In general, a Gold IRA has three fee rates. The best way to test a custodian’s reputation is to see how long they’ve been in business, how many accounts and customers they have, which Gold IRA companies they work with, and other more traditional ways to verify a company’s credibility. Once you’ve decided to invest in a self-directed individual retirement account (IRA), whether you want a gold IRA or another type of specialized IRA, your next step is to find a reputable company that can help you set up your self-directed IRA and provide you with alternative assets, such as gold. Another important factor to consider when calculating investment costs in gold IRAs is the comparability of these prices with investments in paper metal, such as shares in the
gold ETF GLD. The
Oxford Gold Group has extensive resources for new precious metals investors, including an encyclopedia to explain terms about gold prices such as “spot price” and an A+ rating from the BBB. If you choose to fund the account with assets that are currently in another IRA, the Gold IRA firm will help you manage the rollover (more on that process below). You can choose between Equity Trust Company and STRATA Trust Company as account managers and Delaware Depository or Brink’s Global Services to store your precious metals. If you want more flexibility with your precious metals or want to keep them at home, find out how you can buy gold outside of an IRA
.
We took into account the reputation, transparency, and quality of the online education and resources they provide from Gold IRA companies. Gold IRA companies are essentially brokers who sell IRS-approved precious metal coins and bars that you can invest in a gold IRA, as well as non-IRA precious metals bought by collectors. The Gold IRA firm also connects you with the account manager, who handles the administrative tasks, as well as with the depositary institution that stores the precious metals you purchase. If you’ve decided that a Gold IRA is right for you, you can contact your retirement plan administrator or have the Gold IRA firm do it
for you.
As a result, some brokers and gold IRA companies offer to waive custody fees if you set up an account through them. If the storage and security requirements for holding physical gold seem annoying to you, there are other ways to add gold to your portfolio. We’ve reviewed the websites of Gold IRA companies along with consumer protection organizations such as Better Business Bureau and Business Consumer Alliance, as well as consumer review websites such as TrustPilot. Birch Gold charges clients multiple fees to maintain their precious metals pension accounts, similar to
most precious metals investors.
Therefore, setting up an account with a custodian bank through one of their partner companies for gold IRAs may be the smartest move as an investor to avoid unnecessary effort and fees when opening and storing your self-directed precious metals IRA.
