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Several employees open Individual Retirement Accounts (IRAs) to invest in their financial future when they retire. These accounts usually use paper assets or the stock market to supply retirement portfolio funds.
However, the choice to convert IRA to precious metals IRA is a wise choice to ensure high interest and security from inflation and economic uncertainty. If you have an existing IRA, this may be your sign to diversify your investments.
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At a Glance:
- Augusta Precious Metals: Editor’s Choice – Best Gold IRA Company and Most Trusted Overall (4.9/5)
- American Hartford Gold: Runner up – Best Price On Bullion (4.8/5)
- Goldco Precious Metals: Top Precious Metals IRA Company (4.6/5)
- Birch Gold Group: Great Staff for One of the Best Gold Investment Companies (4.5/5)
Best Precious Metals IRA Companies of 2023
The stock market value constantly fluctuates, and retirement funds are losing value. Traditional IRAs are an unstable investment for potential retirees. A gold IRA account is a better choice as the stock market rates don’t significantly affect precious metals’ value.
Several companies offer gold IRAs and can convert a traditional account or Roth IRA to gold accounts. Investors can find the products that provide the best features for their individual retirement accounts.
AUGUSTA PRECIOUS METALS
| Rank | #1 |
| Trustlink Rating |  4.9/5 |
| Minimum Investment | $50,000 |
| Fees | * Initial Setup Fee – $50 * Annual Custodian Fee – $100 * Annual Depository Fee – $100 |
AMERICAN HARTFORD GOLD
| Rank | #2 |
| Trustpilot Rating | 4.9/5 |
| Minimum Investment | $10,000 |
| Fees | * Annual IRA Fee – $75 * Accounts Valued – $100,000 or Less and $125 for Accounts Valued at $100,001 or More * Annual Storage Fee – $100 Fee in Most Cases |
GOLDCO
| Rank | #3 |
| Trustlink Rating |  4.8/5 |
| Minimum Investment | $25,000 |
| Fees | * Setup Fees – $50 * Annual IRA Fees – $80-$100 * Storage Fees – $100 per Year * Other Fees – $30 |
BIRCH GOLD
| Rank | #4 |
| Trustlink Rating | 4.9/5 |
| Minimum Investment | $10,000 |
| Fees | * Initial Setup fee – $ 50 * Wire Transfer fee – $ 30 * Annual Maintenance fee – $ 80 * Annual Storage fee – $ 100 |
Editor’s Choice – Best Gold IRA Company and Most Trusted Overall
#1 AUGUSTA PRECIOUS METALS
Rated 4.9/5 Stars
Other Metals: Silver
Website Features: Educational resources, live chat, spot price charts
Why We Chose It
Augusta Precious Metals is a reputable gold IRA company who values making the precious metals investment process easy for their clients. Investors can diversify their gold IRA account to earn more interest, and the product consultants help their clients manage the account.
This gold IRA company offers gold and silver bullion coins with some premium precious metals. Consultants at Augusta Precious Metals provide quality customer service and stay with the clients after they open or convert their IRA to a gold account.
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Runner up – Best Price On Bullion
#2 AMERICAN HARTFORD GOLD
Rated 4.8/5 Stars
Other Metals: Silver
Website Features: Educational resources, live chat, spot price charts
Why We Chose It
This gold IRA company offers gold, silver, and platinum products, allowing clients to customize their retirement portfolio. American Hartford Gold is an old company, and they use their experience to provide clients with the best possible investment service for their retirement accounts.
American Hartford Gold group assists its clients regarding inflation and its effect on traditional IRAs. This gold IRA provider is a fast-growing company in the United States with high ratings and several satisfied clients.
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Top Precious Metals IRA Company
#3 GOLDCO
Rated 4.6/5 Stars
Other Metals: Silver
Website Features: Educational resources, live chat, spot price charts
Why We Chose It
This precious metals supplier has been a trusted gold IRA account custodian for over a decade. Several influential media leaders like Chuck Norris, Ben Stein, and Sean Hannity choose Goldco for their retirement portfolio.
