The gold IRA is a fantastic hedge against market instability, and many economists urge investors to allocate a portion of their retirement savings into physical precious metals. On this page, I share my experiences with detailed gold IRA reviews after a hardcore search for companies that offers this investment option.
Note: This page is always current and updated very frequently to reflect market reports.
Imagine making sound financial decisions and saving diligently only to see your entire nest egg quickly going down the toilet due to inflation and an unstable financial market. The reality is that there are countless individuals who squandered a large chunk of their retirement funds from bursting asset bubbles. It’s possible to alleviate such pitfalls through a diversified investment portfolio but nevertheless, the horror of wasting decades of savings that you worked hard your whole life because of some unforeseen and uncontrollable force still lies ahead.
Again, this page was created after extensive examinations of gold ira companies that specialize in setting up a retirement account as a custodian that legally allows you to invest in gold (and other precious metals) for your retirement.
Gold IRA Investing Guide
If you already know how a gold IRA works, scroll down and find the information about the various companies that offer a gold IRA rollover or new account set up.
If you don't know how a precious metals IRA works, I'll spell it out for you really quick.
In short, a gold IRA is a form of Individual Retirement Account that houses precious metals (in their physical form, such as gold and silver) as an investment instrument for the owner of the account. These types of retirement accounts work the same way as a regular IRA, however, they hold physical goods like bars or gold bullion coins rather than paper stock or mutual fund certificates. I personally found out about these types of accounts, which are self directed IRA accounts, back in 2013 when I asked my financial advisor how to invest in real estate with my SEP IRA.
In addition to being able to invest in real estate, I could buy gold in my IRA account thanks to the diversity that a custodian account offers. Most traditional financial advisors will not tell you about these types of accounts because they do not get commissioned on them!
While most people have heard about the ability to set up a gold IRA account, the fact is that you can add silver, palladium, and platinum to the account assuming they are in an IRS-approved bar or coin form. (You'll hear about the silver IRA, palladium IRA, or platinum IRA, and these are all interchangeable for simple matters.)
By working with one of the reputable gold custodians below, you can rest assured your asset is IRS-approved.
Precious metals are widely considered the best method to hedge against inflation, not to mention diversify a portfolio that could include real estate, stocks, or mutual funds. While your metals will be have to be stored by your gold custodian in a specific manner, you can rest assured I've made sure that the companies below maintain a safe third party depository or own their own facility.
Rating the Best Gold IRA Companies
I decided to buy from one certain company and will share with you any and all research pertaining to this move via a supplementary review below. I went through more than 50 of the largest and most prominent names in the industry and scrutinized each one of them based on a myriad of crucial aspects that ultimately ushered me to the conclusion that Gold Co is the best and most trusted gold IRA company.
A number of the aspects that I looked into include:
- Track record and standing in the industry
- Fees and Storage
- Terms and Policies
- Customer Service
- History and security
You need to do your homework thoroughly when it comes to checking out gold IRA companies in 2020. I exhausted a great deal of time studying various companies, their procedures, corporate reputation, and fee structure.
Below is a list of the top choices you can consider which uncovers key elements to provide you the best gold custodian reviews from a small business owners perspective.
These reviews encompass fee structures , storage policies, and many more elements that helped me narrow down the list of dozens of gold ira companies you could come across to get to this list, the one I consider the list of the top gold ira custodians that will give you an A+ experience.
#1 GoldCo - The Top Rated Gold Custodian
I suggest you read my full GoldCo Review to see what I found when I really dug deep and investigated this company from the inside out. Here are some main reasons I found them to be the best gold IRA custodian you can park your assets with.
It's also important to know they can do a silver ira and even the latest trend, the bitcoin 401k.
#2 Regal Assets LLC – A Close Second Choice
Recommended Reading: Read my FULL digest on Regal Assets.
