Top 3 Gold IRA Companies Reviewed with Fees and Discounts
*We may receive a referral fee from some of the companies featured in this article. This article is not a financial advice. Refer to a professional for financial advice.
We all know the dollar loses its value over time due to inflation, and one of the ways to hedge your retirement account against inflation is to invest in a gold IRA. Well, if you are reading this post, chances are you've heard about gold IRAs otherwise known as precious metals IRAs and you are looking for more information on how to get started. Well, if this is you, then do not worry. Because in this post, we will tell you all you need to know about gold or precious metal IRAs, and also, suggest to you some of the top gold IRA companies on the market.
There are plenty companies out there and checking each company for these factors can be a hassle. This is why we have researched and put together a list of the 5 best gold IRA companies that can help you set up your gold IRA account with ease.
So, if you are ready, let's dive into the list of the top 5 gold IRA companies:
1. Augusta Precious Metals
Augusta Precious Metal is a premier precious metal IRA company based in Beverly Hills. Even though they offer the best pricing you can get on the market, they do not compromise their quality of service.
They have won numerous awards to solidify their reputation and integrity as an industry leader in the world of gold IRAs. Whether you are looking to purchase gold coins with cash or purchase it for your IRA, Augusta Precious Metals has a team of professional and well-educated staff that will help you through the entire process of acquiring precious metals. They are experts in gold and silver IRAs and cash purchases. They are committed to the well-being of their customers and they offer customers and interested parties life-long customer service.
Besides offering you professional support through their team, they have tons of resources on their website to help you understand what a precious metal IRA is all about. These resources range from webinars, market news, video library, FAQs and many more. These resources and the top-notch staff are ready to assist you to show that Augusta Precious Metals is more concerned about your interest. This is because not only do these resources convince you about purchasing a gold/silver for your IRA, but they also educate you on the risks involved.
They offer their clients a variety of options ranging from gold and silver IRA eligible coins, gold and silver Bullion, and premium gold and silver.
Augusta Precious Metals doesn't require you to pay any management fees if you are looking to open a self-directed IRA account. They even offer free shipping, free transit insurance, and up to 10 years of fee-free custodial services and storage
Augusta has a minimum investment fee of $50,000 for IRAs.
Joe Montana, a famous and hall of fame NFL quarterback used to be a customer of Augusta and now he’s the ambassador of the company and he has always shared his positive experience with Augusta Precious Metal. In addition, they have tons of video testimonials as well as written reviews from their clients on their website to show that they offer quality service.
Besides that, Augusta Precious Metal has been recognized by numerous independent review sites; they have an A+ rating from BBB, a 5-star rating from Trustlink, and a 4.8/5 rating from Google My Business. So far, they are the only gold IRA company with zero complaints!
Delivery and Processing:
Augusta works with three pre-selected custodians who are efficient at helping you easily set up your gold IRA account. These custodians are Equity Trust (been in business for over 30 years), Gold Trust Company, and Kingdom Trust. All metals purchased from these custodians are stored and safeguarded in the Delaware depository.
Processing your order should take a maximum of one week. And once your order is confirmed, it should get delivered to the depository within a maximum of 10 days.
They have a department for each type of complaint to make sure that you are talking to the right person at any time.
- They have a customer success agent: A professional agent who will speak to you and connect you to another agent depending on the question you have.
- They have an economic analytic agent: These agents are responsible for updating you about the latest prices chart in the precious metals market. They will also educate you on how to mitigate risk and maximize your profit.
- They have an IRA Process Department: This department has a professional team with expertise in helping you fill out all necessary documents and negotiate the purchasing of the gold for you.
- Portfolio Support Team: This team is responsible for managing and personalizing your portfolio to give you the best financial outcome.
- Order Desk Assitant: They handle all orders from purchasing extra gold, buyback, and rebalancing your portfolio.
So, as you can see, Augusta Gold has a team ready for any type of question or information you need.
- Lowest prices
- Great customer service
- Easy and efficient account opening process
- No-cost to review the portfolio
- Zero complaints ever!
- They offer only gold and silver
- High barrier of entry with the $50,000 minimum investment
FREE One-On-One Webinar with Harvard-trained economist
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FREE Gold IRA Investment Kit
Click here to request your FREE Gold IRA Investment Kit from Augusta Precious Metals
Contact Augusta Precious Metals:
Phone number: 855-661-4281
Goldco Precious Metal is one of the renowned names in the world of gold IRA investments. Foundedin 2006, Goldco has had 15 years of experience handling all forms of precious metal IRA investments. This makes them one of the most reliable companies out there.
