There is no denying that the world has become more unpredictable recently. This development is most apparent in the economy, where shifts in the nominal purchasing power of paper money may occur at any time.
Of course, that is a severe issue for your savings as their total value might considerably diminish the moment you are qualified to start using them. So, your next option is to convert them into something that maintains a high value. And this is where precious metals Individual Retirement Accounts (IRAs) can come into play.
A legitimate IRA company can only set up an IRA, many of which are now. So, which of the best gold IRA companies should you choose? To answer that question it is best to take a look at several considerations.
Top 4 Best Gold IRA Companies at a Glance
- Goldco – Best pricing on gold and silver ira
- Augusta Precious Metals – Great Gold IRA Company overall and most trusted
- American Hartford Gold – Runner up
- Birch Gold – Best Gold IRA Staff Overall
It would be advisable first to consider the most excellent available options. The four gold IRA providers listed below are currently the finest.
#1 Goldco – Best pricing on gold and silver
Goldco has made a name for itself by offering one of the industry’s most streamlined concepts for gold IRA services. The premise that Goldco works in is relatively simple: The least any gold IRA company can do is to make things easier to understand for would-be IRA holders.
Goldco promises can complete all the transactions within three steps and no more than a week. It is further supported by a staff trained to guide every client in every step of whatever process they go through. From setup to purchasing precious metals, this reputable gold IRA company has been known to ensure that every client gets the help they need to clear whatever transaction they have with the company.
This gold IRA company also offers other services that should help you make the most of having an IRA. They provide extensive investor education for clients along with 401k Rollovers, buyback options, and non-IRA gold purchases.
As for gold IRA custodian fees, Goldco maintains theirs at $170.00 and requires a $50K investment minimum. As for ratings, this gold IRA company has managed to keep an A+ score from the Better Business Bureau and similar ratings from other gold IRA companies with minimal complaints.
Pros:
- Low annual IRA fee
- A+ BBB rating
- Non-IRA selling option with storage completely free
- Solid selection of gold and silver coins and bullion
Cons:
- Gold and silver bullion options are somewhat limited compared to gold.
- $50k minimum investment for IRA transactions
Click here for Free Gold IRA Kit
#2 Augusta Precious Metals – Great Gold IRA Company overall and most trusted
This premier gold IRA company has been operating for ten years and, surprisingly enough, has yet to receive a significant complaint about its products and services. Many reviews point out that Augusta Precious Metals offer one of the industry’s best customer service as the reason for this.
In essence, Augusta Precious Metals guides its clients through the entire procedure. Augusta Precious Metals representatives help clients meet the standards while explaining what to expect at each process stage.
And once the gold IRA is put up, Augusta Precious Metals will continue to guide clients when making transactions. Augusta Precious Metals can provide an up-to-date list of prices for clients and inform them of the current price trends for particular products.
Aside from the Augusta Precious Metals customer service, the products in Augusta Precious Metals are also noteworthy. This gold IRA company sources its coins and bars from different mints worldwide and ensures a 99.9% purity for all products. The only gripe many have with Auguta Precious Metals has an absurdly high investment minimum of $50K.
Pros:
- A+ BBB Rating
- No significant complaints for over ten years
- Full disclosure of information, especially on fees
- Excellent customer support and service
Cons:
- The highest minimum investment recorded in the industry at $50,000.00 for precious metals IRAs purchases.
Click here for Free Gold IRA Kit
#3 American Hartford Gold – Runner up
American Hartford Gold is another reputable gold IRA company that has been regarded as one of the best gold IRA companies due to providing excellent customer service. Reviews point out that the staff here are expertly trained and treat every customer encounter professionally. American Hartford Gold are frequently praised for their careful attention to detail and systematic approach to answering consumer inquiries.
Aside from being reliable, customer support at American Hartford Gold is noted to be nearly always available. This gold IRA company employs a 24/7 customer service hotline to take calls from clients nationwide. At the very least, this ensures that you have someone to work out the details of a transaction or complaint, regardless of your time zone.
American Hartford Gold fees for storage and shipping are also variable. It means that whatever you have to pay for shipping and warehouse will be directly proportional to what you buy and how often you buy from the company.
American Hartford Gold also employs a promotion program for first-time investors. If you perform a qualified transaction, such as ordering more than $10K worth of precious metals, your fees for the rest of your first year will be waived.
