Ever since the Financial Crisis of 2008, gold has become an increasingly popular investment choice. Many people see gold as safer than investing in the stock market, and it can be a good way to protect themselves against inflation.
A gold individual retirement account (IRA) is a self-directed IRA, but instead of holding stocks or mutual funds, you invest in gold and other precious metals. Setting up a gold IRA can be confusing, and there are several steps you need to take.
One of the reasons for this is that you need to find a trustworthy company to handle your investment. Choosing the right gold IRA company is a crucial first step because picking the wrong one can cost you time and money.
7 Best Gold IRA Companies
If you’ve never bought gold before then you may be a little unsure of where to start. Listed below are seven of the top gold IRA companies you can consider.
Goldco is a leading provider of gold IRAs and is known for providing excellent customer service. The company got its start in 2006, and since then, it has helped thousands of customers invest in gold, silver, platinum, and palladium.
The company offers gold and silver IRAs and stores them in a third-party vault. You also have the option to buy precious metals from the company outright, and Goldco will either store them for you or deliver them to your home.
Patriot Gold Group
Patriot Gold Group is a gold IRA company that has been in business since 1990 and is a certified Professional Coin Grading Service (PCGS) company.
When you set up a gold IRA account, Patriot will work with your custodian and storage facility to facilitate the process. This setup process is fast and easy, and the company is known for its quick one-day turnaround.
Gold Alliance Capital
Gold Alliance Capital specializes in gold and other precious metals. The company can either help you set up a gold IRA or buy precious metals from the company outside of an IRA.
The company was founded in 2017, so it doesn’t have the same level of experience as some of the other companies on this list. Gold Alliance Capital also doesn’t have as many customer reviews. But the company has built a solid reputation and it provides free precious metals storage to all its customers.
APMEX is the largest online precious metals dealer and offers more than 10,000 items. The company has been in business since 1999, and it helps customers set up gold IRAs and purchase precious metals for their own personal collection.
If you’re looking to set up a gold IRA, APMEX is a good option. The company has a huge variety of precious metals to choose from, and they will walk you through the process of funding your precious metals IRA. You can view the company’s IRS-approved precious metals directly on their website.
Leap Capital has been a leader in the industry for over 20 years and has finalized over $3 billion in transactions. The company offers several benefits to its customers, including a no-fee buy-back program.
If you choose Lear Capital, the company will work hard to educate you on how to set up your gold IRA. The company provides tons of free information on its website, and all of its employees are knowledgeable about how the process works.
Birch Gold Group
Birch Gold Group has been serving customers since 2003. Birch helps individuals buy precious metals and set up gold IRAs. The company sells gold, silver, platinum, and palladium for personal storage or precious metals IRAs.
Birch Gold Group works hard to educate its customers on the benefits of investing in gold. And the company will ensure that your purchase meets the IRS’s guidelines for placement in a gold IRA.
Noble Gold Investments
Noble Gold Investments is a gold IRA company that is committed to customer education and transparency. You can buy gold or silver outright or purchase them with the intent of opening a gold IRA account.
One of the advantages of opening a gold IRA with Noble Gold Investments is the low minimum investment amount. The company requires a minimum investment of $2,000, while other gold IRA companies require minimum investments from $5,000 to $25,000.
Things to Look for in a Gold IRA Company
Choosing the best gold IRA company is crucial for protecting your investment and making the most of your time and money. But it’s hard to know what you should be looking for if you’ve never bought gold before.
At the end of the day, you’re going to have to listen to your gut and choose the company you believe will be the best fit for your goals. But here are a few things to look for in a gold IRA company:
- Setup charges, storage fees, and annual fees: When choosing a gold IRA custodian, one of the first things to consider is whether they charge a flat-rate or sliding scale fee. You’ll also need to know how much the setup fee, storage fee, and the annual fee is. All of these fees can increase the cost of opening and owning a gold IRA.
- Company license: Anyone can set up a website and call themselves a legitimate business, so you’ll need to do a little extra digging. Check to ensure that the company is licensed before doing business with them.
- Length in business: Just because a company is new doesn’t necessarily mean you should exclude them as a possibility. But more time in business does mean that the company has helped more customers, so it’s worth considering.
- Customer reviews: It’s always helpful to see how other customers rate their experience with a particular company. Check the Better Business Bureau or Business Consumer Alliance to see what kind of customer service rating the company has and any complaints lodged against it. A Better Business Bureau (BBB) rating lower than a B is generally a cause for concern.
- Reputation: And finally, when searching for the best gold IRA company, you need to know about their reputation in the industry. Are they known for customer education and transparency? If not, then you may want to stay away.
FAQs About Gold IRAs
What is a gold IRA?
A gold IRA is an Individual Retirement Account that holds gold coins, gold bars, and gold bullion. In many ways, a gold IRA is similar to a Roth IRA, only it is self-directed, and you will own the physical assets held in your account.
Are precious metal IRAs a good idea?
There are conflicting opinions on this topic, but precious metals are generally considered a solid investment since it tends to move in the opposite direction of the stock market. That means that if the market is dropping, your precious metals IRA will still be doing well. A precious metal IRA can help you diversify your portfolio.
Can I store my gold at home?
No, unfortunately, home storage is not an option. The IRS actually has strict guidelines about where your physical gold and other precious metals can be stored. They must be stored in an approved, third-party facility.
Can a gold IRA hold other precious metals?
Yes, a gold IRA can also hold silver, platinum, or palladium. According to IRS guidelines, the precious metals must meet a certain purity standard in order to be held in a precious metals IRA. Here are the purity standards for each precious metal:
- Gold: At least 99.5% pure or higher
- Silver: At least 99.9% pure or higher
- Platinum: At least 99.95% pure or higher
- Palladium: At least 99.95% pure or higher
How much does it cost to get started?
The upfront cost will depend on the gold IRA company you end up choosing. Most gold IRA companies will have a minimum required investment, and some investments can be quite high.
You’ll also need to consider storage fees and custodian fees. Make sure you ask many questions when evaluating different companies and keep an eye out for any hidden fees.
Can I choose a gold IRA rollover?
Yes, a gold IRA rollover is how many new investors get started. A self-directed IRA custodian can help you do a rollover or transfer your existing traditional IRA or 401(k) into a gold IRA.
Opening a gold IRA can be a good way to diversify your portfolio outside of the stock market and protect yourself from inflation. However, the process of opening a gold IRA can be tricky, so you want to choose the right gold IRA company to assist you during this process.
The seven gold IRA companies outlined in this article could all be good options as you’re getting started. Making sure you consider all your options, ask lots of questions, and choose the gold IRA company you believe will be the best fit for your gold investment goals.