Best Gold IRA Companies

There are a few different types of gold investments you should discuss with your broker. Each type can cater to your specific interest — from investing in gold itself to putting your money into a gold mining operation.

• Gold: Gold is the most popular investment when it comes to precious metals. For this reason, some brokers focus only on gold stock.
• Bullion stock: Bullion brokers may deal in a range of precious metals, but they do so only in bullion form. Bullion metals are crafted into pure bars or coins with a specific weight.
• Collectible coins: Collectible coins are a specific and popular form of bullion because they are beautiful, sometimes rare and may even rise in value over time more than raw bars of gold, silver or other precious metals. Investing in collectible coins can result in higher entry costs and questionable long-term value, so be wary of these risks and do your research before investing.
• Gold futures and options: There are investment companies that focus on “call and put options” — selling you the right to buy or sell gold at a specific price at a particular time. Although risky, these may be able to bring you higher returns.
• Company investment options: You may wish to invest in mining operations instead of bullion or coins, but not every brokerage company features options for gold mine investors.

Generally speaking, gold prices move in the opposite direction from traditional paper investments. In the long-term, having gold in your portfolio could be a way of “hedging your bets” in case inflation strikes your other retirement investments. A perfect example of this was the 2008 financial crisis when the market started favoring gold when other investment returns were dropping.

Another reason is gold’s track record. When looking at gold prices over 10-, 20-, or even 30-year increments and even in the worst economic situations, you will notice the price has steadily gone up. Some investors also see gold as a “standard” investment in a world of overly-complicated money moves. Although most investors agree not to spend too much on a gold IRA, some will tell you supplementing your portfolio with a modest investment in gold is a wise decision.

Is gold a safe investment?

For those interested in purchasing gold, it’s always important to remember the risks as well as the rewards. For instance, gold is a wonderful counter to your other market investments — if the stock market is doing poorly, gold has a habit of out-performing. However, the flip-side of this is gold’s traditional slump when stocks are doing well. If you are interested in backing your IRA with gold, here are a few things to remember:

• Fluctuating gold prices: Like any investment, the price of gold can go through fluctuations associated with other typical markets. Although somewhat more constant, gold prices can still go up and down.
• It is a physical investment asset: As stated above, gold is a physical investment. Because of this, there is always the chance of theft. Even if your gold is placed in an insured depository doesn’t mean it still cannot be taken through burglary or fraud.
• Gold storage costs: Unlike paper investments, gold needs to be stored, so the fees associated with it are something to consider.

What is a gold IRA rollover?

A gold IRA rollover allows investors to move their retirement savings from a 401k or profit-sharing plan into a gold Individual Retirement Account (IRA) that is backed with a physical asset (gold). The process of rolling-over your investment to a gold IRA is very strict and must follow IRS rules; however, benefits of a gold IRA rollover include:

• It’s tax-free: Brokers that facilitate rollovers can do it so that your initial investments remain tax-free.
• There are no fees: Most brokers offer no-fee rollovers, so ask if you aren't sure of their rules.
• It’s simple to do: Investment professionals can make rollovers very simple, quick and easy.

Purchase high-quality gold assets

Unlike paper assets, gold is a tangible commodity. Because of this, the condition and quality of gold factors into its worth as an investment. Non-reputable brokers will buy damaged metals and resell them at the price of pristine stock, so check the gold quality before purchasing.

Gold bullion is valued on its weight, so scratched or damaged bars and coins are less valuable than they would be in as-new condition. Only accept the stock if it weighs what the manufacturer intended.

Follow IRS gold IRA rules

Rare and collectible gold coins offer unique investment opportunities, but their worth and legitimacy must be checked. The IRS has specific requirements for what types of gold bullion are acceptable to be held in a gold IRA and have a preference for rounds over gold bars.

Work with an experienced gold ira investor

Remember, many financial advisors and accountants are against gold and precious metal investing as they do not understand it or appreciate its relative historical value. If these advisors are losing fees due to your IRA rollover or new account creation in a gold IRA account, be especially wary of their advice against doing so if it is the direction you would like to go.

When looking to back your IRA with gold, make sure to choose a qualified advisor. An assigned gold investment advisor will familiarize herself with your existing portfolio or finances to provide personal advice. Here are a few other helpful tips when trying to deciding which gold IRA company to choose.

1. Look for a history of transparent transactions: Gold IRA investors should choose companies that complete transactions honestly and transparently.
2. Read gold ira reviews: Request references from trusted brands and/or spend time reading online reviews from their customers.
3. Make sure your investors use up-to-date values: The market value of gold, silver, metal and mining companies will fluctuate regularly, which means that posted sales prices need to be updated frequently.
4. Always request detailed receipts: Detailed receipts are necessary to prove or disprove the true value of any precious metals that have been sold or purchased, especially at the date and time of purchase given the variable.