In general, a Gold IRA charges three fees. Some companies waive the fee for a larger initial deposit. These fees are separate from the spread and are charged by an administrator who makes it easier to buy or sell precious metals in the Gold IRA. Gold and silver purchased through a precious metal IRA must be stored in an approved bank or custodian.
Also remember that once you reach 72 years of age and IRS rules require that you withdraw the required minimum distributions (RMDs) from your retirement accounts, you must either have your gold coins and gold bars physically shipped to you, which may mean shipping and insurance costs, or that you must liquidate some of your holdings. Many gold IRA companies use scare tactics or exploit investors’ fears of a (highly unlikely) collapse of the entire financial system and a full-scale US collapse. We’ve reviewed more than a dozen Gold IRA companies and identified the best options for investors with different needs and financial sophistication. While IRAs can store your gold in physical bars, they aren’t as easy to liquidate as precious metal coins.
Advantage works with STRATA Trust Company and Equity Trust Company as custodian managers for gold IRA accounts, as well as with Brinks Depository and Delaware Depository vaults. We’ve assessed the reputation, transparency, and quality of the online education and resources provided by Gold IRA companies. With quick processing of new accounts (24-hour setup) and a simple 3-step startup process, Patriot makes Gold IRAS easy to start and affordable to manage. Some investors think this is safer, an opinion that gold IRA companies sometimes misleadingly hold.
For almost 20 years, the Oxford Gold Group has continuously worked with private individuals to expand its investment portfolio in gold products with a silver content of 26%. This experience enables them to help investors with important decisions, the rules for precious metals IRAs, and the investment options available for precious metals IRAs. If you prefer paper stocks and don’t want to own physical gold, learn how to buy a gold ETF, an exchange-traded fund that tracks the performance of gold. Some Gold IRA companies require you to work with their chosen custodian and depositary. For others, you can choose between two or more.
These sanctioned managers and managers of precious metals IRAs often charge a processing fee to start opening accounts for these standalone IRAs.