One way to add diversity to your portfolio, decrease your overall risk, and safeguard your wealth for the future is by investing in gold. Gold individual retirement accounts (IRA) offer a means of investing in these valuable commodities.
Prior to investing in a gold IRA account, it is crucial to evaluate the various options offered by different institutions. Below, you can assess and appraise some of the most highly recommended choices.
To fully capitalize on the advantages offered by your gold IRA account, selecting the appropriate company is essential.
Best Precious Metals IRA Companies
1. Augusta Precious Metals
Augusta Precious Metals is dedicated to three principles: openness, straightforwardness, and assistance. It has garnered numerous favorable critiques on various channels.
Augusta Precious Metals has a decent collection of resources on its website. The resources that stood out the most were the FAQs that provided clear answers to some common industry questions.
Although the representative we spoke to didn’t bring up the fact that other companies charge more in the first year, we suggest taking into consideration a higher fee for creating your account, since that is commonly practiced in the industry.
The cost for setup is expected to be approximately $50, and annual storage fees are estimated to be around $200.
Augusta Precious Metals boasts excellent feedback from customers and reasonable rates. They presently provide an opportunity for new account holders to receive complimentary gold.
Various consumer websites have awarded Augusta Precious Metals with outstanding ratings and recognition.
- Better Business Bureau – 4.95 Rating from 119 reviews
- Google My Business – 4.9 rating from 341 reviews
- Business Consumer Alliance – AAA rating
Apart from these evaluations:
- Money magazine named them the “Best Overall Gold IRA Company” for 2022 and 2023;
- Investopedia ranked them as the “Most Transparent” gold company in their list of top gold IRA providers.
Augusta Precious Metals’ customer ratings and achievements demonstrate that they are both proficient and pioneering in the realm of precious metals investment.
2. Birch Gold Group
With more than 20,000 clients since 2003, Birch Gold Group is a prominent provider of tangible valuable resources in the US. The enterprise is located in Burbank, California, adjacent to Warner Bros. studio. The managerial staff is composed of former financial advisors, wealth managers, and commodity brokers who possess previous work experiences at firms such as IBM, Dun & Bradstreet, and Citigroup.
Birch Gold Group provides two options for acquiring tangible precious metals – through an IRA or a direct cash purchase for physical possession. To establish an IRA with them, a minimum investment of $10,000 is required, which must be in a retirement account.
- Traditional IRA
- Roth IRA
- SEP IRA
- SIMPLE IRA
- Eligible 401(k), 403(b), 457, and other retirement plans
Birch Gold Group partners with depositories that primarily utilize Delaware Depository and Brink’s. The firm is cautious regarding additional charges that may be imposed, and their associates only impose management fees amounting to $200 annually, which falls within the standard in the industry.
If you would like to physically hold your precious metals, you can opt for a cash transaction. The Birch Gold Group offers a range of coins and bars that meet investment standards set by the IRS, as well as collectible coins that have numismatic worth. With their complimentary shipping, insurance, and discreet packaging, Birch Gold Group will bring your metals straight to your doorstep or location of choice.
Education has become a key aspect of the Birch Gold Group’s operations. Prospective clients have access to complimentary informational materials like newsletters, videos, and articles. Additionally, clients can inquire about a free consultation with an expert to help them navigate their choices and aspirations.
Birch’s website offers useful tools such as a gold allocation calculator that demonstrates the impact of investing in gold on your assets. Additionally, a calculator available on the website illustrates growth in retirement funds from 2000 using actual metrics.
Birch Gold Group has gained a distinguished reputation during the two decades of its activity since 2011. The firm has been awarded an A+ ranking by the Better Business Bureau, with 89 reviews equating to a 4.66/5 score. In addition, it holds an AAA rating from the Business Consumer Alliance, and enjoys many 5-star ratings on leading review platforms such as Consumer Affairs.
The expertise, professionalism, customer service, and integrity of the company have earned the recognition of well-known figures including Ron Paul, Steve Forbes, Ben Shapiro, Jim Rogers, Peter Schiff, and Floyd Brown. They have all shown their support for the company.
3. American Hartford Group
Sanford Mann, who has more than ten years of expertise in the precious metals field, conceived American Hartford Gold Group in 2015. The organization provides services such as gold IRA rollover, silver IRA rollover, and buying of precious metals coins and bars.
To perform IRA rollovers, a minimum investment of $10,000 is required, whereas cash purchases require only $1,500. The company does not provide specific information about annual fees, but typically charges between $180 and $200 depending on the account size, with the possibility of being free for certain clients. For precise information, it is necessary to contact the account executives.
