There are two ways to invest in gold using an IRA. One option is to set up a self-directed gold IRA, which allows you to buy physical gold and silver with retirement funds. The gold must be purchased and transferred to the custodian bank in such a way that the custodian bank can take care of it. Therefore, investors must work with a reliable and reputable Gold IRA company to facilitate the process. Traditional IRA accounts can be easily opened and managed through a custodian bank, but setting up and managing a Gold IRA involves a few more steps.
Advantage Gold has made a name for itself as the best gold IRA company for first-time buyers with its low minimum investment requirements, convenient customer support, and comprehensive education platform. Augusta’s two major drawbacks are its limited selection of metals and the high minimum investment requirements for setting up a gold IRA. With your future financial security at stake, the reputation and integrity of the company you entrust your gold purchase to is the most important consideration. Although some companies market “self-storage IRAs,” their legality is questionable and you could face penalties or fines from the IRS if you personally manage your gold purchases.
Gold IRA rules require that you store eligible precious metals with a national depositary, bank, or IRS-approved trustee. We’ve researched 18 reputable companies that offer Gold IRA services and searched them for the highest consumer ratings from the Business Consumer Alliance (BCA). While Advantage Gold appeals to gold IRA investors of all types, it is particularly attractive to first-time buyers. A Roth IRA also offers flexibility in the type of investments it can hold, but not all assets are easily accessible via IRAs.
The IRS does not allow popular gold coins such as the South African Krugerrand or British sovereign coins to be stored in a gold IRA. Some of these funds also invest in the various companies in the gold industry, while others invest in gold futures contracts.