They offer two main services:
- Direct precious metal purchases
- Precious metals IRAs
Goldco specializes in gold IRAs, silver IRAs, platinum IRAs, palladium IRAs, or an IRA combining any of these metals to give their clientele a wide variety of precious metals to choose from. However, if you are not interested in setting up an IRA account with them, you have the option of purchasing precious metals directly from them at a reasonable market price. They aim to help people diversify, grow, and protect their portfolios with precious metals.
They have investment plans and services tailored to meet the need of every customer. They offer 401(k) rollovers to help you easily transfer funds from your traditional IRA to a precious metal IRA account. They also allow clients to open either a silver or a gold IRA account. Besides that, they help you with SER IRA planning, simple IRA planning, and Roth IRA planning.
Goldco is committed to offering first-time investors a wealth of information with their beginner's guide, news about the precious metal market, blogs, and featured articles to give you insight into the precious metal market. They offer a free kit that includes a video guide, an audio guide, and a printed guide to give you all the information you need about gold IRA investments.
They have excellent customer service, and this is evident from the numerous online reviews they have.
Goldco offers one of the most competitive fees on the market. They require a minimum investment amount of $25,000. You will also be required to pay an annual fee of $175 for accounts valued below $100,000. Once your account exceeds $100,000, you will be required to pay a fixed annual fee of $225.
Goldco is one of the reputable IRA companies on the market. They have tons of reviews and they have been endorsed by high-profile celebrities such as Sean Hanity
They also have quite a several reviews from other reputable independent websites. They have an A+ rating from BBB, an AAA rating from BBA, 5 Time INC 500 winner, and over 1000+ 5 star reviews.
If this isn't convincing enough, then you can visit their testimonial section to view tons of reviews from clients just like you.
Delivery and Processing:
Rolling over from a traditional IRA account to a self-directed IRA account may take up to two weeks. Also, all orders are shipping within 5 to 14 days after receipt of the funding has been shown. All deliveries are made through a registered US logistics service such as US mail, Federal Express, and UPS. Also, all deliveries are insured, so you do not have to worry about your metal getting damaged during delivery or missing during transit.
Goldco works with a variety of custodians to give their clients the best offer possible. However, they recommend Equity Institutional and Self Directional IRA as custodians. When it comes to storage, they recommend Sterling Trust. However, you have the option of choosing any custodian and storage custodian of your choice.
Goldco has a great buyback program, and they work with clients to make sure that they get the best rate when they want to liquidate their assets.
Great customer service is a hallmark for Goldco. They offer various customer service options to make it easy for you to reach out to them to help you solve any issues you might have.
They have a number you can call between the hours 7 am to 4 pm PST to make all your inquiries. Or, you may also reach them by email.
- Great buyback program
- Efficient and fast rollover
- Low barrier of entry at $25,000
- Up to $10,000 in free silver
- Fees are higher than some competitors
FREE Gold IRA Investment Kit
Click here to request your FREE Gold IRA Investment Kit from Goldco
Phone number: 844-559-1065
3. American Hartford Gold
American Hartford Gold is known for its indisputable reputation in the Gold IRA market. American Hartford Gold is a Los Angeles based that was founded to help individuals and families diversify their investment portfolios by helping them invest in precious metals such as Gold, Silver, Platinum, or a combination of these metals.
They are one of the few industry leaders when it comes to helping people set up gold investment accounts such as TSP, 401k, and IRA. Alternatively, you can have your precious metal delivered to you when purchased with cash. They are also known to help you easily roll over from a traditional IRA or 401K account to a self-dedicated gold, silver, or platinum IRA account.
For new investors looking to enter the Gold IRA market, American Hartford Gold makes it easy for you to understand how the Gold market works by providing you with a wealth of information through blogs, free beginner guides, FAQs, current market prices, and market news to help you make an informed decision.
They also have a team of professional staff that diligently works hard to help you with any questions you might have, and you can reach them via email or through a phone call.
They offer you three ways to fund your gold IRA account. The first funding option is to fund your account is through IRA transfer, where you transfer cash from one IRA account to another. The second funding option involves rolling over your investments from certain qualified retirement plans such as Traditional and Roth IRA, 403(b), 401(k), and Thrift Savings Plan (TSPs). You may also fund your account through annual contributions.
