In the financial world of volatility, gold has proven to be a good source of stable and steady growth. Therefore, more and more retirement investors are turning to gold every year to hedge their portfolios against inflation and market volatility. The best way to invest in gold is through a gold IRA.
Though many investors exhibit interest in gold IRAs, they have difficulty deciding what IRA company to work with. If you are in this situation, we can relieve your plight by taking you through the best IRA companies of 2022.
The Top 8 Best Gold IRA Companies of 2022
Here are the top eight IRA companies of 2022:
- Birch Gold Group
- Advantage Gold
- Gold Allied Trust
- Regal Assets
- Augusta Precious Metals
- American Hartford Gold
- Noble Gold
GoldCo is an award-winning company that offers brokerage services for precious metal IRAs and assistance for shifting traditional retirement accounts into gold IRAs. GoldCo allows clients to transfer funds from an existing pension or Thrift Savings Plan (TSP) account to a self-directed gold IRA. The company also facilitates Roth IRA rollovers and conversions.
The company also guarantees to buy back the precious physical metals from the investors and sell them through the metals market upon withdrawal by the client. GoldCo is a leading IRA company committed to helping clients understand precious metals investing and protect their retirement assets. The company enables you to navigate each step of the gold IRA rollover process. They also sell gold and silver to customers to hold outside of a gold IRA.
GoldCo ensures smooth processing of all parts of an IRA rollover, from asset management to related paperwork. After completing the necessary paperwork, GoldCo helps you select IRS-approved coins and bullion to include in your gold IRA. A company’s specialist coordinates the purchase of assets with the trustee and delivers the metals to the approved depository or storage facility.
The company’s required minimum purchase is $15,000. Customers are charged a flat annual fee rather than a percentage of assets. While the company does not display fees on its official website, it mentions frequent fee refund promotions. Custodian fees and storage fees vary depending on the custodian and storage facility. The custodian fee is typically between $75 and $3000 annually, depending on your account value.
- A full-service brokerage firm specializing in precious metal IRAs.
- Provides full assistance for IRA rollovers
- Serving the industry for more than 15 years.
- A continuous customer base
- It hardly offers platinum and palladium.
- The minimum investment amount is too high.
Birch Gold Group
Birch Gold Group has been a precious metal trader serving the gold investing market since 2003. Based in Burbank, California, Birch Gold Group is a group of experienced financial advisors, wealth managers, and commodity dealers that assist customers with precious metals or gold IRA management. The company combines nearly two decades of knowledge to make it easier for consumers to open a gold IRA or rollover retirement accounts.
It is one of the country’s leading IRA companies with a solid reputation and market credibility. With a Birch Gold Group Gold IRA, you can put precious metals like silver, gold, platinum, and palladium into a retirement account. Birch Gold Group offers precious metals for both IRA investments and personal possession. The company ensures that your purchases meet the IRA requirements for inclusion in an IRA.
You can also diversify your gold IRA holding with assets other than precious metals, such as stocks, bonds, mutual funds, raw land, private loans, real estate and mortgages, and private businesses.
Birch Gold provides its services in all 50 states of the U.S. The company specializes in facilitating gold IRAs. They have an extensive selection of metals, including premium, numismatic, and collectible coins. The company also offers one of the best buyback programs in the industry. Birch Gold guarantees to buy your holdings when you need to liquidate any precious metals from your account. Birch Gold does not charge additional fees to turn a profit from purchasing the metals from customers.
The company provides a wide range of investment services and various payment options. Birch Gold’s skilled representatives assist you in the initial stages of opening an account and rolling over an existing IRA. You can set up a Birch Gold Group Gold IRA in less than 20 minutes.
- Supports Delaware Depository
- The company’s website features a plethora of information for precious metal investors.
- Directly sells precious metals to customers.
- Offers hard asset IRAs
- A first-year fee waiver for transfers exceeding $50,000
- Some hidden charges
- The website does not provide specific figures for annual fees and setup fees.
