Best Gold IRA Services

Updated October 2020
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BestReviews spends thousands of hours researching, analyzing, and testing products to recommend the best picks for most consumers. We buy all products with our own funds, and we never accept free products from manufacturers.Read more 
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Buying guide for choosing the best gold ira service

Stocks, bonds, CDs, savings accounts — there are several key investment products for diversifying your portfolio. In addition to one or more monetary paper assets, investing in gold or other valuable metals is a smart move for many investors who are aiming to build wealth. That's where a gold IRA comes in.

This financial tool works like a traditional IRA by providing flexibility driven by your investment goals. However, it differs in that it's backed by gold or other precious metals instead of paper assets. Adding a gold IRA to your portfolio can strengthen your financial future, but making smart investment decisions is necessary to maximizing your savings. That's why it's important to use a reputable gold IRA service when you’re ready to invest in precious metals.

A gold IRA service can help you assess your risks and goals and advise you about fees and storage of your metal assets. What's more, you'll be able to get information about the types of investment options. At BestReviews, we want to help you make an informed choice when it comes to choosing a reputable company, so read on for information that can guide you in putting the Midas touch on your portfolio.

Although silver, palladium, and platinum are investment metals, gold is by far the most popular option among both investors and brokers. In fact, some services offer only gold investment options to their clients.

Gold IRA 101

Maybe you’re new to investing or currently taking advantage of your company’s 401k plan. Or perhaps you’ve been working on building your wealth for years and are now looking for new ways to diversify your portfolio. Either way, when it comes to securing your financial future, putting some of your savings into a gold IRA can help.

Benefits

Investing in gold comes with some key benefits.

Gold has a history of increasing in value. Even when the price of gold fluctuates, it rebounds. From ancient times to today, gold has had lasting worth.

Gold resists inflation. This is thanks to its intrinsic value.

Gold often increases in value during market downturns.

Gold IRA services provide storage of your gold. You aren’t responsible for keeping it safe.

Gold IRAs aren’t limited to gold. Silver, platinum, and palladium are other metals many services offer to back your investment.

Disadvantages

While there are many reasons to invest in a gold IRA, there are some characteristics of this type of investment that make it impractical for some investors.

Gold doesn’t earn dividends like traditional IRAs do.

Gold often dips in value when the stock market goes up. You’ll miss out on some earnings that you would have received if the same amount had been invested in stocks.

Gold storage comes with fees. While you’ll benefit from a gold IRA service storing your precious metals, you’ll also likely pay fees for that service.

Gold IRAs require a minimum investment. You’ll probably have to invest a minimum amount in a gold IRA service. While some companies offer a low starting minimum investment, you’ll probably have to pay between $2,000 and $5,000 to open an account.

How to invest in a gold IRA

Once you’ve decided that a gold IRA might be a good investment for your retirement portfolio, the most challenging part is finding a broker. Of the many to choose from, opt for one that fits these important criteria:

  • Years of experience in the business
  • High rating in the industry, with lots of positive customer feedback
  • Quality gold and other precious metals, plus secure storage
  • Clear about explaining rules and fees
  • Willing to answer questions and address concerns
     

After you choose a company, the steps to investing in a gold IRA are similar to those for investing in an account that’s backed by paper assets. You’ll deposit your money into an account, and gold or other metals will be placed in a depository for safe storage. You may also opt to roll money over fee-free from an existing IRA to fund your gold IRA.

Did you know?
The IRS sets the rules as to what types of metals are allowed for gold IRAs. It also sets the standards for metal purity.
STAFF
BestReviews

Researching gold IRA services

Here is a closer look at key factors of investing in gold that can make the process easy.

Investment minimum

Most gold IRA services have a required minimum amount to be invested before an account can be opened. Between $2,000 and $5,000 is a typical initial investment, but it can range from several hundred dollars to as much as $15,000. Some companies indicate that they don’t require a minimum investment but provide suggestions based on individual client circumstances.

Fees

There are three main types of fees you’ll pay to own a gold IRA. These fees vary from company to company, but some averages are shown below.

  • Processing fee for setting up your account ($50 to $100)
  • Storage fees for a depository to hold your gold ($100 to $150 annually)
  • Maintenance fees for your gold IRA service to manage your account ($75 to $225 annually)

Rollovers

You can pay for your gold IRA using funds from another retirement account. Rolling over money from a traditional IRA, 401k, or other approved account is easy to do, plus you won’t have to worry about paying fees or taxes.