Pros:
- Low minimum investment for precious metals IRAs at $10,000
- 24/7 customer service and support
- Quick response time to customer complaints
- Buyback option offered with no liquidation fee
Cons:
- Transactions take longer to be completed, at 3 to 5 days.
- No price listing in their online catalog
- No shipping option outside of the US
Click here for Free Gold IRA Kit
#4 Birch Gold Group – Best Gold IRA Staff Overall
Established in 2013, Birch Gold Group is one of the first gold IRA companies in the U.S. to feature streamlined shipping of precious metals for both IRA and non-IRA transactions. Reviews point out that it takes no more than a week for the company to get physical gold shipped out to the depositary facilities or the client’s doorstep, depending on their choice.
Shipping fees at Birch Gold Group are variable, but Birch Gold Group does waive it all if you purchase gold and precious metals whose total values go beyond the minimum investment of $10,000. As for Birch Gold Group product library, Birch Gold Group offers a sizeable selection of gold and silver; however, they are also noted to focus on Palladium products intensely.
The investment minimum at Birch Gold Group is a low amount of $10K compared to other gold IRA providers. However Birch Gold Group does require a one-time setup fee of $50.00. As for the storage and gold IRA custodian fees, Birch Gold Group only requires $100.00 to be paid annually.
Pros:
- Robust selection of Palladium options
- Shipping is free if an order goes beyond $10,000.00
- The fastest delivery rate across the country
Cons:
- Birch Gold Group agents are more forthcoming than one would want them to be, especially with the fees.
- Buyback might be offered but is only guaranteed for some situations.
Click here for Free Gold IRA Kit
Why Should You Invest in Gold IRA?
There are several reasons why you should consider investing in a gold IRA.
The first is that it allows you to own one of the highest-performing commodities in various markets and quantity not usually allowed in everyday commerce. Remember that gold has been a strong performer in multiple stock markets and has been publicly traded for millennia without suffering a massive price drop.
The limited supply of gold is the second justification. Only a tiny portion of the world’s gold reserves are exploited for industrial, commercial, and other purposes. There are still a lot of new deposits, but there is a limited amount of precious metals on the planet. And anytime the supply of an item declines, its price rises.
Another reason is that gold tends to get its investors treated favorably by the IRS. Since buying gold brings more of the commodity to the economy, the tax bureau will allow certain concessions for those who invest in them. However, those perks also come with their equivalent obligations to prevent abuse.
Lastly, gold makes for a treasured heirloom. It does not matter if you buy coins or bars; Gold will continue to appreciate as time passes and can be passed on to your heirs for a relatively small fee.
The Benefits of a Gold IRA
Why go through all the effort of setting up an IRA? Just remember that it is optional to purchase gold by itself as some gold IRA companies offer Non-IRA options. However, some distinct advantages make having an IRA all worth it. Here are some of them:
The Rising Price of Gold
The most distinct quality of gold as a commodity is its high potential for constant appreciation. Where other investments depreciate over the years, things like gold only increase in value over time.
It is because demand increases as the supply for a particular commodity decreases. Gold maintains a strong demand as a base material or component in the cosmetic, industrial, and commercial sectors.
Add to that the fact that there is only a limited supply of gold worldwide, and you have a commodity whose value will continue to follow an upward trend for the rest of the foreseeable future. But how do you protect those gains?
Tax Benefits
Those who invest in precious metals will be treated a bit differently by the IRS; especially when it comes to gold IRA investments. That does not mean that these people never have to pay taxes. However, by engaging in the direct buying of gold, the IRS will allow two options. The first option is Tax Deferment. Here, you are still obligated to pay your tax dues for the gold, but at a later date.
The second option is Tax Deduction. You will not be taxed for owning gold up to a certain degree. Will apply solutions to your situation depends significantly on your circumstances as a taxpayer.
Remember that your capacity to pay your taxes on time will be necessary for this situation because the IRS is not eager to grant deductions or deferments to anyone with sizable unpaid tax obligations.
Also, being given these privileges means you must abide by a stricter set of guidelines. The IRS would like to avoid people using their IRAs to skip their dues, i.e., Tax Evasion. As such, they have imposed certain limits on the usage of an IRA, including a $6K annual contribution limit. That means you can roll over up to $6K of your yearly savings to fund your IRA purchases.
