottom line:
Birch Gold Group has a solid reputation and offers quality 1-on-1 service. It has one of the lowest minimums and lower fees than some competitors.

  • 20 years history
  • $10,000 minimum
  • Dedicated specialist your entire account
  • Buyback not guaranteed

5. Noble Gold Investments: Best Security

Noble Gold was founded by Collin Plume in Pasadena, California, who has over 20 years in the precious metals industry.

Noble Gold aims to stand out from other gold IRAs by inspiring trust. It has its own advisors to answer any questions about gold IRA investments. If you need more help, it will even refer clients to specialty experts.

Setting up an account is easy and can take just 5 minutes. Start by filling out some simple forms online and they'll get in touch to deal with the more detailed questions over the phone.

Eligible accounts include 401(k)s, 403(b)s, 457(b)s, TSPs, Roth, SEP or SIMPLE IRAs, and certain pensions.

Why we like Noble Gold Investments:
Noble Gold goes above and beyond to make you feel secure. They actually take photo proof of your precious metals in the depository (for free!).

If you'd rather store your gold at home, Noble Gold gives you that option as well. But note that this considered a distribution (as the IRS does not allow for IRA gold storage at home). You'll get to keep your gold close to you and continue to hold onto it as an investment.

They also sell pre-created Royal Survival Packs ranging from $10,000 to $500,000. You'll get a mix of precious metals that you can sell quickly if you need the funds.

$10,000 is ideal for minor emergencies, while $100,000 or more will protect your family in case of longer disasters. You can either keep your Survival Pack at home with you, or in a secure, fully guarded depository.

Noble Gold offers free shipping and competitive pricing on gold and other precious metals. They pride themselves on a "no hard sell" policy and a "no-questions-asked" buy-back program.

Key Features:

  • Gold, silver, platinum and palladium
  • Roll over 401k, 403b, 457b, TSP, Roth, SEP or SIMPLE IRA
  • Gold Survival Packs
  • No qualms buy back program
  • Photos of your actual gold in your storage

Fees:[7]

  • Account Minimum: $20,000
  • Recurring Annual Fee: $80
  • Annual Storage Fee (Texas or Delaware): $150
  • Custodian Fee: Varies by customer

Bottom line:
Noble Gold Investments is a gold IRA with an excellent reputation. Besides investing in gold in an IRA, it's also good if you want some gold stored at home for emergencies or even as part of your long-term wealth planning.

  • "No questions asked" buyback
  • No pushy salespeople
  • Pre-designed gold survival packs
  • Annual fees high for low balances

6. American Hartford Gold: Best for Small Investors

American Hartford Gold Group is a family-owned gold IRA provider operating out of Los Angeles. It has A+ rating on BBB and 4.9 stars on Trustpilot.

They are committed to customer education, quality service, and transparent pricing. Their goal is to achieve 100% customer satisfaction.

Why we like American Hartford Gold:
Opening an account online is easy, and shouldn't take more than a couple of minutes. A precious metals expert will help with account opening and filling out paperwork. You can have your account set up and funds transferred over in as little as 3 days.

Before you buy, you will know exactly what costs and fees are involved.

The minimum investment is just $5,000. This is among the lowest for Gold IRAs. It's good if you only want to transfer a little bit of your IRA into gold.

They also have a Buyback Commitment. All customers are encouraged to first contact American Hartford Gold if they want to sell. There is no liquidation fee and they will even arrange shipment. However, they can't guarantee that they can buy back your gold.

We also love American Hartford's mission to give back to the community. They volunteer and donate to several charities, including Wounded Warrior Project, The Claire Foundation, A Place Called Home, and No Kill Los Angeles.

Key Features:

  • Gold, silver, platinum, and palladium
  • Roll over existing IRA, 401k, 403b, 457, SEP, SIMPLE and TSP
  • Buyback Commitment
  • Excellent customer service
  • Endorsed by Bill O'Reilly, Rick Harrison, and Lou Dobbs

Fees:

  • Account Minimum: $5,000
  • Annual Account Fee: $75 for accounts under $100,000; $125 for accounts over[8]
  • Annual Storage Fee: $100 per year

Bottom line:
American Hartford is a great choice if you only want to rollover or invest a little bit in gold. Their $5,000 minimum is more accessible than other gold IRA companies.

