Best Gold IRA Companies (June 2023)

One way to diversify your investment portfolio, lessen overall risk, and safeguard your wealth over the long term is to invest in gold. A means by which to invest in these valuable metals is through gold individual retirement accounts (IRA).

Before investing, it is crucial to compare the available options of gold IRA accounts offered by different institutions. Below are several of the top choices for your review and comparison.

Choosing the appropriate company is crucial in order to optimize the advantages of your gold IRA account.

Gold IRA Company Reviews

Below are companies that currently offer gold IRAs and have been highly rated by customers, the BBB, and the press. Discover the company that best matches your investor profile.

Lear Capital Review

Lear Capital mainly works with customers who already have retirement accounts and want to make them more diverse by adding gold and silver. Nevertheless, the company is willing to help anyone who wants to do an IRA or 401(k) rollover.

Lear Capital will charge you an annual fee of $200 for the management of your IRA, which includes expenses related to storage, custodian management, and quarterly statements. While there may be costs involved in purchasing, selling, and transferring assets, there are no extra fees for IRA maintenance imposed by Lear Capital.

Metals: Gold, silver, and platinum bars and coins
Minimum investment: $25,000
Fees: Setup, annual maintenance (including storage)
Storage options: Delaware Depository

Goldco Review

Due to celebrity endorsements from individuals such as Sean Hannity and Chuck Norris, among others, this corporation has recently gained significant attention in the industry. Their buyback price guarantee, which promises to purchase your metals at the highest price feasible, is especially noteworthy. With their silver coins promotion for new accounts, we confidently endorse Goldco for those who are first-time buyers and uncertain about how to begin investing smartly.

Although the $200 yearly charge (with first-year exemption) is relatively higher than that of other firms, it enables you to view your personal assets at any given moment.

Metals: Gold and silver bars and coins
Minimum investment: $25,000
Fees: Setup, maintenance, wiring, storage
Storage options: Not disclosed

Orion Metal Exchange Review

With more than 50 years of experience in precious metals investment services, Orion Metal Exchange provides investors across all 50 states with the opportunity to fund IRAs using gold, silver, platinum, and palladium. Though headquartered in Los Angeles, Orion ensures pricing transparency for its customers.

Orion stood out to us as a top choice for a variety of reasons, including their seamless access to educational materials and their offer of a complimentary investor kit to aid in our exploration of gold and silver purchasing options. The kit arrived via email and provided invaluable guidance on how to select the most appropriate gold IRA establishment and avoid common mistakes associated with novice buyers. Additionally, we were able to connect with an experienced account representative who conveniently walked us through the IRA opening process while remaining affable and informative throughout.

Metals: Gold, silver, platinum, and palladium bullion coins and bars
Minimum investment: $5,000
Fees: Storage (only after three years)
Storage options: Works with all IRS-approved gold IRA custodial institutions

On its website, the company presents its selection of coins authorized by the IRS. Having a clear understanding of product pricing is crucial to obtaining the most favorable terms. In contrast to its rivals, Orion Metal Exchange gold IRA imposes lower fees. Notably, the company doesn’t charge setup or transfer fees, and it covers your storage expenses for a maximum of three years.

Orion suggests keeping valuable metals at a nearby Brinks or Delaware Depository site instead of storing them at home, as it violates IRS rules and isn’t a recommended practice.

Patriot Gold Group Review

Patriot Gold Group offers a quick, uncomplicated, and reasonably priced investment experience. They distinguish themselves by simplifying the process of setting up a gold IRA, completing it in just 24 hours. Additionally, they promise lifetime fee-free services for clients with a balance exceeding $100,000.

Patriot Gold is a dealer-direct firm that saves consumers from paying the regular fees for buying gold, silver, platinum, and palladium bullion or coins. Although this is advantageous for the customer, the website fails to provide information about the exact fee amounts, minimum account requirements, and other specifics. Thus, to gain more insights, one needs to contact them prior to registration.

Metals: Gold, silver, platinum, and palladium bars and coins
Minimum investment: $50,000
Fees: Setup (depending on account balance), transaction, storage, insurance
Storage options: Advertises Brink’s Global Services and Delaware Depository, but doesn’t disclose full list

To begin a gold IRA account, you simply need to provide your basic details and the most convenient time to be contacted through the online application form. You have the option to either transfer an existing IRA into a gold IRA or establish a new gold IRA. With top ratings from ConsumerAffairs and the Business Council Alliance, Patriot Gold Group is highly reputable.

Oxford Gold Group Review

For over two decades, Oxford Gold Group has been a reliable choice for individuals seeking to safeguard their wealth from unstable markets and possible financial crises. Regardless of your investment expertise, Oxford Gold Group’s expertise can assist you in achieving your objectives. Creating a new account online takes less than 24 hours, and the firm will assign you a personal account manager to guide you throughout the investment procedure. Once you’ve made your choice, the precious metals are dispatched to a depository for safekeeping.

Metals: Gold, silver, platinum, and palladium bars and coins
Minimum investment: Not disclosed
Fees: Setup, maintenance, transaction
Storage options: Brink’s Global Services, Delaware Depository, International Depository Services

Oxford provides a service for investors to create an investment strategy that minimizes risk, which they then use to guide their investment in precious metals. The company prides themselves on their personalized service and available 24/7 customer care team, should any inquiries arise during the investment process. Additionally, Oxford does not impose any charges for shipping.