Either way, you must consult a lawyer or financial planner regarding this matter. The more you comply with the IRS, the more likely they will allow you to enjoy any tax benefits for your qualification.
Long-Term Safeguard and Protection
Good investment options, such as paper money, and assets, have one fatal flaw: dependence on a volatile market. Fiat currencies, for example, have a spending power that could change with one economic downturn and government confidence and performance. The same goes for stocks and bonds, whose values depend on company performance.
Precious metals are entirely immune from market volatility due to their high demand. It means that their value won’t change, but any change that might happen to the price will not be so severe as to induce a loss for investors.
You have the choice to turn a portion of your assets into precious metals with an IRA. How much of your total investment portfolio should be made of precious metals and gold investment? Although there is no set level, a 10% share should be sufficient to protect your retirement savings from inflation.
Diversification
One misconception about precious metals is that there is only one way to invest in them, through an IRA-related purchase. The truth is that there are ways to do so while diversifying your precious metals and gold investment portfolio.
For instance, you can offer a portion of the gold you owe to the Federal Reserve in exchange for a government bond. Although a government bond is paper money, it acts as a contract where the state will have to pay you back plus interest after a certain period has elapsed. It won’t matter if the condition is at a loss or gaining, and they are obligated by the contract to pay you back at a specific date.
Another strategy is buying stocks in companies that mine for precious metals. Supplies might depend on company performance, but mining companies tend to have one of the most predictable trends in any market.
You can also buy physical precious metals such as physical gold coins.
So, with just one type of commodity, gold IRA investors can come up with three ways to diversify their gold investments. Of course, you can discuss this matter with a financial planner or the company agent.
Things to Consider Before starting a Gold IRA
While deciding on setting up an IRA, consider what an IRA will bring to your life. Before opening an individual retirement account, you must know the following.
Fees and Expenses
You can expect to spend at least $240.00 annually on your IRA, which will not include your transaction and shipping fees. Either way, an IRA can be a considerable financial obligation on your part.
What you need to do, then, before you decide to set up an IRA, is to check how transparent the gold IRA Company is when disclosing the fees to you. The rule here is that everything must be laid on the table.
The agent must tell you exactly what they are charging you for setting an IRA up and maintaining it for years. And if they were to introduce changes to the fees or the rating system, they would inform you of such months beforehand.
One other matter to discuss here is the investment minimums. Most gold IRA companies will do business with you assuming you have the money to meet that minimum. Depending on your chosen company, that investment minimum for IRA transactions could go between $10,000.00 and $50,000.00.
No Yield, No Interest, No Dividends
When it comes to owning Gold, Income should be the last thing on your mind. The reason is that gold, although valuable, is never a good source of any income, passive or otherwise.
What it does, however, is convert your paper asset into one that is entirely unaffected by market volatility. Thus, your goal when setting up an IRA should not be about generating income but providing some form of protection for your savings against inflation.
However, your gold is only partially functional when you need money. Depending on the gold IRA companies you choose to do business with, you might be given the option to sell the gold back to them at the most reasonable price.
Simply put, you could only profit from the gold you bought if you directly sold it back to the company or another person.
Fraud and Theft
Counterfeiting gold and silver coins goes back several centuries, along with other more blatant crimes aimed at illegally securing precious metals, like theft, piracy, and robbery.
Sadly, these crimes are going everywhere and will remain an issue as long as gold, silver, palladium, and platinum are precious publicly traded commodities. However, this doesn’t mean you don’t have safeguards against these acts.
To prevent counterfeiting, you should only deal with an IRA company with the proper permits and certifications from industry monitors and the government to avoid getting duped by counterfeits. Also, make sure they sell precious metals that meet the minimum purity rating, no less than 99.5% for gold and no less than 99.9% for silver, platinum, and palladium.
As for the more brazen crimes, your only solution here is to deal with a company that offers the most up-to-date security for storing and transporting precious metals.
Also, inquire if the company has an insurance policy to cover damages arising from theft. A good company should be insured for no less than $1 billion to repay clients in case of a severe security breach.
Buyers Guide to Gold Ira Investing
What is the process of setting up an IRA? How exactly do you use your IRA to invest in gold? The process is relatively easy to understand. However, to make things easier on your part, Here are some suggestions to consider.
