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Gold has proven itself to provide steady and stable growth when compared to the unstable stock market and that’s why an increasing number of retirees are opting for gold-based IRAs. This is a means to diversify their investment portfolios and protect their existing investment portfolios against market fluctuation as well as inflation. Although most IRA customers invest in traditional assets like bonds, stocks, and funds, however, the tax code allows investment in precious metals like silver and gold by using special IRA accounts.
The traditional IRA account can be easily established and maintained by a custodian. However, setting up and running the gold IRA companies requires a few additional moving components. Investors might need to find an approved custodian and a depository. The gold has to be bought and then transferred to the depository so that the custodian is able to manage it, which is why investors should choose an established and trustworthy gold IRA company to help facilitate the process.
Our investigation revealed 18 legitimate businesses offering services in gold IRA services. At first, we checked them to ensure they had the highest rating of the Business Consumer Alliance (BCA). We looked at things like prices and fees as well as educational services, customer service, as well as the simplicity of opening an account as well as purchasing precious metals. We’ve compiled our list of the top gold IRA businesses across six categories.
The 6 Best Gold IRA Companies of 2022
- Best Overall: Patriot Gold Group
- Best for Transparent Pricing: Augusta Precious Metals
- Best for Customer Support: Goldco Precious Metals
- Best for Smaller Investors: Noble Gold
- Best for IRA Rollovers: Regal Assets
- Best for First-Time Buyers: Advantage Gold
BEST OVERALLPatriot Gold Group
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Patriot Gold Group combines an impressive track record of providing outstanding customer service, with top consumer reviews and competitive pricing. They be named the top all-around gold IRA company.
Pros
- Investor-direct pricing
- Top marks from major consumer groups
- A long history of the gold IRA business
Cons
- Fill out online form to receive the correct details
- Minimum investment required
Patriot Gold Group has forged an impressive track record of helping investors safeguard their financial future by investing in gold IRAs with high ratings from consumer groups throughout the process. The family-owned company has managed to do it by offering top-quality customer service, while maintaining its prices reasonable, which is why it’s our preferred choice as the top overall gold IRA firm.
Patriot Gold has built an excellent reputation, with high marks from the major consumer rating agencies, such as an AAA rating from Consumer Affairs and the Business Consumer Alliance and a five-star rating from Consumer Affairs. 1
Patriot Gold is a dealer-direct company. This means that customers do not pay the fees typically paid for silver, gold platinum, palladium, and gold coin purchases or bullion with price that is direct to the investor. There isn’t much information on charges, minimums for accounts, and other information is available on the website of Patriot Gold. It is necessary to reach Patriot prior to enrolling to get the important details.
Patriot Gold prides itself on its track record of providing excellent customer service. Account managers pay close attention to the needs of customers from account creation which can be completed on the internet or by telephone, throughout every transaction. Account reps try to know their clients goals in terms of finances and offer suggestions.
BEST FOR TRANSPARENT PRICINGAugusta Precious Metals
Augusta Precious Metals’ customers enjoy low prices and understand exactly what they’re paying for what. In this regard, Augusta makes our list as the top gold IRA company that offers transparent pricing.
Pros
- Cost-effective, transparent and clear fee structure
- Money-back guarantee
- Guaranteed fair pricing on purchases
Cons
- The company doesn’t sell palladium or platinum.
- No minimum investment specified
- There are no online purchases
The pricing is crucial when evaluating the gold IRA firms. Many companies boast of having an affordable fee structure but very few are able to disclose all of their costs. Pricing and fee structures for Augusta Precious Metals are completely transparent. Augusta Precious Metals is completely transparent and simple, which makes it our top choice as the top gold IRA that is transparent in the pricing.
Family-owned Augusta has earned its reputation for honesty and transparency since its opening in 2012. It has been awarded the top rating of BCA. 2 Augusta is also a strong source of its clients’ trust by offering a full money-back guarantee to new customers. They also guarantee fair pricing, as well as a seven-day price guarantee. For more information on the installation or annual, storage and other costs you should call Augusta directly. Augusta also offers an excellent buy-back program.
Augusta collaborates with highly reliable Delaware Depository for their customer’s storage requirements and has vaults across the U.S. Because the account is self-directed it is not subject to management charges.
Overall, Augusta’s customer support is excellent, as its positive consumer reviews show. The onboarding and transaction procedures are simple, with experts assisting customers with all required documentation. However, customers aren’t capable of making purchases on the internet.
