Best Precious Metals IRA Companies of 2022: Comparison, Reviews, Fees

You can own gold and other precious metals in large quantities with the assistance of an Individual Retirement Account (IRA) that specialises in precious metals investing. Gold and other precious metals have proven to be relatively secure investment options in today’s market (IRA). Your ability to use a portion of your IRA will be directly proportional to the IRA management company that you decide to do business with.

This, of course, raises the question of how one should go about selecting the best precious metals IRA company among the many available options. Selecting one is not all that challenging in and of itself. All that is required of you is to keep in mind a number of important factors first.

If you are getting older, you may find that you are beginning to ponder the question of what you can do with all of the money that you have put aside. However, before that happens, it is a good idea to safeguard its value against any adverse changes in the economic climate.

Setting up an individual retirement account (IRA) that is invested in precious metals is the method that provides the most immediate return on investment (ROI). Having one gives you the opportunity to own precious metals in bulk and under your own name at the same time.

However, this does raise the following questions: how can one be established, and with which organizations should one conduct business? It is best to start by looking at some of the fundamentals of individual retirement accounts (IRAs) and the companies that work with them in order to answer those questions.

#1 Augusta Precious Metals – Best Gold IRA Company overall and most trusted

It is possible for an individual retirement account (IRA) in precious metals to become quite pricey at times. Because of this, any company that offers reasonable prices for their products and services has the potential to be an excellent choice, particularly for those just starting out. This is where Augusta Precious Metals comes into play with their offering of pricing that is easy to understand, uncomplicated, and completely open and honest.

This business, which has been in operation since 2012 and is run by a single family, has been given consistently high ratings by various organizations, including the Business Consumers Alliance. The fact that Augusta is adamant about disclosing all of the financial terms associated with doing business with them is what gives the company its reputation for trustworthiness. When you do business with the company, from the initial setup to the ongoing annual maintenance, you will be made aware of exactly what you are paying for and how much it costs.

Their assurance that they offer fair prices is bolstered further by the guarantees that they will give you your money back if you are not satisfied with the work that they have done as well as price protection for new IRA owners. In addition to this, they provide a specialised buyback programme that enables you to receive the funding you require in exchange for a portion of the gold that you already possess.

In the field of individual retirement accounts (IRAs), Augusta is well-known for having one of the highest investment minimums possible. In order to transact business with them, you will need to have a savings account balance of at least fifty thousand dollars.

In spite of this, Augusta is still thought to be one of the best choices available for IRA companies on the market for one very good reason: they are very transparent with how much everything is going to cost you.

During the initial meeting, the proprietors of this business, which is run by a family, will present you with a very comprehensive breakdown of the costs involved. On paper, this should help you prepare the appropriate amount to continue doing business with the company for an extended period of time, possibly even decades.

It is helpful that the company provides a money-back guarantee in the event that you do not find their services to be acceptable. Additionally, the company provides a buyer protection policy for individuals who are opening their first IRA account. For customers who are ready to take their gold out of their IRAs, the company provides a buyback option that does not incur any fees associated with liquidation.

Having said that, the only types of coins and bullion the company deals in are gold and silver. The selection is extremely restricted. You might want to look in a different location if you are interested in purchasing some platinum or palladium.

#2 Goldco – Runner up

Before settling on a choice, it is typically beneficial for investors if they can learn everything there is to know about all of the possibilities presented by the various investment opportunities available to them. In this regard, Goldco stands out from the competition the most because the company is well-known in the industry for the comprehensive investor education programme that it offers.

When an individual opens an IRA account with Goldco, the company will provide that person with access to an entire library of free content that the individual is free to use in any way they see fit. This mechanism is quite straightforward. This library will consist of a wide variety of articles, blog posts, videos, and webinars that cover a variety of subjects pertaining to investments and precious metals. Aside from that, their website provides access to a number of useful tools, such as a real-time market monitor and other analytical functions.

Aside from that, the organization provides a level of customer service that is sometimes referred to as “white-glove.” In actuality, this signifies that a specialist or agent is allotted to each and every client whenever that client engages in any kind of transaction. The client should be able to get the direction and assistance they require to successfully complete any transaction when they work with this representative of the company. In addition to that, they provide supplementary services such as rollovers for 401(k) plans and a buyback option.

