I went through the process of setting up a gold IRA, and I documented the entire process to help you find the right gold IRA custodian, locate a depository approved to store the gold, and navigate the confusing IRS rules for gold IRA accounts.
I urge you to only work with reputable gold IRA companies to facilitate this process and hope my personal notes help you facilitate this process and find a gold IRA company that suits your needs.
In my process of investing my own cash, I reviewed many of the best gold IRA companies I found online. Every gold IRA company below was fully evaluated on many factors, such as fees, reputation, user reviews, my experience, and selection of precious metals.
Frankly, picking any investment company from below is a guaranteed winner. I’ve omitted any company that didn’t fit my criteria, leaving only the ones that I fully support and found credible for you to sift through and find a fit.
Below, find the top companies out of 100’s surveyed.
Here Are the Top 5 Gold IRA Providers
This deep dive will help you open a new gold IRA account with ease. I understand that some people might be in a rush. For simplicity, I urge you to fill out a lead form on each of the top three choices below and go with who you feel comfortable with.
Goldco – Best Overall Gold IRA
Goldco features a BCA rating of AAA and offers educational resources on its website. We chose it as the top option because the account representatives go the extra mile to help you make an informed decision.
You’ll get 10 percent back in free silver coins when you open a gold IRA account, as well as competitive pricing!
Watch the video below to find out where I parked my money and diversified my retirement savings.
Now that you know where I invested, you can see my full report on the top gold investment companies rated on customer experience, investment options, investment minimums, and of course, fees.
American Hartford Gold Group
If you hope to set up a precious metal IRA, American Hartford Gold Group could be the top choice. As with other gold IRA companies on the list, it offers a low minimum investment requirement, fee waivers for storage, and no annual fees or setup charges. You’ll have access to various precious metals, such as palladium, platinum, silver, and gold.
Augusta Precious Metals – Free Web Conference
Augusta Precious Metals features a BCA rating of AAA, and customers benefit from the very low costs. Plus, you know exactly what you’re getting because of its transparent pricing. The benefits include money-back guarantees, transparent fee structures, and guaranteed pricing. However, it doesn’t offer online purchases, palladium coins, or platinum coins.
What Will I Learn?
- Here Are the Top 5 Gold IRA Providers
- Is It a Good Idea to Put Retirement Money into a Gold IRA?
- Top Gold IRA Companies Compared and Ranked
- What Is a Gold IRA Account?
- Gold IRA Investing Options
- Gold IRA vs. Physical Gold
- Gold IRA Pros and Cons
- What Are the Benefits of a Gold IRA?
- Gold IRA Company Evaluation Methodology
- Frequently Asked Questions about the Best Gold IRA Companies
- Are Gold IRAs a Good Idea?
- What Are Some Tips for Finding a Broker or Custodian?
- What Types of Gold Can You Have in Precious Metals IRAs?
- What Is a Gold IRA Company?
- How Do I Buy Gold with an IRA?
- Is Oxford Gold Group a Legitimate Company?
- Is a Silver IRA a Good Investment?
- What Kind of Questions Should I Ask an IRA Advisor?
- Who Has the Best Gold IRA?
- How Much Should You Invest in a Gold IRA?
- How Much Does It Cost to Have a Gold IRA?
- Is a Gold IRA the Best Investment for a Senior Citizen?
- What Is the Downside of a Gold IRA?
- Are Gold IRAs Worth It?
- Can I Store My Gold IRA at Home?
- Can You Physically Hold Gold in an IRA?
- Can I Cash out a Gold IRA?
- How Do I Start a Gold IRA?
- What Are the Pros and Cons of a Gold IRA?
- Does Fidelity Have a Gold IRA?
- What Are the Best Investments for a 70-Year-Old?
- Should I Roll My 401k into a Gold IRA?
- Does Charles Schwab Offer a Gold IRA?
- A List of Gold IRA Companies - Reviews
- The Final Verdict on the Best Gold IRA Companies
Is It a Good Idea to Put Retirement Money into a Gold IRA?
Investing in a gold IRA is often considered a good idea for many reasons. Gold is now proven to be a more reliable physical asset that holds its value during hard economic times. It’s a safe-haven asset, so it tends to retain value when other investments lose money. Likewise, gold is liquid, so you can easily buy and sell it on the market. That offers flexibility to investors.