Investors can rollover funds from a self-directed IRA into their gold IRA account to receive high interest from their investment. Goldco offers several high-quality silver and gold bullions like the gold and silver American Bald Eagle or Lincoln Memorial coins.
Pros of Goldco
Here’s what we like most about Goldco: |
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Featured Coins
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Great Staff for One of the Best Gold Investment Companies
#4 BIRCH GOLD
Rated 4.5/5 Stars
Other Metals: Silver
Website Features: Educational resources, live chat, spot price charts
Why We Chose It
Birch Gold is a highly trusted gold IRA company with various precious metal choices like gold, silver, platinum, and palladium. This IRA custodian offers high-quality products such as the gold and silver American Eagle Bullion coin and proof coin or the gold and silver Canadian Maple Leaf.
Several influential media personalities like Steve Forbes, Floyd Brown, Ron Paul, and Ben Shapiro use Birch Gold precious metals IRA. This company offers clients a specialist and financial advisor when they open their accounts, so it won’t be a hassle when you convert IRA to gold.
Investors can open an account with Birch Gold if they have a limited budget but want a wide precious metal selection. They are still, after all, a reputable gold ira custodian.
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What is A Precious Metals IRA?
A precious metals IRA allows potential retirees to invest in physical metals for their individual retirement accounts. Through our practical knowledge, we found these resources are a more secure investment form than paper assets as their value doesn’t fluctuate with the stock market. Eligible precious metals retain their worth during inflation and economic uncertainty.
People usually interchange precious metals and gold Roth IRA, but investors can choose silver, platinum, palladium, and other precious metals for their individual retirement accounts. New investors can choose a Roth or traditional Individual Retirement Account (IRA) for their retirement funds; they have varying structures and tax advantages.
Incoming retirees younger than 50 usually contribute $6,000 to fund their gold IRA, but those older than 50 must pay $7,000 to the precious metals supply in their self-directed IRA account.
Traditional IRA
The money in this retirement account can grow tax-deferred, but the government can apply tax implications on gold investments. Any withdrawals the investor makes from the account are taxed as regular income.
The account holder may face a 10% tax penalty if they withdraw their assets before they reach 59 ½ years old. The clients make a Required Minimum Distribution (RMD) when they reach 72 to maintain their gold IRA account.
Roth IRA
This gold IRA doesn’t require immediate tax deductions. Clients can fund this account using after-tax dollars, but the fund value grows without any additional payments.
When investors want to withdraw their cash, they don’t need to pay taxes, and there are no RMDs required. However, a Roth IRA has a 10% penalty for early fund withdrawal, the same as the traditional IRA.
How Do Precious Metals IRAs Work?
People use Individual Retirement Accounts to save money for retirement and receive some tax advantages. New investors can select a traditional or Roth IRA, but self-directed IRAs are excellent if you want to invest in something unique like physical precious metals (gold coins), real estate, or tax liens.
Traditional IRAs invest their funds in bonds, stocks, or mutual funds. However, a self-directed IRA allows clients to choose their assets and diversify their portfolios. Several people select precious metals as they are a secure financial asset protected from economic uncertainty.
People use a gold IRA (Individual Retirement Account) to hedge against inflation as it is protected from losses involved with other asset classes. This retirement account can protect your other investments from losing value as these precious metals gain their worth over time.
However, the Internal Revenue Service (IRS) only recognizes precious metals stored in a bank or accredited custodian. Metals in private storage aren’t considered part of an Individual Retirement Account.
What Precious Metals Are IRA Eligible?
Investors can choose between four precious metals for their gold IRA based on the Internal Revenue Service (IRS). Gold and silver are the most common, but the IRS accepts platinum and palladium. These metals must meet a specific purity level to fall into IRA eligibility before you convert Roth IRA.