Despite these benefits, Goldco is notorious for not being entirely forthright when it comes to disclosing the costs associated with its services. If you call them up and ask for it, they will gladly give you an itemised list of all the money you spend with them in a year, but you have to initiate the conversation. In addition, their minimum investment is $25,000.00, which places them in second place among all companies in this sector for the highest minimum ever recorded.

#3 American Hartford Gold – Best Gold IRA Staff Overall

American Hartford Gold, just like any other company, provides the standard features, such as a sizable product library offered at competitive prices, as well as some services to help you get the most out of your precious metals individual retirement account (IRA). Nevertheless, what stands out the most about them is the exceptional level of customer service that they provide, which is among the best in their industry.

The service provided by the company to its customers consists of ensuring that each and every one of those customers’ requirements is met at each and every stage of the transaction that those customers are undergoing. The organisation also provides customers with a customer support line that is accessible at all times, allowing customers to speak with any agent and receive appropriate assistance for any problem they may be experiencing.

The company also does an excellent job with its programme to educate its investors. A customer who has access to a content library is expected to learn as much as they can about any precious metal in which they are considering investing before making a final decision.

In addition to all of these other features, the company utilizes a fee structure that is variable. Because of this, the amount that you pay for their services on an annual basis will be directly proportional to the amount that you drew out of your IRA during that specific time period. In addition, they have one of the lowest required minimum investments in the market today, which is $10,000.00.

Having said that, not everything about AHG is in a perfect state. Processing of their transactions can take anywhere from three days to an entire week at times. In addition, shipping to depositories located in countries other than the United States is not something that they support.

#4 Birch Gold – Excellent Customer Service

Any precious metals IRA provider worth their salt will adhere to the industry standard of providing fee disclosure. Birch Gold goes a step further than its competitors by ensuring that you have access to all of the information you require well before you even place a phone call to the company.

In contrast to other IRA providers, Birch Gold summarises all of the costs associated with working with them on a single page of their website, in a format that is straightforward and simple to read and comprehend. Naturally, the numbers could end up being different, but the company is known to make public announcements regarding any changes to their fees several months before actually putting them into effect.

The organisation is also well-known for the adoption of a flat rate pricing structure for its various fees. Having said that, this can be both an advantage and a disadvantage for you depending on the circumstances. If you make frequent large purchases from the company, you may be able to reduce the annual fees you pay for storage, shipping, and other transaction-related costs. On the other hand, if you only use your IRA occasionally and only make purchases of modest amounts when you do use it, the flat rate might be inconvenient for you.

In addition to this, Birch Gold is notorious for having one of the slowest transaction processing rates available in the industry. If you have a lot of bad luck, you might have to wait anywhere from two weeks to an entire month for any order you place to be processed and approved for shipping.

This merely indicates that Birch Gold may be an excellent choice for beginners, provided that these individuals have the financial means, the patience, and the purchasing frequency necessary to make the most of the flat rate fee structure.

What is a Rollover IRA for Precious Metals?

Before you do anything else, you need to get your head around the idea that individual retirement accounts (IRAs) are not the only option available to you once you reach the age of retirement for safeguarding your savings. They are just one of the many options available to you if you want to get the most out of the money you have saved for retirement.

A precious metals individual retirement account (IRA) performs the same functions as a traditional IRA does. It is a distinct and separate entity from you that is able to buy, store, and own assets on your behalf. However, in contrast to traditional IRAs, which are primarily designed to hold paper assets such as stocks, bonds, and titles, this type of IRA can also be used to hold tangible assets such as gold, silver, palladium, and platinum.

When it comes to these IRAs, however, you shouldn’t take anything too literally at all. The gold that you intend to purchase is going to be kept in a depository facility that is permitted by the law, and the account book is going to be managed by a custodian who is permitted by the law as well.

This would also imply that IRAs are one of the most heavily regulated types of retirement plans available in the United States at the present time. The Internal Revenue Service (IRS) wants to make certain that you and every other person who owns an IRA won’t make improper use of the account, such as evading taxes.

