Best Gold IRA Companies Reviews & Comparison 2023
Our Top Picks for Best Gold IRA Companies of 2023 – When you open an IRA or transfer funds from one type of IRA to another, there are at least two people you need to deal with. One is the investment trader responsible for the commodity you wish to buy. The other is a custodian, rarely the same individual who sold you the gold, silver, real estate, or whatever you are investing in.
It would be unwise to have the same person act as custodian and dealer — a conflict of interest. When one refers to a gold IRA company, usually he is talking about a company that sells gold products acceptable in an IRA account and helps the consumer get this plan set up, perhaps rolling a 401k into a gold IRA.
Best Gold IRA Companies Supplies this Service?
Numerous American companies offer Gold IRA services and also sell other precious metals for this purpose. They include Regal Assets Capital Gold Group, Amerigold, Goldco, Lear Capital, and Morgan Gold. That is just a small number from a huge list, but you must be careful. Certain gold IRA companies possess uncertain or downright awful reputations. It would be unwise to trust them with a new investment. Instead, stick with the names listed above and a few others after scrutinizing their ratings and reputations carefully.
Give yourself some time to do this; don’t rush into the process. A Gold IRA is not for everyone, although most investment brokers would say having just a portion of one’s investment in precious metals is not a bad idea to ensure that whichever direction the American dollar takes, at least some of the investments in a portfolio go the right way.
You can still buy gold from a company not offering IRA services, but the process is more complicated. The team responsible for selling your products is unable to offer educational advice on the subject or manage the paperwork that Gold IRA companies handle for you.
What is the Service?
If a company offers IRA rollover support, this is how it will look. You let them know who your current custodian is if you have one. If you are rolling a 401k plan into gold, the custodian is appointed by your former employer. If you are transferring funds from an existing IRA and your custodian does not handle self-directed investing, this is the individual they will make contact with.
Paperwork will be transferred across and you will have to fill some out too. When funds are secured by releasing them from another plan, the money will be directed to an account with your precious metals dealer where it must be spent and reinvested within a short space of time so you do not incur penalties.
Experts in their Field
One of the beauties of a Gold IRA service provider is that company employees (or members of the specific precious metals IRA team) know the rules even if you do not. They will direct customers to make the right purchases and connect customers to their new custodians. Precious metals dealers who supply this service have made business arrangements with certain custodial companies, sometimes just one but possibly a selection of two or three.
Clients do not need to agree with these choices and can nominate a different custodian, but only if the dealer is willing to be flexible and the custodian will represent a precious metals IRA. An inflexible arrangement is a sign you need to buy from someone else while numerous custodians only deal with traditional investments.
Metals are stored in a registered depository (Delaware Depository Service Company is a favorite) and are not to be touched by you since those coins and bullion represent your retirement investment. When you are forced to take a distribution, they are sold to fund your golden years.
Checking Reputations
A lot of writing has already been done about the firms above and several others. You can easily learn which firms have received numerous complaints and how they handled those complaints. In some instances, being able to deal with customers’ problems gives the business a chance to shine since some consumers lodge irrational statements of distrust where there appears no evidence a company did anything wrong.
In rare instances, a business is bogged down by negative reviews and even faces legal action. You can read positive and negative comments on the BCA (Business Consumer Alliance), Better Business Bureau, and TrustLink websites.
Why Would Choose a Gold IRA?
There are many reasons that owning gold within your IRA is a smart investment strategy. There are two main reasons that I think people need to invest in gold.
- Gold is not a company (and therefore cannot “go under”.
- No one can print more gold (it is truly a precious, finite resource)
If gold is not currently part of your investing and retirement strategy, then I strongly suggest you think about adding it to your portfolio.
Look Who Is Talking About It:
Is Investing In Gold A Good Idea Now?
YES! Actually, in my opinion, you probably should have already done it yesterday but NOW IS DEFINITELY A GOOD TIME! Here’s why:
Over the next couple of years, it is expected that gold may rise to unprecedented levels. People that choose to take action now should reward you with huge gains when this time comes. I know that I wouldn’t want to be left behind….would you?
How Do I Rollover My Current IRA Account?
