If your retirement dreams include gold-plated penthouses and gold bars overflowing from the coffers, look no further than a gold IRA.
Since gold has long been a reliable store of value, many investors are turning to gold IRA investments to help them protect their retirement savings.
Opening a gold IRA can be intimidating, but don’t worry. I’m here to help!
With years of experience in the retirement investing space, I have plenty of practice identifying a reputable gold IRA company.
In this article, I will use my expertise to uncover the top-rated gold IRA companies for 2023 and provide an in-depth look at their benefits, risks, and how you can open a gold IRA of your own.
Best Place to Get a Gold IRA
Investing in the right gold IRA can be an important part of your retirement strategy, and choosing the right company is crucial to success.
If you don’t select a reputable and trustworthy gold IRA provider, you risk losing potential growth opportunities or exposing yourself to scam artists.
That’s why, after countless hours of research and actual investments, I have identified the best gold IRA companies of 2023, so you know where to look for the most reliable and secure provider.
*This list changes as companies come and go. We keep an eye on the top gold IRA companies and update this list regularly so you will always have the most current information.*
Goldco
Goldco is widely known as the gold standard in gold investments!
Their gold IRAs are top-notch and use only gold IRA-approved coins sourced from trusted mints. Plus, if gold isn’t for you, Goldco also offers IRA transfers and direct sales of silver.
With Goldco, you have two options:
- Open up a gold IRA: Setting up one of these shiny investments is the first step in safeguarding your future, and rest assured that Goldco has you covered when it comes to the logistics. Their helpful reps will give you their undivided attention as they guide you every step of the way.
- Buy physical gold and silver coins directly: While they offer gold IRA plans, you can also buy physical gold and silver coins without having to open a retirement account. Goldco will send these coins directly to an insured depository or even straight to your door.
With gold and silver at your fingertips, there’s no limit to how far your wealth can grow!
Goldco offers gold bars, coins, and almost any other type of precious metal product you can think of (in terms of gold and silver, at least).
But gold is never one-way; if you ever want to sell your gold for whatever reason, Goldco can help you with their Buy-back Guarantee.
Why We Picked It
So what makes Goldco shine so brightly?
Here are just a few things we love about Goldco:
- Feeling in over your head? You can request a free gold IRA information kit with all the necessary details.
- Goldco offers an excellent selection of gold coins, silver bullion, and other precious metals for your investment, making a great portfolio addition.
- They even offer set-up and direct purchase of precious metals and $10K or more in free silver with qualified accounts.
Add all of that to years of experience in setting up gold IRAs, and you know your money’s in good hands – trustworthy ones at that! They even have an A+ BBB rating to prove it.
If that still wasn’t enough to convince you, they back all this service up with their highest price buy-back guarantee.
Pros
- Expert staff who help you every step of your investing journey
- First-year fee waived
- Support is available through multiple devices
- Trusted by the BBB
- Incredible buy-back prices
- Easy account set-up
Cons
- Minimum investment requirement of $25k
- No investment opportunities for other precious metals like platinum or palladium
Augusta Precious Metals
Augusta Precious Metals has your back if you’re looking for gold-level customer service.
From affordable gold bullion, premium gold, and silver to select precious coins, customers can trust they are getting competitive prices with no commissions added.
Not only that, but they aren’t just committed to helping you find the perfect gold IRA – they are dedicated to ensuring long-term security with their buy-back policy!
With such dedication and assurances, it’s no wonder why Augusta gold IRA is one of our top choices for precious metals IRA accounts!
Why We Picked It
Augusta is committed to helping customers prepare for retirement, offering valuable information, quality products, and a web conference showing the costs and fees of gold IRA.
One of the things that set Augusta gold IRA apart from so many others is the company’s three commitments:
- Trust: With unwavering transparency on bids, charges, and transactions, you won’t be left wondering.
- Education: These uniquely knowledgeable agents hold the key to insider information about gold IRA accounts that’s not easy to find elsewhere.
- Empowerment: Augusta’s knowledgeable staff takes care of all the paperwork and tedious details.
August also has an exceptionally knowledgeable team (Customer Success Agents, as Augusta calls them) that ensures their customers get the most out of their gold IRA investments.
Their representatives even stay one step ahead by tracking upcoming trends and issues in silver IRAs and alternative assets.
Pros
- Top-notch customer support
- Free education
- Committed to your long-term financial success
- A diverse selection of precious metals, including gold, silver, and platinum
- Rated A+ by the BBB
- Competitive pricing on gold and silver
Cons
- The minimum investment of $50k can be steep for some
Birch Gold Group
Birch Gold Group has gold in its veins!