Because of the intricate nature of how IRAs are established and managed, it’s possible that having one could end up costing you more money in the long run. Depending on the circumstances, you should plan on spending up to $300.00 on your individual retirement account (IRA) each year; transaction-specific fees are not included in this estimate.

Because individual retirement accounts (IRAs) come with both privileges and responsibilities, you need to ask yourself the following question before deciding to open one: “Is an IRA the best option for me?”

Advantages of a Precious Metals IRA?

Having an individual retirement account (IRA) that is invested in precious metals can provide you with a variety of advantages. On the other hand, each of these benefits can be broken down into one of the following five categories:

Precious Metal IRAs Allows for Diversification of Assets

When you reach retirement age, asset diversification should still be your number one priority, according to any seasoned financial adviser who advises you on your finances. This indicates that you ought to ensure that the assets and structures that make up your investments are varied. Coins, bullion, and bars of palladium, gold, silver, and platinum are all acceptable forms of investment when opening an individual retirement account (IRA) that is based on precious metals.

These precious metal products each have their own value on the market in addition to other qualities that are inherent to them. You have the ability to own products originating from a variety of mints located all over the world, but this is contingent on the IRA Company that you decide to do business with. Some of today’s IRAs are designed to accommodate the storage of digital assets, such as Bitcoin and other forms of cryptocurrency.

What this demonstrates to you is that your precious metals IRA has the potential to serve as a depository for a wide variety of assets. If you want to make sure that your assets are as diversified as they can possibly be, you should probably talk to your financial advisor before you make any purchases.

Beyond Diversity, Precious Metal IRAs Provide Opportunity

Does your retirement account for precious metals only allow you to invest in precious metals? The correct response is “no.” If you are able to get a hold of an innovative custodian, which is a company that will invest in assets on your behalf, then your individual retirement account (IRA) may be able to offer you multiple investment opportunities derived from a variety of assets.

It is critical that you maintain an open mind regarding these alternative investment opportunities because doing so will allow your retirement account to generate income. The potential earnings of your Individual Retirement Account (IRA) will either be exempt from taxation by the Internal Revenue Service (IRS) or will be subject to a tax deferral arrangement with the government. If you choose the first option, it means that you will be able to use those funds to satisfy your tax obligations at a later date. The second circumstance indicates that you do not have to make any tax payments in relation to them at all. The privileges that are extended to you are highly dependent on what the IRS considers to be most appropriate for your circumstances.

Precious Metal IRAs Provide Safety

It goes without saying that recent world events have shown everybody that nothing is guaranteed today, especially market performance. Due to the sudden inflation and the now 2-year-old pandemic, even the strongest-performing markets before 2020 are struggling.

This is a potential cause for concern due to the fact that fiat currencies, such as the dollar, are highly dependent on the state of the market. If the market continues to decline, then their ability to spend money will decrease as well.

Here is where precious metals have an advantage over paper assets, as they are able to maintain a high value due to the inherent quality they possess as well as the high demand they experience from a variety of industries. To put it more succinctly, gold and silver will continue to be valuable due to the fact that they possess a variety of robust qualities and everyone else requires them for something.

When you invest some of your wealth in these types of assets, you provide a sort of cushion or hedge for your money, which acts as a defence mechanism against the effects of inflation.

Precious Metal IRAs Offer a Level of Control Absent in Other Retirement Solutions

In most cases, when it comes to matters pertaining to investments and retirement plans, you do not have a great deal of control over these matters. The amount that is deducted from your salary and the monthly pension are the only two variables that remain constant. The only thing that is required of you is to visit the bank on a monthly basis in order to pick up your check. That’s not exactly the most innovative way to put your savings to use, is it?

But if you have an individual retirement account (IRA) that invests in precious metals, you have complete control over what you do with that money. You are free to concentrate on a specific metal of your choosing if you so desire. Nobody can stop you from using your Individual Retirement Account (IRA) to store extremely rare coins if that is what you want to do. In addition, the company that manages your IRA can provide assistance to you in the event that you decide to cash out some of your holdings in order to sell them.

