Gold has become a significant source of stable and steady growth compared to other volatile stock markets. For this reason, many retirement investors have started turning to gold IRAs. This is better for diversifying and hedging their traditional IRA portfolio against market inflation and volatility.
Though most IRA investors invest in traditional assets like stocks, funds, and bonds, the tax code allows them to invest in precious metals like silver and gold using specialized IRA accounts.
Unfortunately, the world is experiencing a global economic crisis during these uncertain times, making the equity markets unpredictable. This has made most IRA investors skeptical about their accounts getting overexposed to the stock market.
Due to the inflation caused by reckless government expenses and endless money printing, many investors have started seeking safer ways of protecting their precious metals to protect their retirement.
Most of these people are attracted to investing their IRA savings in precious metals like silver, gold, and platinum.
This article contains a detailed guide illustrating how people can use IRAs to invest in bullion and precious metal coins and the impacts the investments can have on the federal income tax.
We have also come up with a list of the best companies you can choose based on our research and our readers’ feedback as recommendations.
We have named Goldco our top recommendation because they are a highly trusted and reputable IRA company in the precious metal industry. The company also protects over 1 billion dollars in retirement savings.
Also, we are happy to say that we have never heard clients complaining about this company from our readers who have invested in this company.
This investment company was formed decades ago and specializes in the brokerage of precious metals. Since the company was founded, it has grown a very extensive customer base by cultivating, enriching, and forming lasting professional relationships with its clients.
This company started with a vision of providing honest and transparent services to its clients, helping them set up their own self-driven IRA accounts and get the chance to invest in precious metals.
Unlike many IRA companies around the world, this company cares genuinely for its customers; they have risen to the top of this industry over time.
Goldco specializes in helping investors owning IRA, 403(B), 401(K) TSP, savings, or any other tax-efficient retirement account protect their savings using an IRA that can hold precious physical metals.
Though precious metals IRAs are the primary specialty for Goldco’ they also direct sales of silver, gold, palladium, and platinum to clients who want a haven against inflation.
Goldco also helps investors reduce volatility in their retirement portfolio by enhancing their exposure to the stability of precious metals in an IRA.
The company is always there for its investors every step of the process, ensuring that your rollovers stay within the IRS guidelines and preventing you from getting a tax penalty.
Suppose you are looking for an IRA company to join and safeguard your wealth with silver and gold, which can never be endlessly printed or devalued. In that case, you should join Goldco and enjoy their services with thousands of other clients who have already joined.
This company is also a member of the Better Business Bureau and has an A+ rating. It also has a valid license and insurance that permits it to sell precious metals.
It also features an affiliate program that allows its customers to earn commissions by referring others to purchase precious metals from Goldco.
What Features Make Goldco the Best IRA Company?
Goldco has always prioritized ensuring that all investors have an effortless time opening a self-directed IRA and buying precious metals despite their levels. The following are the key features that make this IRA company exceptional include;
Ease of communication with the clients
Customers can easily reach out to the company’s agents through emails and phone. This ensures that they get immediate assistance, answers to any pressing questions, and clarification even if they do not have incomplete sales.
Their agents also handle all the paperwork from any process, including filling out the necessary details to avoid any chances of making an error.
Extensive education opportunities
Goldco not only offers excellent customer service but also offers very many educational opportunities to potential and existing clients on various investment topics.
They also have videos, blog posts, and research reports on their websites that provide clients with important information on investing in precious metals and economic outlook.
The IRA company is dedicated to providing an informed customer base for clients, ensuring that all their clients are capable of making investment decisions without affecting their long-term goals.
Gold’s experts are always responsible for the educational information you find on their websites, such as debt burdens and financial knowledge on recessions.Other than precious metal investments and IRAs, a variety of topics are covered in the company’s blog.
Their specialists are constantly accessible
One of the most extraordinary qualities of Goldco is that they have IRA specialists who can always be accessible at any time by their customers. Every customer who joins the company is given an expert agent who offers them professional guidance throughout this process.
These agents are not limited to certain subjects but can explain the entire process to you, answer your questions and make any necessary clarifications.
Unlike most IRA companies, the main goal for the Gold Cos sales team is not to close sales but ensure that the customers are well-informed and confident before making any decisions.
Why invest with Goldco?
Unfortunately, it can be very hard for customers to predict how the economic climate will go. This makes investing all your retirement investment into traditional investment an unfortunate way of securing your future. The same case applies when one invests in an IRA account and in precious metals.