Gold
For IRA eligibility, coins, gold bars, and rounds must be 99.5% pure. Common gold assets include the Canadian Maple Leaf, the American Gold Eagle, and the Australian Kangaroo.
Silver
The gold bars, coins, and rounds must have 99.9% purity for an IRA asset. The Australian Kookaburra, the Chinese Panda, and the Silver American Eagle are popular silver assets.
Platinum and Palladium
Both these precious metals require a 99.95% purity level for use in a retirement account. Typical platinum assets include the Australian Koala, Platinum American Eagle, and Isle of Man Noble coins. The Canadian Maple Leaf coin is a popular palladium asset.
Some specialty coins like the Mexican 50 Peso or the French 20 Franc don’t meet the government regulations supplied by the Internal Revenue Service (IRS) and are invalid for an IRA.
You must purchase these metals through a trustworthy supplier and store them with a custodian or depository to ensure you receive the tax benefits. Ensure the coins, bars, and rounds you purchase come from an accredited manufacturer or government mint.
Why Invest In Precious Metals?
Investors can convert IRA into precious metals IRA if they know the costs and processes involved with the transaction. Gold is a hedge against inflation people have used for several years, and this investment can protect the values of your other assets.
Precious metals like gold can balance the contents of your retirement portfolio. Mutual stocks and bonds can regain any gold losses during economic concerns, and vice versa. Investors can choose various metals at different amounts to develop a secure and customized retirement plan.
Before you purchase physical gold, it would be best to know that you should store your precious metals in depositories rather than keeping them privately since they earn value and receive tax benefits and exemptions depending on your IRA plan. However, investors should wait to withdraw their funds too early, or they will receive a 10% penalty fee.
Gold Roth IRA accounts are more expensive than other IRAs, and precious metals have a low selling price. Financial experts recommend that potential retirees use a precious metals IRA with other assets to develop their retirement portfolio and give them fund flexibility.
How to Open A Precious Metals IRA
Gold IRA investments are self-directed retirement plans, so investors have better control over funds while precious metals investing. This independence means retirees are more involved in the investment process than other IRAs. Do your research and find a trustworthy precious metals supplier to get their materials.
Individual retirement account holders can follow these steps to start their precious metal investment:
- Open a self-directed individual retirement account
Popular self-directed IRA suppliers include Goldco, Birch Gold, Augusta Precious Metals, and American Hartford Gold. They offer future investors the opportunity to customize their retirement plans with gold and silver investments.
- Fund your retirement account
Investors under 50 contribute $6,000 annually, while those older than 50 contribute $7,000. New investors fund their Individual Retirement Accounts by rolling over money from another IRA in their name. Different custodians have varying minimum balances, so you must find the company that works best with your budget.
- Choose a trustworthy dealer
Investors must store their precious metals in a depository to meet IRS standards. Choose a gold IRA dealer who has years of working with precious metals IRA and knows how to follow the government requirements.
- Choose your precious metals
The IRS allows investors to own gold, silver, platinum, and palladium for individual retirement accounts. You can choose bars, coins, or rounds. Most precious metals dealers mark their IRA-eligible products for investors to choose from.
- Put the precious metals in a depository
Based on Internal Revenue Service requirements, investors can’t store their precious metals at home. People who keep their assets privately can’t receive IRA tax benefits and savings. Choose an IRS-approved depository to ensure your retirement assets are safe.
- Complete the IRA transaction
Coordinate your investment process with your precious metals provider. These companies usually have financial advisors who can guide you on the best purchases for beginners and how to store them to get the best tax benefits.
Knowledge of precious metals IRAs can ensure a quality and secure investment process. Remember to ask for guidance from financial advisors when you open an account, and do some prior research to understand the guidelines you should follow.
How To Withdraw From Your Precious Metals IRA
People use gold IRA investments for retirement savings, so the assets in the account should stay there for a long time. Through our practical knowledge, we know that precious metals have a low selling price, but sometimes customers need to release their assets for emergencies.
