What Is A Gold IRA?
When it comes to a Gold IRA, all you really need to know is that it is a specialized type of individual requirement account that can allow investors to hold gold, as a qualified retirement investment.
In other words, they can hold gold coins or bullions and even precious metals as a form of investment.
You can set up a gold IRA with pre or post-tax dollars through a special custodian or type of broker that you can find. The IRS permits self-directed IRA holders in order to purchase gold, silver, platinum and other types of bards and coins, or basically just about any other type of approved physical forms.
Keep in mind that these can carry higher fees when we compare them to other IRAs due to the fact that they require both the purchasing, as well as the storing of the metals.
Why Invest in Gold IRA
Well, this is the process of putting a part of your retirement nest into actual gold. It is a self-directed individual retirement account that invests in physical gold, or really any other metal out there that is acceptable.
A gold IRA can serve as a hedge fund against inflation, which is always a plus.
If you want to hold physical gold this way, you’ll need to open a self-directed IRA or SDIRA, that you can manage directly with a custodian.
This custodian needs to be an IRS-approved financial institution, which can take the form of a bank, trust company, or brokerage.
You’ll need to find a precious metals dealer that can make the gold purchase for your IRA. Every single self-directed IRA custodian will offer similar, if not identical investment options. You should always ensure that physical gold is one of the offerings before you decide to actually create an account.
Now, after you’ve done that, you’ll need to set up a contribution, a transfer, or rollover from a qualified plan. You can then select investments for the account, and your custodian as well as metals dealer can complete the transaction for you.
Benefits of Gold IRAs
When setting up a Gold IRA, you’ll receive tax benefits. Gold IRAs offer some of the special tax treatments as standard IRAs, as well as long-term hold options, meaning that you won’t have to touch these assets for decades to come. You also have greater control, as they are always self-directed, and you can directly manage the holdings as a result and make all of the investment decisions yourself.
Remember, there’s still no tax-advantage income, there are higher fees, and there are funding restrictions, of-course, every system has its limitations.
Alternatively, you can always invest in gold stocks or funds, trade gold for commodities market, and buying bullion or coins and storing them on your own.
Remember, make sure to just pick this only if it works best for your specific case-scenario.
Best Gold IRA Investment Companies
What Exactly Is Goldco Precious Metals?
In our Goldco Review we discuss what is Goldco, and why should you care about converting your traditional retirement account into a gold or silver IRA? To start with, Goldco is a precious metals IRA company that assists with brokerage for precious metals IRAs, such as gold and silver.
Nuview Trust state that ‘investing in precious metals…offer[s] stability during volatile economic times’. This video can teach you more about precious metals trading as a whole. But let’s dive straight into what makes Goldco different from other gold IRA companies… SEE OUR FULL GOLDCO REVIEW HERE
GOLDCO PROS AND CONS
- One of the largest selections of gold and silver coins and gold and silver bars for IRAs
- Extremely easy to set up a new Precious Metals IRA or roll over an existing IRA
- Goldco has a Better Business Bureau rating of A+
- Palladium and Platinum are not offered as a Precious Metals IRA from Goldco
OUR GOLDCO RATING: 9.9/10
Who Are Augusta Precious Metals?
Augusta Precious Metals describes themselves as a ‘premier gold IRA company’, according to their website. They are based in Beverly Hills, California, and intend to help their clients with diversifying retirement accounts and savings. But what are their core values?
Look no further than the title of this review: trust, education, and empowerment. Augusta Precious Metals aims to create a productive relationship between themselves and their clients, to teach their clients about the economy and to allow them to diversify and balance savings… SEE OUR FULL AUGUSTA PRECIOUS METALS REVIEW HERE
AUGUSTA PRECIOUS METALS PROS AND CONS
- Very simple in setting up and IRA with very helpful team members to walk you through each step
- Gold and silver can be purchased as a personal investment
- Numerous IRS-approved storage options are offered for Gold and Silver IRAs
- You must contact Augusta Precious Metals in order to find a full list of gold and silver IRA-eligible coins and bars
OUR AUGUSTA PRECIOUS METALS RATING: 9.7/10
Who Are Birch Gold Group?
Birch Gold Group are a ‘leading dealer of physical precious metals in the United States’, according to their website. They have been in business since 2003 with a dynamic team of economic advisors, managers and brokers who help clients diversify their portfolios.
They work with gold, silver, platinum and palladium, making them one of the more diverse precious metals IRA companies. Seeing as they serve a wide range of customers from all 50 states, it’s no surprise that the Birch Gold Group has been featured on major news outlets… SEE OUR FULL BIRCH GOLD GROUP REVIEW HERE
BIRCH GOLD GROUP PROS AND CONS
- Precious Metals can be purchased for a self-direct IRA as well as a personal investment
- A Birch Gold Group member is always on call to walk you through the process of setting up your account and to offer top-notch investment advice
- The Better Business Bureau has given them an A+ rating
- You will have to pay for annual storage, management fees, and insurance
OUR BIRCH GOLD GROUP RATING: 9.5/10
What Are Some Considerations When Choosing A Gold IRA Company
Before you ever choose a gold investment company, take a moment and read the below considerations. Always take your time when choosing what YOU think is the best gold IRA investment company. Not all companies are the same and you want to make sure you are satisfied with the process and customer service you are about to receive from any of our top rated gold investment companies.