  • Easy to open account
  • Only $5,000 minimum
  • Fees can be waived first year
  • Fewer educational materials

7. Advantage Gold: Best for Beginners

Founded in 2014, Advantage Gold is one of the newer arrivals on the gold IRA scene. Already, they have a solid track record and over 2,000 five star reviews on BBB, Trustpilot, Trustlink, and Consumer Affaris.

Both founders, Kirill Zagalsky and Adam Baratta, were Senior Account Executives at a national United States Mint listed dealer, specializing in precious metal IRAs.

Why we like Advantage Gold:
Advantage Gold puts a lot of emphasis on education. Their main goal is to help new gold IRA investors make an informed decision about your retirement options. They know gold investment is a big deal and you should feel comfortable with your decision.

If you do decide to open an account with Advantage, they offer full service from start to finish. They will even contact your current custodian and process the gold IRA rollover on your behalf.

They also have a great buyback program. Advantage promises that they will pay at least the spot price at the time of liquidation. And many coins will even pay above that.

Key Features:

  • Gold, silver, platinum and palladium
  • Roll over existing retirement accounts
  • Good buyback program
  • Lifetime support
  • Extensive educational resources

Fees:

  • Account Minimum: $25,000
  • Account Setup Fee: $50 one time
  • Annual Storage Fees: $50 - $100 per year
  • Annual Account Fee: $95 - $250 per year

Bottom line:
Advantage Gold stands out for their top-notch customer service and education. The company has thousands of 5-star reviews with very few complaints.

  • Easy for beginners
  • Focus on education
  • Buyback program
  • Newer company
  • Can't buy online

Other Gold IRA Companies to Consider

Here are other gold investment companies that didn't make our main list. But they're worth mentioning in case one of these are better for you instead.

Oxford Gold Group
Oxford Gold Group was founded in 2017 and is based in Los Angeles. They know that every client is unique, and will work with you on a personalized investing strategy based on your goals.

Oxford's minimum investment is $25,000. They charge a flat $200 for yearly account maintenance.

Orion Metal Exchange
Orion Metal Exchange claims to offer "more metal for your money and more money for your metal." It always shows the most current precious metals pricing. And it lets you sell back your metals at the current market rate with no extra charge.

Orion It didn't make our main list because the website is not as transparent about IRA fees as others. But it gets good reviews from customers with an average of 4.9 stars.

Lear Capital
Lear Capital is one of the older precious metal dealers since 1997. It offers a price match guarantee and a 24-hr purchase guarantee. This lets you cancel your order risk-free within 24 hours if you're not happy with the purchase.

In addition, Lear Capital offers free gold IRA set-up and storage. You also get a personal account rep to help you through the whole process.

Methodology

There are many companies that claim to offer gold IRA accounts, but not all of them are legit. Initial research suggested that there were a total of 18 reputable gold IRA companies.

Then we narrowed the field based on customer reviews from sites such as the Better Business Bureau and Trustpilot.

It was especially important to us that the companies prioritized educating customers, as opposed to hard selling. All the ones that made our list of the best gold IRA companies put customers first.

We also talked on the phone with each company to get a feel for their service. Our recommended companies all had reps that were responsive, knowledgeable, and transparent about pricing.

Finally, we looked at costs. A gold IRA will have more costs than regular IRAs. So we just made sure that the fees are reasonable and comparable.

Pros and Cons of a Gold IRA

Unsure whether gold IRAs are right for you? Get the quick takeaway with these pros and cons.

Pros

  • Gold is a hedge against inflation.
  • Gold is less volatile than the stock market.
  • Investing in gold is a good way to diversify your portfolio.
  • A gold IRA gives you the same tax advantages as a regular IRA.
  • Gold is a tangible asset you can convert to cash.
  • Physical precious metals are not reliant upon technology like some investments.