Speak with a Lawyer or Financial Advisor
If you are relatively new to the concept of IRAs, you should consult first with professionals before you decide on setting up one. First, you have to understand that IRAs are as much of an obligation as they are a privilege.
The IRS will closely monitor the activity of IRAs and has set up some guidelines for users to prevent abuses.
So, you need to consult a lawyer regarding the laws revolving around using your IRAs and how you can comply with them.
Second, the expenses related to the use and maintenance of an IRA will require you to make the necessary adjustments to your lifestyle. If you make the adjustments, your budget might be maintained by the yearly fees.
You should consult a financial advisor before getting an IRA; the goal here is not to make the IRA fit you but for you to make the demands of the IRA. Their advisor could provide guidelines on how to deal with the needs and offer some funding alternatives to lessen the load on your budget.
Review Current Affairs for Fraud Alerts
Which best gold IRA companies should you choose, and which ones should you avoid? The beauty of the Internet is that exposing fraud with a review is more straightforward and faster.
You can look at Yelp and the Better Business Bureau sites to see what customers say about specific gold IRA companies. These sites have their scoring system, but all tend to indicate a level of trustworthiness within these companies.
You have to look for trends in the reviews, i.e., information commonly raised by the reviews. For instance, if 100 reviews say that the company is not forthcoming regarding fees, they may do the same to you.
Can we have a spotless streak in reviews and site scores? The answer is yes, but doing so takes quite a lot of effort. The top gold IRA companies do manage to maintain near-perfect scores with minimal complaints from users for years on end.
Find a Gold IRA Custodian and Establish the IRA
Remember that the gold IRA Company you choose determines how well you will enjoy having a retirement account. The four above have their features, perks, services, requirements, and fees, and they only tell you that the best company for you is the one that can address whatever needs you to have as a would-be gold investor.
Once you have chosen a gold IRA company, you can initiate the setup process. Regardless of the specifics, every IRA setup process will always start with you making a call to the company. You will be informed of the company’s products and services and assessed regarding your financial situation. Some gold IRA companies even recommend you finish a handful of webinars before deciding.
Once you are deemed financially fit for a precious metals IRA, the next part of the process will involve the paperwork. They include completing an application form and securing all the pertinent documents. A good company will keep its setup process simple enough to understand while assisting in each step.
Establish and Fund the IRA
Your IRA should be ready for use if all goes well within a week. However, it still needs funding. To fund your IRA, you will be given two options. The first is through manually depositing to your IRA via a lump sum or yearly payments. The only drawback is that regular contributions must be made, which can strain your finances.
The other method is through alternative funding via a rollover. The premise here is simple: if you have an existing retirement portfolio, use the money to fund your precious metal IRA. This way, you can support your IRA without making additional financial efforts.
Has this matter been discussed with you by the financial advisor? Depending on your situation, either funding option might work best for you. The goal here is to make your IRA ready for use without having to put too much of a strain on your available finances.
Invest in Precious Metals via the IRA
The act of investing in precious metals is relatively straightforward. You have to look at the company’s online catalog and take a call to make your order. The agent at the other end will inform you if such products are available in what quantity and their current prices. If you are amenable to the terms, you can make the order.
Ideally, it would take a maximum of a day to get your order cleared, but there might be some delays which can cause the waiting time to increase to half a week. The wait is because the IRA Company has to communicate with your custodian and depositary for the movement of the precious metals you ordered and update your IRA.
Once your order is completed, the last thing to do is monitor the changes in the value of your order. It might come in handy when you have to do a buyback later.
Gold IRA Rollover
As was stated, a rollover is an alternative funding option for your IRA. What will happen here is that your IRA will receive whatever amount you already have stored in an existing retirement account or retirement portfolio.
It will start with you filling out a request form at the IRA Company along with some pertinent documents. If your application is cleared, the IRA Company will coordinate the money transfer with the company managing your retirement savings. If the transfer of funds is successful, a notice will be put up indicating that your IRA now has the funds needed to start buying gold.
401K Gold Rollovers
There are two ways you can do a 401k rollover.
The first is the most direct option, where the IRA company will communicate with the company handling your retirement account to initiate a fund transfer. There will be some paperwork and waiting involved here, along with some fees, but your money should be wired to your account within a week or less if everything checks out.
