Best Precious Metals IRA companies of 2023: comparison, reviews, fees

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Do you wonder what you can do with all the money you have saved as retirement nears? Well, have you considered how to safeguard your retirement account? Recent occurrences have shown us that everything is unpredictable at this time, and even the market’s top-performing sectors are experiencing difficulties.

So to combat these volatile times, your best option is diversity in accumulating assets that increase in value. But what are those assets? The answer is precious metal assets.

Unlike a traditional or Roth IRA, you need a precious metals IRA to legally own more than a few, especially if you’re looking into investing in precious metals.

So which companies are known for precious metals investments? We got your back and compiled a list of the best ones in the precious metals industry.

Top 4 Precious Metals IRA Companies of 2023 At a Glance

#1 Augusta Precious Metals: Editor’s Choice – Overall Best Gold IRA company

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One strategy to differentiate yourself from the competition in this market is to be as transparent as possible. This family-owned business became one of the best gold IRA companies by implementing this strategy. They have a relatively simple and open fee structure for their clients to view and pursue. By carving a niche as a reputable Gold IRA company, this company easily expanded to being one of the best precious metals dealers.

When opening a new precious metals IRA account, Augusta Precious Metals informs you of everything you should know financially. Along with annual costs and transaction-related fees, this will include one-time charges.

Clients who regularly communicate with Augusta Precious Metals about their financial limitations become better prepared for what lies ahead. New gold IRA investors will gain confidence their gold IRA investments will increase with their level of preparation.

In addition to being open and honest, Augusta Precious Metals provides a money-back guarantee for unsatisfactory work. Price protection policies have also been implemented to assist new gold IRA owners and investors learn how to purchase precious metals directly with a precious metals dealer without taking too many risks.

The only issue with Augusta Precious Metals frequently brought up is their product offering and investment threshold. The company has a limited supply of other precious metals, including platinum and palladium. As for their investment threshold, they have a similar high investment minimum to get started with their account.

Pros:

  • A clear fee structure
  • Reasonable costs for all goods
  • Wide range of products in gold and silver products
  • Better Business Bureau rating: A+
  • Easy setup for their new precious metals IRA

Cons:

  • Options for Palladium and Platinum are limited.
  • Steep minimum investment to get started

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#2 Goldco: Runner up – Best Pricing and Customer Service

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What makes a company known as the best in its industry? The answer is knowing that they care. Goldco does that tremendously and has established a reputation as not only the best gold investment company but the best precious metal IRA company overall through its investor education.

The company provides access to a library of content information, including blogs, eBooks, webinars, and free guides, to anyone who signs up as a client. Client-only tools like real-time price monitors and precious metals market analysis are available on the company’s website. Giving clients the information they require in an easy-to-understand format will enable them to make the best investment decision possible.

Goldco’s “White-Glove Service” involves a specialist walking clients through each step of a procedure or transaction.

Goldco will keep the cost of its services private despite its high level of fee transparency. You must first ask them if you want to learn anything.

Goldco requires a high minimum investment to open a gold IRA account with them, and right now, that is the sector’s second-highest investment minimum ever documented.

Aside from those minor issues, the company has a fast order-clearing rate, with transactions completed in a matter of hours to a day.

Pros:

  • Extensive education for investors
  • processing transactions quickly
  • Better Business Bureau rating: A+
  • Customer Service with White Gloves

Cons:

  • When revealing fees and other charges, they are less upfront.
  • A high minimum investment to get started
  • Only deals with gold or silver IRA

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#3 American Hartford Gold: Outstanding Value

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Compared to other precious metals IRA companies, American Hartford Gold makes several worthwhile promises, including competitive product pricing and affordable fees. The company excels most, though, in its customer support.

Reviews have mentioned how attentive and professional the American Hartford Gold staff is. They are renowned for responding to almost all questions and quickly addressing complaints made by a complainant.

It also helps that the company’s hotline is always open around the clock. A should guarantee that any transaction involving American Hartford Gold is possible regardless of where the client is or when they make the call.

The business is also well-known for its comparatively slow transaction times. Before any order is cleared, the package might take 3 to 5 days and a week to arrive. Additionally, American Hartford Gold only provides shipping for customers within US territories.