Cons

  • Investing in gold requires more initial capital than stocks.
  • Precious metals IRAs often have higher fees than other retirement accounts.
  • Gold is less liquid than some investments, and may be harder to sell.
  • Gold does not provide any dividends or income.
  • IRA gold must be stored in IRS-approved depositories (not at home).

In 2018, the SEC's Office of Investor Education and Advocacy issued an investor alert to warn investors of the potential risks of fraud associated with self-directed IRAs.[9]

How to Choose a Gold IRA Company

Precious metals IRAs all provide the same service. So they may seem similar at first glance. How do you choose the best gold investment company for you?

Here are the important things to consider:

Customer service interactions
When you're entrusting a company with your retirement funds, the most important thing is that you feel comfortable with them. You shouldn't feel like the rep is pressuring you.

It's important that they take the time to answer all your questions. They shouldn't rush you to open an account until you're 100% ready - no matter how many phone calls and meetings it takes.

Call around to a few different precious metals IRA companies. You'll easily get a feel for who makes you feel comfortable. This is a case when you should trust your gut instinct.

Here are some checklist items when looking for the best gold IRA for you. Make sure that the company:
  • Specializes in precious metals IRAs
  • Provides transparent pricing with no hidden fees
  • Offers IRS-approved precious metals
  • Uses a secure IRS-approved depository
  • Provides education and personalized service

Reputation
Celebrity endorsements may make a strong impression. But the company should have high ratings from actual users.

Read gold IRA reviews on Better Business Bureau, Trustpilot, Trustlink, Consumer Affairs, Google, and Business Consumer Alliance (BCA). If there are complaints, see how the company resolved them.

Pricing and fees
Though pricing shouldn't be the most important, it's still something to consider. Unlike regular IRA accounts, precious metals IRAs have annual account fees and storage fees.

The fees usually range from $200 to $300 a year. Plus, there are set up fees when you open the account. You'll probably hold your gold IRA account for years (or even a decade or more). Over time, even a small difference in fees can add up to big savings.

On top of that, each company has their own markup fees for every precious metal transaction. These fees are not disclosed publicly, so you'll have to talk to the rep to find out.

Buybacks
Buybacks let you sell the gold back to the gold IRA company. This can come in handy when you're in a pinch and need the cash fast. You don't need to look for your own gold buyer.

A good buyback program can help quell the anxiety because you know you won't be stuck with your gold. You can quickly sell it and get the money in the account (some as fast as within 24 hours)

Range of coins
Most gold IRA companies offer both gold and silver coins. A lot even have platinum and palladium as well. This can give you a truly diversified precious metals IRA since these metal prices don't always correlate.

How Do I Invest in a Gold IRA?

Opening a gold IRA account is pretty simple. Many of the companies we've discussed here have simplified the process so it's as easy as possible. Here's what you can expect:

Step One: Sign up
Once you've chosen which precious metals IRA company you'd like to use, visit their website and sign up. They'll ask for a range of personal identifying information.

A precious metals expert will get in touch with you to talk about your options, answer questions, and make sure you feel comfortable about the decision.

If you do decide to go with them, they'll guide you through the process of setting up an account with a gold IRA custodian.

Step Two: Transfer Funds
If you have an existing IRA, 401(k), or other retirement account, you can either do a transfer or rollover to your new gold IRA.

  • A transfer is when you move funds between the same account type (ex: IRA to IRA)
  • A rollover is between different account types (ex: 401k to IRA)

There will be paperwork to fill out in order to complete the transfer or rollover. Usually, the gold IRA company will help you fill them out. They'll even get in touch with your current IRA custodian.

Step Three: Buy Gold
One of their experts will help with acquiring precious metals. They will have a range of IRS-approved coins for you to choose from. They will make the purchases for you and place them in your depository.

Many gold IRA providers also function as precious metals dealers and can offer you better prices than you might find elsewhere.

How long does it take to open a new gold IRA?
A gold IRA can be opened in just one business day once you submit the application. However, it can take your current custodian up to a couple of weeks to transfer funds to your new gold IRA account.

Can You Withdraw from a Gold IRA?