The two major drawbacks of Augusta is its lack of choice in metals as well as its high minimum amount of investment required to establish an IRA. Investors who wish to invest in palladium or platinum must look to another place since Augusta concentrates on silver and gold coins and bullion. It’s attractive for simple IRA rollovers due to its simple pricing structure.
BEST FOR CUSTOMER SUPPORTGoldco Precious Metals
Goldco Precious Metals and its account representatives go the extra mile to make sure that potential customers and current customers get all the details they require in order to take an informed choice and that’s the reason we’re our top choice for the gold IRA firm with the top customer service.
Pros
- A vast collection of educational resources
- Competitive pricing
- 10% bonus in free silver coins for all new accounts
Cons
- Minimum investment applies
The only gold IRA firm takes as much efforts to provide investment information in a systematic and objective manner, gaining the trust of their clients. Established in 2006, Goldco Precious Metals stands out in many ways, however, it has established a reputation for offering superior customer service.
From account set-up to the latest transaction The customers receive goldco’s “white-glove service,” which gives them an expert to assist them at each step of the way. Goldco recommends that its customers make use of the comprehensive education section located on their website. In addition to a number of ebooks and a vast collection of instructional videos, Goldco maintains an in-depth blog that covers a variety of topics related to investing.
The focus on customer service has resulted in Goldco near-perfect reviews from Consumer Affairs and Trustpilot. 3
For more details on charges, minimums for accounts as well as custodians and storage You will have to reach out to Goldco. Goldco also provides a no-cost guide if you’re willing to provide them with your email address, name, and telephone number. Setup of your account is fast and simple, done mainly on the internet. Goldco also provides IRA or 401(k) rollovers to help you transfer your retirement savings.
BEST FOR SMALLER INVESTORSNoble Gold
With a minimal investment requirement, and an extensive library of educational materials, Noble Gold is our option as the most reputable gold IRA business for investors with smaller budgets.
Pros
- Low minimal investment
- Educational resources that are extensive
- Storage and flat-rate service
Cons
- Annual fees are often proportionally excessive for accounts with small balances
It was founded in the year 2016 Noble Gold is a relative newcomer to the gold IRA sector. However, due to its low investment minimum and numerous educational resources it quickly became one of the most sought-after gold IRA company for novice investors.
The company’s short history has meant that Noble Gold has also gained recognition from the consumer ratings agencies, achieving an overall five-star rating from Consumer Affairs and a BB rating from BCA (one complaint within the last three years was handled satisfactorily by Noble Gold). 4
Alongside its extensive collection of educational tools, Noble Gold provides each prospective customer with a complimentary meeting for a mutually agreed-upon understanding of the customer’s requirements as well as preferences and goals. Following that, customers receive an experienced advisor who assists and guides them through throughout the process without engaging in high-pressure sales tactics.
Noble Gold’s charges aren’t the cheapest however, they’re affordable. New customers don’t have to pay the setup cost, but every account is charged an annual fee of $80. Furthermore each customer is charged the same $150 per year for storage. The good news is that they are fixed fees that apply to all accounts, regardless of size. Additionally, the storage cost covers the costs of storage that is segregated. (Noble Gold does not offer storage that is commingled.)
Due to Noble Gold’s vast network of suppliers and partners Customers can enjoy the best prices on gold purchases. Noble also provides customers a “no-questions-asked” buy-back service.
The Noble Gold custodian for the account is Equity International. You can access your account details at any time via their website. Noble utilizes International Depository Services (IDS) to store your information. It has two facilities located in the U.S. and one in Canada. The storage facility at the top-of-the-line IDS facility is covered by a Lloyd’s of London insurance policy.
Customers who are interested in opening an account can spend the entire time they require on the Noble Gold website, exploring educational resources and obtaining the necessary information before reaching out to a representative in order to set up an account. You can finish a portion of the registration process on your own, but you’ll require assistance from an official to complete the procedure.
BEST FOR IRA ROLLOVERSRegal Assets
IRA rollovers can be a challenge needing specialized expertise to avoid making mistakes. When the majority of Regal Assets’ business is IRA rollovers it is certain they know what they’re doing. This is the reason it made our list of the top gold IRA firm that can handle IRA rollovers.