The second option is more indirect. It will involve withdrawing from retirement account you have and depositing the same into your IRA. They will help you reduce your fees, but you must deposit the amount within 60 days after withdrawal.
Five Qualities to Look for in a Gold IRA Provider
Your decision on a gold IRA provider should be based on your financial situation and gold investment preferences. So how can you choose the most significant gold IRA company out of all of them? Consider some of the following factors.
Ratings
The scores and reviews that a company receives indicate the overall user experience it can give you. At best, they can tell you that the company is trustworthy enough to handle your money. At worst, they can tell you that you should avoid doing business with that company.
As far as ratings are concerned, they are credible based on the simple fact that actual customers made them. These reviews can give you a perspective of how the company treats its clients before you even become one. That perspective is hard to replicate by a paid advertiser or easily spun to fit a company’s narrative, mainly if they narrate things as they happened.
Aside from the reviews, aggregator sites and monitors like the Better Business Bureau (BBB), or Business Consumer Alliance (BCA) gather this feedback and give companies a grade from F to A+.
Whatever grade a company gets from them will tell you the overall quality of their products and services. What would be even more impressive is if the company manager maintained a high score for years with minimal complaints against them.
IRA Fee Structure
Since IRAs will be expensive no matter what, you are better off looking for a company that employs a fee structure that reflects your preferences and buying activity. A fixed fee system is ideal if you buy large amounts frequently, ensuring you get the most out of what you are paying.
However, if you are a more infrequent IRA buyer, look for a company that adopts a progressive or variable fee structure. How much you pay for storage, shipping, delivery, and account maintenance depends on your order and quantity.
Efficiency and Delivery Rates
How quickly can the company process your order? As your orders will involve the movement of precious materials, you cannot expect things to be completed within a day. A more realistic expectation would be a week, give or take, some delays from origin to destination.
Whatever the case, you should look for a company that can deliver your precious metals by the quickest, safest, and most secure means possible. Finding a business that can fulfill your requests swiftly and effectively with a minor delay is the key here.
Although not a requirement, you should also ask if a company offers international shipping. It might be more expensive since the company has to move gold overseas, but having this option is always a welcome bonus.
Pushy Salesmen or Unfriendly Customer Support
Company representatives treating their clients can make or break the customer experience. One red flag to be aware of is if the company insists that you perform specific tasks, such as setting up an IRA or buying items ASAP.
A respectable IRA company will never use such tactics because they know an IRA’s responsibility. Instead, they will give you the data you require to make the most excellent choice.
Another red flag would be customer support that is hostile to customers. If the company agent talking to you is dismissive of your concerns or downright rude, you might be better off doing your business elsewhere.
Other Gold Investment Options Available
Even if a company focuses on a particular form of precious metal, its options should always be diverse. Look for a company that can offer you other options while making an order. A company may have an alternative that is better than what you want.
Additionally, it would be beneficial to seek a business that can accommodate various customer preferences.
You might need to be more explicit about minting dates and purity, but some buyers consider these. Also, there are those looking for short pieces of coins or bars to add to their collection.
Whatever the case, the gold IRA company you choose to do business with should have a product library sizable enough to cater to different preferences and buying frequencies.
Final Thought – Best Gold IRA Companies
A gold IRA is one of the most critical investment decisions ever. With the ability to convert your retirement savings into actual precious metal assets, Gold IRA accounts can provide a suitable safety net for your investments against any unforeseen economic downturn.
That being said, which of the best gold IRA companies should you choose? The best gold IRA company in this instance is Goldco. Think of it this way: when you seriously consider all the other precious metals IRA providers have to offer, you’ll see that Goldco provides more of the same perks and advantages. The fees and product listings might be different, but the overall user experience for each company is the same.
Goldco shines out more because of its capacity for maintaining simplicity. Goldco provides every service, from the continual support of agents to a smooth transactional process, and guarantees that you are well aware of what you are entering.
By doing so, you may boost your level of confidence as an investor with each profitable deal you complete. Because of this, Goldco continues to be a very feasible choice for gold IRA investors, especially those just learning about precious metal IRAs and gold investments.
Members of the editorial and news staff of the Daily Caller were not involved in the creation of this content.