9 Best Gold IRA Companies of 2023

Ever since the Financial Crisis of 2008, gold has become an increasingly popular investment choice. Investors often view gold as a safer investment than stocks, and it can protect them from 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.

9 Best Gold IRA Companies

If you’ve never bought gold before, you may be a little unsure of where to start. Listed below are nine of the top gold IRA companies to consider.

Pros and Cons of Opening a Gold IRA Account

Having an IRA account opens you up to a wide range of benefits. Among them are protection from unforeseen future circumstances like political instability, inflation, and uncertain market conditions. Let’s take a look at some pros and cons of gold IRA investments.

Pros of a Gold IRA Account:

Tax Benefits

An IRA account is exempt from taxes until you withdraw your funds. When you invest money in a gold IRA, you are also exempt from paying taxes on any gains. This means that if the value of your investment increases, you do not have to pay any additional taxes.

Disaster Insurance for Your Portfolio

Gold IRAs offer disaster insurance for your portfolio in case of unforeseen events that could damage or completely wipe out your investment. The purpose of such insurance is to help protect you and your finances against any potential disasters.

The best gold IRA companies provide this type of insurance free of charge as a part of their services. This is just one more way that they work to protect your investments and help you maintain peace of mind.

Full Control

With a gold IRA, you own and have complete control over it. You can choose what you want to invest in when to take a profit, and what the terms of your investment will be. Most gold IRA providers offer a variety of investments in different types of metals, such as gold, platinum, and silver. Some also offer to hold gold coins or gold bullion.

Diversification

In addition to being an investment, gold can also be used as a hedge against inflation and market volatility. It is considered one of the safest investments during economic crises. At the same time, diversification reduces your portfolio’s risk while increasing its potential gain.

Cons of a Gold IRA Account:

Not for People Looking to Get Quick Profits

Sadly, gold IRAs are not suitable investments for people looking for fast profits. In reality, gold IRA companies are only suitable for long-term investors. This is because the fees associated with buying and selling gold are so high that you would barely make any profit in the short term.

Gold IRAs Don’t Pay Interest and Dividends

For most investors, the primary reason for investing is to earn interest and dividends from their investments. But when it comes to investing in gold, that is not the case. If you are an investor in gold, you can only hope that your gold holdings will appreciate over time.

You Are Not Allowed to Inventory Your Gold Holdings Physically

While you’re purchasing physical gold, gold IRA companies do not physically allow clients to manage their gold holdings. Clients are only informed of which depository their holdings are stored in. You will need to go through the company holding your investment assets if you want to verify their existence.

Premiums and Fees

Most gold IRA companies charge fees and premiums. This additional expense is required for the physical storage of your investment. Storage fees vary from company to company. Additionally, some gold IRA providers charge additional commissions for each transaction, decreasing your purchasing power.

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:

Ease of Setup

When you’re looking to find the best gold IRA company for you, ease of setup is a natural place to start your evaluations. There are companies out there who strive to make the setup process as easy and stress-free as possible. The best will have you set up within a few days or less, while offering expert assistance from investment professionals.

All the gold IRA companies we’ve featured in this article feature easy setup processes.

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.

Diverse Precious Metals Investments

Diversification is a huge factor for those investing in a gold IRA. Taking that one step further and including other precious metals is a popular option for many. However not all companies offer diverse precious metals IRAs.

Some companies only offer silver and gold coins, while others offer customers the chance to invest in precious metals including platinum and palladium. If investment in precious metals beyond gold and silver is important to you, you’ll want to keep this in mind.

Buyback Options

Depending on your investment strategy, having some kind of buyback option might be important to you. Furthermore, if you’re unsure about how to invest in a precious metals IRA, you’ll want to work with a company that offers potential buybacks. In a nutshell, buybacks offer customers the chance to sell their investments back without incurring additional fees.

The best gold IRA companies try to make the buyback process transparent and hassle-free.

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.

How to Invest in a Gold IRA

While opening a gold IRA account can sometimes be confusing, the best companies strive to make the process as simple as possible. Here’s a general run through of what you can expect:

Sign Up

Once you’ve decided on a company to work with, you can begin by visiting their website and signing up. Alternatively, you may be able to sign up completely over the phone. You’ll need to provide a range of personal identifying information to complete initial sign up.

Following that, most companies will have one of their precious metals experts reach out to speak with you directly. They’ll ask and answer questions about your investment goals, preferences, and help you make sure you’ve made the right choice.

If you decide to progress, they will then help you through the process of setting up an account with a gold IRA custodian.

Transfer Funds

The next step after you’ve completed sign up is to transfer funds to your new gold IRA account. You will use an existing IRA, 401(k), or other savings account to transfer or rollover to your new gold IRA.

Whether you go with a transfer or rollover, there will be some paperwork to complete the process. In most cases, the company you’ve chosen can help you do this if you need assistance.