Overall, investing in gold to diversify your portfolio could protect you against losses and market volatility. Gold prices often fluctuate in the short term, but it holds its value and can be a hedge against inflation in the long run. When you choose self-directed IRAs with gold or silver, you can stay afloat during market downturns.
Gold is a physical asset, so investors don’t have to rely on paper money that could devalue with economic factors like inflation. It’s often seen as a smart strategy for those who want to protect their investments and keep them secure.
Top Gold IRA Companies Compared and Ranked
1. GoldCo - Best Gold IRA
Goldco is privately owned and specializes in asset and wealth protection. Overall, this reliable gold IRA company will help you transfer funds from your tax-advantaged retirement account to a precious metals IRA. Whether you have a 401(k), IRA, or 403(b), you can make the change. Plus, Goldco offers direct sales of gold and silver to customers.
With Goldco, you can find gold and silver IRAs. If you’re focused on acquiring precious metals, there are many gold IRA-approved coins to help you fund the account. Likewise, Goldco works directly with mints to provide high-quality coins that are eligible for gold IRAs, such as:
Gold American Eagle coins
Gold Freedom/Hope coins
Gold Maple Leaf coins
If you prefer silver coins, there are many options, as well:
Silver Lucky Dragon coins
Silver Maple Leaf coins
Silver American Eagle coins
Overall, Goldco makes it easier to open a gold IRA. First, you’ll initiate the IRA by signing the agreement found on the website. A company representative will talk about the service terms and walk you through the steps involved.
Then, you’ll fund your IRA by rolling precious metal assets over from an existing IRA or 401(k). Usually, gold IRA rollovers take place without tax penalties. Likewise, you can set up your new precious metals IRA, even if you don’t have an existing account from which to transfer funds.
When you’ve funded the precious metals IRA, you can select the silver and gold coins you want to purchase.
If you wish to invest directly into your retirement savings, you can purchase physical gold on the website, shipping them to your home or preferred depository. Some investors might also qualify for free storage options.
With GoldCo, you have many precious metal products available for direct purchase. Simply buy them by signing an agreement on the website and funding your account through a mail-in check or bank wire.
Sometimes, investors are on the fence about choosing Goldco, but they can request a free kit and learn about the company. Within the kit, you’ll get an audio guide, printed guide, and videos that answer your questions about:
How precious metals offer more control over your assets
How to grow a retirement account
How to invest in precious metals
You’ll also get 10 percent back in free silver whenever you make qualifying purchases. Overall, this is the best gold IRA company because it offers many gold and silver investments that will suit your goals and needs.
Here are the things we liked most about this gold IRA company:
Highest buyback guarantee prices
$10,000+ in free silver with any qualified accounts
Offers gold IRAs or the direct purchase of physical gold
Most-trusted gold IRA company because it has an A+ rating with the Better Business Bureau (BBB)
Years of experience for setting up precious metals IRAs
Good selection of gold and silver bullion, as well as other precious metals
Can request a free gold IRA informational kit
- Read a more in depth Goldco review.
2. American Hartford Gold Group
American Hartford Gold sells precious metals and specializes in precious metal IRAs. It’s been around since 2015, and the company has maintained its A+ rating with the BBB. Likewise, it’s got near-perfect ratings from Google and Trustpilot (4.8 and 4.9, respectively). If you’re focused on reputation and credibility, American Hartford Gold is the right choice.
This company has the best gold IRA buyback program, in my opinion. (Meaning when you want to sell your gold later for cash, they are the top rated gold IRA company for that purpose.)
This Los Angeles-based brand offers everyone the chance to invest in precious metals. Whether you want a retirement account or a direct purchase, you can find:
Platinum coins and bars
Gold and silver coins
Investors can buy precious metals and get them delivered to their homes through American Hartford Gold. However, you’ll need a third-party depository to store your precious metal IRAs. The company works with Brinks Global Services and Delaware Depository, and there are storage fees involved.
If you want to buy precious metal products from this company, there’s a three-step process:
Call for help and fill in the new account forms.
Transfer funds to your new account. You may also roll over funds from your existing IRA.
Choose the IRA-eligible precious metals and buy them.