Regal Assets is without a doubt among the best options in terms of gold 401k rollovers. Throughout the years, they have developed a flawless reputation as one of the safest, fairest and most reliable companies in the entire industry. In any case, you need an instant sneak peek on the company’s dependability, you can rely on the Better Business Bureau or BBB anytime. In addition, there’s the BCA which gave Regal Assets a perfect rating. In their website, you can view a series of complaints levied on the company. So far, Regal has zero complaints and the like, which is pretty amazing.
And as we speak, Regal Assets also has no complaints at the BBB site. It belongs to a rare group of businesses that garnered a perfect 5 star rating free from bad remarks. Overall, customers just trust Regal Assets and are content with their services.
Another website that you can turn to if you wish to get a feel of the company is Trustlink. It originally belonged to BBB but later on separated to establish its very own website. At Trustlink, companies are scored in the same manner as BBB based on comments, complaints and reviews. Regal assets managed to score another perfect 5-star rating featuring hundreds of solid feedback from their clients due to top-notch service and impressive performance.
Gold IRA Company Qualities to Look For
It’s crucial to consider companies that are capable of providing satisfactory results amidst a volatile market. In essence, market conditions must not decide the end result of your investment. Customer services is an area of utmost importance as you need a company who can walk you through every step of the way once you decide to use your current 401k and weigh on life-changing financial choices. Furthermore, it’s vital to identify whether or not the company’s past clients are contented with the kind of service it delivers.
Finally, the company you consider must be highly renowned and endorsed by different independent review bodies in the industry such as BBB and Trustlink.
#2. Fees and Policies
Never make a decision unless you have put into consideration every fee and policy that will inevitably become attached to your account. It’s imperative that you know full well what kind of financial agreement you are entering on. Try to ponder upon these two questions before making your choice.
- Is the investment scheme suited to your personal needs and circumstances?
- Are there exorbitant fees involved?
At the start, everything can appear somewhat complex. The company that you decide as your financial partner in life must be able to transform the entire investment system into a straightforward one. This is made possible by providing you with the right people who are ready and able to walk you through the process and give you top-notch customer service.
#4. Terms of service and Track Record
Your financial caretaker must offer you a myriad of investment choices and terms that cater to your personal needs and circumstances. It’s ideal to partner with a company who has a positive history of stable and sound investments that are viable both in the long and short run. This kind of consideration is particularly vital for newbies and inexperienced investors. Pursuing a gold retirement plan is a smart financial move since gold is a steady commodity and acts as a buffer on the diminishing effects of inflation towards your savings.
#4. Reliable Buyback System
In the event that you wish to liquidate your gold deposits and/or other metals of value, you need someone on your side who is ready to buy them back in a heartbeat. This allows you to capitalize on potential profits when the market is ripe. Such profits, however, won’t be realized if you are required to spend a number of days to liquidate your assets.
With that being said, the company you choose must follow a reliable buyback system that will help you sell your metals on a price that is synonymous to the current market level. Regal Assets offers clients a 7-day buyback program. In any event, they fail to meet this period, the company will give you a Silver American Eagle coin as a nice compensation for the inconvenience rendered.
#5. Security of Deposit
Lastly, a crucial aspect that a lot of people tend to ignore when they search for a gold IRA investment custodian is a security of deposit. It’s essential to guarantee that the company provides a number of secured storage areas, both in your country and abroad. As a good rule of thumb, you want to opt with a company who provides segregated storage options. This simply means that you will receive a dedicated compartment to store your prized metals separated from the rest of the other client’s stock. This also means that you can enjoy instant access to any and all of your assets in the event that you want to resell them. Overall, never ignore security and speed of access when it comes to finding the ideal gold investment company for your financial future.
Gold IRA Investing Recap & Summary
Before you begin your quest on finding the best gold IRA company, below I've set up a Q & A of some important things that you might want to know first involving the rollover process, as well as how the precious metals market works, and other essential terminologies.
If you are ready to get started, I recommend you click here and fill out a form to get in touch with a broker who can help.
What is a Gold IRA Custodian?
In essence, a gold IRA custodian is defined as a financial institution that utilizes valuable metals like gold in the creation of distinct retirement plans for people who want to maximize their savings and better their financial future.