- High minimum investment amounts
- Few additional coins and bars available for a personal stake
Advantage Gold is a precious metal brokerage that provides precious metals to clients through existing retirement accounts or direct delivery. The company has grown 53% in the last couple of years and made its way into Inc. 5000 rankings. Advantage Gold is an excellent option for first-time precious metal investors. The firm’s representatives guide you through the IRA purchase process from beginning to end.
The company can help you plan your retirement and protect your wealth. It offers several bullion storage options, education services, and a buyback program for investors who need to liquidate their metals. You can have all your fees waived for the first year by investing more than $50,000 with the company.
With Advantage Gold’s First Time Gold Investor Program, customers can familiarize themselves with the entire process of investing in precious physical metals. Account representations also discover the benefits of such investments and a step-by-step guide on an IRA account rollover. The company also offers free and fully insured shipping of your precious metal if you order delivery for the first time and fund your account with $25,000 or more.
Advantage Gold typically charges $50 for initial setup fees, $80 for annual administrative expenses, and $100 for yearly storage fees.
- Approved by the U.S. Mint
- Allows easy liquidation of precious metals
- Buyback program
- Fees are not displayed on the website.
- Requires account setup via phone
Gold Allied Trust
Gold Allied Trust is a precious metal investment company specializing in gold and silver. The firm helps customers buy precious metals in tax-sheltered retirement accounts. You can also purchase gold and other precious metal from Gold Allied Trust outside of a retirement account.
The company’s specialists advise which precious metals you should invest in. They help you customize and secure a good IRA. The firm issues precious metals approved by the IRS for use in gold IRAs. You can purchase gold, silver, platinum, and palladium from Gold Allied Trust in the form of coins, bars, and bullion.
All clients must pay an account fee to set up a gold IRA with Gold Allied Trust. Once your IRA is funded, you can buy precious metals. The company securely stores your investments metals at Delaware Depository in Wilmington, Delaware.
An account holder has to pay $175 a year for insurance, storage, quarterly financial statements, and online access to their account. The fee does not vary with the value of your account. However, the cost of the metals will vary. Gold Allied Trust does not disclose the prices of metals it sells. The company does not charge any hidden fees besides the account fee and cost of the metals.
- Free storage for all precious metals
- Qualified accounts get free $1,500 in silver.
- Offers back-buy guarantee
- It does not display the prices of gold and other precious metals
Regal Assets is an investment company that helps you create an alternative asset portfolio. The firm specializes in cryptocurrency IRAs and precious metal IRAs. Regal Assets allows you to insure cryptocurrency holdings up to $2 million. You can also combine both assets in one retirement account to add another layer of diversification to your retirement savings.
The company offers gold and other precious metals with a minimum investment of $5,000. The company’s specialists help you choose appropriate assets for your account as an IRA must hold certain precious metals. Whether you purchase precious metals for personal possession or diversify retirement assets with a self-directed IRA, you will receive complete education on choosing suitable precious metals.
Account-holders are charged a 1% transaction fee for a crypto IRA with a 1% storage fee per year. The company’s precious metals IRAs have an annual $100 administration fee and $150 storage fee. They also charge additional fees for special services. However, you may not need these services. Regal Assets’ representative will disclose all costs beforehand.
- Low flat storage fee for cryptocurrency and precious metals
- No fees for liquidation of metals from an IRA
- Insures cryptocurrency holdings up to $2 million
- Publishes fee information on the website
Augusta Precious Metals
Augusta Precious Metals is a family-owned gold IRA provider serving the industry for 50 years. The company is dedicated to helping investors build wealth and ensuring a secure retirement for them with a gold IRA. With an Augusta Precious Metals Gold IRA, investors can better diversify their portfolios and manage risk.
The company’s representatives work with investors to open a tax-sheltered retirement account funded with precious metals, such as gold, silver, platinum, and palladium. The representatives also help you make the appropriate IRS-approved selection for your accounts, such as gold coins in different weights or one-ounce silver coins approved by the U.S. Mint.