Pros:

  • Outstanding customer service
  • A 24-hour hotline is available.
  • Low minimum investment. Easy to get started with this company.
  • Extensive education for investors

Cons:

  • The clearing of transactions can take days.
  • No price listing online
  • Not possible to ship outside of the US

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#4 Birch Gold: Excellent Staff in general

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Birch Gold guarantees complete transparency regarding its fees, just like many other excellent precious metals IRA companies. They do, however, go a step further by making such information available to potential customers.

You won’t need to call or schedule an appointment to discover how much it will cost to open a gold IRA with Birch Gold. You can find all the required information on their website, including fees, charges, and transaction-related costs. It also helps that price changes will be made public so that prospective customers are reassured in subsequent transactions.

The business also uses a flat-rate fee structure, which has pros and cons. On the one hand, those who purchase precious metals frequently and in large quantities can increase their budget. In contrast, people who make sporadic, small purchases may find that transaction, shipping, and storage fees exceed the order’s value.

Pros:

  • Will accept custodians and depositories who are not connected to them
  • Readily available information, especially regarding fees
  • Sizable product selection for gold, silver, platinum, and palladium
  • Has other physical precious metals products, including platinum coins and platinum bullion.
  • Flat rate costs are best for regular and large purchasers.

Cons:

  • The lengthy transaction clearing process may take a month.
  • For infrequent buyers, a flat rate could be better.

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Precious Metals IRA: What Is It?

A precious metals IRA is one way to protect your money from inflation and economic downturns. So what exactly are precious metals IRAs?

Understanding the distinctions between a traditional IRA and precious metals IRAs is crucial before investing in a precious metals IRA.

An IRA tax-deferred and funded with pre-tax money is known as a traditional IRA.

A retirement account funded with actual gold, silver, platinum, or palladium is known as a precious metals IRA. As a type of self-directed IRA, precious metals IRAs give the account holder more control over their investment decisions. Additionally, the annual contribution caps that apply to traditional IRAs do not apply to precious metals IRAs. Investors may want to open a self-directed precious metals IRA to increase their exposure to precious metals.

Traditional IRAs typically have annual contribution caps of $5,500 (or $6,500 for those over 50). In contrast, precious metals IRAs have much higher caps of $30,000 per year. That’s one more significant distinction. Investors can also transfer their current 401(k) or 403(b) accounts to a precious metals IRA. As a result, those looking to diversify their retirement portfolio may find these accounts appealing.

Some retirement accounts, called individual retirement accounts (IRAs), were created to hold paper assets like stocks and bonds. A precious metals retirement account, however, allows you to hold precious metals assets, whether paper or physical.

Because IRAs are not “physical” storage, they are complicated. Your precious metals IRA is linked to a depository vault where the existing assets are kept and an IRA custodian who manages the logbook entries. The use of your IRA is governed by specific IRS regulations, which only serves to complicate matters further. You will be subject to tax penalties if you use it without complying with specific requirements.

All IRAs are known for their cost. Maintenance alone will cost $300 per year, and the charges you pay whenever you purchase and ship precious metals are not included. Overall, the IRA is a source of obligations and a special privilege granted to you by law.

Are there Benefits to Precious Metals IRAs?

What would make you go through the trouble of establishing a precious metal IRA? There are many reasons to do this, but they all center on the benefits of such an account. The following will be part of this:

Asset diversification in actual precious metals is possible with the help of a precious metal IRA.

Any seasoned financial advisor would advise you that diversifying your assets is your best chance of surviving in any economy. That implies diversifying your investment portfolio to provide a safety net for your retirement portfolio.

With a precious metals IRA, you can add gold, silver, platinum, and palladium as a new type of asset to your portfolio. Due to their limited supply and lower volatility than fiat currencies, they are currently in high demand.

The fact that these items are available from various nations and in the form of precious metal coins, bullions, and bars further diversifies your assets. Your IRA can hold gold coins such as American Gold Eagles and Gold Buffaloes, Canadian Maple Leaves, and various gold bars if you time your investments sufficiently. You can even store digital currencies like Bitcoin in some IRAs to further diversify your investments.

A Precious Metal IRA Offers Opportunity Beyond Diversity

Are there only four metals available for investment in a precious metals IRA, regardless of their form? No. You can always store assets other than precious metals in your IRA, whether or not they are related to precious metals.