You can withdraw the metals in your account, but you may have to pay income tax if you own a traditional IRA account.
Investors have two ways to withdraw the funds from their precious metal individual retirement accounts:
Cash withdrawal
The precious metals depository can buy the assets from the account owner and pay them through wire transfer, bank transfer, or check. This withdrawal process quickly gives the clients their needed funds.
Withdrawal in-kind
The depositors directly send their clients the precious metals, but this withdrawal transaction may receive some taxes if the account belongs to a traditional IRA. You must store your assets securely and purchase insurance to protect yourself from losses.
Investors can use these withdrawal processes to fund emergency expenses. However, all early withdrawals made by people at age 59 ½ will receive a 10% penalty. Find other fund sources and make IRA asset withdrawal a last choice.
Final Thought – Convert IRA to Precious Metals IRA
Gold IRAs can securely fund a retirement plan. Precious metals are a reliable hedge against inflation, and you can combine them with other existing retirement plans to diversify your retirement portfolio.
Investors can also convert IRA to precious metals IRA and rollover their funds from an existing retirement account. It would be best if you got a trustworthy supplier to get the metals and put them in a depository for safekeeping. The Internal Revenue Service (IRS) only recognizes precious metals in accredited storage as part of an individual retirement account.
Among the gold IRA companies mentioned above, Goldco stands out as a popular gold IRA supplier for first-time investors. This company offers high-quality service and continuous support after clients open their accounts.
Client support is essential for first-time investors as they need guidance with precious metals Individual Retirement Accounts (IRA) rules and guidelines. This company has a pricey minimum investment, but this precious metals supplier offers excellent customer service to potential retirees.
Goldco offers gold and silver products, and this is better for new clients as they can choose simple retirement plans with high value and tax benefits. Too many products may lead to confusion and complicated assets purchase.
New investors must understand how a precious metals Individual Retirement Plan (IRA) works and choose the best funding option for their retirement plan.
Precious Metals IRA FAQs
Investing in a gold IRA allows clients to customize their accounts and better control their retirement funds. However, this investment process can be confusing, and new clients need guidance to ensure they make wise choices. Here are some common concerns people face when they start a gold IRA investment.
How to avoid gold IRA scammers?
Economic concerns like inflation lead people to use desperate measures to earn money. Precious metals and gold IRA are especially susceptible to theft and scammers. Clients must be careful when they make transactions and deal with accredited suppliers.
New investors should know the red flags of a precious metals IRA scammer:
- Scammers name-drop a famous business person who “committed” to their account and give high-pressured pitches.
- Investors receive unsolicited calls and advertisements promising a high return from their gold IRA investment.
- A contract lacks information like the company’s name or the depository that will keep the precious metals.
- Agreements allow clients only to pay a small percentage of the investment value.
New investors should always be careful of scammers when they open a gold IRA investment. It’s best to research accredited companies and choose a known supplier with much experience. Sometimes these companies require a pricey minimum investment, but the benefits and security make your spending worth it.
Is a gold certificate the same as a gold IRA?
Sometimes people confuse gold certificates with IRAs; though they both deal with gold, these documents have different uses.
Gold Certificate
This certificate is paper currency that represents a quantity of gold. Gold certificates allow an investor to possess gold, but they don’t physically own it. Investors with this financial instrument don’t need a storage unit for their precious metals as they don’t have the physical material.
Investors can’t access the physical gold they possess, and the gold quantity with a bank or custodian determines the certificate’s value.
Gold IRA
This individual retirement plan involves purchasing and owning precious metal coins and bullion. Opening a gold IRA involves acquiring storage for the gold. This self-directed retirement plan allows investors to practice flexibility and control with their products.
Gold certificates and IRAs involve precious metal ownership, but individual retirement accounts require a physical license, while the certificate only represents the asset.
Is a gold IRA rollover the best choice to fund the account?
