Find the Best Gold IRA Companies

When choosing a gold IRA company to work with, you should consider multiple factors. Some companies appear legitimate but are actually scammers, so it’s vital to consider how many years a company has been in business and what reviewers say about it. Make sure the company stores its gold in a legitimate depository, such as Delaware Depository or Brink’s. Precious metals for gold IRAs cannot be stored at home. If you’re new to gold IRAs, working with a smaller company can help you find your footing before exploring the world of precious metals investments.

When choosing our top picks, we looked at overall rating and number of reviews on ConsumerAffairs, minimum required investments and annual fees. All our picks are accredited by ConsumerAffairs. We recap our top picks below.

Patriot Gold Annual fees: $180 Minimum investment: $9,500 Standout feature: Customers work directly with owners

Services and fees: Patriot Gold IRA accounts can hold gold, silver, platinum and palladium. First-year fees are typically waived, but customers pay $180 a year after that. Investors with accounts of more than $100,000 don’t pay any fees.

What we like: We like that Patriot Gold customers have a chance to work directly with the three founders. Those favoring a small-business feel appreciate the close attention they receive from Patriot Gold. The minimum investment of $9,500 is also slightly below average.

What to consider: Patriot Gold offers certain benefits, such as no fees on some gold IRAs, but this is only for accounts that meet specific requirements, including ones with an investment of at least $100,000. It’s worth paying an additional yearly fee if investing $100,000 or more isn’t feasible for you, so don’t feel pressured to overinvest.

Advantage Gold Annual fees: $175 Minimum investment: $10,000 Standout feature: First Time Gold Investor Program

Services and fees: Advantage Gold IRAs accept gold, silver, platinum and palladium. The company’s one-time startup fee is $50. After that, annual storage fees are $100 and administrative fees are $75, reaching a total cost of $175 a year.

What we like: The company waives first-year fees for customers who invest $50,000 or more. Advantage Gold’s First Time Gold Investor Program guides consumers new to gold investment through the process and teaches them how to make smart investment decisions and avoid scams.

What to consider: We’ve seen gold IRA companies with lower minimum investments than Advantage Gold. American Hartford Gold Group doesn’t have a minimum investment, and Red Rock Secured’s minimum investment is just $1,500.

Red Rock Secured Annual fees: $125+ Minimum investment: $1,500 Standout feature: Never Zero Policy

Services and fees: Red Rock Secured IRA accounts hold gold, silver, platinum and palladium. Storage fees for small accounts are $125.

What we like: Red Rock’s Never Zero Policy guarantees that no client’s portfolio ever reaches $0. Gold is already a stable investment, but this guarantee provides additional assurance. We also like the low minimum investment and minimal fees for smaller accounts.

What to consider: Fees for small accounts can be as low as $125, but larger accounts might pay as much as $300 a year. Make sure you understand all fees before making a decision.

A gold IRA is different from a traditional individual retirement plan because the money put into the account is backed by actual, physical gold. Other than this crucial difference, a gold-backed IRA is not much different from a traditional IRA and can serve as a stable retirement investment. Proponents of gold IRA investments tout the reliable value of gold as opposed to the inconsistent value of paper currency.

With a gold IRA, you don’t hold the gold yourself — it’s stored in a secure depository. If you want to buy gold directly and store it yourself, you can buy gold from a gold dealer. It’s possible to store other precious metals in an IRA, including silver, platinum and palladium. You can find more information about what’s accepted by reading the official gold IRA guidelines from the IRS.

A gold or precious metals IRA is a retirement account that includes physical gold or other approved metals. Gold IRAs allow you to diversify your retirement portfolio. They function like traditional IRAs, but gold IRAs let you invest your savings in coins and bars as opposed to paper assets. The steps below spell out the process of setting up and holding a gold IRA account.