It's illegal to set up a retirement plan without a custodian, so this is a necessary part of the process and required by the IRS.
What is Investing in Gold for Retirement Like?
When the economy is in the stages of growth, precious metals like gold are somewhat volatile and are thus viewed as speculative. However, they are also considered as effective cushions in periods of recessions and financial turmoil. For this reason, precious metals become more expensive when the economy is struggling and heading towards a downward curve.
With that being said, it makes sense to have a portion of your savings in a gold IRA so long as you avoid reselling them during periods of economic growth when they are typically at their worst value. Think of it as the ultimate hedge against a bear market, and a very stable hold during any other market.
Gold Investing - Where Do I Start?
You can consider a variety of ways if you are planning to put your money in gold but the most widely used ones involve a mutual fund or ETF. There are those who favor these types of investments above physical gold since it’s a lot more stress-free to convert the investments into actual money.
The downside to them though is that they are relatively risky in times of economic shifts. ETFs can seamlessly be integrated not only to traditional IRA’s but Roth ones as well and they feature lesser fees and insurance criteria than physical gold.
While these can be decent investments for traders who get in and out of positions rather quickly, the main way I write about long term gold investing is for retirement accounts.
What’s the Meaning of a Gold IRA Rollover?
Generally speaking, rolling over your 401k to involves moving a portion of or your entire savings towards a gold IRA. Simply put, this is basically a form of retirement savings that involves physical gold assets. (Or other precious metals of course, such as the silver IRA.)
When you roll over your funds to metals backed IRA, it entails withdrawing a certain amount in your personal retirement account for the procurement of precious metals on a gold IRA company. Once you have procured the item, it will be recorded into your new IRA account based on its present market price.
Which Precious Metals Can I Buy?
Not every precious metal is covered by the IRS and the types which can be secured safely from IRA’s are:
What is the Minimum Investment?
When it comes it investing on gold from Regal Assets, the least amount that you need to make is $10,000 if it comes from your retirement account and $5,000 if it’s cash.
There are companies like Advantage Gold who don’t follow a minimum investment policy although they would strongly recommend their clients to avoid anything lower than $5,000.
The company I recommend, GoldCo, requires a $25,000 investment.
How Can I Set up My Own Gold IRA?
Visit the company’s account registration page and fill out the necessary information on the application form. Once you have entered your name and contact details, you'll be contacted by one of their professional agents. The next step will be to assign beneficiaries and share your existing custodian info.
What is the Best Gold IRA Rollover Company?
At this point, you basically have everything you need to know about the best rated gold ira companies and the only step left is to make a decision.
Finding the perfect IRA company for you and your finances should be, first and foremost, at the top of your list of priorities. Regardless if your still a newbie, already a seasoned gold investor or anything in between, we highly advise that you base your decision on these key factors:
- Storage policies and fees
- Customer Service
- Track record (Aka First person reviews like what you read here)
And when we are talking about the above factors, GoldCo passes with flying colors.
Legal FAQ's and History of the Precious Metals IRA
In 1997, the Taxpayer Relief Act made it possible for certain types of alternative investments to be permissible within an IRA. In fact, the Act specifically stated that investors could purchase and own physical gold and silver coins minted by the Department of the Treasury in the United States.
Investors could add the following gold investments to their individual retirement accounts:
- 1 ounce US gold coins
- ½ ounce US gold coins
- ¼ ounce US gold coins
- 1/10 ounce US gold coins
As far as silver is concerned, the Tax Relief Act of 1997 allowed investors to add 1 ounce silver coins minted by the US Treasury to their retirement accounts.
And in 1998, investors were allowed to use their IRA to invest in specific platinum coins as well as specific platinum, palladium, silver, and gold bullion.
Precious Metals Approved for IRA Accounts
The Internal Revenue Service has approved specific types of bullion and precious metals for individual retirement accounts. Investors aren’t allowed to invest in collectibles as part of qualified plans or IRAs, but they can purchase certain gold, silver, platinum, and palladium coins and bullion. But they have to meet specific fineness requirements in order to qualify.
