Gold IRA companies streamline the account opening process. They sell gold coins, gold bars, and the like, but they don’t offer IRA investment advice (regardless of what their websites or other marketing materials might suggest). The leading Gold IRA companies offer unbiased educational resources, investor information, responsive customer support, and easy account setup. A reputable Gold IRA company will also offer competitive prices.
You should avoid those with high IRA fees, even if they offer you a free first year of storage. The IRS offers individual retirement accounts, called IRAs, which are specifically designed to invest in this precious metal. But before you start storing gold bars, here’s what you need to know about gold IRAs. A gold IRA is a product that is best for sophisticated investors with experience in precious metals investments.
Most gold IRA companies buy back gold or other precious metals that they’ve sold you, but these repurchase programs are typically run at a wholesale price, which is around a third cheaper than the retail price. If your existing retirement accounts haven’t gained much value since they were opened, look for a Gold IRA company with low minimum investment requirements. A custodian can be a bank, a credit union, an escrow, a brokerage firm, or a popular gold IRA company such as Birch Gold Group or Oxford Gold Group. Next, the Noble Gold IRA team will call your new custodian bank to set up your account and complete any additional paperwork you may need to complete.
You can choose between Equity Trust Company and STRATA Trust Company as your account custodian and Delaware Depository or Brink’s Global Services for your precious metals warehouse. Sometimes Gold IRA companies recommend specific custodian banks, but their customers can store their precious metals at any reliable custodian bank. Unlike traditional retirement accounts, which only contain paper assets, a precious metal IRA is backed by physical gold and silver. For this reason, many investors are turning to reputable gold IRA companies to make the process easier for them.
An easy way to diversify your investments is to invest in a gold IRA along with your traditional retirement savings. You can invest in other options, such as stocks in a gold company, gold investment funds, or exchange-traded gold funds. Gold IRAs allow you to hold these precious metals in an individual retirement account and offer the same tax benefits as IRAs invested in mutual funds. With this type of IRA, you can manage the account and invest in a wider range of products than other IRAs.