Investors can choose from several ways to purchase gold in their IRAs. Investors can add gold exposure to their portfolio through the stock market in the form of an exchange-traded fund (ETF), such as the S&P Gold Shares ETF (Ticker = GLD), or indirectly by investing in a gold mining company, such as Newmont Mining Corporation (Ticker = NEM), which owns gold reserves worldwide and actively explores for new deposits. These investments offer liquidity as they are actively traded during market hours, giving investors the benefit of owning gold without the added expense of storing it themselves.
Investors can also hold gold directly through a gold Individual Retirement Account, which is designed to purchase and hold actual bullion in the investor’s name. These are purchased directly from gold dealers versus using a traditional advisor or broker. The dealers serve to create a market by connecting buyers and sellers and can help investors arrange how they would like to store the asset. They do so at a price, taking a commission on every transaction that is often much higher than what an investor would pay a stockbroker.
Benefits Of Investing In Gold
- Gold provides a hedge against inflation. Historically, gold increases in value as the cost of assets increase, due in large part to the declining value of the U.S. Dollar (USD). When the Federal Reserve announced that it would effectively print money to boost economic activity, the USD quickly declined in value, causing gold to increase in 2023.
- Gold is a physical asset that investors can see and hold. It is not traded directly on the stock market, but investors have the benefit of holding something real versus a paper asset. It tends to hold its value over time because of its varied usage in products ranging from jewelry to electronics.
- Gold also has the luxury of increasing in value when demand is high, which generally occurs when people feel wealthy. The Federal Reserve’s recent efforts could have that effect once again as the global economy recovers. Gold always has underlying demand regardless of market or economic conditions. Some company stocks may decline in value overnight on a bad news announcement, but gold is a precious metal that attracts buyers for a variety of reasons.
- Owning gold bullion versus the related ETF can reduce exposure to market risk. When stocks decline due to a market event, portfolio managers may be forced to sell one asset in order to protect their investment in another. In the case of gold ETFs, that could lead to unnecessary selling simply to raise cash.
FAQ’s
1. Why Should I Have Some Of My Retirement Savings In Gold
I encourage you to spend a few minutes watching this short video that explains more:
2. What Percent of My Portfolio Should be Put Into Gold and/or Silver?
If you wanted the video above, this question was answered there but it was gone over kind of fast – I actually missed it the first time I watched the video. Many financial experts are recommending about 10% – 30% of your retirement plan should be put into gold and other precious metals.
To add to this, I looked into this a bit more and found that this recommendation is also expanded depending on how much money you have to invest. People looking to invest more than $100K may want to look at even diversifying the metals and have a good mix-up of not only gold, but silver, palladium, and platinum as well.
3. What Are Some Things That I Should Know When Looking At A Gold IRA Company?
When I am looking at a big decision like this, I always like to do my homework and make sure that the company that I choose to purchase from is the right one for me. I already gave you my recommendation above, but what are some other things that you should consider should you want to look at other options?
- Look at their Better Business Bureau Rating.
- Look at sites like Trustlink.org to find reviews on the different companies that you are looking at. Just like I did for Regal Assets (shown in My Recommendation section earlier in this article.
- Look at the types of metals they have available. Especially if you are going to be investing a large sum of money, you want them to have a number of different types of metals available.
- Find out how easy it is to liquidate should you need to. Do they offer a buyback program and if so, do they offer a fair value?
- Make sure to find out if they have any additional fees for things like setting up the IRA and storing the metals.
4. Is Gold A Risky Investment?
Investing in gold comes with certain risks that may not be apparent when considering it against other portfolio ideas. Compared to stocks and bonds that are traded on the open markets, physical gold is relatively illiquid. Investors would have to find a dealer to help them dispose of their gold assets, and that dealer would charge a fee for finding a buyer.
Investors who hold real gold bullion would have to find a way to store it, which can be costly over time. Anything held in a physical location could also be lost, stolen, or damaged. While insurance could help recover the value of lost items, it also comes at a cost.
Deflation or changing economic conditions could also cause the value of gold to decline. Gold has a tendency to fluctuate wildly due to its perceived value relative to other investments. When investors have concerns over the USD or other paper currencies, they may flock to gold due to its value as a real asset. At the same time, if people are concerned about deflation or a slowing economy, they will be less likely to purchase luxury items such as jewelry. The perceived lack of interest in gold could cause its value to decline faster than the stock in a company.