You can easily open an Augusta Precious Metals IRA by following a three-step process. First, you have to open a self-directed IRA while you have the freedom to choose your custodian, Augusta Kingdom Trust, Equity Trust, or Goldstar Trust.
Once you have selected a custodian, you must fund the account with a gold IRA rollover. You can also transfer funds from your bank account. After that, you must purchase IRA-eligible precious metals for your account. You can also get commemorative coins, certified coins, collector sets, and proofs from Augusta. The minimum amount you can invest in an Augusta account is $5,000.
Account-holders have to pay two annual fees: a custodian maintenance fee and a storage fee. You can pay with a bank wire, credit card, or personal check for precious metal purchases outside of an IRA.
- Lifetime customer support is available.
- A simple 3-step setup process
- Competitive pricing
- Requires $50,000 in savings
American Hartford Gold
American Hartford Gold is a family-owned precious metal dealer and provider of gold IRAs. Whether you want precious metals delivered to your doorstep or inside of your retirement account, American Hartford Gold helps you invest in precious metals in whatever way you choose.
The company helps diversify your retirement savings in a tax-advantaged account, such as an IRA, TSP, or 401k. American Hartford Gold offers high-quality gold and silver coins at competitive prices with a 100% satisfaction guarantee. The company’s experts assist you throughout the buying and selling process.
American Hartford Gold keeps your IRA holdings in an IRS-approved depository, such as International Depository Services (IDS) or Delaware Depository Service Company, Brink’s Global Services, and Brink’s Global Services. Investors can also opt for segregated storage, i.e., they can store their precious metals separately from others stored at the depository.
While the storage fee depends on the value of gold, investors typically have to pay $75 per year for storage. Storage fees may be waived for up to three years or longer, depending on the size of your gold IRA account or your holdings.
You don’t have to pay a setup fee to open a gold IRA with American Hartford Gold. The company also does not charge any fees for retirement account rollovers. There is no specific information given on their website for account maintenance fees.
- Excellent customer service
- Buyback program and reduced liquidation fees
- Discloses all costs before the final sale
- Does not publish prices on the website
Noble Gold is an investment company offering an easy gold IRA rollover process. The company is committed to educating its customers about precious metals investments. Noble Gold’s financial experts go above and beyond to provide all kinds of assistance to their clients relating to precious metal investments.
A Noble Gold Gold IRA comes with a buyback program, fast IRA setup, and experience with retirement investment transfers. Whether you want to roll over a regular IRA into a gold IRA or open a 5-Minute individual retirement account, Noble Gold offers services for precious metal investments.
Investors can also get collector’s coins and precious physical metals from the company for emergency use. The firm works with several precious metal suppliers to find their clients the best prices. They have disclosed all pricing information on their official website.
Noble Gold charges an annual fee of $80 for a gold IRA. Account-holders are also required to pay custodial fees and storage fees. The company charges $150 for storage per year.
- Features all fees on the website
- Buyback program
- A large selection of precious metals investments is available.
- Fast account setup and shipping
- It does not offer international storage
How We Ranked The Best Gold IRA Companies
Though all IRA companies claim to manage your investments well, not all of them are equally efficient. While some companies offer great investment choices, some just make bogus claims. We considered various factors to differentiate the best IRA companies from the worst. Here are the ranking factors we used:
The best IRA companies have a diverse range of products available. While preparing the list, we preferred companies that offer many options to their customers. All companies on our list have an extensive selection of gold and silver products, including bars, coins, and bullion. We also considered the ease of buying the available products.
While preparing the list, our financial experts were mainly concerned with the companies’ gold and silver IRA products. However, we also paid attention to complementary and alternative investment products. We preferred companies that also offer cryptocurrency IRAs and platinum and palladium products.