The same IRA withdrawal rules apply to gold IRAs. At the age of 59-1/2, you can withdraw from your gold IRA without penalty. If you withdraw early before age 59-1/2, there's a 10% penalty.

There are two ways you can take your gold IRA distribution:

  1. In-kind distribution: The actual gold coins will be delivered to your home. This is a good option if you're not ready to sell your coins yet (or if it's not a good time to sell). You can hold onto them yourself and sell later.

  2. Liquid distribution: This option will liquidate your gold coins and the money will be transferred to your bank account. Note that the selling price is usually less than the current spot price.

Your gold IRA company should help you with the withdrawal process. In most cases, it should only take a few business days to get the cash or initiate delivery.

Can I sell the gold in my gold IRA?
Yes, you can sell your gold bullions and coins in your gold IRA anytime you want. As long as you keep the cash in your IRA account and don't withdraw it, you won't be taxed or penalized.

Why Should I Invest in a Gold IRA?

Investing in a gold IRA could be a good move if you're nearing retirement. It'll give you more peace of mind to shift from riskier investments (like stocks) to more stable assets (like gold).

The biggest argument for gold investments is that gold is a hedge against inflation.

While the value of the dollar has decreased over time, gold prices have grown more than the dollar over certain periods of time. If you purchase precious metals through an IRA instead of buying gold directly, you get the tax benefits.

That said, there are also downsides of investing in a gold IRA. It has higher annual costs than many other options. And gold won't provide any dividends and is often volatile in the short term.

It's best to talk to your financial advisor if a gold IRA investment is right for your goals. Gold IRA companies can educate you, but they're not licensed financial advisors. It's up to you to get professional advice and decide if makes sense for you.

While gold is a good way to diversify and reduce risk, it shouldn't be your entire portfolio. Experts recommend only keeping 5% - 15% of your portfolio in gold.

If you want to invest in precious metals with more freedom and liquidity, you might consider a gold ETF instead. That gives you exposure to gold as an asset, but can be purchased through a regular retirement account.

Does Vanguard have a gold IRA?
You can't invest in precious metals directly with Vanguard. However, the Vanguard Global Capital Cycles Fund (VGPMX) includes precious metals and mining companies, which comprise about a quarter of this portfolio. If you want to invest in gold directly, you'll need to look elsewhere.

Common Gold IRA Fees to Watch out for

There are several fees commonly associated with a precious metals IRA. It's worth keeping in mind that gold IRAs tend to be more expensive than other, more traditional IRAs. Here are the fees you can expect.

  • Account Setup Fee: This is a one-time fee charged by some gold IRA companies when you open your account. It typically ranges between $50 and $150.

  • Annual Custodial/Administrative Fee: Charged by your IRA for managing your account. This also typically ends up somewhere between $50 and $150 per year.

  • Storage Fee: A fee charged to cover the cost of storing your precious metal coins in a depository. It's usually between $100 and $300 per year.

  • Gold Markup: The amount that the gold IRA company charges on top of the spot gold prices. Company usually don't disclose their markup on their website, so you'll have to call to find out.

Can You Store IRA Gold at Home?

The IRS does not let you self-store IRA gold at home. You can only invest in IRA gold through a custodian. The gold must be stored in an IRS-approved depository.

If you really want to keep some gold at home, there are a couple of options.

You can withdraw from your Gold IRA and have the gold delivered to your home. This will count as a distribution and rules will apply. There will be tax penalties if you withdraw before age 59-1/2.

Or you can purchase gold bullion and coins outside of an IRA and store it at home. There will be no tax advantages, but there's no limit to how much you can buy. And you're not restricted to only certain IRS-approved gold.

Where is my gold IRA stored?
Gold in a gold IRA must be stored in a secure storage facility with IRS approval. Gold IRA companies typically use one or more of these depositories:

These are the most trusted and secure precious metals storage facilities in the United States.

What is IRS-Approved Gold?

The IRS has strict rules for what kind of gold or silver coins you can invest in for precious metal IRAs.