5. Who Should Have Gold In Their Portfolio?
All investors should consider adding gold to their portfolio as part of an overall diversification strategy. Since it has a tendency to move with little correlation to stock market movements, gold can help reduce risk over time. Investors should always have liquid assets available for emergencies, so gold should only represent a small portion of the portfolio. Despite its demand, it is not something that investors can dispose of quickly unless the investor is willing to sell it at a deep discount.
Investors with a long-term horizon would best benefit from owning gold due to its ability to change direction when you least expect it. If a mining company discovers a new method of extracting gold, the increase in supply could cause a rapid decline in gold’s value. The opposite is true if a country looks to stockpile gold and essentially take it off the market.
Owning gold bullion directly or indirectly in an IRA is not for everyone, but it could make sense as part of your portfolio. Some believe that as paper money becomes more ubiquitous, the global economy will seriously consider moving back to a gold standard for all financial transactions. While that is not a likely scenario, gold remains the oldest form of currency and should continue to attract interest from investors and collectors alike.
6. How Can I Add Gold to My IRA?
In order to add gold to an IRA, you must work with an IRA custodian who is equipped to handle gold. In fact, most financial companies are not equipped to handle gold, which is why many people will rollover part of their IRA into a self-directed IRA which opens up the world to all kinds of alternative investments (such as real estate, private equity, and of course precious metals).
There are a variety of IRA custodians who handle precious metals accounts, you just have to find one that is trustworthy and has a proven track record.
It is also important to note that the IRS requires that the precious metals you include in your IRA meet certain purity standards. In order for gold and silver coins and bullion to be eligible for an IRA, they must have a fineness of 99.9% pure gold or silver.
Some of the more popular precious metal options to include in your IRA are American Gold Eagle coins, Canadian Gold Maple Leaf coins, and American Silver Eagle coins as they all meet the criteria outlined by the IRS.
7. What Types of Investments Can be Rolled Over into a Gold IRA Plan?
There are a wide variety of investments that can you can use to start your precious metals IRA. In fact, most employer plans including 401k, 403b, and existing IRA accounts can be used to fund your new gold IRA. In fact, these are some of the most common means individuals use to fund their gold IRA accounts. Of course, you can also open your account with cash if you choose to do so.
8. Are Gold IRA Plans Backed by Real, Physical Gold? Where is it Stored?
According to IRS regulations, the owner of the IRA cannot store the gold, it must be stored at an approved precious metals depository by the IRA trustee or custodian. There may be small fees associated with setting up your precious metals IRA and storing them, however, these fees are small and may even be waived in the first year for certain investors. Again, this is something you can learn more about by picking up our free investor kit.
So unlike some companies who offer “paper gold” (if you are going to invest in gold, why would you want something not backed by physical gold? That makes little sense) a precious metals IRA through our recommended company, Regal Assets does offer physical gold ownership within your IRA account.
Getting a Sense of Gold
It is also possible to determine if the vibe at a firm feels right just by reading how they portray the economic situation of the United States. Although this is not a factual or rational way to approach the issue of tangible wealth, customers should not ignore their instincts. When a website gives vent to irrational statements or fear-mongering and you feel they are going too far, let your bad vibes guide you to a different source. Such writing is not problematic if you agree with it.
Listed below are the Best Gold IRA Companies of all times
- American Gold Exchange
- APMEX
- BGASC
- Birch Gold Group
- Blanchard and Company
- Broad Financial
- Bullion Direct
- BullionVault
- Capital Gold Group
- Certified Gold Exchange
- CheckBook IRA
- CMI Gold & Silver
- Eagle Bullion Group
- Fidelity Gold IRA
- Fortress Gold Group
- Freedom Gold Group
- GainesvilleCoins
- Gold Advisors Group
- Gold Bullion Exchange
- Goldco Direct
- GoldDealer.com / California Numismatic Investments
- Goldline
- Goldmart
- GoldMoney
- GoldSilver
- GoldStar Trust Company
- Goldworth Financial
- Guidant Financial
- Heritage Gold Group
- iDIRECT / idirectlaw.com / IRA LLC
- IRA Financial Group Review
- ITM Trading
- JM Bullion
- Kitco
- Lear Capital
- Liberty Gold and Silver
- Liberty Metals Group
- Merit Gold
- Monex
- Morgan Gold
- Precious Metals Financial
- Regal Assets (our #1 Recommendation)
- Rosland Capital
- Safeguard IRA & 401k Advisors / IRA123.com
- Swiss America
- The Entrust Group
- United Gold Direct
- US Gold Bureau