Customer Service & Reviews
The reviews of the customer tell a lot about the company. Our financial experts were wary of companies that have negative reviews online. Instead, they preferred companies with which customers have had a good experience. All IRA companies on our list are backed by thousands of positive reviews online.
Costs & Special Expenses
Our list comprehends a range of companies that provide good value at different prices. Regardless of how much you are willing to pay, you get good customer service and security levels. If you are ready to pay a high amount for a gold IRA, you get premium-quality service. However, you should not have to settle for poor service if you are paying a lower rate. Whether you have plenty of money to invest or a small budget, you can choose a custodian from our list to take care of your investment.
You should know all your costs before starting with a gold IRA. Many IRA companies do not disclose all prices initially, and you receive nasty surprises after you invest.
Our financial experts were particularly wary of IRA companies that surprise their customers with hidden fees after investing. We prefer companies that are transparent and honest about all fees. All companies on our list disclose all charges beforehand so that you are not caught off-guard later on. Our experts also preferred companies that reveal their complete information, such as office location, custodian details, and team details.
Track Record & Company Reputation
The company’s track record tells a lot about the quality of its services. We gathered information from objective third parties like the Better Business Bureau or the Business Consumer Alliance to determine the reputation of IRA companies. We also dug into what customers say about different companies and how many complaints have been filed against them.
All IRA companies on our list have been in the business for years and have a track record of offering high-quality services. However, we were in no way biased against new companies or startups. Its age did not merely determine the company’s reputation.
Ease of Use
The best IRA companies emphasize convenience and invest in user experience. While preparing the list, we preferred companies that focus on fulfilling users’ needs and providing their customers with positive experiences. All IRA companies on our list have user-friendly websites that are easy to navigate. You can easily buy their products online or over the phone with a salesperson.
There are some licenses that an IRA company is required to have. Our financial experts were wary of companies that do not have the necessary licenses. All companies on our list have the appropriate licenses, insurance, registrations, and bonds to protect your investment. You can ask for the verification of these licenses before getting started with them.
What is a Gold IRA?
A gold IRA is a type of individual retirement account, a form of a retirement plan that provides tax advantages for retirement savings. While a gold IRA works the same as a regular IRA, it holds gold or other approved precious metals instead of paper assets. These accounts are usually self-directed, which means the custodian can allow more diverse instruments to be held.
This individual retirement account can hold four types of precious metals, namely gold, silver, platinum, and palladium. However, these metals must be in the form of IRS-approved coin or bar products. As gold is the most commonly purchased of the four metals, the account is referred to as a ‘Gold’ IRA.’
Investors often use precious metals to diversify their portfolios as a long-term hedge against inflation. According to the Internal Revenue Code requirements, the approved precious metals must be stored in a specified manner. While some custodians have their facilities to hold the approved precious metals, some use a third-party metals repository as a storage facility.
Special Costs Associated With Gold IRAs
An investor has to face many charges to own gold in a gold IRA. Here are the costs associated with gold IRAs:
Seller’s Fee (Markup)
Though gold has a going rate, account owners have to pay markups depending on the form of gold. The markup for gold coins may differ from the markup for gold bullion. Each form of gold has its own set of requirements for selling.
Retirement Account Setup
When you set up the account, you are charged a one-time fee which can vary by institution. However, the fees may be more than the usual account setup fee as not all companies deal with good IRAs.
Custodian fees are annual costs that come with all IRAs. They may be higher for a Gold IRA, especially if you have to go to a different financial firm or institution to open the account.
Account owners must pay storage fees for a qualified storage facility where the gold is held.
You can lose a significant amount of capital if you sell the gold to a third-party dealer who pays less than its amount on the open market. While IRA companies guarantee to purchase the gold back from you at the current wholesale rates, you can still lose by closing the account. It usually does not happen with opening and closing regular IRAs.
Benefits of Gold IRAs
Like other investments, gold IRAs have their fair share of advantages and disadvantages. Here are the key benefits of gold IRAs.