Pros
- Extensive IRA rollover record
- Zero cost for IRA transfer or rollover
- Flat-yearly service and storage costs
Cons
- You cannot make online purchases
With its highest consumer ratings and a competitive cost structure, Regal Assets has become the top choice in gold IRA businesses since it was established in the year 2010. When the bulk of a business’s revenues come directly from IRA rollovers, it is due to particular recognition as the top gold IRA company for IRA rollovers. Regal Assets backs up that honor with top-quality IRA transfer and rollover knowledge and services. As if that weren’t enough, they now charge no fees for its services.
While Regal isn’t rated by Consumer Affairs, it has an AAA grade according to the Business Consumer Alliance and many favorable reviews on other review websites. 5
Regal’s pricing structure is clear and simple. The company charges an affordable price for storage and service that is $250 annually. It covers the cost of storage segregated that is less than other companies. There are no transaction fees. The minimum investment is required. Contact the company for the specifics of investing in them.
Regal is also a top performer in customer service. Beginning with a wide range of educational materials and resources, Regal’s IRA experts start working with applicants throughout the process of applying and remain by their hands every step of the procedure.
BEST FOR FIRST-TIME BUYERSAdvantage Gold
Advantage Gold’s minimal investment requirement, affordable fee structure, and wealth of education resources make Advantage Gold the top gold IRA business for those who are first-time investors.
Pros
- A vast collection of educational resources
- Annual fees that are low
Cons
- Operating history is relatively brief
- Purchases online are not possible
Established in the year 2014, Advantage Gold operates well past its age. Advantage Gold has made its reputation as the top gold IRA company for new customers with its minimal amount of investment, a dependable customer support, and an extensive education platform.
Since its beginning on the 14th of July the year 2014 Advantage Gold has strived to establish a stellar reputation through providing top-quality customer service. With the highest ratings of BCA (AAA) and BCA (AAA) and with zero complaints reported in the last three years Advantage Gold has surpassed the expectations of its customers. 6 What the company is lacking in terms of experience in its business however, it is compensated for with the experience and expertise that its leadership team as well as its highly skilled employees.
Although Advantage Gold appeals to gold IRA investors of all kinds, however, it also has an exclusive appeal to new buyers. They have a wide range of information and education materials to help investors who are new to get started by investing in gold, as well as other metals. In no way are investors being exposed to high-pressure sales tactics.
Advantage Gold’s charges and minimum balances are believed to be friendly for new investors. Advantage Gold also has a generous buy-back policy, which allows buy-backs at the current market price that is more than the spot rate that some of their competitors offer.
The custodian of choice to Advantage Gold is STRATA Trust Company. To meet its customers’ storage requirements, the company collaborates in conjunction with Brink’s Global Services USA, Inc. as well as Delaware Depository, both highly reliable vault firms.
Final Verdict
Gold IRAs can be a little more complex than your typical IRA. Finding a company that is a good fit for your needs and your retirement objectives is essential to diversifying your portfolio, and include the precious metal.
Patriot Gold Group tops our list of gold IRA companies due to the fact that it has earned top ratings from consumer groups. It has a long history of helping investors get access to gold to fund their IRAs and is a dealer-direct business that eliminates the cost usually charged to access specific precious metals.
Your requirements and retirement goals are different, which is why it’s crucial to go through our entire list and choose the gold IRA company that fits your needs.
Frequently Asked Questions
What is a Gold IRA?
An gold IRA is a unique self-directed retirement account that is designed to store precious metals. Similar to the traditional IRA one, a gold IRA permits pre-tax contributions and investment profits will then be tax-free. The contribution and income limitations are identical. However, unlike a traditional IRA that usually holds securities in paper, like bonds, stocks ETFs, funds or cash equivalents Gold IRA is specifically designed to store physical gold and other metals that are approved. The gold isn’t held on your own; you keep it safe in a depository.
The IRS has issued guidelines on Metal “fineness” standards to determine whether silver or gold as coins or bullion is suitable for the gold IRA. Additionally it is the case that the IRS will only accept certain gold coins, like that of American Gold Eagle or Canadian Maple Leaf. A reputable gold IRA firm knows what’s acceptable and isn’t allowed for the gold IRA.
What Does a Gold IRA Cost?