1. Find a brokerage and custodian to manage your gold IRA account. A brokerage buys the gold that backs the funds in your account. The custodian, or trustee, sets up and manages the account. Potential custodians include banks, credit unions, loan associations or other organizations with federal or state approval. If you work with a gold IRA company listed on this guide, you don’t need to worry about finding a broker and custodian. The company fills these roles or works with another company that does, which saves you work. If you are less interested in having a gold IRA and more interested in storing gold yourself, you can buy gold directly.
2. Expect to pay a few upfront fees. There’s more involved to setting up a gold IRA account than depositing money into it. There are specific commission fees, and it’s worth your time to shop around and compare pricing. Some typical gold IRA fees include:
   1. Account setup: A custodian typically charges a one-time processing fee for setting up your gold IRA account. These usually range from $50 to $100.
   2. Storage fees: The depositories that hold your gold charge a yearly fee, and your gold IRA administrator typically passes this fee onto you. Most depositories charge an annual storage fee of $100 to $150.
   3. Annual maintenance fee: Because your account’s custodian continues taking care of various tasks to keep the account running, they usually charge a yearly maintenance fee. Expect to pay $75 to $225 annually for a maintenance fee
3. Deposit money into the account. Next, you deposit funds into the gold IRA account. Most gold IRA companies have a required initial minimum investment. This can be as high as $15,000 or as low as $100, but it typically ranges from $2,000 to $5,000. Either way, be sure you’re aware of a company’s account minimum. You can roll over savings into your gold IRA account. There are strict IRS rules to follow with this, but it isn’t difficult to do. There are no gold IRA rollover fees, and the rollover is not subject to taxes. Also, be aware of the contribution limits for gold IRA accounts. For 2020, the annual contribution limit set by the IRS is $6,000. If you are 50 or older, the limit is $7,000. You can stay up to date on IRA contribution limits by reading documentation on contribution limits from the IRS.
4. Withdraw your cash at the appropriate time. If you want to access your money before the age of 59½, you must contact your custodian or trustee and fill out the necessary forms. You are also subject to a 10% penalty for early withdrawal. Whenever you withdraw funds, you must pay taxes on the funds unless you have a gold Roth IRA. Once you reach the age of 70½, you’re subject to required minimum distributions, which means you have to withdraw a certain amount from your IRA accounts each year. It can often be less attractive to withdraw from gold IRAs since it might not be a good time to sell the gold backing it, but you can withdraw money from other IRA accounts you have instead.

Gold must meet specific standards set by the IRS to be eligible for use in a gold IRA account. It must meet minimum purity requirements, not be considered highly collectible and come from a U.S. mint or an approved foreign mint. Other precious metals are eligible for IRA accounts, including silver, platinum and palladium. The following are acceptable precious metals for gold IRA accounts:

• Gold: Gold is the most popular investment when it comes to precious metals. For this reason, some brokers focus only on gold stock. Gold might come in the form of bullion or coins, including the American Gold Eagle bullion coins.
• 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 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. However, 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, which means they sell you the right to buy or sell gold at a specific price at a particular time. Although risky, these options may bring 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.

Other IRA-approved precious metals

• Silver: Silver is the second-most common type of precious metal used in IRA accounts after gold.
• Palladium: Palladium was discovered in 1803 and named after Pallas, an asteroid that drew its moniker from the Greek goddess Athena. Palladium, which resembles platinum in appearance, tripled in value between 2016 and 2019.
• Platinum: Platinum can be stored in coin or bar form and must meet a 99.95% purity level to qualify for IRA storage. It can be stored in conjunction with gold, silver and other precious metals.

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. Disreputable brokers 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 the 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.

Work with an experienced gold IRA investor

When backing your IRA with gold, be sure to choose a qualified advisor. An assigned gold investment advisor is familiar with your existing portfolio or finances and can provide personal advice. Always research the following when searching for gold IRA companies:

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: Spend time reading online reviews from clients to learn more about their experience with the company.
3. Make sure your investors use up-to-date values: The market value of gold, silver, metal and mining companies fluctuates 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.

Look for a gold IRA company with secure storage

Your gold needs to be stored in a secure location. Brinks and Delaware Depository are two trusted depositories used by several companies listed on our guide. Do your research and ensure that the depository where your precious metals are stored meets your standards. You should be confident your gold is secure.