Starting a gold IRA requires a pricey minimum deposit, but you can choose to rollover funds from an existing account to take advantage of the potential tax benefits. Investors can get their funds from traditional IRA, Roth IRA, or 401(k) plans.
Doing a rollover from an existing retirement account has several benefits, and financial investors recommend following this process to fund your gold IRA.
Tax Benefits
Fund owners can avoid additional taxes and penalties when they perform a rollover from previous retirement accounts. Remember to ask for assistance from the custodians to ensure you achieve the process well.
Diverse Portfolio
Precious metal investments involve self-directed IRAs, so investors can diversify their retirement portfolio and use a gold IRA to supplement their other assets. Stocks, bonds, and paper assets can benefit from precious metals Individual Retirement Accounts (IRAs) as physical gold can protect traditional IRAs from market volatility, inflation, and currency devaluation.
Flexibility And Control For Investors
Traditional IRAs limit investors to mutual funds, stocks, and bonds for retirement savings. Still, a precious metal rollover allows retirees to choose the products they use for their retirement portfolio. Investors can customize their individual retirement plans to enjoy tax benefits and protect their assets from economic instability.
Can I buy gold with an existing Roth IRA?
A Roth IRA is a popular investor choice, offering tax-free growth and withdrawals. This retirement plan allows people to choose their investment options, and gold is a reliable fund source. Investors can benefit from Roth IRA’s tax-free features and preserve the precious metal’s value over time.
However, retirees must remember Internal Revenue Service (IRS) rules and regulations before purchasing a gold Individual Retirement Account (IRA). You can choose certain precious metals like gold bullion bars and coins if they reach 99.5% purity. Selling metals through the Roth IRA remains tax-free if you keep the funds in your account.
What if your current retirement account custodian doesn’t offer a gold IRA?
Some individual retirement account custodians don’t offer gold assets, but you can find alternative solutions to diversify and secure your retirement fund portfolio. You can choose two options to supplement your retirement fund.
Transfer to a custodian who offers precious metal IRAs
This process works similarly to doing a rollover. Specialized precious metal custodians have the infrastructure and expertise to facilitate gold purchase and storage. You can access several gold investment options if you switch to a specialized custodian.
Use an employer-sponsored retirement plan
Some companies offer sponsored employment plans for their employees, which may provide an investment with gold mutual funds and gold mining company stocks. These options don’t give you physical gold ownership, but you will earn exposure to the precious metals market.
Choose the best alternative option that works for you, but if you can fund a gold IRA (Individual Retirement Account), then invest your funds into this secure, customizable retirement plan.
Can you store IRA precious metals by yourself?
A precious metals IRA requires guidance from a trustee or custodian to ensure the proper handling of these investment assets. The IRS only recognizes gold, silver, platinum, or palladium products in an accredited depository. There are several reasons why investors can’t do self-storage with their precious metals.
Security
You must prevent damage, theft, or loss to store precious metals properly, and custodians have the facilities and depositories equipped with a surveillance system and armed guards. Valuable assets like precious metals need tight security a private residence or storage area can’t offer.
Compliance
The Internal Revenue Service (IRS) has regulations regarding precious metal storage, and accredited custodians know the rules involved with this process. These professionals can compile all the requirements and documents for secure precious metal storage.
Insurance
Precious metals need insurance in case of losses from theft, natural disasters, or other unpredictable circumstances. A custodian can offer insurance coverage for these assets.
Expertise
Precious metal custodians have experience dealing with these assets, so they know how to store, handle, and maintain precious metals in physical possession. Your gold, silver, platinum, and palladium bullion are secure when experienced custodians handle them.
Some investors prefer to keep their precious metal assets home, but only accredited custodians can safely store gold, silver, platinum, and palladium in accredited depositories. This storage ensures asset safety and approval by the Internal Revenue System. Accredited custodians can handle the precious metal storage’s security, expertise, and insurance.