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  • Best Gold IRA Companies

    Best Gold IRA Companies

    *We may receive a referral fee from some of the companies featured in this article. This is not a financial advice article. Refer to a professional for financial advice.

    Have you ever thought about what might happen to your savings if the worst ever happens? It’s no secret that things, as they are now worldwide, are hanging on a balance. It would take only one bad event and all that spending power on your money will be gone in an instant.

    With that in mind, you might want to consider some other form of asset that will give your savings a hedge against inflation. This is where gold and precious metals come into play and you will need a Gold IRA for these.

    There are many benefits that a Goldindividual retirement account can bring. However, to make the most of this investment, you have to do business with a company that can provide what you are looking for.

    To help you with that, we have come up with a list of the best Gold IRA companies in the market right now. Each has its own set of features and advantages that might just give you the best possible experience relative to what you will be paying for.

    Top 4 Gold IRA Companies at a Glance

    1. Augusta Precious Metals – Best Gold IRA Company overall and most trusted
    2. American Hartford Gold – Runner up
    3. Goldco – Excellent Customer Service
    4. Birch Gold – Best Gold IRA Staff Overall

    #1 Augusta Precious Metals – (4.9/5 Rating) Best Gold IRA Company Overall 

    Hailed as one of the best, if not the best, gold IRA companies right now, Augusta Precious Metals is quite known for offering a stellar customer experience. Much of their services revolve around making sure that each client knows exactly what they are getting into for every purchase that they make.

    The company’s claim of having a good customer service experience is also supported by the fact that they have received zero complaints from customers since opening in 2012. Also, the Better Business Bureau has consistently given them high A+ ratings for years now.

    What many customers point out is that setting up an IRA with Augusta is relatively straightforward. Agents do assist in every step of the process to make sure that you have all the requirements to qualify for an account.

    Also, the company has a policy of assigning the agents to the same clients for the duration of their plan. In theory, this means that clients will be speaking to the same representative which should help in building a relationship with the company.

    And their product selection is quite notable with their gold and silver products being given a 99% purity rating from the IRS. As for investment minimums, the company does recommend an amount of $50,000.00 and an annual fee of $180.00

    Pros:

    • A+ BBB Rating and No Customer Complains
    • 99% purity guarantee for all gold and silver products
    • Stellar customer service

    Cons:

    • Steep investment minimum at $50,000.00

    Click Here To Learn More

    #2 American Hartford Gold (4.8/5 Rating) Runner Up

    Reviews do point out that the company’s strong point is their near 24/7 availability for customer concerns and complaints. If you need to do your business, an agent from AHG will be readily available on call regardless of the time zone. The representatives have also been noted to be rather attentive to callers and do offer solutions that are unique to every client.

    Aside from its stellar customer service, American Hartford Gold is also known for its extensive investor education with professionally-trained and licensed instructors and weekly market analysis. A buyback option is also offered at the current market values if a client needs access to funds immediately.

    To top things off, the storage fees for American Hartford Gold are dependent on the amount of gold and silver you have stored in there. Depending on the situation, you might not have to pay for anything just to maintain your IRA for the first few years after opening it.

    Pros:

    • Top-rated customer service
    • 24/7 customer service
    • Buyback option with no liquidation fees
    • Low investment minimum at $10,000.00

    Cons:

    • Slow transaction processing at 3 to 5 days
    • Will not ship outside of the United States
    • No price listing in their online catalog

    Click Here To Learn More

    #3 Goldco (4.7/5 Rating) Excellent Customer Service

    This gold IRA company understands that setting up an IRA can be intimidating for beginners. And aside from that, the need to invest in gold has increased, especially since the US dollar is strictly a fiat currency. In other words, its spending power is utterly at the mercy of an unpredictable market.

    For this reason, Goldco aims to offer services that can streamline the entire IRA process while also helping clients make the best possible investment decisions. A broker company operating since 2006, Goldco has been known to be a rather trustworthy company. Reviews do note that the agents that handle each transaction can guide clients through the current prices for each available product. In theory, that should help you decide if that product is worth buying or selling right now.

    Also, Goldco is quite known for its extensive investor education program that can teach clients the basic and advanced concepts of buying and owning precious metals. Some of their other services include assistance with 401K rollovers, the sale of non-IRA precious metals, and the option to buy back whatever gold the client bought from them.

    As for fees, you are required to pay $175.00 annually for storage and maintenance although Goldco does recommend that you invest at least $25,000.00 to start doing business with them. Aside from that, the company currently enjoys an A+ rating from the Better Business Bureau and a 4 to 5-star average in customer reviews.