What sets the American Hartford Gold Group apart from its competitors is its dedication to educating and satisfying customers. The company firmly believes that a well-informed client is a successful one, which is why they offer free access to their Data Center featuring crucial market trends, real-time charts, and comparisons of gold prices with other markets.
A designated account executive assists every customer and provides guidance throughout the rollover process at American Hartford Group. They offer a price match and buy-back guarantee, matching any competitors’ prices and repurchasing your metals whenever necessary. Moreover, you won’t incur any extra liquidation charges, and a simplified 3-step liquidation process is available for your convenience.
In addition, the company provides complimentary shipping with insurance and an extensive selection of gold items sourced from top mints like the St.Helena Mint, The Perth Mint, U.S. Mint, Royal Canadian Mint, and others. They also emphasize IRA-authorized alternatives to ensure you avoid any errors when purchasing coins.
The American Hartford Gold Group has been recognized and praised for their exceptional performance and service. Their Trustpilot rating, based on 1,142 reviews, is an outstanding 4.9. Customers report receiving excellent customer service without pressure. Moreover, the company’s ranking as the top Gold Company by Inc. 5000 for 2021, a highly prestigious award that recognizes the fastest-growing private companies in America, cements their commendable performance.
4. Oxford Gold Group
The Oxford Gold Group is a company based in Los Angeles, California, that aims to provide client education, retirement security, and assistance in making prudent decisions. With a history dating back to 2017, the Oxford Gold Group has catered to more than 10,000 clients throughout the United States. Their range of offerings includes gold and silver IRAs, gold and silver bars and coins, and other similar products.
To open a gold self-directed IRA, a minimum investment of $10,000 is required. The yearly upkeep cost is $175 for accounts valued below $100,000 and $225 for those above. The expenses encompass the provision of custodial and depository services.
Despite not having any famous individuals endorsing their services, Oxford Gold Group has received favorable reviews from its clients. With over 150 reviews on Trustpilot, they have an outstanding 4.9 out of 5-star rating. Customers express their admiration for the company’s proficiency, reliability, promptness, and candor. Accredited since 2018 with the Better Business Bureau (BBB), they hold an exemplary A+ rating as no grievances have been reported against them.
Visiting the Oxford Gold Group website can be advantageous for you, even if you currently have no plans to initiate a gold IRA. The website offers a range of helpful resources, such as Investing News Roundups, informative articles on investing, and charts and prices of precious metals. Furthermore, you can request a complimentary guide on gold and silver that will not only educate you on how to create a gold IRA, but also explain its potential to ensure a stable retirement.
Goldco has been helping numerous clients safeguard their retirement funds through Precious Metals IRAs for over a decade. Simply transfer $25,000 from your current IRA, 401(k), 403(b), TSP, or other eligible retirement accounts to set up an IRA.
In order to receive advantages, clients must have a custodian overseeing and monitoring their assets according to the IRS regulations when purchasing and receiving gold and silver coins and bars.
Goldco collaborates with trustworthy custodians of self-directed IRAs, who impose a single establishment fee of $50, a $30 wire fee, and an annual upkeep fee of $100 for non-segregated storage, with $150 for segregated storage.
Why choose Goldco? They have a reputation for exceptional customer service and maintain high ethical standards with a pristine record. Additionally, you’ll receive valuable education and resources on precious metals investing. Goldco holds an A+ rating from the Better Business Bureau and a Triple A rating from Business Consumer Alliance.
Their proficiency and know-how led them to invest an excess of $1 billion in precious metals, including gold and silver. Furthermore, Goldco has garnered six consecutive appearances on the Fastest Growing Private Companies list of Inc 5000.
Goldco has received endorsements from several celebrities such as Sean Hannity, Chuck Norris, and Stew Peters. It is important to keep in mind that some of these endorsements may be compensated agreements and do not necessarily indicate that the endorsers have invested in Goldco.
6. Lear Capital
For almost 25 years, Lear Capital has been operating in the precious metals industry and has catered to more than 91,000 clients during that duration. As of September 20, 2022, the company holds an A+ rating with the Better Business Bureau and a Trustpilot rating of 4.9 out of 5 stars.
The company places great importance on providing educational resources to its customers. Lear offers various tools on its website such as news, price charts, and a precious metal encyclopedia. Additionally, there are useful calculators such as the portfolio comparison calculator and the minimum distribution estimator which can help individuals make informed financial choices.
The initial cost for the first year of opening an account with the company is $260, as stated by a company representative. In subsequent years, an annual fee of $180 applies. However, if you create an IRA with a balance exceeding $25,000, Lear Capital will take care of the first-year charges, which include insurance, storage, and shipping costs.