Overall, American Hartford Gold offers a buyback commitment and price matching. With the buyback program, you can sell the gold bullion back to this or another company, saving on liquidation fees.
The brand doesn’t charge you to establish your gold IRA nor fees for shipping the gold to the depository. Likewise, it will cover tracking and insurance, but you will probably pay annual account fees and storage fees to the depository itself.
The company’s catalogs online don’t list prices, so you’ll have to speak with a representative about your gold IRA.
What’s the final verdict on this brand? It has a great reputation, a buyback commitment, and a range of silver and gold coins available to choose from, so it’s a popular option for investors. You’ll have to pay depository fees and contact the customer service department to learn about its gold prices, though.
Overall, this could be the best gold IRA company for gold bars, silver, and other precious metals. It’s also the best option for simply purchasing bullion or coins outside of your IRA.
- Read my full American Hartford Gold review.
3. Augusta Precious Metals - Free Web Conference
Augusta Precious Metals is often called the premier gold IRA company because it was selected by Joe Montana’s personal wealth advisors. You’ve probably heard of him because he was a quarterback inducted into the Hall of Fame, and his financial advisors selected this brand out of the many options. The company has gotten countless five-star ratings since it opened in 2012 and has even won many awards for the IRA services it offers.
Overall, Augusta Precious Metals provides cash purchases and gold IRAs. As with the other companies on the list, Augusta Precious Metals requires investors to have a qualifying IRA to roll over the funds into a new gold IRA account.
First, you’ve got the chance to talk to a live agent. This person guides you through the purchase of your gold or silver coins. The agent will also offer economic guidance to help educate you about its precious metals IRAs.
Next, you’ll create your gold IRA with the live agent’s help. You need to be able to invest $50,000 to qualify for a precious metals IRA account through Augusta Precious Metals. If that’s a non-starter for you, move on to another firm as that’s the minimum.
When you create your account, you must fund it with cash from an existing retirement account. Then, you’ll be able to buy gold or silver when you submit the order from the order desk.
This company also lets you purchase physical gold and silver without opening a gold IRA. If you go that route, you’ll still get guidance from the professionals. Plus, Augusta Precious Metals offers complete control over your assets, along with free and secure delivery. You should follow these steps to purchase gold/silver directly:
Fund the account using a cash transfer.
Select the gold and silver you prefer.
Sign for the delivery when it arrives to your location.
The company sells a range of silver and gold bullion and coins that you may buy directly or use in gold IRAs. They include:
America the Beautiful coins
American Eagle coins
Canadian Maple Leaf coins
Likewise, the brand works with trustworthy custodians, including Kingdom Trust, Gold Star Trust Company, and Equity Trust. They will administer the new IRA. Plus, Augusta will be the liaison with the custodian, offering access anytime you need it.
Most investors like the Augusta Precious Metals website because it has a video resource library full of helpful videos from a Harvard-trained economist named Delvyn Steele. If you need insight about the current economy, these videos are a great resource.
Overall, I recommend this brand to those looking to open an IRA full of precious metals and want a reputable company that caters to higher purchase amounts. ($50,000 minimum.)
- Augusta Precious Metals Review – my extended analysis.
4. Noble Gold - Great for Smaller Investors
Gold investing just got easier with Noble Gold. It sells palladium, silver, gold, and platinum coins, but it also features valuable and rare coins. You can buy the precious metals through your IRA or directly through the official Noble Gold website.
The company follows an easy process to facilitate gold IRAs to customers. You can easily get started with Noble Gold by filling out its online IRA form. It takes about five minutes to finish. If you don’t know some of the answers, you may call a representative to guide you through it all and get the necessary information.
Then, the Noble Gold team will call the new custodian and set up your account, acquiring additional paperwork you must complete. The company also emails you with the self-directed IRA account number.
When you choose Noble Gold, you can transfer the assets from your existing custodian to a new IRA or roll them over into a new account. There shouldn’t be any tax penalties when you move funds from one to another.
Once you’ve funded the account and bought your precious metals, you can check on the status of them at any time through Equity Institutional, the Noble Gold custodian. It offers 24/7/365 online access.
If you prefer to buy your precious metals directly, consider the Royal Survival Packs from Noble Gold. They include hand-picked options for precious metals that have high levels of recognizability and liquidity. Buying them is helpful if you’re unsure what precious metals you want.