    Pros:

    • Comparatively low annual fees
    • Knowledgeable agents
    • Free storage for non-IRA metals
    • Incentives for certain qualifying purchases
    • Strong selection of gold and silver coins
    • A+ rating from the BBB

    Cons:

    • High investment minimum at $50,000.00
    • Lack of bullion options

    #4 Birch Gold (4.5/5 Rating) Best Gold IRA Staff Overall

    If there is something that would make Birch Gold stand out from the best Gold IRA companies,it would be that the fact that buying and owning gold with them is not merely “on paper”. Operating since 2003, this gold IRA Company not only gives clients investment options but also the ability to physically possess the gold they purchase.

    It also helps that they have one of the most diverse product selections in the market by offering gold, silver, platinum, and palladium available in coins, bars, and rounds. They also offer rollovers for 401K accounts and other IRAs with no additional charges.

    Birch Gold also offers special promotions for those that meet specific conditions. For instance, if a client invests more than $50,000.00 in their first year, the Gold IRA storage fees for that year will be waived. For those that want to physically own their investments, Birch Gold also offers free shipping if the amount reaches $10,000.00.

    That being said, the minimum investment requirement in this company is $10,000.00 while annual storage fees are $100.00. A one-time setup fee of $50.00 will be asked along with a $180.00 annual maintenance fee.

    Pros:

    • Transparent communications
    • Extensive investor education
    • Solid selection of Palladium products
    • Promotions for investors that perform specific actions or meet certain conditions

    Cons:

    • Buyback might be offered but it is not guaranteed at all times
    • Some fees will not be explained to you unless you ask.

    Click Here To Learn More

    Why Should You Invest in Gold IRA?

    The biggest reason why you need an IRA is the very commodities that you could own through them. Gold, for example, is not affected by inflation which means it gets to maintain a high value under any economic condition. Gold has been a top-performing commodity for centuries.

    Second, precious metals maintain high values due to their scarcity and demand. Also, it helps you enjoy certain tax cuts from the IRS as you are allowed to put up more than $6,000.00 every year to your IRA.

    Lastly, precious metals like gold are safe investment options. They maintain their high value for years and can even be transferred to the next generations of your family if you want to. Of course, owning gold is subject to certain IRS guidelines. Having an IRA is one of the many requirements to do so.

    Benefits of a Gold IRA

    There are many advantages to having a gold IRA. They include but are not limited to the following.

    The Rising Price of Gold

    Gold has a finite supply around the world, but the demand for it has never dropped. What a decrease in supply and an increase in demand does is that it drives prices for that commodity even further. This is the reason why gold has been a top-performing metal for several centuries now and why it is considered one of the best investments and protections against inflation.

    The best Gold IRA companies can offer quotes on the most recent prices for gold in the market. This only means that the value of one gold coin is entirely different from another. However, what is certain is that their prices will never drop to the point that they will lose value.

    Long-Term Safeguard and Protection

    The most notable flaw of paper money is that its spending power does go down the more they are printed and distributed in the market. Also, the value of currencies can be affected by global events like wars and pandemics.

    The same is true for other paper assets like stocks and bonds whose values are tied to the performance of the company issuing them. If that company fails, its stock value drops.

    While the value of money can fluctuate, precious metals maintain a consistent upward trend. The more versatile metals like gold and palladium have high values compared to silver, but it does not change the fact that these commodities command strong figures in any market.

    With a gold IRA company, you can set up an account and have your paper assets converted into precious metals. Depending on the company, the rollover process could take weeks or days. But eventually, you will have precious metals tied to your name after the process.

    Diversification

    The term “instant diversification” is often thrown around when it comes to precious metals. What this means simply is there are more ways to invest in gold and other precious metals aside from the commodities directly.

    For example, you can invest in gold coins and bullion but also in stocks from the company that mines them. Just keep in mind that stocks are subject to market volatility like any other asset.

    Also, you can invest in treasury bills and government bonds. They may not have the same high value compared to precious metals, but what makes them great is that the state is obligated to pay you back with dividends after a set period has elapsed. By exploring your options with gold, you can cast a wider net to protect your investments in case of a particularly bad economic downturn.

    Tax Benefits

    If you invest in gold, you can enjoy some perks offered by the IRS. Depending on your situation, your investments in gold can be subject to tax deferments or exemptions. A deferment simply means that you will not have to pay taxes for your gold immediately. An exemption means that you don’t have to pay taxes at all.

