Gold IRA Fees & Cost: Pros And Cons

While investing in a gold IRA, it is essential to remember the gold ira fees & cost that come with it. If you want to put money into a precious metals IRA account and maximize the earnings, there are many costs you should consider, such as storage, insurance, and management. Each of these considerations depends on which gold IRA custodian you work with.

There are many options available when it comes to retirement planning. However, we narrowed the selection to only the best gold IRA companies that offer precious metals IRA. Let us be your one-stop shop for your research as you consider your investment options and where to diversify your retirement funds.

Top Gold IRA Companies at a Glance

#1 Goldco Precious Metals: Best Gold IRA Fees and Pricing

Goldco is a well-known precious metals company that has been helping people protect their retirement savings for more than ten years. Goldco can assist you with the rollover of your IRA., 401k, 403(b), TSP, savings account, or another tax-advantaged account into precious metals IRA. Goldco also sells gold and silver straight to people.

So, if you have money in a savings or retirement account, Goldco can help you buy precious metals to diversify your retirement portfolio. The Better Business Bureau gives Goldco an A+, and the Business Consumer Alliance gives it a Triple-A. Goldco can help you with every step of the process, from the beginning to the end, whether you want to roll over your retirement funds or buy gold and silver directly.

Goldco has a variety of fees associated with their services, but they are all very reasonable. For example, their IRA setup fee is only $50, and their annual storage fee is only $100. Overall, Goldco’s fees are very competitive in the precious metals market. Goldco is also one of the only companies that do not charge a commission on gold and silver purchases. It makes them a good pick looking to invest in precious metals without paying extra fees.

Pros:

Low fees each year
Free storage for precious metals that aren’t in an IRA
Promotions with the most impact in the field
Customer service that can’t be beat
No Pushy Sales Techniques
Outstanding Ratings & Customer Reviews
FREE and Easy Rollovers for IRAs and 401k
A+ from the BBB and AAA from the BCA.
Highest Guarantee to Buy Back
2021 Award for Company of the Year

Cons:

The least you can put into an IRA is $50,000
You can’t set up an account online, but you can get a free Gold IRA guide by asking for it.

Fees

Pricing for their fees are not published on their website but we confirmed their fees after talking to their customer service representatives.

The minimum investment is $50,000. It is higher than other competitors but their services are better and other fees are lower.

Their initial start-up fee is $50.While their recurring fees include an annual administration fee and storage and insurance fee. Their annual administration fee is $80, and their annual storage and insurance fees start at $260 for year 1, then $180 for the following years.

Click here for Free Gold IRA Kit

#2 – Augusta Precious Metals: Great gold ira company overall

Augusta Precious Metals is a full-service business and reputable gold IRA company. It has been a family-run business for over 50 years. The company works closely with investors to help them save and invest better, intending to help them retire comfortably. Augusta Precious Metals has a lot of experience in the precious metals business, which is shown by the fact that it is a member of many financial industry groups. The Business Consumer Alliance and the Better Business Bureau both have high marks for the company.

Augusta Precious Metals has a team of knowledgeable and experienced professionals who make setting up gold IRA rollover as easy as possible. Each client has a dedicated agent they can count on for help. The company is also good with money because its order desk and IRA processing team work well and suit Augusta Precious Metals and those who buy from it.

Pros:

Everyone gives it the best ratings and reviews (almost all the highest possible)
They have Joe Montana and his financial team who vouch for their product
A Harvard-trained economist who works for the company created a unique one-on-one web conference.
Strong, official compliance department in-house that thinks of itself as the “protector” of the industry.
Many reviews have confirmed that the service is good for life.
No hard-sell tactics like some companies do.
“Most-Trustworthy Gold IRA Company”
A big part of its business is being honest and following the rules.

Cons:

High minimum amount to invest ($50,000)
Bullion costs less than rare coins.