Founded in 2003, Birch has astounded gold lovers since then – not only by the sheer quality of gold bars and coins they offer but their A+ Better Business Bureau rating.
The company sells gold, silver, platinum, and palladium bars, coins, and rounds directly or through gold IRAs, so they’re an ideal partner to help you diversify your portfolio.
In the 17 years since its inception, Birch Gold has worked with more than 14,000 satisfied customers and provides gold IRA services to boot. So, is it gold you’re looking for? It’s gold you shall find at Birch Gold Group!
Why We Picked It
We wouldn’t be writing this article if investing in precious metals were easy, but that’s one of the things we love most about Birch Gold Group:
- When diversifying your portfolio with gold investments, you can rest easy knowing the Birch team is dedicated to making the process simple and secure.
- Their gold-standard customer service extends beyond just funding your gold IRA: the team helps provide resources to grow your knowledge about gold investing.
Investing in gold IRAs with Birch is not only easy, but you can trust the experts at Birch with your retirement investments.
That’s clear from the overwhelming client testimonials that show customers from all over have trusted them.
As you start to diversify your retirement portfolio, the team at Birch will do everything they can to earn your trust as well. This includes a promise that Birch will never share your private information with any third parties.
Pros
- Access to a wide array of precious metals
- With a long history of being in business, you can trust them to handle your investments with expertise
- Will never share your private information with third parties
- Committed to customer service and education
- Low investment minimum
Cons
- You must speak with an IRA specialist before investing.
Noble Gold Investments
Gold IRAs from Noble Gold Investments could be the answer for those looking for peace of mind.
Offering a safe and straightforward investment option, they help diversify portfolios while providing precious metal purchases.
Noble gold proudly boasts access to many suppliers that allow them to offer unbeatable prices and deals.
Noble gold offers:
- Gold IRAs
- Gold
- Silver
- Platinum
- Palladium
- Other rare coins
As if that wasn’t enough for gold aficionados, Noble Gold has even more hidden up its sleeve.
Customers facing changing circumstances can expect no-hassle buy-back from this admirable company.
With compassionate agents at the ready, Noble Gold takes the hard sell out of financial security – something surely worth its weight in gold!
Why We Picked It
Don’t know gold? Don’t worry! The Noble team has your back with gold IRAs and more – you’d be hard-pressed to stump their deep understanding of investments.
With Noble’s three-step process, you’ll be on your way to a diversified portfolio in no time.
- First, they arm you with the facts, ditching code-laden industry jargon for plain wisdom.
- Next, it’s off to their gold experts, who will answer any questions you have before rolling out the gold carpet for the final step.
- Finally, your advisor will help you get your gold IRA up and running in no more than five minutes.
Going beyond just protecting wealth, Noble Gold’s goal is to put their knowledge and skills towards growing value for customers in a way that’s both kind and honest,
That’s what really sets Noble Gold apart from other gold investment firms: their emphasis on providing clients with a friendly, helpful experience.
For those who want an easy and stress-free process, this is the company for you – their customer service is outstanding, and their commitment to providing education about gold IRA investments makes it stand out from the rest.
Pros
- 20+ years of gold IRA experience
- You can purchase and possess physical gold
- Friendly knowledgeable staff
- Committed to customer education
- Diverse options for services go beyond just precious metals IRAs
Cons
- Assessing fees before signing up can be challenging
What is a Gold IRA?
Just as the name suggests, a gold IRA (also known as a precious metals IRA) is a type of individual retirement account that holds actual physical gold bullion coins or bars.
There are four types of precious metals that can be held in a retirement account:
- Silver
- Gold
- Platinum
- Palladium
Gold is the most commonly held of these four, so the term “Gold IRA” has become somewhat of an umbrella term for all precious metals IRAs.
So why would anyone need a Gold IRA?
Because gold and other physical precious metals are tangible assets. If you invest in precious metals, this type of IRA can protect you from inflation and preserve the purchasing power of your retirement funds.
If that isn’t enough to sell you, consider these additional benefits of opening a gold IRA account:
- Diversity: Gold adds diversity to your retirement portfolio, helping to balance the risk of stocks and bonds.
- Protection: Gold is a safe-haven asset that protects you from market volatility.
- Tax Advantages: Precious metals IRAs are tax-deferred accounts, meaning any gains you make won’t be taxed until you withdraw the funds.
How to Open a Gold IRA
So you know what a gold IRA account is, and you have a list of excellent gold IRA companies to choose from. Now what?
It’s pretty clear the next step is opening up a gold IRA of your own so you can make the most out of all that gold bullion you have lying around. But how?
Let’s go through the steps of opening up a precious metals IRA, so you can get started on your journey to a diversified retirement portfolio.