Among the companies reviewed, Lear Capital received the highest number of positive reviews from its customers, even though their BBB and Trustpilot ratings were comparable to those of other companies.
Customers are provided with a 24-hour grace period to assess their purchase before committing, thanks to the company’s 24-hour purchase guarantee, which comes with no risk. Additionally, those interested in selling their metals back may utilize the company’s buyback program at no cost.
How a gold IRA works
If you want to include physical gold in your retirement portfolio, you will require a self-directed IRA. Such accounts are the sole type of IRA that permits the purchase of tangible assets such as precious metals, real estate, businesses, and similar items. By law, custodians – banks or other institutions – must manage these IRA accounts, keep track of the account records, manage disbursements, and report the account’s status to the IRS.
You have two methods of financing a gold IRA. You can either transfer or rollover money from your current IRA, 401k, 403b, or 457b accounts, or you can make direct contributions to the account, up to $7,000 annually, depending on your age.
After funding your IRA, you will select the valuable metals you desire to purchase and instruct your custodian to carry out the transaction through your account. They have the capability to suggest a storage facility for your acquisitions.
If you withdraw money from your IRA before the age of 59.5, you will incur a 10% penalty, but technically speaking, you are allowed to do so.
What is the best gold IRA?
Like when looking for any other financial product, identifying the best gold IRA for you depends on your specific circumstances. When evaluating various accounts, there are a few factors that you should take into account:
- Initial transfer and setup fees
- Annual management fees
- Storage fees
- Availability of customer support
- Knowledge and investment resources
- Past customer reviews
We conducted research to assist you in comparing multiple accounts, which can be used as a foundation. Our investigation concluded that American Hartford Gold is the superior gold IRA. To discover more about our methodology for reaching this decision, follow the link provided.
How has gold performed over the years?
While there have been occasional declines, gold prices have generally risen over the past few decades. Presently, as of March 18, 2021, gold is valued at approximately $1,736 per ounce.
In the past, stock market investments have yielded higher returns than investing in gold or silver. However, between 2000 and 2020, both gold and silver provided higher returns than both the Dow Jones and S&P 500.
It is important to not rely solely on historical data when making decisions, as past performance may not necessarily predict future performance.
What are some reasons for opening a gold IRA account?
Some typical justifications for individuals to invest in valuable metals, like gold and silver, are presented below:
- To diversify your portfolio: Investing all of your money into a single investment or asset is risky. If you have a portfolio without precious metals, a gold IRA can be an option for additional diversification.
- Protection from inflation: When the U.S. dollar drops in value, so does your purchasing power. Gold investments can protect against this loss as it has historically outpaced the value of the dollar.
- Economic security: If the economy (or stock market) takes a turn, having your money in gold can potentially reduce your losses. This protection is likely considered most by those nearing retirement in an effort to reduce the risk of loss in their portfolio. Learn more with our gold IRAs for seniors guide.
- As an investment looking for growth: The price of gold has risen steadily over the last few years, including reaching its highest price ever in 2020.
When it comes to enduring market fluctuations and downturns, gold is typically deemed a secure investment.
Can I only hold gold in my gold IRA?
Gold IRAs are categorized as self-directed IRAs, implying that they don’t limit you to holding gold bars or coins alone. Besides being referred to as precious metals IRAs, they let you hold other precious metals, such as silver, platinum, or palladium, or invest in real estate, commodities, tax liens, partnerships, among other options.
Investing in collectibles, antiques, gems, stamps, life insurance, and similar items is prohibited.
Is there a minimum investment to open a gold IRA?
The required initial investment amount for a gold IRA varies according to the institution managing it. Even though the IRS doesn’t have any minimum obligations, it does have annual caps that are determined by a person’s age and usually hover around $7,000.
What is IRS-approved gold?
According to IRS regulations, only particular varieties of precious metals, including gold, qualify for inclusion in an IRA. JM Bullion provides a helpful selection for you to consider for your investments. Any metals that have not been certified as sufficiently pure cannot be purchased using IRA funds.
Make sure to look out for gold IRA scams
Make sure you thoroughly research any potential gold IRA company before making a decision. There are many fraudulent businesses in this industry, and becoming a victim of one could result in significant financial loss.
Scams can be identified by aggressive sales strategies, claims of coins being “rare” or “collectible” (which aren’t recognized by the IRS), and dubious or vague agreements. There are also companies that sell false IRAs, convincing individuals to transfer funds into unidentified accounts, or pretend to sell gold, but actually redirect the money into their own ventures.
To safeguard your cash, only do business with a legitimate, credible, and trusted company.