However, this does not mean that your individual retirement account is totally protected from outside influence. You are still responsible for adhering to the regulations that have been established by the government, particularly the IRS. However, provided that you keep the activities associated with your IRA within the bounds of the law, you are free to do whatever you want with your IRA.

Where Can You Invest Your Money in Precious Metals for Your Retirement?

An individual retirement account (IRA) for precious metals can be used to hold precious metal commodities such as gold, platinum, silver, and palladium. You are able to use your individual retirement account (IRA) to store coins, bars, and other forms of bullion. These metals can come in a variety of forms.

Back in the day, your choices were restricted to those that originated in the United States of America. This refers to bars and coins produced in the United States, such as the American Eagle and the Gold Buffalo. That all changed in 1997 when the Internal Revenue Service loosened its restrictions on coins and bars that were minted in other countries.

Any person who currently holds an IRA can now purchase coins and bars minted in Canada, Germany, Australia, China, the United Kingdom, and Germany. Before you can buy any of these products, however, they must first demonstrate that they satisfy the requirements set forth by the IRS.

The state will only check for purity, which means that the item you are trying to purchase must at the very least be made up of the majority of the metal that it was advertised as being made of. This is the only thing that the state will look for. This purity standard applies to gold and stands at 99.95%. Regarding the remaining components, the purity is at 99.99%.

The Internal Revenue Service would, without a doubt, prefer it if you dealt in legitimate precious metals. The government is vigilant in its search for counterfeit coins and bars, but there is no indication that this problem will be solved anytime soon. You can contribute in your own way by ensuring that the dealers from whom you purchase your metals are completely legitimate and hold appropriate certifications.

How Much of an Individual Retirement Account Ought to Be Comprised of Precious Metals?

Although your precious metals IRA was created to store precious metals such as gold, silver, palladium, and platinum, financial advisors recommend that you do not use the entirety of the account for these types of investments. Your individual retirement account (IRA) should, at the very least, contain between five and ten percent of precious metals. Why is the percentage that is recommended so low? There are three explanations for this.

First, regardless of the state of the economy, diversifying one’s assets continues to be the surest way to guarantee one’s financial stability. When planning for retirement, you shouldn’t put all of your eggs in one basket because doing so runs the risk of being unsuccessful in the long run. In the event that the industries in which such assets enjoyed high demand suffer a setback, the total value of your wealth may experience a decline.

The next point is that while precious metals can have high intrinsic values, they are absolutely terrible investments in terms of generating revenue. As long as they are held within your IRA, you cannot count on receiving any form of passive income from them. After all, the reason that they were placed in that position in the first place was to protect your financial well-being. You should investigate investments such as stocks and bonds that can produce an income if you want your wealth to produce a steady stream of additional income for you on a regular basis.

Last but not least, there is no truth to the widespread belief that precious metals are invulnerable to damage. There is no such thing as an unbreakable good. It is just that the prices of precious metals have not yet experienced significant drops. That does not guarantee that they will maintain the same level of appreciation for it in the years to come.

Therefore, you should strive to have as much variety in the holdings of your IRA as you can. The only way to protect your wealth adequately from severe economic downturns is to do so in this manner because it allows you to cast a safety net that is sufficiently wide.

A Guide to Establishing an Individual Retirement Account for Precious Metals

When it comes to the degree of difficulty, it would appear that a precious metals IRA is in a category all by itself. Every IRA provider has their own unique process for getting things set up, and they will walk you through each step to make sure you are successful. No matter the circumstances, you can always count on certain procedures being followed by whoever you choose to do business with.

Choose a Custodian for Your Self-Directed IRA.

A custodian is a company that is authorised to manage your individual retirement account (IRA) on your behalf. They can take the form of a bank, a reputable company, or another type of financial institution. They are able to provide clients with a wide range of services, but the majority of their work is focused on the investment of funds from individual retirement accounts (IRAs) in a variety of assets, including precious metals.