Choose an IRA Custodian
Setting up a gold IRA requires more legwork than just visiting your local broker.
Traditional custodians don’t handle gold IRAs, so you’ll need to find a qualified gold IRA custodian to help you set up and manage your account.
For gold IRA holders, having a custodian is absolutely essential.
We know it’s tempting to buy gold and store it all away on your own, but unfortunately, IRS regulations don’t allow for this kind of unsupervised gold possession.
Gold bullion or bars must remain with your Custodian, who ensures that your gold is handled according to IRS rules.
Leaving your precious metals in the capable hands of your gold IRA custodian keeps your investments safe and saves you from the hassle of keeping up with IRS rules and regulations on your own.
Buy Your Precious Metals
Ideally, if you’re considering opening a precious metals IRA, you probably have some gold on hand already.
However, if you’re still in the market for gold bullion, bars, and coins, you’ll need to find a reputable dealer who specializes in gold IRA products.
The IRS has very strict guidelines on the type of gold you can buy for your IRA, so make sure to read up on all the requirements before you start shopping around.
Here’s a look at a few of the precious metals the IRS has deemed eligible for use in gold retirement accounts.
Gold
- American Gold Eagle bullion coins
- American Gold Eagle proof coins
- American Gold Buffalo uncirculated coins
- Gold bars and rounds produced by NYMEX or COMEX-approved
Silver
- American Silver Eagle bullion coins
- American Silver Eagle proof coins
- Silver bars and rounds produced by NYMEX or COMEX-approved
Platinum
- American Platinum Eagle coins
- American Platinum Eagle proof coins
- Platinum bars and rounds produced by NYMEX or COMEX-approved
Palladium
- American Palladium Eagle bullion coins
- Palladium bars and rounds produced by NYMEX or COMEX-approved
These are the approved American precious metals, so be sure to check up on what other National gold coins, bars, and rounds are available to you before making your purchase.
Choose a Depository
A depository is a secure storage facility that holds precious metals on your behalf. These secured buildings exist to keep your gold safe and sound from theft and damage.
Most depositories offer a few different types of storage solutions for your precious metals, most commonly, Segregated and Unsegregated.
- Segregated Storage confines your gold and silver away in its own little room, meaning that whatever coins you take out will be exactly the coins you put in. Segregated storage is the gold standard, which obviously means it comes at a higher price, but if tracking your coins is important to you, it’s worth the extra money.
- Unsegregated Storage mixes up all the coins in one room so that when you take out new coins, they may not be the same as what you put in. Meaning if you deposit an American Gold Eagle coin, you will withdraw an American Gold Eagle coin, just probably not the same one you put in.
Unsegregated storage is much more cost-effective than segregated storage, but it may not be the right choice for you if you’re precious about your precious metals.
Complete the Process
You’ve come to the final stretch! You’ve got your Custodian, dealer, and depository all lined up – what comes next?
It’s time to complete the process!
Your IRA custodian will take care of the payments while your gold dealer ships those precious metals right over to the depository.
In no time, you’ll have gold in your possession and become part of the gold ownership club. Congrats!
Types of Gold IRAs to Consider
Before you hand your gold coins over to that nice Custodian you just met, you need to consider what type of Gold IRA is right for your circumstances.
That’s right! There are different types of Gold IRA accounts, and each one comes with unique benefits. Let’s look at a few of the most popular types now, so you know which one is best for you.
SEP Gold IRAs
A SEP gold IRA is the golden ticket to diversifying your retirement savings if you are self-employed or a small business owner.
This type of IRA allows for pre-tax contributions and has flexible contribution limits to fund your own account and those of your employees.
Roth Gold IRAs
With this self-directed retirement account, you can have all the gold and precious metal investments you’ve been dreaming of – plus much more!
Yes, gold is not the only opportunity available; with this retirement account, you can also purchase art, antiques, collectibles, and even real estate.
Traditional Gold IRAs
A traditional gold IRA works almost exactly like the standard IRA; only it’s a lot shinier. With traditional gold IRA, investment gains in your precious metals are tax-deferred, just like a regular retirement account.
Plus, you can make pre-tax contributions to your gold IRA, so you don’t have to worry about pesky taxes until you take out the funds.
Gold IRA Benefits
We already discussed a few of the benefits of a gold IRA in this article, but just in case you need more convincing, here is an in-depth look at all the reasons a gold IRA might be right for you.
Greater Control of Your Money
You can maintain a healthy financial portfolio with gold IRAs while enjoying greater control over your money. No more feeling like you’re at the mercy of the stock market!
With gold Individual Retirement Accounts, you have more purchasing power and greater control over your finances than with traditional stock-market-driven IRAs.