    To enjoy these benefits, you will have to follow a different set of rules than your regular taxpayer. For instance, you might be allowed to contribute a part of your savings to your gold IRA every year, but there is a limit to this. Going over the limit frequently will be seen by the IRS as tax evasion, which they will heavily penalize you for.

    gold IRA company can tell you what these rules are and what you can do to comply with them. This way, you don’t inadvertently attract the attention of the IRS for the wrong reasons.

    Things to be aware of before opening a Gold IRA

    Before you start looking for a gold IRA company to do business with, you must consider some concerns first.

    Fees and Expenses

    Maintaining an IRA will be demanding on your finances. However, there are ways to make your expenses more manageable in the long run. Ask around and see how much each IRA company is going to ask you for setting up, running, and maintaining an account with them.

    What you should be on the lookout for here is the investment minimum. The lowest minimum right now is $5,000.00, although the best Gold IRA companies might recommend somewhere between $10,000.00 and $50,000.00.

    Also, find out if the company is offering promotions. These are perks that help you save more on your expenses like a waiver for the first few years or a discount. Some companies even offer free precious metals if you set up an account with them. More often than not, you can avail of these promotions if certain conditions are met like coming up with the investment minimum within a set period.

    No Yield, No Dividends, No Interest

    You should not expect to earn from owning gold. Although the value of gold increases with time, your goal here is to convert your money into an inflation-proof asset. Thus, you are protecting your savings at the expense of not making them earn for you.

    Unlike with stocks and bonds, you will not earn dividends or income with gold. However, if the emergency arises, you can sell the gold at the price you purchased them or at its current fair market value, whichever is higher at the moment. But aside from that, you should consider the value of gold not because of its purchasing power but due to its immunity from inflation, strong inherent values, and rarity.

    Fraud and Theft

    Whenever there are high-valued commodities, there will also be fakes circulating in the market. Coins tend to be the most counterfeited form of precious metals and many are duped into buying them for high prices.

    Fortunately for you, the best way to reduce encountering fakes is if you deal with a reputablegold IRA company. This is because these companies are required to conduct their business according to strict guidelines and regulations, chief among these is the ban on distributing counterfeit and impure products.

    As for theft, it is also important to deal with companies that abide by the most recent security standards. Having two layers of protection at their vaults and a $1 billion insurance are industry standards as of currently. This way, the gold that you own will remain safe and secure for as long as possible.

    Buyer’s Guide to Investing in a Gold IRA

    So far, we’ve talked about picking the right gold IRA Company for you. But how do you exactly invest in gold? What are the things that you have to remember? Don’t worry, investing in gold is just like investing in any other commodity in the market but with some extra steps. To make things easier for you, there are a few tips that you have to remember.

    Speak with a Financial Advisor or Lawyer

    Before anything else, you have to keep in mind that basing your investments on assumptions, rumors, and zero experience will be fatal for you in the long run. What are the limitations of your IRA? What precious metals can be traded in your area? What will the IRS allow or not allow you to do with your IRA? These are questions that you need to keep in mind as you set up your retirement account.

    As always, the general rule with gold IRAs is to never do anything without consulting someone else first. A financial advisor can guide you through the finer points of setting up and running an IRA while also balancing it with your other financial activities. This way, you don’t go broke just because you own gold.

    A lawyer can guide you in complying with the law. Also, they can clarify some legal matters, especially with the implications of having to set up an IRA. Do remember that the IRS will treat you differently once you have an IRA. Thus, you are better off knowing what you are getting yourself into legally and financially before you consider investing in gold.

    Review Current Affairs for Fraud Alerts

    Frauds in precious metal investments are not as uncommon as you would want them to be. Fortunately, they are easier to sniff out nowadays with customer reviews and ratings from industry monitors like the Better Business Bureau.

    So, your responsibility here is to do your research. Before you do business with a gold IRA company, take the time to know all that you can about the firm. How long have they been in business? What are their customers saying about them? What rating did they receive from the BBB recently? Are they endorsed by celebrities and industry professionals? These questions will tell you whether or not that firm can be trusted with your hard-earned cash.

    Aside from reviews and ratings, do take note of the behavior of their representatives. You can tell that you are falling for a scam if the agent starts to push for you to set up your IRA as soon as possible. A reputable company will never do that as they would rather let you take your time to make the best decision for your investment.

    Find a Gold IRA Custodian and Establish the IRA

    How much you can enjoy from your IRA is dependent on which gold IRA you choose to do business with. As with the four companies mentioned above, you might have noticed that each of them offers a unique set of features, perks, and other benefits. What that simply means is that the best gold IRA for you is the one that provides for whatever you are looking for.