Buy Gold

When you’re ready to make your first investment, you’ll be guided through the purchasing process by a professional expert. With some companies, this will be the same person you first spoke to after signing up for an account. They will offer you a range of IRA-approved products, make the purchases on your behalf and then secure them in your depository.

FAQs About Gold IRAs

What is a gold IRA?

A gold IRA is a self-directed individual retirement account that holds gold coins, gold bars, and gold bullion. They can also hold other precious metals such as silver, platinum, or palladium. 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.

How does a gold IRA work?

Gold IRAs typically allow for pre-tax contributions and have similar income and contribution limits as well as withdrawal rules. When investors purchase precious metals through a gold IRA, they must be stored outside your home. This is done with a custodian in a secure depository, bank, or a third-party trustee approved by the IRS.

Custodians also help you manage the paperwork and tax reporting to meet the IRS requirements for retirement planning.

What fees are associated with a Gold IRA?

The exact cost and nature of certain fees will differ between companies. There are several standard fees commonly associated with any precious metals IRA. Here’s what you can expect:

• Account Setup Fee: Typically ranging between $50 and $150. This is a one-off fee charged by some gold IRA companies for opening an account.
• Administrative Fee: This is an annual fee that typically falls between $50 and $150, intended to cover the maintenance of your IRA account.
• Storage Fee: This is a standard fee but it can vary depending on your custodian. It usually costs somewhere between $100 and $300 per year to store your precious metal investments with a certified custodian.
• Gold Markup: The majority of gold IRA companies charge a small markup on top of spot gold prices. You’ll have to ask about this fee as they’re not usually disclosed online.

Should I buy gold bullion or gold coins?

Investors can generally choose to buy either gold bullion or sovereign coins. While both are valued per ounce based on the spot price of gold, sovereign coins are popular with new investors for a few reasons. 

Firstly, sovereign coins such as the American Eagle and Canadian Maple Leaf are easily recognizable and thus easier to trade. They also tend to sell at higher premiums compared to bullion bars, which are slightly harder to sell. Large bullion bars are usually more suitable for institutional investors.

What is the best way to invest in gold?

While a gold IRA can be a popular investment vehicle, there are many ways to invest in gold, each with their various pros and cons.

Buying gold outside an IRA, for example, comes without IRS restrictions over amounts owned, and storage. This also allows you to avoid storage and custodial fees. In addition, a more favorable capital gains tax applies to investors who hold their gold for over one year.

However, young investors with smaller budgets may be better off with a traditional IRA, rather than investing in small amounts of gold.There are also several gold equivalents including gold ETFs, and gold mining stocks. 

In general, it’s ideal to use a gold IRA as an accumulation vehicle as part of a broad and diverse investment strategy.

How is gold taxed in an IRA?

Taxes on gains from gold IRAs are due once you cash out. The IRS taxes them the same way as ordinary income; using a marginal tax rate. So, the amount you pay in taxes will depend on your income bracket.

If your investments generate losses, you will not be able to deduct them on your tax filing.

You must start taking distributions from the IRA by the age of 70 1/2.

Is a gold IRA safe?

Gold has a long, proven history as an asset and hedge against inflation. Gold IRAs also offer the same tax perks as regular IRAs. 

As mentioned above, the IRS approves secure depositories for storing gold in IRAs. These companies must go through a strict auditing process to ensure that the gold they receive is the gold you ordered.

Are precious metal IRAs a good idea?

There are conflicting opinions on this topic. However, 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 IRA 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, gold IRAs can also hold silver, platinum, or palladium. According to IRS guidelines, the precious metals must meet a certain purity standard 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 start a gold IRA?

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.

For example, Augusta Precious Metals requires their clients to meet a $50,000 minimum investment for gold and other metals. Some of the gold IRA companies on our list have very low minimum investment amounts. Depending on your existing retirement accounts, and your investment budget, it can be worth seeking a gold IRA company with more accessible investment requirements.

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.

Are gold IRAs worth it?

This really depends on your investment goals, budget, portfolio and time horizon. For some, a gold IRA is superior to alternative exposure to precious metals via gold mining stock or gold ETFs. In reality every investment vehicle comes with its pros and cons.

A gold IRA company will often market a gold IRA as a safer gold investment, but the definition of a safe investment really depends on your own unique risk appetite. But regardless of which of the many gold IRA companies you choose, it’s vital that your gold IRA is just a small percentage of a diverse portfolio.

Working with a reputable gold IRA company is ideal because you’ll receive genuine guidance from qualified experts who know the ins and outs. These experts know how to manage gold IRA accounts and will work hard to ensure your investment needs are met as far as possible.

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.

Final Thoughts

Opening a gold IRA can be a good way to diversify your portfolio and protect yourself from inflation. However, the process of opening a gold IRA can be tricky. So, you want to select the right company to assist you during this process.

The ten best gold IRA companies outlined in this article could all be suitable options as you’re getting started. Make sure you consider all your options and ask plenty of questions. Then, choose the gold IRA company you believe will be the best fit for your gold investment goals.