Approved metals

Gold: Bullion, or pure gold in the form of bars, is the most common form of gold investment. However, some companies also deal in coins, which is typically riskier than bullion. Less popular options are gold futures and gold mining, though they also pose more risks, and fewer brokers deal in these types of investments.

Other metals: “Gold IRA” is a catch-all term that basically refers to investing in precious metals. As previously mentioned, some brokers also offer opportunities to invest in silver, platinum, and palladium.

Withdrawals

A gold IRA is similar to other tax-deferred investment accounts when it comes to making a withdrawal against the value. You’ll pay penalties and taxes if you withdraw money before the age of 59½. On the other hand, you’ll have to make required annual withdrawals once you reach the age of 72.

"If you’re new to investing in gold, feeling uncertain about the possibilities is understandable. However, when you work with a reputable gold IRA service, you’ll get the reliable information you need to make wise investment decisions that are tailored to fit your wealth-building needs. "
STAFF
BestReviews

Common mistakes to avoid

Mistake #1: You don’t do enough research

There are many companies out there that offer gold IRAs and are eager to get your business. However, don’t choose one for your hard-earned money without understanding important policies, such as required minimum investment amounts, the quality of the metals offered, and  the physical location where your investment will be stored. Research any companies you are considering, and don’t hesitate to ask questions. If you feel that your needs aren’t being addressed or that customer service isn’t polite or knowledgeable, move on.

Mistake #2: You fail to understand fees

Because the fees that gold IRA services charge vary from company to company, it’s important to ask about them before you invest. Selecting a company with reasonable initial, storage, and maintenance fees can save you hundreds of dollars. 

Mistake #3: You’re unclear of your savings goals and risk tolerance

Don’t be distracted by the glitter of gold. It’s important that you first have an understanding of your investment goals and how investing in precious metals is likely to be beneficial before you buy a gold IRA. While it’s true that gold is historically a stable investment, putting too much of your money in a gold IRA and not investing in other wealth-building tools can limit your growth because you’ll miss out on dividends during bull markets. A balanced portfolio that includes gold and other investments is key, and a reputable gold IRA service will guide you in achieving this outcome.

Tips

  • Keep a paper trail. Make sure the gold IRA company you choose provides clear information, such as an investment guide. Once you invest your money, ask for documentation that indicates the value of your gold and other metals and lists any transactions, including metal purchases, sales, and dates.
  • Don’t be afraid to ask questions. Your gold IRA adviser should welcome any questions you have and provide concise answers that give you confidence in your investment decisions. If not, keep searching for a company with representatives who will put your mind at ease.
  • Discuss your investment history with your gold IRA provider. Analyzing your portfolio will help your broker put together a gold IRA that’s customized for your goals.
  • Don’t expect to have physical access to your gold. One of the rules of a gold IRA is that the precious metals must be stored in a safe depository during a term that’s specified at the time you set up the account. The company or broker that oversees an investor’s gold is often called a trustee or custodian.
  • Check the quality of gold your broker offers. The value of your account depends on pure, high-quality metals, so it’s important to know exactly what you’re investing in before you make a purchase.
  • Stay focused on your long-term goals. Just like the stock market, gold prices have ups and downs. It’s important not to sell low if gold prices dip, but instead consider your investment for the future, because growth is likely to continue over the years.
A well-diversified portfolio helps protect an investor against loss while growing wealth for retirement and beyond. That’s why a gold IRA’s strength and tangible value can be important factors in a well-rounded investment plan.

FAQ

Q. Can I include more than one type of metal in my gold IRA?
A.
Possibly, but it depends on the company you choose. The types of metals offered by gold IRA services vary, and some primarily invest in gold while others offer multiple metal options.
 

Q. What if I contact a gold IRA service and don’t feel comfortable about the advice I’m given?
A.
Investing is personal, and it requires a personal connection between investor and adviser for optimal success. For that reason, it’s important that you feel comfortable with the gold IRA service you choose. Go with your gut feeling. If you don’t feel good about what you’re hearing from a particular company, check out others until you find one that makes you feel confident about investing in precious metals.
 

Q. Why is gold the most popular precious metal offered by brokers?
A.
Not only is gold unmistakably valuable and popular, it has a long track record of being a stable investment. Think ancient gold coins or the American gold rush. The confidence investors have in gold goes back thousands of years and has stood the test of time.

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