This brand offers many features that others don’t, making it one of the best gold IRA companies on the list. First, it has the best gold prices on the market, but it also provides secure, fast shipping. Likewise, it’s received countless five-star reviews, so you can feel confident that it knows what it’s doing.
Likewise, Noble Gold offers its buyback program to all clients. If your goals or savings change, you know this brand will buy back the gold or other precious metals you previously purchased.
Noble Gold is a great company that goes above and beyond for its clients who want precious metals. I enjoyed my talk with them and found them a viable option.
- Learn more about your options at my Noble Gold Investments review.
5. Legacy Precious Metals
If you’re searching for the best gold IRA company, it might be time to consider Legacy Precious Metals. They won’t charge fees to set up your account, transfer funds, or deal with annual maintenance. Likewise, the company runs promotions at times for free storage.
What I liked about Legacy Precious Metals is that you can use their self service platform and not hear a sales pitch. You can see my experience using it on this page.
Many other gold IRA companies don’t provide the ability to login and trade on your own, so check that out if you are interested in doing that.
This company is trusted by none other than Newt Gingrich, which speaks volumes about their brand.
What Is a Gold IRA Account?
You’ve likely heard of traditional IRA accounts and 401(k)s. These are retirement accounts that help you invest in stocks, index funds, and other paper investments. However, most of these traditional investment accounts don’t let you choose gold, which is why you need a gold IRA account.
Gold IRAs are specialty individual retirement accounts that will hold precious metals, such as palladium, platinum, silver, and gold. Like traditional IRAs, gold IRAs tend to allow pre-tax contributions and have very similar contribution and income limits.
Unlike a traditional IRA or 401(k) that holds paper assets, gold IRAs contain various physical precious metals. When you invest in gold through a precious metals IRA, you store them outside the home in a secure depository and with a custodian.
Choosing a reputable gold IRA company like the ones from our list will help you facilitate the gold purchase and go through the steps of opening the account. These brands know the IRS rules you must follow and can offer guidance to maintain a more profitable portfolio. Likewise, many gold IRA companies will partner with specific custodians.
Gold IRA accounts can offer various benefits and help you with your retirement goals. In fact, gold could provide stable growth compared to paper assets, which lets you have portfolio diversification while lowering volatility.
Likewise, gold IRAs feature unique tax benefits. The gains and contributions aren’t taxable, and the contributions might be tax-deductible!
Overall, investing in gold through a precious metal IRA is a wise option if you wish to diversify and stabilize your portfolio. Likewise, you can choose a gold IRA rollover, which is where you transfer funds from an existing IRA to the gold IRA.
Gold IRA Investing Options
There are many options for opening a precious metals IRA, but the two most common include:
Gold IRA Rollovers – You can roll over another retirement account into a gold IRA. Examples include Thrift Savings plan accounts, pensions, 457s, 403(b)s, and 401(k)s.
Open a New Account – You don’t need a traditional IRA or anything else to invest in precious metals. Simply contact one of the companies listed above and open a new account. You’ll have to deal with account minimum investment requirements, but it’s quite easy to do.
Gold IRA vs. Physical Gold
A gold IRA can help you diversify your portfolio and get financial freedom. They’re more flexible than other investments. You can store it in an IRA, so it’s not being held in a savings account. Therefore, you may access the cash without taxation or penalty. Plus, a gold IRA lets you move funds between asset classes, depending on your goals and needs.
For example, you are looking for a short-term gain, so you can sell the gold for cash to invest in bonds and stocks. Likewise, those who want long-term growth can add the gold to their accounts and benefit from the steady rise in value.
Gold IRAs are often managed by custodians who will protect your assets and ensure they’re properly distributed and allocated. You don’t have to manage or handle the assets personally!
There are generally better tax benefits with a gold IRA than with physical gold. The taxes are deferred until you take distributions, so the account will grow, and you won’t be paying on it. Likewise, you don’t deal with capital gains tax. If you sell it, you don’t have additional taxes to deal with.
However, you will have more control with physical gold. You can store it in your safe at home or go to a bank and put it in the vault. Therefore, you still get access when you need it, and you’re not dealing with a custodian.