Birch Gold Group Review

Birch Gold Group has been offering physical gold, silver, platinum and palladium for investment purposes or for personal ownership since 2003. Their exceptional reputation in the industry stems from their commitment to informing clients on how to effectively utilize precious metals as a viable long-term investment option.

Birch Gold Group provides customers with continuous support from account executives who can guide them in person or online regarding the benefits of diversifying their portfolio through Precious Metals IRAs, which can serve as a hedge against inflation and exhibit promising growth potential. Additionally, customers may enjoy promotional offers, such as receiving extra precious metals, based on their order amount.

Metals: Gold, silver, platinum, and palladium bars and coins
Minimum investment: $10,000 recommended
Fees: Setup, annual maintenance, transfer
Storage options: Delaware Depository, Brink’s Global Services, Texas Precious Metals Depository, International Depository Services

Birch Gold Group has not only obtained an “A+” rating from the Better Business Bureau, but has also been rewarded for excellence with several awards, including a “AAA” rating from Business Consumer Alliance and five stars for their customer service by TrustLink.

How a gold IRA works

If you wish to use your retirement account for investing in physical gold, a self-directed IRA is required. These IRA accounts are the sole ones that enable the acquisition of tangible properties, such as precious metals, real estate, businesses, among other assets. As a legal requirement, such IRA accounts must have a respective institution, commonly referred to as a “custodian,” such as a bank. It is the custodian who oversees the account’s recordings, facilitates transactions, and reports to the IRS concerning it.

There are two ways to finance a gold IRA. The first involves transferring or rolling over funds from current IRA, 401k, 403b, or 457b accounts. The other option is to make contributions directly to the account, with a maximum of $7,000 per annum, depending on your age.

After funding your IRA, you will select the particular precious metals you wish to purchase and instruct your custodian to execute the acquisition using your account. They can suggest a suitable storage site for storing your acquisitions.

It is possible to withdraw funds from your IRA at any time, but if you do so before turning 59.5 years old, you will be required to pay a 10% penalty.

What is the best gold IRA?

When searching for a new financial product, like a gold IRA, the best choice will depend on your individual circumstances. Various factors should be taken into account when evaluating different options, such as:

Initial transfer and setup fees
Annual management fees
Storage fees
Availability of customer support
Knowledge and investment resources
Past customer reviews

How has gold performed over the years?

Over the past few decades, gold prices have experienced some fluctuations, but overall, they have increased. Currently, as of March 18, 2021, the value of gold stands at approximately $1,736 per ounce.

Throughout history, the stock market has produced higher returns compared to gold and silver. However, during the period from 2000 to 2020, both gold and silver have generated higher returns than the Dow Jones and S&P 500.

Do not solely rely on historical data when making decisions, as past performance does not guarantee future performance. Refer to the next section for some factors to consider when investing in gold.

What are some reasons for opening a gold IRA account?

There are certain typical explanations why individuals opt to invest in valuable metals like gold and silver.

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.
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.

Gold is commonly regarded as a secure investment that is resilient to significant fluctuations and declines in the market.

Can I only hold gold in my gold IRA?

Gold IRAs are categorized as self-directed IRAs, which means that gold coins and bars are not the only assets that can be held in them. With the alternate name of precious metals IRAs, one can acquire other precious metals like silver, platinum, or palladium or invest the money in commodities, real estate, tax liens, partnerships, and much more.

Investing in collectibles, antiques, gems, stamps, life insurance, and other similar items is prohibited.

Is there a minimum investment to open a gold IRA?

The required investment amount for a gold IRA is determined by the institution offering it. Although the IRS does not impose a minimum investment requirement, it does set annual maximums based on age, which can be as high as $7,000 annually.

What is IRS-approved gold?

As per the regulations laid down by the IRS, specific categories of gold and precious metals are eligible for IRA investment. To ensure that your investments are in compliance with this, you can refer to the comprehensive list provided by JM Bullion. It is important to note that metals not included in this list do not meet the purity standards and cannot be purchased through your IRA funds.

Make sure to look out for gold IRA scams

While searching for a gold IRA company, ensure you exercise caution by conducting proper research and investigation. The gold IRA industry is plagued with fraud, and failing to be vigilant could result in substantial financial losses.

Scams can be identified through aggressive sales approaches, claims of “uncommon” or “valuable” coins (which are not sanctioned by the IRS), and contractual agreements that are difficult to comprehend and misleading. Unethical businesses may also offer phony IRA options, convincing you to transfer your funds into an unfamiliar account, or falsely advertise gold purchases, with the intention of diverting the funds into their company.

To ensure the protection of your funds, solely conduct transactions with a reputable, reliable, and esteemed organization, such as the six listed below.

How we determined the best gold IRA companies

To evaluate the gold IRA companies listed above, we considered various aspects, such as their BBB rating, Trustpilot rating, fees, customer support, availability of precious metal coins and bars, educational resources, and other related factors.

After assigning a score, we identified the unique strengths of each company in comparison to its rivals, to determine which company was best suited for each category.