They have tons of reviews from their clients which solidifies why they are one of the industry's best.
When you deal with American Hartford, you will get all the fees waived off for one year. However, people that purchase large quantities of gold for their IRA may get their fees waived off for the first 3 years.
After the waiver period has ended, you will be required to pay a $75 annual IRA fee if your IRA account is valued at $100,000 or less. However, people with accounts values of more than $100,000 will be required to pay a flat fee of $125 annually.
The second fee you will have to pay is the storage fee which is a flat fee of $100 annually. In addition, you will pay a $50 first-time account setup fee.
Finally, you can make a minimum investment of $10,000 if you are making purchases for a retirement account.
American Hartford Gold has tons of reviews from thier clients and reputable websites. They have an A+ rating from the Better Business Bureau, A 4.9 out of 5 rating from TrustPilot, and many more companies. This means, they are reputable and known for their great customer service.
Delivery and Processing:
Depending on the method you choose to fund your account, it may take one to three days for funds to be processed into your gold IRA account. Once, the funds have been reflected into the account, you may contact an account executive to help you purchase the precious metals. Once the metal has been purchased, American Hartford Gold will make arrangements for your precious metal to be delivered to one of their two depositories, which are Brink's Global Service or Delaware Depository Service Company.
They have a solid buyback policy and offer transparent pricing with no hidden fees.
They have a reliable customer service team that works around the clock to make sure that your needs are met.
- Price Match Guarantee
- Waived fee for the first year or first three years.
- 5% metal back on orders above $50,000
- Up to $2,500 in free silver
- Great customer service
- They only ship within the United States
FREE Gold IRA Investment Kit
Click here to request your FREE Gold IRA Investment Kit from American Hartford Gold
Contact American Hartford Gold:
Phone number: 866-250-5090
What Is a Gold IRA?
A gold IRA is a type of self-directed IRA that allows you to hold physical gold in the custody of an IRS-approved depository for you (the IRA owner). Unlike traditional IRAs where you own cash or paper assets, a gold IRA allows you to own physical gold in the form of gold bars or bullion.
A gold IRA gives you the best of both worlds; you get the stability against inflation and incremental increase in the price of gold, and also, you get to enjoy the tax-deferred benefit of a traditional IRA.
That being said, there are a few things you need to keep in mind about owning a gold IRA.
Why Should I Invest in a Gold IRA?
There are many reasons why you might want to invest in a gold IRA as opposed to a traditional IRA.
1. Store of Value
Gold is one of the most valued commodities in the world, this is because since it was discovered, it hasn't lost its value, nor has it depreciated. And, this is why it is considered a store of value.
In addition, gold doesn't rust, therefore, they have a never-ending shelf life, and when most assets lose their value during an economical downturn, gold always maintains a stable price.
Compared to other traditional IRAs which invest in stocks, real estate, and bonds, investing in a gold IRA is one of the safest investments you can make toward investment. Most of the assets you have in your traditional IRAs tend to be more volatile than gold. In addition, unlike other assets that have a bust or a crash, there has never been a gold market crash in history.
Furthermore, the global government debt is skyrocketing, and this means, the dollar cannot be considered a reliable store of wealth, and this is why more and more banks are storing gold in their vaults instead of cash.
2. Hedge against inflation
Gold has proven itself throughout history to always rise in value whenever the prices of things go up. This makes gold a haven compared to other assets.
Well, with a gold IRA, you can either convert all your assets into precious metals or you can convert part of your assets into precious metals. Regardless of how you decide to partition your portfolio, having gold as part of your portfolio can be a great way to hedge against inflation.
In addition, gold isn't subjected to dilutions like other assets such as stocks or currency. A recent case was in 2020 when the US government printed more dollars for its citizen and this lead to the dollar losing its value.
3. There will always be a demand for gold
Gold is used for various applications, from making gold jewelry. In electronics, it is used for making IC boards and processors. In dentistry, it is used for tooth repair and a whole lot of use cases. These real-world uses of gold make it an evergreen asset that will never run out of use, this is mostly because it is non-toxic and doesn't rust.
In fact, since 2009, 2020 was the only year where the demand for gold went sub-400 metric tonnes; however, in 2021, the demand for gold has risen to 442.6 metric tons in Q3 of 2021. Even though the demand for gold is going up, the supply for gold is finite, and with these two factors, you are assured that the price of gold is always going to go up.
