Gold IRAs are alternative retirement investment options that allow you to make tax-advantaged investments in gold and other precious metals, like silver, platinum, and palladium.
But unlike regular IRAs, gold IRAs are more complicated and are not provided by regular brokerage firms. They’re offered by gold IRA companies and require a custodian to securely store your bullion and manage your gold IRA account on your behalf.
Thus, you need to find the best gold IRA companies to help you set up an account, complete the required paperwork, and facilitate the transportation and storage process.
This article covers the top gold IRA reviews, gold IRA fees, factors to consider when choosing the best gold IRA companies, gold IRA pros and cons, and more to help you make an informed decision.
The Best 4 Gold IRA Companies Of 2023
- Augusta Precious Metals: Best overall gold IRA company
- Goldco: Best gold IRA for customer service
- Advantage Gold: Best Gold IRA for first-time buyers
- Fidelity Gold IRA: Top gold IRA for minimum investment
Augusta Precious Metals
Launched in 2012, Augusta Precious Metals is our top pick of the best gold IRA company that focuses on gold & silver IRAs. It has been named the best overall gold IRA company in 2023 by Money Magazine, and Best of Trustlink Award Winning company for 6 years.
Below are the top reasons why Augusta is arguably the best gold IRA company in the United States.
Zero Accounts Set Up Fee for Up to 10 Years
While many other gold IRA companies charge a gold IRA setup fee of between $50-$250, Augusta waves this fee for up to ten years, and every customer qualifies.
Wide Selection of Gold & Silver Products
To fit the investment needs of different investors, Augusta offers a wide selection of common and exclusive gold & silver products. You’ll find up to 10 products listed on their website, each with a clear description so that you understand the coins you’re investing in.
Competitive Pricing
Augusta is reputed for its fair pricing, as it doesn’t levy any extra commission on disclosed prices. Augusta customers also get a 7-day price protection guaranteed a 100% money-back guarantee for new customers.
A Transparent Fee Structure
While most gold IRAs do not disclose their fee structure and markups on their websites, Augusta is transparent with its customers, as their pricing and markups exist online.
Markups stand at 66%+ on premium products and up to 10% for common bullion. Account fees include a $250 set-up fee ( waived for up to 10 years) and a $200 annual fee.
Plus, you can reach them out at 800-700-1008 or the Augusta LiveChat for a full fee and pricing disclosure.
A Reputation of Transparency and Integrity
Having received no consumer complaints for 11 years, Augusta Gold IRA is reputed for its transparency and integrity with customers. As a result, it has garnered an A+ rating from the BBB, and a 4.9-star rating from Google and Consumer Affairs.
It also has thousands of very high ratings from other top review sites like Trustlink, National Ethics Association (NEA) Facebook, and Business Consumers Alliance. Augusta also ranks as Investopedia’s most transparent gold IRA 2022.
Excellent Customer Service and Support
Augusta offers customer support via phone and online live chat, and their customer reps and specialists have in-depth knowledge of gold and silver products.
They help you handle 95% of the paperwork and assist you in rolling over your regular IRA or 401(k) to fund your gold IRA.
Thousands of positive customer reviews exist on consumer rating sites like Trustpilot, praising their onboarding and transaction processes.
Focuses on Education
Rather than pushing a hard sale, Augusta focuses on educating you about gold and silver by offering you high-quality information, guides, and market news & trends from top economic analysts, like Devlyn Steele.
And, if you need help, their professional assistants guide you in each step to help you build your gold and silver portfolio.
Safe and Dependable Custodians
Augusta partners with highly secure custodians, including Equity Trust Company and Delaware Depository to ensure that your precious metals are safely stored and secured.
Buy-back Program
Though Augusta doesn’t guarantee to buy back your precious metals, it has an excellent buyback program and has never refused a buyback from its customers.
Recommended by Joe Montana
Joe Montana instructed his team of financial experts to find the best gold IRA company in the US, and they found Augusta Precious Metals. Mark Levin, Herbert Campbell, and Brian Pannebecker are also big believers in the Augusta gold IRA.