To be eligible for an IRA, gold bullion must have a pureness of 99.5%. The IRA-approved gold bullion and coins include:

  • American Gold Eagle
  • American Buffalo
  • Canadian Maple Leaf
  • Canadian Gold Eagle
  • Canadian Gold Polar Bear & Cub
  • Australian Striped Marlin
  • Australian Gold Kangaroo
  • Austrian Gold Philharmonic
  • Chinese Gold Panda

Silver bullion and coins must have a pureness of 99.9% to be IRA-eligible. This includes American Silver Eagles, America the Beautiful, and Canadian Silver Maple Leaf.

IRA-eligible platinum and palladium coins must have a pureness of 99.95%. You won't get as many choices, but your precious metals specialist will be able to guide you.

Gold IRA FAQs

How much do you need to start a gold IRA?
Most gold IRA companies require a minimum investment of $10,000 to $50,000. You'll also pay a one-time set-up fee, which averages $100. In addition, the account annual fee and storage fee are usually $200 to $300.

How much can you put in a gold IRA?
There is no maximum amount for gold IRA rollovers. Additional contributions are based on IRS annual contribution limits, which is $6,000 in 2022 and $6,500 in 2023 ($7,000 and $7,500 respectively if you're 50 or older).

Can I only hold gold in my gold IRA?
You can invest in gold, silver, platinum, and palladium in a precious metals IRA. Note that you can only invest in specific IRS-approved coins. Gold coins must have a pureness of 99.5% and silver coins must have a pureness of 99.9%.

What is gold IRA rollover?
A gold IRA rollover is when you convert funds from your existing retirement account (like a 401k) to a self-directed gold IRA account. This will let you invest in physical gold and other precious metals. You can rollover either just a portion or your entire account.

Why should I roll over my 401k into a gold IRA?
Rolling over to a gold IRA will let you convert your funds to more stable assets and diversify your retirement savings. The biggest benefit is that IRAs have tax advantages, so your gold investments are either tax-deferred or tax-free.

How much should I invest in a gold IRA?
Experts recommend investing 5%-15% of your retirement portfolio into gold, depending on your financial situation and risk tolerance. This would provide diversification and insurance against inflation.

Gold doesn't have the returns potential as stocks. And plus, it doesn't provide any dividends or income. So if too much of your portfolio is in gold, you'll be missing out on growth you could have gotten from other investments.

Bottom Line

Many see gold as a strong long-term investment vehicle, and with good reason. It can protect your wealth in times of recession and economic instability.

And instead of owning only paper assets, it can be reassuring to know that at least some of your retirement investments are assets you can see and touch.

By investing with a gold IRA company, your gold is safely stored in a vault. Plus, you get the tax advantages, as opposed to just buying gold and storing at home.

Just make sure you invest with a reputable gold IRA company who you feel comfortable with. It's best to gives a call to a few companies and see which one you have a good feeling about.


References

  1. ^ Internal Revenue Service. IRA FAQs - Distributions (Withdrawals), Retrieved 3/16/2022
  2. ^ Augusta Precious Metals. Are there minimum and maximum orders?, Retrieved 6/3/2022
  3. ^ Augusta Precious Metals. Augusta Gold & Silver IRA: Setup & Pricing Information, Retrieved 3/16/2022
  4. ^ GOLDCO: Better Business Bureau profile. BBB. (n.d.). Retrieved January 4, 2022
  5. ^ Birch Gold Group. What is the Cost to Set Up and Maintain a Precious Metals IRA?, Retrieved 12/1/2022
  6. ^ Birch Gold Group. Quick Guide: Precious Metals IRAs, Retrieved 12/1/2022
  7. ^ Noble Gold. FAQs: What are the fees for my new Gold IRA?, Retrieved 9/19/2022
  8. ^ American Hartford Gold Group. IRA Investment Guide, Retrieved 3/16/2022
  9. ^ U.S. Securities and Exchange Commission. Investor Alert: Self-Directed IRAs and the Risk of Fraud, Retrieved 4/10/2022

Jeremy Harshman is a creative assistant at CreditDonkey, a personal finance comparison and reviews website. Write to Jeremy Harshman at jeremy.harshman@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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