Likewise, physical gold gives you the option to purchase bullion or coins in various denominations to diversify your investment. Alternatively, a gold IRA only lets you buy in grams or ounces.
Physical gold can easily be purchased and sold, but gold IRAs do have regulations and rules about buying and selling.
In a sense, physical gold is something you can touch and hold, whereas a gold IRA is seemingly out of reach. They both have benefits and drawbacks.
Gold IRA Pros and Cons
Are you unsure if precious metals investing is right for you? Here are some pros and cons to consider:
Physical precious metals aren’t reliant upon technology as other investments.
Gold is tangible; you can easily convert it to cash.
A gold IRA offers the same tax advantages as a traditional one.
Investing in gold can help with portfolio diversification.
Gold isn’t as volatile as the stock market.
Gold can hedge against inflation.
IRA gold has to be stored in an IRS-approved depository and not at home.
Gold doesn’t offer income or dividends.
Gold isn’t as liquid as some investments and could be hard to sell.
Precious metals IRAs generally have higher fees than others.
Investing in gold requires a higher initial capital than most stocks.
What Are the Benefits of a Gold IRA?
You’re probably wondering if it’s a good idea to invest in gold for retirement instead of maintaining a 401(k) or IRA. Will it be worth the effort and time to learn about precious metals?
Investing in gold could be a wise choice for many reasons. Here are the benefits you should consider:
Maintains Value – Gold is a stable investment opportunity because it often retains its value over time. People consider gold a valuable substance, and that stance hasn’t changed over the past couple of hundred years. Likewise, gold withstands the test of time because it won’t corrode and keeps its beautiful color.
Hedge Against Inflation – You’ve likely heard about inflation, which is where the value of the US dollar (or any currency) declines over time. It definitely costs more now to buy a house than it did 50 years ago. Therefore, the paper investments you hold must increase in value at higher rates than inflation to stay profitable. Gold, however, is a hedge against inflation. Gold prices often fluctuate because of supply and demand. Therefore, the dollar’s value falls while the cost of gold generally increases.
Deflation Protection – Gold protects from deflation as well as inflation. When there’s less demand for something, prices decrease significantly. This was proven during the Great Depression. People need a safe place to keep their cash. Gold is stable here, so the purchasing power for gold rises during deflation.
Great for Diversification – Most people know they shouldn’t keep everything in one place, especially when dealing with the stock market. Investing in a single type of product will leave you vulnerable to risks when the values drop significantly. However, diversifying your portfolio will reduce volatility and risk, and an easy way to do that is to get a gold IRA.
Gold IRA Company Evaluation Methodology
If you wish to open your gold IRA or other precious metals IRAs, you must choose a trustworthy and reputable company for the process. Gold IRA investments are often expensive, and you don’t want to make a costly mistake by selecting a questionable provider.
When we selected the best gold IRA companies for our list, we researched and chose various factors to indicate the company was knowledgeable, reliable, and reputable. These are what we considered:
Reviews and Reputation
Companies generally develop negative and positive reputations for a reason. When you look for a gold IRA company to facilitate your needs, you must consider one with a positive industry reputation. This will ensure you have a good experience.
A way to evaluate the brand’s reputation is to check the Better Business Bureau. The BBB lets customers write reviews and complaints, rating the organizations to tell others what it can do.
When we chose the best gold IRA companies for our list, we examined each one’s BBB ratings and reviews. The companies featured here all have B or higher ratings and many positive gold IRA reviews.
Ease of Setup
Reliable gold IRA companies do what they can to get new clients, which means making the overall setup process stress-free and easy. These brands help clients set up gold IRAs in a few days and also offer assistance from professionals.
These gold IRA companies on our list all had easy setup processes. They let you speak to a specialist and ensure that you get the guidance you require.
Fees and Costs
Generally, most gold IRA companies charge a fee for their services. They cover the costs associated with opening an account, maintaining it, and securely holding the gold coins and other precious metals.
If you find an IRA company offering free services, it might not be trustworthy. Likewise, the professionals may not put the time and energy into facilitating gold IRAs. Plus, they may not understand precious metals well or provide the assistance and information you’d get from a higher-quality brand.
However, you don’t want to deal with brands that charge excessively high fees because they may also be untrustworthy. They might focus on profits instead of providing services to customers.