Here’s a detailed Augusta Precious Metals Gold IRA Review.
Other Top Gold IRA Companies
While Augusta Precious Metals stands out as the best gold IRA company in our list, there are a few other gold IRAs you can look into. I briefly discuss the top features of each one of them below.
Goldco
Goldco is a top-rated gold IRA company that has been in operation since 2006. It offers gold and silver products and has made a name in the gold IRA space for its top-notch customer service and support.
- Offerings: Gold and silver
- Fees: $100-$150 storage fee and $80 annual maintenance fee
- Custodian: Delaware Depository
- Buyback program: Yes, guaranteed at the highest price
- Ratings: A+ BBB rating and AAA rating by Business Consumer Alliance
- Customer support: Phone and Goldco LiveChat.
- Minimum Investment: $25,000
Advantage Gold
Founded in 2014, Advantage Gold is among the best gold IRA companies for first-time buyers due to its wide selection of precious metals and extensive educational resources.
It also offers asset comparison tools to help you compare gold’s performance to S&P 500, Oil, savings account, Dow Jones, and Nasdaq.
- Offerings: Gold, silver, platinum, palladium
- Fees: $50 set up fee, $95 annual account fees,100-$150 storage fee, $40 transaction fee
- Buyback program: Yes, purchases at the going market rate.
- Custodians: Delaware Depository and Brink’s Global Services.
- Customer support: Phone
- Minimum Investment: No specific requirement
Fidelity Gold IRA
Fidelity Gold IRA makes it to our list of top gold IRA companies because of its transparent fee structure, low minimum investment requirement, and wide selection of precious metals.
That makes it a great choice for smaller investors looking to diversify their retirement accounts with precious metals.
- Offerings: Gold, silver, platinum, palladium
- Fees: 0.75%-2.9% transaction fee ($44 minimum), 0.125% or $3.75 storage fee (whichever is greater)
- Custodian: FideliTrade
- Customer support: Phone
- Minimum Investment: $2,500
Gold IRA Fees
Gold IRA fees tend to be higher than regular IRA fees. That’s because gold IRAs are more complicated and involve a lot of paperwork and documentation to set up and manage. Common gold IRA fees include:
- Gold IRA setup fee: Depending on the gold IRA company you work with, it may cost you between $50-$300 to set up a gold IRA account. Agusta Precious Metals waves the account setup fee for up to 10 years.
- Custodian storage fee: Gold IRA annual storage fees fall in the region of $50-$100 for comingled storage and $150-$250 for segregated storage.
- Broker markup fee: Gold IRA companies or dealers charge a “gold bar spread” that tends to be above the average market price of gold. According to Forbes, top-rated gold IRA companies’ markups may range between $100 to over $250 per ounce.
- Account cash-out fee: A 10% penalty applies if you withdraw funds from your gold IRA before age 59.5. Again, most precious metal dealers tend to buy from you at a below-market price, which may result in potential losses.
Gold IRA Pros And Cons
Understanding gold IRA pros and cons is important before jumping to make a gold IRA investment.
Pros
Tax benefits
Gold IRAs offer the same tax-advantaged growth as regular IRAs. A traditional gold IRA offers tax-deductible contributions, allowing your retirement funds to grow faster.
A Roth gold IRA offers tax-free withdrawals in retirement, allowing you to enjoy your retirement dollars without worrying about taxes.
No capital gain tax
Unlike physical gold, gold IRAs don’t attract capital gain taxes. Thus, you’ll owe no capital gains on your gold-backed IRA investment when you sell your gold bullion for a profit.
Make it easy to buy/sell gold
The best gold IRA companies provide a controlled marketplace to buy gold and have a buyback program. That makes it easy to buy/sell different types of physical gold.
Easy management
Top gold IRA companies coordinate charge-free transportation of your bullion, and partner with reputable custodians to ensure secure storage of your god bars or coins. Then, your custodian handles all the documentation, tax reporting, and disbursements on your behalf.
Cons
High fees
Gold IRAs charge several fees, including IRA setup fees, custodian storage fees, buy-sell gold bar spread, etc. That makes them more expensive to set up and manage than regular IRAs.