Rules Governing Gold IRA Accounts
1. It Must be bought through a custodian
You are also required by law to purchase the gold through a custodian, and after the custodian has purchased the gold on your behalf, they will transfer the gold to either a bank or an IRS-approved depository. This is why you need a gold IRA company to help you handle the whole process of getting a custodian and a bank to help you store your assets.
2. You cannot store the gold at home
Once the gold is part of your IRA, you cannot store the gold at home or in your safe box. The IRS considers gold from your IRA stored at home as IRA distribution. Therefore, the gold you have stored at home will be subject to a 10% taxation penalty if you withdraw the gold before you are 60 years.
Nevertheless, you can store gold at home, given that the gold you have at home isn't part of your IRA asset.
Cost of Investing in a Physical Gold Backed IRA Account
There are four main fees to consider when investing in a gold IRA. These are:
- Setup Fee
- Storage Fee
- Annual Administrative Fee
- Transaction Fee
1. Setup fee
This is the fee you will pay to get your account set up by the gold IRA dealer. Some companies might waive it off, while some might charge you a couple of dollars to set up your account. A good setup fee should be a one-time fee between $50 to $150.
2. Storage fee
This is a fee the depository or the bank will charge to keep your gold in their vault. The fee you pay would depend on the type of storage you choose and how much gold you have to store. Generally, storage fees should range from $50 to $300 annually.
3. Annual administrative fee
This is the fee the gold IRA company will charge you for maintaining your account, this includes activities such as bookkeeping. This fee ranges from $50 to $75.
4. Transaction fees
This is the amount the company charges you for processing the payment for any gold you buy or sell. The average transaction fee is around $40 to $50.
Choosing the Best Gold IRA Company: How to Compare and Review Companies
Before choosing a gold IRA compay, it is important to educate you on what to look for when choosing a gold IRA company. This is because there are tons of gold IRA companies out there, and choosing the right one can be a hassle. However, in this section, we will walk you through the criteria we used to select our top 5 gold IRA companies.
An IRA is your retirement plan, therefore, you want to make sure that the company you select meets all the criteria that qualify them as a trusted source. This is why in this section, we will inform you of what to look out for when choosing a gold IRA company to deal with to help you make the right life choice.
So, without saying much let's dive into the list.
1. Track record
You must investigate the company thoroughly to ensure that they have been serving their customers right. You can use certain reputable and independent business review bodies such as Better Business Bureau (BBB) to see the ratings of any company of interest. You may also use Business Consumer Alliance (BCA) to identify the reputability of a company.
What these two companies do is to record the complaints each company has had, and also, how the various companies resolved these issues. So, by using these two resources, you can gain insight into how each company manages consumer issues.
You want to make sure that the company you invest with has a good track record, and also, you want to ensure that they have great customer service.
In addition, you want to ensure that the company you choose has a good reputation. How we checked the reputation of each company was to check the reviews of customers to see what the customers were saying about the company.
One way to check the reputation of a company is through websites such as Trustlink.com. In addition, you can check the websites of the company you want to invest with for testimonials.
3. Setup fees and storage fees
You must ensure that the company you invest in offers reasonable setup fees. Generally, the setup fees of the gold IRA company should be between $50 to $150. If you are going to make a large initial deposit, then some companies might waive off the setup fees. Some companies will also waive off the custodian fee for your first year.
Another important fee you want to check is the storage fee/custodian fee the company charges. Some gold IRA companies have a scaling custodian fee, which goes up when the value of your account appreciates. Therefore, we strongly recommend that you inquire about the terms and conditions of the custodian fee because these fees can cost you thousands of dollars.
4. Types of gold they have
Gold stored in gold IRAs come in two forms, these are bullion and coins. While these two might look similar, they have some differences.
The intrinsic value of bullion depends solely on the purity and weight of the coin. This means whether the coin is scratch or dirty, the value of the coin remains the same. However, the disadvantage to owning bullion coins is that their price depends on the fluctuating value of the current precious metal market.
- Collectible coins
The intrinsic value of these coins is embedded in the history behind the coin, this means the value of these coins is independent of the current value of gold in the metal market. The intrinsic value of this type of collectible coin depends on the mintmark, history/story, grade, and rarity of the coin.
Therefore you want to make sure that the company you invest in provides detailed information on which types of gold coin you should go in for. In addition, you want to ensure that the gold IRA company isn't biassed towards one coin. This is because some companies make higher profits selling one type of coin, therefore, they try to bait you into choosing that coin, and this might not be in your best interest.