Gold IRAs provide the same tax benefits as standard IRAs. Like traditional self-directed IRAs, qualified withdrawals from gold IRAs are tax-free. However, contributions to conventional self-directed IRAs are subject to a tax deduction.
Both physical gold and IRA holding are not very liquid. A gold IRA is a long-term buy-and-hold investment that keeps your assets safe for decades or until you retire.
You have greater control over your investment with gold IRAs as they are always self-directed. You can manage your holdings and make all your investment decisions.
True Portfolio Diversification
Dedicating a portion of your retirement savings to gold and precious metals diversifies your portfolio. With a gold IRA, you can diversify your portfolio into an alternative uncorrelated asset that protects your funds even when markets, economy, and currencies falter. As all investment vehicles of Wall Street are paper-based, a gold IRA provides an additional layer of diversification to your portfolio.
Hedge Against Inflation and Deflation
Inflation gradually destroys your investments. A gold IRA provides ahead against inflation and deflation and makes your portfolio less susceptible to inflation effects.
According to the historical performance of precious metals, gold has a great profit potential over the long run. For example, gold was approximately $200 per ounce in 2000. In 2017, gold finished above $1,200 an ounce, maximizing the return on investment five times.
Risks of Gold IRAs
As with any investments, gold IRAs come with some risks. Here are the risks associated with gold IRAs:
No Tax-advantaged Income
As gold bullion does not pay dividends, interest, or other returns, a Gold IRA does not offer the advantage of tax-free growth with regular IRA investments.
Gold IRAs come with a lot of special costs. As the gold cannot be stored at home or in a bank’s safety deposit box, investors have to pay for a storage facility where the metals will be held. They also have to pay additional charges to a trustee for the shipping and transportation of the precious metals. The custodial fees of gold IRAs are much higher than the management fees of regular IRAs.
Gold IRAs come with a range of funding restrictions. Investors cannot move any precious metals they own into their gold IRA. They are also not allowed to buy the metals themselves and send them to their IRA. Instead, a custodian is appointed to take care of all transactions on the account holder’s behalf.
How to Open a Gold IRA
Contrary to what most people think, opening a Gold IRA is more complicated than opening a traditional IRA or Roth IRA. Here’s how you can get started with a gold IRA:
Select a Self-Directed IRA Custodian
As trustees hold self-directed IRAs, you have to select a custodian. Banks, trust companies, or other entities approved by the Internal Revenue Service (IRS) can act as custodians. Self-directed IRA custodians take care of all the transactions on behalf of the investor.
Choose a Precious Metals Dealer
Once you have selected a custodian to take care of your investment, you must direct them to send money to a precious metal dealer. They’ll purchase gold, silver, platinum, or palladium on your behalf.
While your IRA custodian may have relationships with specific dealers, you must do your research to ensure they are good enough. You may want to look for a dealer that belongs to industry trade groups like Professional Numismatists Guild (PNG), Industry Council for Tangible Assets (ICTA), or American Numismatic Association (ANA).
Decide What Products to Buy
After selecting a dealer, you need to work with them to decide what products to buy. Most investors go for American Eagle Bullion Coins issued by the U.S. Mint.
Choose a Depository
You cannot store the precious metals you invest in a self-directed IRA at home or in the bank. They must be stored in an approved repository, such as the Delaware Depository. You can either ask your custodian to select a repository or pick one independently. However, the depot you choose must meet the requirements of the Internal Revenue Code.
Complete the Transaction
You are good to go once you have a custodian, precious metal dealer, and an approved repository. The appointed custodian will handle all the transactions, and the dealer will ship your precious metals to the selected repository.
How To Make a Withdrawal from a Gold IRA?
When you withdraw from a gold IRA, you have two options, namely in-kind distributions and depository purchases. The former allows you to have the actual precious metals shipped to you after the distribution. The latter will enable you to sell the metals to the depository and get the dollar value of your investment. You’ll have to contact your custodian to begin the transaction.