Fees

The minimum investment is $50,000

Augusta Precious Metals requires a minimum initial order of $50,000 for purchases that are not for an IRA and a minimum order of $50,000 for IRA purchases. You can buy any combination of the items you want to meet the minimums. And Augusta doesn’t limit how big of an order you can make.

Once you confirm your order, the bullion and the premium prices are set. If you open a self directed IRA, there are no commission and management fees because you manage your funds.

To set up a Gold IRA account, it will cost $25 for online application or $60 for a paper or PDF application. They also have an attorney fee to set up your LLC account which is $250. Their transaction fee is $35 and they have a state fee. Their state fee depends on which state you are purchasing gold in.

Afterwards, you can expect to pay two annual fees. Their annual maintenance fees cost $100, annual storage fee is $100, an annual custodian fee is $125.

Click here for Free Gold IRA Kit

#3 American Hartford Gold: Great Price

American Hartford Gold is a family-run business in Los Angeles, California, that helps people invest in precious metals such as gold bars and precious metal coins. They can deliver to a person’s door or put the money in a retirement account like an IRA, 401K, or TSP. By adding precious metals assets to their portfolio, American Hartford Gold helps clients feel more secure about their future.

Investors get only the best gold and silver coins, which are sold at fair prices and come with a 100% satisfaction guarantee. American Hartford Gold has an A+ rating with the Better Business Bureau and a 5-star rating for customer satisfaction on sites like Trustpilot and Google.

Also, the prestigious Inc. 5000’s 2021 list of America’s fastest-growing private companies named American Hartford Gold the #1 Gold Company. Bill O’Reilly, Rick Harrison, and Lou Dobbs all say American Hartford Gold is the best precious metals company.

Also, they provide a 100% satisfaction guarantee and have an A+ rating with the Better Business Bureau. Most importantly, their IRS approved coins are offered at reasonable costs and have a 5-star rating for client satisfaction.

Pros:

Customers give them high ratings, and they promise to match any price.
Advertises special deals like getting $1,500 worth of silver for free and not having to pay any account fees for up to three years.
They have experts on precious metals who can help you and educational materials you can use.
Compliance and customer service are essential things to American Hartford Gold.

Cons

There is no price list on the website.
There is no way to ship outside of the U.S.

Fees

Minimum purchase is $10,000 to qualify for a gold IRA account.

American Hartford Gold requires an annual maintenance fee of $180. Key note that the payment goes directly to your IRA custodian and not American Hartford Gold.

Their shipping and storage fees are not fixed. It will have to be calculated depending on the size of your order. This means the cost of shipping and storage is proportional to the size of your account.

Click here for Free Gold IRA Kit

#4 Birch Gold Group: Great Staff overall

Birch Gold is one of the best gold IRA companies in the U.S. for investing in gold and other precious metals through an Individual Retirement Account. Birch Gold started in 2003 and has more than 13,000 customers. On BirchGold.com, the company offers various backed precious metals, such as buying and selling gold, silver, platinum, and palladium.

Birch Gold also delivers real precious metals to customers’ homes. However, self-stored metals are not IRA-eligible. However, some people prefer to hold the metals themselves because they enjoy them, even though they miss the tax benefits.

Pros:

Birch Gold offers a wide range of services that make it easy to start investing in precious metals.
Birch Gold has a long track record of success, with over 13,000 satisfied customers.
Customers say that the company’s customer service is the best.
Not only does the company have an excellent reputation with clients, but also with investment firms and professionals.
Customers don’t have to pay fees for the first year if they send more than $50,000.
The company has a lot of educational materials for its clients, and one of its top priorities is good communication.
The company offers delivery of real precious metals to your home, making it easy to start gold investing.
One of the lowest minimum investment to open account out of most gold IRA companies

Cons:

There may be some fees you don’t know about; the company’s website discusses annual and setup fees but doesn’t give exact amounts because they can change.
For orders and IRAs, there are high minimum investment amounts.