Gold IRA investing puts you on the same playing field as banks and governments, allowing you to make savvier decisions about how your hard-earned dollars play into your retirement future.
Long Term Hold
If you’re looking for a goldmine of financial stability, then a gold IRA is the thing for you! An IRA that holds gold has many benefits.
- With gold IRAs, you can safely store gold without worrying about tarnishing or depreciating in value over the long term.
- Investing in gold is an excellent way to build long-term savings without dealing with stock fluctuations and other volatility of the market.
- Gold can actually increase in value over time, and gold IRAs allow you to take advantage of that growth potential.
Gold also helps insulate your retirement funds against inflation, giving you a better chance at financial security as you prepare for life’s later years.
Tax Benefits
Gold IRAs come with exceptional tax benefits that regular investments don’t offer.
You won’t have to worry about paying the usual 28% collectible tax on gold IRA contributions, and any gains you make will not be taxed either.
Plus, gold IRA contributions are almost always tax deductible. So go for gold and get some great tax benefits too!
Gold IRA Risks
You didn’t think all that glittered would be gold, did you?
Of course, there are risks associated with gold IRA, just like any other investment. But with a little research and preparation, you can minimize your risk and make sure you get the most out of your gold IRA.
With that in mind, let’s go over a few of the most common risks you should be aware of when investing in precious metals.
Gold Volatility
One of the tradeoffs gold IRA investors must consider is gold volatility; it can be difficult to anticipate gold prices in the short term.
Investing in gold means you’re rolling the dice with gold prices, which can see dramatic swings from month to month.
Gold IRA investors must know that returns are not guaranteed, and gold prices can change significantly at any given moment. If you’re looking for stability, gold may not be right for your retirement portfolio after all.
No Tax Advantage Income
One potential issue of gold IRA investing is that there’s no tax advantage for income.
That means the gold bullion or coins you buy won’t be taxed at a lower rate like other investments, and you will only get returns from gold IRA investment when you sell your gold.
However, gold is historically seen as an alternative revenue stream, so even with this risk in mind, investing in gold IRAs could still be a solid option for diversification.
Funding Restrictions
If gold is your thing and you’re planning to tuck your riches away in a gold IRA, it pays to know the rules.
The Internal Revenue Service has been generous when it comes to gold IRAs, but all gold-plated dreams must still abide by the funding limits they impose.
While precious metals IRAs have some core differences from your standard retirement account, the same rules still apply.
This is to say; you still have contribution limitations.
- In 2023, the IRS increased contribution limits to $6,500. Quinquagenarians will be pleased to know you can contribute an extra $1,000 for a total of $7,500 if you’re 50 years or older.
But keep in mind these limits apply to all IRAs. Meaning your yearly contributions for gold and other precious metals cannot exceed the limit set by the IRS.
Bottom Line
A gold IRA can be a great way to diversify your retirement portfolio, potentially giving you more financial security when it comes time to retire.
But it’s important to remember that gold comes with its own set of risks, just like any other investment. Be sure to research and get a firm understanding of the potential risks before investing in a gold IRA.
Conclusion
As we culminate this extensive evaluation of gold IRA companies, you may rest assured that you could look to any of the contenders we studied today and be confident you’re making a worthwhile investment.
Gold investing opens up new opportunities for those looking to diversify their portfolio, as gold can provide more stability in the face of stock market volatility.
Gold IRAs are a sound way to secure your retirement – store your physical gold bullion or bricks and rest easy knowing your financial freedom is safe and sound.
Now I’d like to hear from you; which gold IRA company will you choose to handle your glittering assets? Let me know in the comments below!
Gold IRA FAQ
The Internal Revenue Service (IRS) sets the annual contribution limit for a gold IRA at $6,600. That includes both traditional and Roth IRAs. For those over 50 years old, an additional “catch-up” contribution is allowed of $1,000 for a total of $7,500 per year.
Yes, you can own gold in an IRA. The IRS allows you to invest up to $10,000 of your annual contribution limit in physical precious metals like gold, silver, and platinum.
Gold IRAs can be a great way to diversify your retirement portfolio. Gold has historically hedged against market volatility and the US dollar. Adding it to your IRA can help protect your savings while providing potential long-term growth opportunities. As with any investment, it’s important to research and understands the risks involved before making any decisions.
The best gold IRA for you is the one that meets your needs and goals. It’s important to research different companies and compare their fees, customer service, and overall reputation before deciding.
The cost to start a gold IRA varies depending on your chosen company. Most companies will charge set-up fees, annual storage fees, and commissions for buying and selling gold. Understanding all the costs associated with a gold IRA is important before deciding.
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