From a liquidation standpoint, owning gold coins possesses a big advantage as opposed to owning gold bars or other precious metals bars in your gold IRA. It’s difficult to sell gold bars because they are higher-priced and can be counterfeited easier. Plus, their heaviness makes them more difficult to deliver as well and requires greater security during transportation.
At this time, a range of precious metals do meet specific purity requirements acceptable for gold IRA accounts. The government has investigated certain companies who aggressively sell numismatic coins as opposed to gold bullion. These companies make a higher commission selling numismatic coins, but bullion is more reflective of the precious metal spot price.
Acceptable Gold IRA Investments
- American Gold Buffalo Coins (Uncirculated)
- American Gold Eagle Bullion Coins
- American Gold Eagle Proof Coins
- Australian Kangaroo/Nugget Coins
- Austrian Gold Philharmonic Coins
- British Gold Britannia Coins from 2013 and Later
- British Gold Shengxiao Lunar Series Coins
- British The Queen’s Beasts Coins (Gold)
- Canadian Gold Maple Leaf Coins
- Chinese Gold Panda Coins
- Gold rounds and/or bars produced by Comex or Nymex approved refineries, or the National Mint, that meet fineness requirements at the minimum
Acceptable Silver IRA Investments
- American Silver Eagle Bullion Coins
- American Silver Eagle Proof Coins
- Australian Silver Kookaburra Coins
- Austrian Silver Philharmonic Coins
- British Silver Britannia Coins from 2013 and Later
- British Silver Shengxiao Lunar Series Coins
- British the Queen’s Beasts Coins (Silver)
- Canadian Silver Maple Leaf Coins
- Chinese Silver Panda Coins
- Silver rounds and/or bars produced by Comex or Nymex approved refineries, or the National Mint, that meet fineness requirements at the minimum
Acceptable Platinum IRA Investments
- American Platinum Eagle Bullion Coins
- American Platinum Eagle Proof Coins
- Australian Platinum Koala Coins
- British the Queen’s Beasts Coins (Platinum)
- Canadian Platinum Maple Leaf Coins
- Isle Of Man Noble Coins
- Platinum rounds and/or bars produced by Comex or Nymex approved refineries or the National Mint, that meet fineness requirements at the minimum
Acceptable Palladium IRA Investments
- American Palladium Eagle Bullion Coins
- Canadian Palladium Maple Leaf Coins
- Palladium rounds and/or bars produced by Comex or Nymex approved refineries, or the National Mint, that meet fineness requirements at the minimum
Distributions Rules and Regulations
The distribution rules and regulations for gold IRAs meet the same requirements of a regular IRA. Account holders can either:
- physically take possession of their precious metals
- or liquidate their precious metals for cash
Either of these actions is considered an IRA distribution. If you perform them, the IRS will tax you accordingly.
Precious Metals Storage
In an effort to stay in compliance with requirements by the IRS, all IRAs including gold IRAs must have a custodian or trustee in place. According to IRS Publication 590, “The trustee or custodian must be a bank, a federally insured credit union, a savings and loan association, or an entity approved by the IRS to act as trustee or custodian.”
Numerous custodians or trustees use private depositories to store their precious metals for their IRA. These depositories implore security features that include automatic re-locking, time locks, and monitoring for sound, motion, and vibrations. And monitoring takes place 24/7/365.
Best of all, these depositories often have large insurance policies that can insure around $1 billion or more at times. And these depositories employ two types of storage that include:
- non-segregated storage
- segregated storage
With non-segregated storage, your precious metals are stored with the precious metals of other investors in the same vault. With segregated storage, your precious metals are stored in a separate dedicated vault.
Because of the stringent requirements for custody, it’s highly unlikely that an investor can act as their own precious metals IRA trustee. Neither the federal courts nor the IRS have recognized self storage in a safe deposit box or an investor’s home as a valid alternative. In fact, the IRS warns that using an unconventional arrangement means running the risk of disqualifying your precious metals IRA.