Fees

This gold IRA company requires a minimum investment of $10,000.

Their initial start-up cost includes one-time fees of an account setup of $50 and a wire transfer fee of $30.

Recurring or maintenance fees include storage and insurance fees of $100 and management fees of $80. There is an annual maintenance fee of $180, but the good news is that this is a fixed fee. The annual maintenance fee will not change based on the value of your asset, especially as it grows.

Click here for Free Gold IRA Kit

When planning your retirement, it is important to consider the various fees that every company offers. This is especially important when you’re trying to select the best gold ira amongst the many gold ira companies offer. We have summed up our top choices below and expanded further on what the different fees are:

First, Goldco features a robust privacy policy, ADA compliance details, and transparent terms and conditions. It makes it simple for potential investors to invest and know about the ins and outs of the service before making an investment decision. Investors can contact the customer support team via email or live chat for service-related queries.

Second, Augusta Precious Metals focuses on educating its customers throughout the entire gold IRA investment process. Unlike other gold IRA companies that talk business straightaway, Augusta ensures that its customers are well-educated about IRA before they invest. These topics range from Gold IRA companies, precious metals, pricing, business consumer alliance, and everything in between.

Third, American Hartford Gold offers a low entry for those that do not have a lot of retirement funding to start with. They make purchasing gold easy, and the barrier to opening a new self directed gold IRA is easier with them.

Last, Birch Gold Group offers an extensive list for acquiring precious metals. Their list does not stop with gold but extends to IRS approved precious metals such as palladium. They also offer a competitive fee for those looking to get into precious metals without much capital.

How Much Does it Cost to Begin a Gold IRA?

You can start a gold IRA account for an average of $100 to $300, but this only pays for setting up the account and doesn’t go toward buying, storing, or insuring actual gold. This amount comprises a one-time account creation fee and an annual administrative fee, each costing between $50 and $150 on average. Investors who want to add a gold IRA to their portfolio should know a few extra costs with this type of account.

Additional Gold IRA Fees

Gold IRA accounts are more expensive than traditional IRAs, and account holders considering this type of account should plan for several fees they may have to pay in addition to any setup costs and the price of eligible precious metals.

Purchasing Fees

These are fees added to the price of gold or silver. They are also called spread or seller fees. These fees can be flat or up to 33% of the item’s cost.

Annual Account Maintenance Fee

Gold IRAs often have a flat annual maintenance fee of up to $300, and the first year’s costs are usually rolled into the account setup fee at a discount. It will include everything related to managing the account, like sending out statements and keeping track of account records.

Storage Fees

The IRS says that they must approve the place where the precious metals are kept. These places are called vaults, and they charge fees of between $175 and $225 a year, on average.

Commission Fees

These fees differ from the spread and are charged by the person who helps you buy or sell precious metals through your gold IRA. This fee is about $50 per transaction, on average.

Liability Insurance

Since precious metals back this account, it needs liability insurance to protect the investment if something happens to the metals. It is often added to the storage fees, bringing the average up to $300 per year.

Termination Fee

If a gold IRA is closed without rolling the investment into another account, an average fee of $150 is charged.

Other considerations

A Gold IRA is a retirement account used to buy many forms of gold, such as physical gold or stock. It offers many tax benefits just like a traditional IRS but is handled differently because of its content. The IRS regulations provide rules on purchasing and storing gold.

Market makers help drive the price of gold. Market makers are entities such as people or firms that buy and sell precious metals such as gold for profit. They are sometimes referred to as dealers. Therefore the price of bullion and coins are different because the price changes constantly based on supply and demand.

Gold IRA Setup and Administration Fees

The good news is that none are rollover or transfer fees from the government to switch from a traditional IRA to a precious metals IRA. That’s not to imply there aren’t any fees for opening an account. Custodians and administrators of self-directed IRAs for precious metals often charge a processing fee to start the account opening process. Each administrator who assigns a payment will have a different amount, but the average for this fee is about $50.