Typically there are three kinds of fees that can be incurred when you have an gold IRA. The one-time fee for account setup can be as low as $50 up to $150. Some businesses waive the charge to make a larger deposit. There’s also an annual administration or custodial charge, which can range between $50-$150 based on the size of the account. Storage charges are imposed by the depository, ranging between $50 to $300 annually depending on the amount of gold stored.
The majority of IRA companies do not charge commissions for buying the gold or for selling it. Some have an “markup” to the spot price, which is basically their method of making it easier for the transaction. Certain businesses are transparent regarding their markups, but others do not. Direct-buying companies will eliminate the middleman, in turn reducing their markup.
A gold IRA typically has higher costs than regular or Roth IRA that invests solely in bonds, stocks, or mutual funds.
Should I Buy Gold Bullion or Gold Coins?
If they are looking to purchase gold to fund their gold IRA investors have the option of choosing between sovereign and bullion coins. Both are valued similarly–per ounce, based on the gold spot price–sovereign coins could be the better option.
Most commonly, sovereign coins that are well-known like those of the American Eagle and Canadian Maple Leaf can be easily recognized and are easier to trade and tend to be sold with higher premiums over bullion bars. Bars that are small in size (1 1 oz) are difficult to sell back and their markups are greater. Bars with a larger size are suitable to institutional investors.
If you do work with a trustworthy and client-focused gold IRA company, they’re likely to offer favorable buy-back policies for bullion or coins even though the transaction cost might be greater for bullion.
Where Should I Store My Gold?
If you have gold in the gold IRA it is not allowed to keep it at your house. The gold IRA firm’s job is to help you set in place the IRA and also to buy bullion or gold coins. Investors still need to locate a custodian as well as a safe depository for their gold. A majority of gold IRA companies work with a custodian. either the custodian or gold IRA company may choose an account with a depository.
A reputable gold IRA company will only cooperate with reputable, thoroughly checked third-party storage providers or secured deposits. Certain companies have agreements with several depositories across the nation. In the majority of cases the company is responsible for logistics for transportation as well as insurance coverage.
It’s your responsibility to verify that the company you are investing in has the necessary registrations, licenses as well as insurance and bonds that will protect your investment. You should request verification of those licenses as well as other details.
The gold must be stored in an IRA inside an IRS-approved depository You can’t store it in a safe deposit box, safe at home, or even under your mattress.
Is a Gold IRA the Best Way to Invest in Gold?
There are many options for investing in gold and an IRA is among the most popular. However, is it the most effective method? It is contingent on a variety of variables. Investors have the option of purchasing gold bullion as well as coins without an IRA. There aren’t IRS limitations on the types of gold they can buy and the manner in which they keep their gold. Investors are able to store your gold inside their home and avoid storage costs. There are also no fees for custodial services. Investors who keep their gold for longer than one year are entitled to preferential rate of capital gains taxes rather than regular income tax rates which you pay when you sell your gold and then withdraw funds from an IRA.
The physical gold itself doesn’t earn an income. This is vital for people who are retiring. To earn money it is necessary for the gold to be liquidated in order for funds to be taken out. Seniors over the age of 72 have to have enough liquid funds in their retirement accounts to be able to pay their minimum dividends (RMD) and may require them to sell a portion of their gold investments.
This can be a problem for those who are heavily involved in the gold market. This would not be as much of an issue, and possibly more beneficial, if their gold IRA is merely a small part of their retirement portfolio. The idea of having gold in an IRA is sensible as a component of a diversification plan which includes an inflation-proof hedge. Investors are able to own multiple IRA. If they have IRAs are backed by papers, they can have additional sources of income as well as RMD withdrawals.
Investors younger than their age and with less funds for gold investments could be better off using a traditional IRA or investing in gold-based equivalents, like ETFs that invest in gold and gold mining stock, till they build enough funds to meet the minimal requirements for gold IRAs.
The most effective way to make the most of an investment in a gold IRA is to utilize it to accumulate funds as part of a wider and more diverse investment strategy. However, this is also possible without the gold IRA.
Methodology
There are numerous things to take into account when choosing the best gold IRA firm. With your financial security at risk, the most important factor to consider is the credibility and reputation of the business you choose to help you purchase gold. We analyzed 18 companies based on their customer ratings using Business Consumer Alliance, Consumer Affairs, and Consumer Affairs. We then picked nine companies that received the highest rating for the two organizations (AAA and AAA with BCA as well as five stars with CA).
Read Also: 4 Best Gold IRA Companies Of 2022 And Beyond