For instance, if you choose, you can purchase stock from companies that directly mine these precious metals. You can also use your physical gold bullion as leverage to buy some government bonds. These are unique contracts that obligate the state to reimburse you after a specific time, plus interest, regardless of what may occur.

So why even consider including paper assets in your IRA for precious metals? Passive income is the solution. Although they may increase in value, precious metals do not produce money. You can ensure that your savings are preserved in value and generate income by including some stocks, bonds, and mutual funds in your IRA.

The best part of this income is that, depending on IRS regulations, it may be eligible for tax deductible, deferred or exempt. The former indicates that you will have to wait to pay these taxes, and the latter suggests that you don’t have to pay any taxes on your income, making it tax-free.

A Precious Metal IRA offers safety.

Everyone can see from current events that nothing is confident or assured in today’s world. Even the industries that did well in the previous ten years are now having trouble. There is no guarantee that a powerful currency, like the US Dollar, will maintain its current purchasing power in the coming months.

This suggests that the current state of the economy makes it far too easy for money to be influenced. So what do you do?

You must invest a portion of your savings in assets that will hold their value even during the most challenging economic times. And this is the point at which investing in precious metals makes sense.

Precious metals can maintain a firm stance in an economy they circulate because they have a high intrinsic value and high demand. Investing in gold, silver, palladium, and platinum can protect most of your wealth from inflation.

Precious Metal IRAs provide a Level of Control Not Found in Any Other Retirement Solution.

In reality, you have little to no control over how many retirements accounts currently available on the market are constructed. The automatic monthly or annual deductions and the amount you are eligible to use once you reach retirement age are both fixed.

An individual retirement account is one of the few retirement plans that give you complete control over how you use it. No one could prevent you, for instance, if you wanted to store only gold in your IRA. You can specify that the account includes some valuable coins and bars. Additionally, every IRA company has a procedure that enables you to sell a portion of the wealth housed there.

Some restrictions, such as those governing yearly contributions and withdrawals, are in place. After all, a bank account with many benefits is used for tax fraud. Of course, the IRS would prefer to prevent that from happening.

Are Silver or Gold IRAs Good Investments for Retirement?

Gold, silver, platinum, and palladium are the precious metals that are kept in a precious metals IRA. These metals can be held in various forms, including bullion coins, small bullion bars, and proof coins. Before being stored in precious metal, gold, or silver IRAs, these products must be approved precious metals and can be obtained from the United States or other countries around the world.

During the 1990s, the circulation of internationally-minted physical precious metals was prohibited. The only options available back then were American Gold Eagles and Gold Buffalos, along with a few US-only bars and coins. That changed in 1997 when the IRS permitted coins from other nations to be used in US IRAs.

However, there is a catch: you must confirm that the precious metals you purchase meet IRS requirements and are legitimate. That requires a purity of 99.95% for gold, and the purity of silver, platinum, and palladium must be at least 99.99%, which is considered near-perfect.

The issue of fake goods is another. The distribution of counterfeit coins and bars is a problem that the federal and state governments tackle head-on. Still, it won’t go away anytime soon. Therefore, your responsibility as a prospective buyer is to ensure that you are acquiring precious metals from a reputable and legitimate gold IRA company.

To what extent should you add Precious Metals to your IRA?

Can you keep only real precious metals in your IRA? Yes. Experts, however, advise against doing that. No matter what it is called, your precious metal IRA should still be diversified storage, with 5–10% of it made up of precious metals.

Why aren’t you able to buy precious metals with your entire IRA? That is due to three factors. First and foremost, diversification is the best strategy for investor survival. As previously stated, your assets should consist of more than one type at any time. You are defeating the whole point of diversification if you only use your IRA for gold, silver, palladium, and platinum.

The issue of income comes in second. Although precious metals may be good at holding their value and increasing value, they are terrible at generating revenue. In this sense, paper assets like stocks and bonds are superior because you can receive dividends from them if the company issuing them has a reliable source of income.

The only way to make money from precious metals is to sell them to someone else. Additionally, some rules and costs associated with that aspect will bother you.

Third, there is the widespread misconception that, historically, commodities with the best performance have been precious metals. The truth is that while they may have strong growth, there have been instances in history when they have fallen short of being financially successful. It is best to remember that in today’s world, there is no such thing as a recession-proof, untouchable asset, and precious metals are no exception.