Start-up and account setup

You will be paying to set up a Limited Liability Company under a name that you want. You will be working closely with the lawyer to ensure you spell out all the legal information to set up this entity to ensure you protect your precious metal assets. These start-up fees can start at $250 and go up from there.

Commissions and Markups on Precious Metal Coins

You must pay a few commissions when buying precious metals with a self-directed IRA. You can expect to pay transaction fees when you buy or sell precious metal coins or bars from your account, and costs like these are usually charged per transaction. The more you buy and sell, the more you will have to pay these fees.

You will still have to pay transaction fees no matter which gold IRA company you choose, and they are just passing on the prices they pay to the bullion or coin dealer with whom they do business on your behalf. Each gold IRA company will have different fees, but $40 per transaction is a reasonable estimate.

Don’t confuse these fees with the markup over a spot that coin dealers also charge.

This premium is in addition to the coins’ gold, silver, platinum, or palladium value. It depends on the type of product, the demand for that product, and the premium the dealer charges your account administrator.

Annual Maintenance Fees

Your account administrator can’t afford to work forever; your precious metals IRAs require only a single application and setup fee maintenance fee. This gold ira fee includes managing your account, sending you your periodic statements, and keeping track of all your holdings. These average account management fees range from about $75 per year to several hundred dollars per year.

Make sure to look for information about annual fees when you get your free information kit or paperwork for setting up an account. They should be written down in clear language in the proper paperwork.

Some gold IRA companies will discount your annual fee for the first year, or they may even give you a deal every year based on your account size. Be wary of those who charge fees that vary based on the value of the metals in your account. Those who do this get what seems like a small percentage. These fees get more expensive as your account size and gold value go up, and it’s easy to get out of hand even without you noticing.

Annual Storage Fees

The vaulting depository will also charge you for storage and maintenance so that they can keep track of your precious metals and keep them safe. Any gold, silver, platinum, or palladium in these retirement accounts must be kept in these IRS approved depositories, to which your account administrator doesn’t have access.

These costs are paid for by the fees that depositories like Brinks and Delaware Depository charge yearly. Your administrator gives them to you directly, and the prices will be different depending on which bank you choose in the end.

Most of the time, these companies charge between half a percent and one percent per year, which is entirely based on how much precious metals are worth in dollars. They may also have different fee schedules depending on whether you want to store your metals together in a general vault or if you want to keep them separate and in their room.

Miscellaneous Annual Fees

There are also other fees, like wire transfer fees, that you usually can’t avoid. Most IRA custodians will charge these fees for any money you ask them to wire to you or for any money they have to wire to a coin, bullion dealer, or depository on your behalf. They usually charge you about $25 for each wire transfer they send you. These fees should also be transparent and written in the paperwork to open an account.

Summing Up the Fees

The unfortunate news is that opening up a Gold IRA will cost fees. Some gold IRA companies mark up the price of these fees to make a profit. These fees can be substantial and eventually break your retirement savings. The fees are everywhere, but the best way is to categorize these costs into initial start-up costs, maintenance, and storage.

The good news is you do not have to pay high fees for your gold IRA account if your choose the right IRA provider. Good IRA providers develop a good relationship with their partners to pass the cost savings to their clients. They do this by ensuring they have a high volume of gold IRA rollovers and transfers.

Final Thoughts – Gold IRA Fees

There are multiple ways to gold investing. Augusta Precious Metals and Goldco are two of the most well-known companies that help people invest in gold. Both companies are trustworthy and have a lot to offer investors. But we think Augusta Precious Metals is the best gold IRA company.

Augusta Precious Metals provides a better service. Augusta Precious Metals is also more open about its prices and offer educational programs to help its customers learn how to invest in gold, making them a better option for people who want to buy gold as an investment.

Members of the editorial and news staff of the Daily Caller were not involved in the creation of this content.