When we chose the top gold IRA companies for our list, we considered organizations that charged reasonable fees.
Gold and Silver Products Selection
One reason people choose a gold IRA is to diversify the investment portfolios. Therefore, it makes sense to work with a company that offers a wide selection of silver, gold, and other precious metal products.
Many of the companies on our list only offer gold and silver coins, but there’s a selection within each type. Others let you invest in platinum, silver, palladium, and gold in bars and coins.
You’ll feel confident that the companies on our list provide a selection of precious metal products you can choose from.
Frequently Asked Questions about the Best Gold IRA Companies
Are Gold IRAs a Good Idea?
Opening a precious metals IRA could be a good idea for you. Here are a few reasons to consider it:
Gold is a reliable and physical asset that holds its value during economic uncertainty. It’s called a safe-haven asset, and it’s very liquid, so it can be bought and sold easily.
Investing in gold will protect you from significant losses and market volatility. Gold prices do fluctuate, but gold holds its value in the long term and can be a hedge against inflation.
Gold is considered a physical asset. Investors aren’t relying on paper currency that could devalue over time, making it a smart strategy to protect wealth.
What Are Some Tips for Finding a Broker or Custodian?
When you buy precious metal IRAs, you’re in charge of storing them. However, you can’t hold them in your home, so you will likely need a gold IRA custodian.
It’s hard to select the right option, so it’s wise to check out several custodians and pay attention to the qualifications they offer. They need registrations, insurance, and licenses to protect their assets.
Reading reviews from other customers is a great option because that can help you get an idea of what your experience will be like.
What Types of Gold Can You Have in Precious Metals IRAs?
A reputable gold IRA company will tell you that you can only choose IRA-approved coins. Gold coins must be 99.5 percent pure, and silver must be 99.9 percent pure.
Options for precious metal coins in a gold IRA include:
What Is a Gold IRA Company?
A gold IRA company helps you find precious metal products to put into your gold IRA.
How Do I Buy Gold with an IRA?
To buy the gold for your precious metals IRA, you will need to sign up with one of the precious metals IRA companies on this list. The representative will help you transfer funds and decide what products to add.
Is Oxford Gold Group a Legitimate Company?
Oxford Gold Group is a legitimate option and requires a minimum investment of $25,000 with a flat $200 charge for account maintenance.
Is a Silver IRA a Good Investment?
A precious metals IRA of any type is a great investment. Silver and gold options are ideal.
What Kind of Questions Should I Ask an IRA Advisor?
Ask these questions when choosing an IRA advisor:
What’s the benefit of owning a precious metals IRA?
Should I use a self-directed IRA?
How do I open my gold IRA?
What precious metals can I put in the IRA?
Who Has the Best Gold IRA?
Goldco is the best gold IRA company.
How Much Should You Invest in a Gold IRA?
Most financial advisors recommend putting in about 10 percent into a precious metals IRA based on your overall asset worth.
How Much Does It Cost to Have a Gold IRA?
The setup fee will often range from $50 to $150, and you’ll also have to pay custodial fees and administrative costs. A storage fee may also be incurred, so it could be about $300 to $500 annually.
Is a Gold IRA the Best Investment for a Senior Citizen?
If you want to invest in gold safely and with less risk, a gold IRA could be the best choice. It will protect your retirement savings from the stock market and offers a chance for steady and slow growth.
What Is the Downside of a Gold IRA?
There are a few drawbacks to consider:
Higher Fees – You can’t store your gold coins in a safe or deposit box at the bank. Instead, you’re paying a custodian to do that for you, and they’ll also transport and buy the precious metals.
No Tax-advantaged Income – Gold doesn’t pay dividends or interest, so you can’t take advantage of the tax-free growth most IRAs offer.
Funding Restrictions – You can’t move precious metals you own into a gold IRA, and you cannot personally buy them and send them to the custodian. They must purchase precious metals for you.
Are Gold IRAs Worth It?
Some people want to hold physical precious metals instead of owning shares in a gold ETF or gold mining company. Many investors feel that physical gold is safer, and that’s an opinion that your gold IRA business will push.
Yes, gold IRAs can be worth it, but you should be focused on diversifying your assets through many classes to get the most benefit. A conventional retirement account exposes you to many of them, and a gold/silver IRA can be just as effective.