But compared to other assets, precious metals typically outperform other assets in an economic downturn.

Therefore, it would be wise for you to distribute your investments wisely. Make small but significant investments here and there by tapping into one market segment after another. Your hedge against the worst economic downturns will be broader the more comprehensive your net is cast.

Opening a Precious Metal IRA

A standard IRA is more difficult to set up than a precious metals IRA because the two have many differences. That does not preclude you from anticipating a few things to occur when you attempt to open one, though. The procedures for opening a precious metals IRA are listed below.

Choose a Custodian for Your Self-Directed IRA

None of the IRA providers on the market are authorized to manage precious metal IRAs. Only self-directed IRA custodians are permitted to manage IRAs. A bank, an equity trust company, or another organization that has received IRS approval. The list of their services is quite extensive. Still, you must remember that the custodian’s primary responsibility is to invest in assets on your behalf.

You only need to choose the self-directed IRA custodian with whom you are most comfortable. Please pay close attention to the fees they charge you to maintain your IRA.

Pick a precious metals IRA company

After receiving funds from your IRA through the custodian, precious metals dealers will buy precious metals on your behalf. Be cautious, though, and do your due diligence by conducting extensive research to locate a suitable dealer.

So what should you be wary of what exactly? Suppose a dealer is a member of organizations like the American Numismatics Association, the Professional Numismatists Guild, or the Industry Council of Tangible Assets. In that case, this is a sign of legitimacy. These organizations set the standards that precious metals dealers must abide by, and joining them does take a lot of work.

If you are still deciding, consider what the IRA provider suggests. A legitimate IRA provider will almost always work with similarly reliable dealers.

Choose What Products to Purchase

You can check out the products for sale when you have a dealer. Before anything else, you must remember that specific gold and silver coins and bars occasionally become unavailable. Under any changes in the market, the prices for such items will also change.

What you decide depends entirely on your preferences or areas of expertise. Suppose you need to familiarize yourself with buying precious metals for an IRA. In that case, start with familiar silver and gold coins like American Gold Eagles and Gold Buffaloes. While you are just beginning, you can try some Canadian Maple Leaf coins or Australian Koala Bullion Coins.

Keep in mind that some businesses specialize exclusively in gold and silver coins. In contrast, others offer a variety of precious metal purchases, such as platinum coins, palladium coins, or other rare coins.

You can venture into rarer products like mint-specific coins or coins produced abroad once you have mastered the more popular ones. However, they can be riskier. Suppose you can locate a precious metal dealer with an ample supply. You can even try gold bars, palladium bullion, or gold and silver bullion.

Select a depository

Once more, your purchases will only be kept physically by the precious metals IRA company. An IRS-approved depository facility, such as Brinks, the International Depository Service, or the Delaware Depository Service, is responsible for that.

Find a facility that is both nearby and best suits your needs and financial situation. Select segregated-type vault storage if you have the money to do so. Your assets will have an additional layer of security inside the facility in this way.

Finish the transaction

Finish the order after everything has been configured. The custodian, IRA provider, and depository service will manage the remainder of your accounts and assets. It would be beneficial if you looked at the benefit of the value of your orders periodically. You can never predict when to remove them from the vault.

How Do You Withdraw Money From an IRA for Precious Metals?

You can withdraw funds from your IRA in one of two ways. In-Kind is the first choice, in which your precious metals will arrive at your address. Although shipping costs might apply, you can choose how to sell your gold.

The depositary making a purchase is the second choice. This idea is straightforward: the depository holding your assets will purchase the gold you asked to have withdrawn, and the price will be as close to the most recent market value as possible.

Remember that an IRA withdrawal is subject to tax regulations, and tax penalties will only apply if you sell your property within two months. You were speaking with a financial advisor or attorney before making a withdrawal decision would be best.

Final Thought on Precious Metals IRA

You should instead invest your retirement funds with the top companies in the market because an IRA is demanding and expensive. The best option in that regard would have to be Augusta Precious Metals.

The justification is straightforward: each business provides roughly the same benefits, services, and features. It is beneficial to look for a company that can perform better by providing support at every stage of the procedure.

Augusta Precious Metals steals the spotlight because of its white-glove service, which guarantees that you complete each process while achieving your goals and doing so without straining your finances. With that support, Augusta Precious Metals is regarded as the best provider for new investors and veterans.

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