    Also, remember that the process of setting up an IRA can be different from one state to another. Thus, you have to pick a company that can guide you through every step properly and not just quickly. Expect some amount of paperwork here as you fill out forms, secure documents, and ship articles to the company.

    You will also have to provide basic, yet crucial private information like your social security number, address, financial statements, and list of assets. This will help the company determine how much you can store in your IRA to buy gold. Depending on the situation, you can have your IRA set up within a month.

    Establish and Fund the IRA

    Funding your IRA can be done in several ways. This is where you have your savings converted into an IRA. This can be done with a one-time huge lump-sum payment or through monthly and annual contributions. In both cases, the gold IRA company of your choice will guide you through each step of the process so your money will not be wasted.

    Funding your IRA can be finished in-between days to a few weeks. But regardless of the length of the completion process, the gold IRA custodian company will send a check to your IRA Company signifying the transfer has been completed. It would also be important that you discuss with your agent which funding process you would want to go through. Depending on your situation, partial and gradual funding might be more economical than the one-time lump sum version.

    Invest in Precious Metals via the IRA

    Now that you have your IRA set up, the next thing to do is to start using your funds to invest in precious metals. Each company has its own specific set of processes to get this done but investing almost always involves you picking the precious metal products, selecting the amount, paying for the price plus fees, and then having that commodity shipped to the vault affiliated with the custodian company.

    Of course, a transaction will involve you calling a company agent and then placing your order. The best Gold IRA companies might even provide advice to help you decide whether or not you should purchase those commodities at their most recent prices. 

    But if you are sure that this is the best possible investment decision to make, then there is nothing left to do but complete the transaction. Once the precious metals have been transferred to your name, you must then track their value as they change every year. This will help you determine whether availing of the company buyback option is good although it would be recommended that you hold on to your gold for as long as humanly possible.

    Gold IRA Rollover

    To get funding for your IRA, you should have your savings converted. This is the process that is known as a rollover, and the process for Gold IRAs is essentially the same as any retirement account.

    What you have to do is to fill out an application form that will then be sent out to a custodian and the IRA company. From that point on, these two companies will communicate so that the necessary funds will be transferred to your IRA. Once done, the custodian will inform you and the company that the rollover has been completed, and you can start investing in gold now.

    401k Gold IRA Rollovers

    Once you have your Gold IRA, you will be given the option to perform a 401k Rollover. The process again is simple. All you have to do is to contact the company managing your 401k account to start the rollover process.

    Most of the time, you will be given the choice between a direct and an indirect 401k rollover. A direct rollover simply means that you convert whatever money is stored in that account into your gold IRA. For an indirect rollover, you will have to withdraw your money from the 401k and manually place them in your gold IRA.

    What makes an indirect rollover quite different is that you are given 60 days to transfer your withdrawn money to the IRA. If not, you will be subjected to capital gains tax as well as a 10% penalty if you are not yet of the retiring age.

    But this does beg the question: is a 401k rollover worth the hassle? The answer is yes. Having 100% of your retirement investments in stocks means that your portfolio is not as diversified as you want it to be. If you can convert at least 5-8% of that portfolio to your gold IRA, you should have a sizeable safety net for your money in case the worst were to happen in the economy.

    How both direct and indirect rollovers are processed will be different from one gold IRA company to another. That being said, the agents assigned to you will guide you through every step of the process, so you do not waste time and resources.

    5 Things to Look for When Choosing a Gold IRA Company

    There is without a doubt that the 4 companies above are the best Gold IRA companies currently in the market. But which one is the most ideal for you? Again, the best option for you is the one that provides for whatever you need.

    But what if you are still stumped in picking the best possible option right now? To make things easier for you, here are a few more things to consider when picking a gold IRA companyto do business with.

    Ratings

    The internet is your best friend when looking for a gold IRA company as there are plenty of resources there that will tell you all you need to know about a company. For example, you can go to consumer rights monitoring agencies like the Better Business Bureau to find out what rating they have given to a particular gold company.

    These ratings are based on customer experiences with the company and not some arbitrary elements. What that tells you is the rating will more often than not reflect the consensus of customers regarding that IRA company. Although it is unavoidable for a company to receive some customer complaints here and there, the volume of negative experiences should never outweigh the positive ones to cause a drop in their BBB rating.