Can I Store My Gold IRA at Home?
Have you wondered: “Where is the gold IRA stored?” Many consumers think of setting up a safe for the gold they buy through the IRA. However, when investing in a gold IRA, you can’t keep your physical gold bullion at home.
Instead, gold IRA investors must keep the gold with a custodian, such as a credit union, bank, or another financial institution. If you ignore that rule and store gold at home, it will be considered a distribution. Therefore, you’ll face a 10 percent tax penalty. Likewise, you’ll pay income taxes on that distribution, which lowers the value you get.
If you want to own gold and store it at home, it’s best to buy gold bullion directly from one of the top gold IRA providers on our list. These brands ship the gold to your door and offer insurance to reduce risk.
In this situation, you don’t have to select from IRS-approved precious metals, such as Chinese Gold Panda coins or American Buffalo uncirculated coins.
Can You Physically Hold Gold in an IRA?
Yes, you can hold physical gold in your IRA. In fact, that’s the only option available. The Internal Revenue Service has rules in place, and you must choose a financial institution or IRS-approved custodian to physically hold the precious metals in your IRA. Proper storage ensures the security and safety of your investment.
Can I Cash out a Gold IRA?
One common myth is that you can’t cash out your gold IRA, but this is untrue! You can sell the precious metals IRA when you need to. However, you may incur penalties or be required to pay taxes, though this depends on your circumstances. Still, liquidating your assets isn’t a huge challenge.
How Do I Start a Gold IRA?
The first step is to find a custodian specializing in precious metals IRAs. You will then contact them and tell them that you want to start your gold IRA.
Custodians will give you the paperwork you need and ask for your ID and other pertinent information. They’ll review everything and approve the transfer request. Likewise, the custodian will buy gold for you to keep it safe and will let you know about the storage fees and location.
What Are the Pros and Cons of a Gold IRA?
The benefits of a gold IRA include:
Tangible asset that can be converted to cash
Not reliant on technology
Great hedge against inflation
Not as volatile as the stock market
Offers portfolio diversification
Features similar tax advantages as traditional IRAs
There are a few drawbacks, including:
Higher initial capital required
Higher fees than traditional IRAs
Not as liquid as other investments
No income and dividends
Must be stored in an IRS-approved depository
Does Fidelity Have a Gold IRA?
Yes, Fidelity does offer a gold IRA, though it focuses primarily on trading and other assets.
What Are the Best Investments for a 70-Year-Old?
In most cases, 70-year-olds would benefit most from investing in annuities, dividend-paying stocks, and treasury securities. Though a gold IRA might not be suitable, they can and likely should purchase precious metals to hold in a safe or bank vault, though this wouldn’t be part of their retirement account.
Should I Roll My 401k into a Gold IRA?
Most gold IRA companies offer the opportunity to roll a 401K into a gold IRA. There are benefits of a gold IRA rollover, which include:
Converting funds to a stable asset
Diversifying your retirement savings
The main benefit of a gold IRA rollover is that an IRA features tax advantages. Your gold investments could be tax-free or tax-deferred.
It’s wise to talk to a financial advisor about a gold IRA rollover if that’s what you’re considering.
Does Charles Schwab Offer a Gold IRA?
No. Charles Schwab doesn’t offer a gold IRA.
The Final Verdict on the Best Gold IRA Companies
Investing in gold through an IRA is a great way to diversify your portfolio and reduce risk. Thankfully, you learned about the top gold IRA companies and can enjoy easy setup processes. It’s wise to talk with a financial advisor before you choose between the many precious metals available.
We recommend that you request a free booklet or kit from each provider to compare the drawbacks and benefits of each one. However, they all offer similar services, so you can set up your precious metals IRA with ease.
Red Rock Secured
Best Home Delivery IRA
Augusta Precious Metals
Best Buyback Selection
American Hartford Gold
Longest in Business
Birch Gold Group
The top way to safeguard your retirement is to open a precious metals IRA. Check out the below providers and request a free kit.
Best Overall Rating (Where I Invested)
#2 American Hartford Gold
Best Buyback Program
#3 Augusta Precious Metals
Most Educational ($50,000 Minimum)
#4 Noble Gold
Best Metals Selection