Gold IRAs are subject to the same rule as regular IRAs. While your investments can appreciate without taxation when they are in the account, you may owe taxes and penalties when you withdraw them. Whether or not you owe tax depends on your account type and age.
Similarly, when you turn 72, you have to start taking required minimum distributions (RMDs). These withdrawals may become slightly complicated as you will be forced to take them in intervals equivalent to the whole pieces of precious metal in your account. Individual metals can sell for thousands of dollars per ounce, making you withdraw more value than you would if you were conducting transactions in U.S. dollars.
If you take in-kind distributions, you will need cash to pay the taxes you owe on the precious metals shipped to you. For that, you will have to sell your metals quickly.
Frequently Asked Questions About Gold IRAs
We get plenty of questions about gold IRAs daily. Our experts try their best to answer every question thoroughly. Here are some of the most commonly asked questions about gold or precious metal IRAs:
Q: Is a precious metal IRA the same as a gold IRA?
A: Yes, a precious metal IRA is the same as a gold IRA. It is an individual retirement account in which gold, silver, platinum, and palladium are held in custody for the investor’s benefit.
Q: Why is it called a ‘gold IRA’?
A: A ‘gold IRA’ is used as an overarching term to describe the account as gold is the most commonly purchased of the four precious metals. The term is used as industry slang for a retirement account containing any combination of precious metals. Other terms are also used to describe the account, such as ‘silver IRA,’ ‘platinum IRA,’ and ‘palladium IRA.’
Q: Are there any tax benefits associated with gold IRAs?
A: Yes, gold IRAs come with a few tax benefits. According to the IRS, the investors may be able to take a tax credit for making eligible contributions to their gold IRA which is known as saver’s credit. Investors may be eligible for this tax credit – up to 50% of their contributions. There may be no immediate tax advantage as contributions to a gold IRA are funded with after-tax money.
Q: Are gold IRAs a risky investment?
A: Like any investment, gold IRAs come with risks and rewards. While gold is considerably less volatile than other assets, its prices can also go up and down.
Q: How expensive are gold IRAs?
A: Investors have to pay three sets of fees with a gold IRA, namely a one-time account setup fee, custodial fee, and storage fee. Some companies may waive the account setup fee for a larger initial deposit. The setup fee usually ranges between $50 and $150. Depending on the account’s size, the custodial fee may vary from $50 to $150.
Q: How much can I put in a gold IRA?
A: As of 2022, an individual can not put more than $6,000 in a gold IRA. The IRS has set the contribution limit. Investors 50 years of age or older can contribute an additional $1,000 for $7,000.
Q: How to buy gold with 401(k)?
A: You can buy 401(k) gold by rolling over it into a self-directed IRA. You can purchase gold once your investment amount is in a new self-directed IRA. You may need to leave the company you are working for.
Q: When rolling over my IRA or 401(k) into gold, will I have to pay taxes?
A: As 401(k) plans and IRA’s are tax-deferred savings accounts, you do not need to pay taxes on your contributions. However, you will have to pay taxes when you withdraw your funds at retirement.
Q: What does a ‘rollover’ mean?
A: A rollover transfers funds from one investment vehicle to another. A rollover does not typically involve transferring funds between similar types of investments. However, a treasury department may transfer funds between investments with different maturities.
Q: Are all gold coins IRA-eligible?
A: No, not all gold coins are eligible for an Individual Retirement Account (IRA). Only the bars and coins approved by the IRS are IRA-eligible.
Q: What is a Roth IRA?
A: A Roth IRA is an individual retirement account to which an investor can contribute dollars that have been taxed. The contributions made to this account can grow tax-free, and an investor can withdraw them when they are 60 years old, and the account has been set up for five years.
Q: Can I have more than one IRA?
A: Yes, you can have more than one IRA account. There is no limit to the number of IRA accounts an individual can have. However, your contributions must stay within the annual limit across all counts. With multiple IRA accounts, you get added options related to taxes, investments, and withdrawals. They may, however, be a little complicated to manage.
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