    IRA Fee Structure

    Maintaining an IRA will be expensive. You will have to pay for the services necessary to run and maintain your IRA for as long as possible. Aside from that, the company you do business with has to earn from you with every transaction that you make.

    Thus, a crucial quality that any gold IRA company should possess is transparency when it comes to their fees. Even if you don’t ask for the fees, their agents must find a way to tell you how much an IRA with the company is going to cost you in the long run.

    Aside from being honest with you regarding their charges, the company should also use a fee structure that helps you spread out your expenses in the long term. Perhaps they might offer a promotion that waives a portion of your annual fees or give you a handful of precious metals if you perform certain actions and meet conditions.

    There are even some companies out there that do not employ a fixed rate, and instead charge you according to the amount of goldand precious metals you have stored in your IRA. The point here is to pick a company that, at least, helps you find ways to save on your expenses, especially during the first few years of your IRA.

    Efficiency and Delivery Time

    When looking for a gold IRA Company, always consider how quickly they can deliver the precious metals you have ordered. In other words, how fast are they in transferring that gold you ordered to your IRA?

    The best gold IRA companies in the market can deliver the gold that you ordered within a few days to a week with minimal downtime. This way, you don’t have to waste more time than necessary waiting for your orders to get cleared.

    Aside from speed and efficiency, a good IRA company will also provide multiple methods for which your orders are going to be shipped. Some offer shipping via an armored truck, while others prefer a pick-up point at a secure location.

    And if you are overseas, check if the company also ships their gold to international territories. This might be more expensive on your part, but it helps to know that you have the option to get a hold of your gold regardless of where you are currently in the world.

    Whatever the shipping option, the company must make sure that they deliver the goods on time, with minimal issues, and in a manner that is most convenient to clients.

    Pushy Salesmen or Unfriendly Customer Support

    The overall quality of a company’s customer service will more often than not tell you if they are worth transacting with on a long-term basis. For instance, you might notice that the company agent is pushing you to set up your IRA or buy precious metals as quickly as possible. This could tell you that they are not paid with a salary but through commissions on every closed deal.

    Alternatively, a company with a solid reputation will refrain from forcing you to make a decision. They would rather let you take your time in choosing the best possible option. They might even offer extensive investor education so you would truly know whether or not now is the right time to invest.

    Also, be mindful of their overall treatment of clients. Do they listen and respond to concerns professionally? Are they dismissive or rude? Do you feel welcomed the moment that you set an appointment with an agent? If you feel intimidated and stressed out with every interaction you make with that agent, perhaps you should do your business elsewhere.

    Other Alternative Investment Options Available

    The size and diversity of their product listing should also be considered. You might find that a company would focus on either coin or bullion or with a particular metal.

    Aside from diversity, the quality of their products must also be scrutinized. Purity ratings are crucial with precious metals, so pick a company whose products ensure the purity of no less than 98%. Their products must also pass IRS standards although some companies offer non-IRS approved precious metals of good quality. The company must exclusively trade with genuine precious metals.

    Lastly, take note of their price listing. The best gold IRA companies do constantly update their prices to match changes in the market as they happen in real-time. Some even go out of their way to maintain a constantly-updating price listing in their online catalogs so you don’t have to call an agent to ask for prices. Whatever the case, you must make sure that you have more than a handful of products to choose from with every transaction.

    Final Thoughts – Best Gold IRA Companies of 2022

    A gold IRA is one of the most important investment decisions you can ever make. With gold, your savings can be secured and protected from bad economic downturns, while also helping you enjoy tax benefits.

    But to make the most out of a gold IRA, you need to avail the services of a trustworthy gold IRA company. Many factors can elevate an IRA company to one of the best in the market. These include a solid selection of gold, consistently good ratings from customers and industry experts, efficient product delivery systems, manageable fees, and great customer service.

    The 4 best gold IRA companies above possess these traits along with their own unique set of features. Thus, the best one for you is the one that fills your need.

    Augusta Precious Metals is recommended if you want the best possible quality in gold and an attentive customer support system. Goldco is your best option if you are looking for a trustworthy company with a solid selection of gold and silver bullion. American Hartford Gold is an ideal company for you if what you are looking for is customer service that is unique and readily available on a 24/7 basis. And as for Birch Gold, it is highly recommended if you want a solid selection of palladium products as well as an efficient product delivery service.

    And as with your IRA, choosing the best gold IRA company to do business with is best done if you take your time. Do your research and get all the information that you need before you make your decision. Remember that your ability to enjoy your investments is directly tied to whoever will manage your account.

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    Khamisi
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