Although the IRA provider of your choice has its own preferences for custodians, the provider is willing to work with whoever you choose as your custodian as well. When deciding on a caretaker, a good rule of thumb is to go with the option that best accommodates both your financial constraints and the requirements of your property. Additionally, given that these custodians will be responsible for managing your investments on your behalf, you will want to select a business that is reliable enough to deal with money.

Find a reputable dealer in precious metals.

A dealer is a person who buys precious metals on your behalf from your custodian and deposits the proceeds into your dealer account. In that case, what characteristics should you look for in a dealer? It is possible that you will need to do some research on this topic.

You have to be aware of the fact that the United States of America allows only certified dealers to conduct business there. This indicates that you should investigate whether or not they are affiliated with trade organisations or have partnerships with those organisations. Organizations such as the Professional Numismatists Guild and the Industry Council for Tangible Assets would fall under this category.

Naturally, the IRA company will be able to suggest some dealers for you to work with. Consider it in this light: a company that offers legitimate IRAs will never do business with anyone but other companies that offer legitimate IRAs as well as dealers and custodians.

Decide What Products to Buy

This portion of the process is not too complicated. Your dealer will give you a copy of a catalogue that contains all of the products that are currently in stock. At this point, all that is required of you is to select the products in which you are most interested in investing your money.

Which option should you pick, then? In the event that this is your first experience with investing for your IRA, it is recommended that you choose an asset that you are already acquainted with, such as Gold Eagles, Canadian Maple Leaf coins, or Gold Buffalos.

Choose a Depository

All of the metals that are associated with your precious metals IRA will be held in storage at an authorized depository location of your choosing for as long as the IRA itself is active. At the moment, you have the option of selecting from Brinks, the International Depository Service, or the Delaware Depository Service as your depository service provider.

Convenience should be the deciding factor in whichever option you go with. The one that is best for you will have fees that are within your price range and will have a facility that is located in close proximity to you (for making buybacks and withdrawals).

In addition, you might have to decide which kind of asset storage facility you want to use for your possessions. Even though the vast majority of facilities provide access to non-segregated storage, it may be in your best interest to utilize fully segregated vault storage.

Complete the Transaction

After you have selected your dealer, custodian, and depository facility, all that is left to do is finish the buying process and select the products that you want to purchase. Depending on the nature of your business, the time it takes for your orders to be processed and made ready for shipment can range anywhere from one day to, at best, seven days.

Your custodian and depository service is responsible for a significant portion of the work required to handle shipping and to keep the account logs up to date. At this point, it is imperative that you keep a close eye on the value of the things that you have purchased. You never know when you might need the money from selling them in the future.

How Do You Withdraw Money from a Precious Metal Individual Retirement Account?

You can take money out of your account in one of two different ways. The first potential choice is referred to as a Withdrawal in Kind. This is a very straightforward process, as all that will occur is that a portion of the gold that you requested to be withdrawn will be removed from your precious metals IRA, and it will then be delivered to your address so that you can do with it as you see fit.

The second possibility is referred to as a Buyback. At this point, the IRA Company or the depository facility will make you an offer to buy back some of the gold you have stored there. The amount that you paid for the items when you first bought them will never be the selling price, but the price will almost always be as close as possible to the products’ current market value.

In either scenario, you must act in accordance with the regulations imposed by the Internal Revenue Service (IRS). For instance, before you are permitted to make a withdrawal, you must first fulfil a number of requirements set forth by the company. When you reach the age of 72, you are also required to begin taking minimum annual distributions from your account for each and every piece that is held there. In addition to this, there are penalties that will be imposed on you if you do not get rid of that gold within the next two months.

Final Thought – Precious Metals IRA

There is no shadow of a doubt that one can derive quite a few advantages from holding precious metals within an individual retirement account. On the other hand, it may be the cause of a large number of obligations, which, over the course of time, may have a negative effect on your financial situation. Because of this, it is imperative that you choose the best IRA company with which to conduct business.

In this regard, Augusta Precious Metals is currently the most advantageous choice available to you at this time among all of the available alternatives. The company is more than capable of assisting you in achieving your investment goals while you do business with them because their fees are reasonable, their prices for the products are affordable, and they are able to provide the information that you require to make a good investment choice.