5. Look beyond the coins they sell
The company you invest in must offer financial advice and not just advice on choosing precious metals. You must choose a company that is specialized in helping you choose the right metal, as well, helping you make great decisions on your retirement plan.
In addition, you want to scrutinize the company you want to invest with to ensure that they are knowledgeable about tax regulations because you want to make sure that you enjoy all the tax benefit that comes with setting up a gold IRA account. Also, you want to make sure that you have the right information to help you avoid any issues with the IRS.
Luckily, all the companies we recommend in this post, are specialists in dealing with retirement plans.
You also want to find out the various storage options the IRA company you are investing with offers. There are two storage options that most companies will likely offer, these are segregated vault storage or allocated vault storage.
With segregated vault storage, your precious metal is stored in a separated vault from other precious metals of other investors. This means each precious metal is stored in a unique or separated storage box. One upside to this type of storage option is that you can access your assets whenever you like. However, the downside is that it can be quite expensive because most segregated accounts are charged based on scaling fees.
Allocated vault storage is a type of precious metal storage option where the precious metals of various clientele are stored in the same vault, this means, you cannot access the precious metals anytime you want. However, the upside is that it is a cheaper option than segregated vault storage, and they tend to have a flat custodian fee.
So, which one do you pick?
Well, if you are just looking to buy precious metals as a hedge to inflation, and you will only want to access them after retirement, then allocated vault storage might be ideal. Alternatively, if you are a precious metal collector who loves to see their collection always, then going for the segregated option might be ideal.
However, you want to make sure that you communicate with your gold IRA company to choose the right storage option for you, and the various fees that come along with each storage option.
7. Buyback program
If you are looking to liquidate your gold, you want to make sure that the company you invest with offers you a fair value for your precious metal. This is why you must check out the buyback programs for each company to select the one with the best buyback rates. So, you want to make sure that the gold IRA company you are dealing with doesn't only offer a good selling rate, but also, offers a good buying rate when you are ready to liquidate your asset.
Most companies out there are looking to make money off you, so you must choose a company that has your best interest in mind.
8. Delivery and process times
You must consider the delivery time of the gold IRA company you want to invest with. You want to make sure that the company is capable of negotiating the purchase of your gold within a reasonable time and then have it delivered to your vault on time.
Most of the time, some companies will promise to purchase the metal for you at an affordable rate or a certain market price, hence, you will have you wait for a month or two or even three months before having your metal being delivered to you. Well, this can be quite disturbing, and cause a lot of headaches. And again, this is why you need a professional company to help you get the process done easily. Generally, we recommend that the companies you deal with should get your gold delivered to the vault within a week or two.
Furthermore, you want to make sure that the company you deal with has a quick processing time. This means they have to be efficient will rolling over your 401 k balance to your gold IRA balance, they also have to be efficient when completing funds transferred to custodians, and they also have to be efficient when setting up your account. You do not want to have to wait for days or months to have your account set up.
9. Call-in center
Well, setting up a gold IRA account is a life-long commitment, therefore, it is understandable for you to have questions. This is why the company you want to deal with must have numbers you can call to talk to real and professional customer service personnel who can help answer any question you have. If the company you want to deal with has no way for you to call and have a conversation with them, then this should be a red flag.
Frequently Asked Questions about Gold IRA Investments and Rollovers
1. Can I add my gold to my IRA portfolio?
No, you cannot. According to the IRS, you can only add gold purchased through an IRS-approved custodian to your portfolio.
2. Can I switch from a traditional IRA to a gold IRA?
Yes, you can. All gold IRA companies mentioned on this list will guide you on how to do that.
3. Difference between a gold IRA and a gold ETF?
When you invest in a gold IRA, you own the gold, just that, the gold isn't in your possession. However, when you invest in a gold ETF, you do not own the gold. You are only investing in a corporation that is trading gold on the stock market.
4. Why do I need a gold IRA company?
Investing in a gold IRA can be quite more complicated than investing in a traditional IRA. This is because with a gold IRA, you will need a custodian to buy the gold from, and also, you will need a bank or an IRS-approved self depository to store your gold. Well, finding the right custodian and bank can be a hassle, and this is where a gold IRA company comes in. These companies will help you throughout all steps involved in purchasing gold as part of your IRA.