IRS rules and restrictions
You can only hold certain types of IRS-approved gold bars and coins in your IRA account and your bullion must be held by an IRS-approved custodian. Thus, you can’t take possession of your physical gold and store it at home, denying you the pleasure of holding your bullion in person.
Contribution/withdrawal restriction
Gold IRAs follow the same contribution and withdrawal restrictions as regular IRAs: $6000 per year for individuals below 50 and $7000 if you’re 50 and above.
A 10% penalty applies if you withdraw funds from your gold IRA account before age 59.5, and you must take the required minimum distribution (RMDs) at age 70-73. That denies you the freedom to sell your gold when you want.
What To Look For In A Gold IRA Company
There’re several factors that you should consider when looking for the best gold IRA company to work with. The top ones include:
- Gold IRA reviews: Checking BBB ratings, customer reviews, and ratings from other top consumer rating sites is a great way to establish the reputation and credibility of a Gold IRA company.
- Fee structure and disclosure: Most gold IRA companies don’t disclose their fee structure online. So, make sure you contact customer support to get a full disclosure of their fees, markups, etc.
- Customer service and support: Their customer representatives should be able to give clear guidance and advice to ensure a smooth investment process.
- Precious metal selection: Make sure that the company offers the precious metals you want to buy. Their offerings should also meet IRS minimum purity or fineness requirements: 99.5% for gold and 99.9% for silver.
Gold IRA Alternatives
If you want to invest in gold but feel like gold IRAs are too restrictive or expensive, there’re other less costly ways to invest in gold that you can look into:
Buy Gold Stocks: You can use your regular IRA to buy gold stocks from publicly-traded gold mining companies.
Gold Mutual Funds and ETFs: Buying funds that invest in gold is another great way to invest in gold through your regular IRA brokerage account. You can choose funds that invest in gold, or those that trade gold futures and options to track the spot price of gold.
Buy physical gold directly: Making a gold investment outside an IRA gives you the freedom to purchase physical gold and store it in a home safe or bank’s safe deposit box.
Though self-storage comes with transportation, handling, and insurance costs, it helps you avoid the high fees and restrictions that come with IRA gold investment.
Gold-Backed IRA Reviews: Conclusion
Precious metals tend to be inversely correlated with paper assets like stocks, bonds, and mutual funds.
Thus gold-backed IRAs offer a great way to diversify your portfolio and cushion your hard-earned retirement dollars against inflation, market volatility, and uncertain economic/political conditions.
That said, gold IRAs come with high fees and restrictions, and may only be a good idea if you’re willing to hold your gold IRA investment for the long-term to reap their tax-advantaged benefits.
Disclaimer: Our genuine gold IRA reviews shouldn’t be taken as financial advice, but as educational content to enlighten you about gold IRA investing. So make sure you make your own investment decisions and only invest what you can afford to lose.
Methodology
We considered several factors when ranking IRA gold companies in our list, including customer reviews, BBB ratings, reputation & complaint history, customer service & support, selection of precious metals, associated fees, and transparency with fees & pricing.
FAQ
Are gold IRAs a good idea?
Yes, gold IRAs are a good idea if you’re planning to hold your gold IRA investment for the long term. You’ll benefit from the tax-advantaged growth of regular IRAs while protecting your retirement dollars against inflation and market volatility.
Which gold IRA company is best?
Augusta Precious Metals is arguably the best gold IRA company in the US. That’s because of low account costs, markup transparency, lots of educational resources, and professional customer support.
What gold IRA company does Sean Hannity recommend?
Sean Hannity recommends Goldco, one of the top gold IRAs that entered the gold IRA space in 2006. Goldco has thousand of stellar customer reviews and is also favored by celebrities like Ben Stein and Chuck Norris.
What gold IRA company does Joe Montana recommend?
Joe Montana recommends Augusta Precious Metals as the best gold IRA company in the United States. Augusta offers gold and silver gold IRA investments, and it’s reputed in the gold IRA space for its transparency and trustworthiness, having received no customer complaints in 11 years.
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