Make sure which ever company you decide to work with that they have exactly the right investment option for your portfolio. We do our best to review and rate the best companies out there but always make sure you do your own research and select a trustworthy and reputable company. Always make sure that which ever company you decide to invest with that they have multiple years of experience and customer reviews. A+ ratings from the Better Business Bureau are always ones your should consider.
Not every company is the same so each company will have different fees associated with their investment options. Always make sure you read the fine print within every company so you don’t get stuck paying a fee that you did not know about upfront. Will there be any shipping or insurance fees? Will there be any storage fees? Will there be any gold IRA associated fees?
If you can’t find these answers on their website then make sure you speak with a customer service representative and ask them straight up about any fees you make be entitled to pay. Knowing this upfront will save you time AND money.
History and Experience
The thing you should always prioritize when choosing a gold IRA investment company is their track record and their reputation. Do they have a history of positive reviews? Have they been around a long time? Do they have enough experience to earn your trust?
These are all valid questions and ones you need to research before picking a company to work with. You should ALWAYS work with companies with multiple years of experience and they will always have the most knowledge to help you with you portfolio.
As with any company, you should always only work with the ones who have the best overall customer support and who will always be there for when you need something. Setting up a Gold IRA can be extremely challenging and stressful if you have never done it before. You want a company that has a staff who are helpful and willing to hold your hand while working with you to make sure you successfully complete each step in the process of rolling over an existing IRA in to gold or setting up a new one.
Also, you want to worth with a company that will guide and advise you if you aren’t 100% certain what exactly it is you want to invest in, and use their knowledge to help you make the best decision.
Gold Investment Companies Top Gold IRA Company for 2021
We’ve reviewed some of the top gold investment companies out there, all of whom are respected and trusted by thousands of investors just like yourself. All of the ones mentioned above can help you set up your Precious Metal IRA or show you how to invest in gold, silver, palladium, or platinum. However at the end of the day our job is to review all companies and provide you, the investor, with who we think is the top company to work with. And for 2021, our top gold IRA company is GOLDCO.
There really isn’t a single thing that we do not like about GOLDCO…
First, and most important, is that they are an A+ rated company with the Better Business Bureau AND they have a AAA rating from the Business Consumer Alliance. GOLDCO makes is super easy to set up a new Precious Metals IRA or rollover any existing IRA that you may have. Their customer service is top notch when it comes to being very knowledgeable and helpful when it comes to helping you set up your GOLDCO account or to answer any questions or concerns that you might have.
They offer a very nice selection of gold and silver coins and bars that is approved by the IRS that you can easily add to your IRA. There are many types or IRAs out there but diversifying your portfolio by investing in gold an silver can protect you in instances where the stock market may disappoint you.
We know you’ll be extremely satisfied working with the people over at GOLDCO and you’ll be very happy with your decision to invest in gold and silver. So make sure you visit their website HERE to request your free Gold IRA kit and to sign up to start your new Precious Metal IRA!
Frequently Asked Questions
1. Why should someone invest in gold or other precious metals?
Investing in gold, silver, platinum, and palladium can offer a great way to diversify your IRA portfolio. Unlike the stock market, which can sometimes be volatile, precious metals typically hold their value consistently over time. And just like basic supply and demand teachings, precious metals are limited in supply on our planet, which makes them more rare and highly sought-after.
Precious metals are also very easy to liquidate when you are ready to sell them. Since they are in such high demand, you should have no trouble finding a buyer. This is not the case with other investments such as real estate.
2. When is the best time to buy gold?
Obviously you want to purchase gold when it is at its lowest price. While this isn’t always easy, there are a few triggers that can help you determine if it is a good time to invest in gold. Typically, when the stock market drops, the price of gold will rise. So it is typically a good idea to purchase gold before the stock market is expected to drop.
3. What is a Gold IRA?
A gold IRA is one type of Self-Directed IRA, or Individual Retirement Account. Gold IRAs allow individuals to invest in various precious metals such as gold, silver, platinum, or palladium in their retirement account. Now it may be subject to higher fees but Gold IRAs offer the same tax advantages of other types of retirement accounts.
The benefit of choosing to set up a Gold IRA is that you’ll be able to diversify your portfolio by holding some precious metals instead of all stocks and mutual funds.
4. What percentage of my portfolio should I hold in gold?
The right percentage of a portfolio to dedicate to gold investments varies by person and what their current net worth looks like. Consider your comfort level with different types of investments as well as your current age.
You could also modify the percentage of your portfolio held in gold by closely following the price of gold and the stock market.
5. Where can I purchase gold?
You can purchase Gold numerous coin shops or bullion dealers and you can store it in your own safe or security deposit at a bank. However we strongly advise you with an accredited online gold investment company. As there are numerous gold IRA investment companies to choose from online, make sure you look for one that offer a large selection of gold coins and bars as well as other precious metals that you could purchase for a personal investment or for starting a self-directed IRA. You should also check the reviews and ratings for a gold investment company before deciding to invest with them
6. Should all of my money be invested in gold?
No, you should not invest all of your money in gold. Gold should be used to diversify your portfolio to protect against sudden losses in the stock market. If all of your money was invested in gold, you could face similar problems to having all of your money invested in the stock market.
If the price of gold happens to decrease, your entire portfolio would decrease in value. If just a portion of your portfolio is invested in gold and the price of gold decreases, you won’t take as big of a financial hit.