Anytime you want to make a financial investment in precious metals, you should get help from the most reliable precious metal company, and Goldco is the best company to contact.
What are the benefits of investing with Goldco?
Unfortunately, it can be difficult for customers to predict how the economy will go. This means that investing all your retirement investment into traditional investment ways is an unfortunate way of securing your future. This case can be similar when one invests in an IRA account and in precious metals.
Anytime you want to make a financial investment in precious metals, you should get help from the most reliable precious metal company, and Goldco is the best company to rely on for your investment needs.
Reviews on Goldco show that this is a very reputable company in the investment industry, especially investments involving gold coins, gold IRA and silver IRA.
Gold should be your priority when selecting IRA companies. The following are the benefits of investing in precious metals using this company;
Exceptional customer reviews
Trust is one thing you should always prioritize when making any investment, including gold and silver. This is an essential factor since it relates to your long-term investment and the security of your retirement wealth.
Though some companies can handle your precious metals IRAs, you must be very careful when deciding which company to select. Fortunately, the reviews each company receives from its current clients will help you judge its efficacy and trustworthiness.
When it comes to Goldco, there is nothing to worry about since the company has received thousands and thousands of reviews, and each review recommends prospective customers select the company.
This is a tremendous and impressive achievement for this company since it has been running for several decades.
Though in this decade, the world has experienced adverse events affecting it financially, the Goldco reviews on multiple platforms show that the company keeps its promises and delivers all on time.
It’s one of the top-rated companies
No matter the great benefits these precious metals have, most investors fail to invest in gold and silver due to the complications they face when trying to get an account. One should also understand several laws to avoid getting unwanted penalties against your IRA account.
Also, the many formalities and red tapes are so much for most people. Fortunately, Goldco is a suitable company for most investors since it makes getting an account very simple and clear.
The company also has specialists handling all the paperwork and formalities, ensuring you understand what happens at every step of the process. This offers investors peace of mind as they confidently invest in precious metals with this company.
When creating a self-directed gold or silver IRA, purchasing gold and silver coins that the IRA approves, or rollingover your current IRA account to gold IRAs, you can always do it without following unnecessary procedures with Goldco.
Despite the simple process of signing up for an account, Goldco specialists do not take shortcuts. The required rules and regulations follow every step.
Another quality making the company a top-rated IRA company is its convenience, proper research, adequate experience, and making constant effort to ensure they streamline everything making it simple.
Excellent experience with rollovers
Rolling over your current IRA account or your 401(k) into a self-directed gold IRA or silver IRA comes with many benefits. These benefits include long-term security and protection against market fluctuations and volatility. Fortunately, Goldco offers 100% free IRA rollover to its clients.
Rolling over your retirement investment can be complicated, with various pitfalls. Finding a knowledgeable, experienced, and dependable custodian would be best. Fortunately, Goldco is one of the few companies with satisfied customers.
This IRA company has a vast experience that is valuable for their investors, especially those whose intention is securing and diversifying their retirement funds. One of the things that makes Goldco dependable is that they are focused on offering the best services to their customers.
They always tell you about the benefits you will get from the gold and silver IRA before you get an account. Also, they ensure that you know all details associated with your investment.
Once you understand everything, they will let you decide and select the suitable IRA option depending on your needs. After making your decision, they will handle all your paperwork and do everything for you such that only minimal effort is required from your side.
Also, Goldco constantly forms long-term relationships with its clients by offering exceptional services rather than choosing to make quick sales or using high-pressure sales tactics. All these things are possible with this IRA company because of its extensive experience with rollovers.
Knowledgeable about gold investments
When you check this company’s website, you will learn that the company is top-rated and reputable. This is because an IRA company knows what they are doing.
Even if you are an amateur in IRAs or precious metal investment companies, you will be allocated expert agents who will help you learn all you need about IRAs and precious metals. The company also has a website that provides multiple resources to help you understand some bits of IRA investments.
Since the company is knowledgeable about IRA investments, you can always feel comfortable when you are investing with them or modifying your current retirement funds. They also have the best approaches to investments which nurses that you get the best future you deserve.
It also feels good when you are investing in this company since it’s a 5x Inc 500 winner and the 2021 company of the year.
Cons of Goldco
The company offers a minimum investment of $50,000 which is too high for most aspiring investors. This means potential customers who cannot afford this amount cannot invest in Goldco.
Augusta Precious Metals
Augusta Precious Metals is another IRA company that has risen to the top of the retirement investment industry because of its excellent customer service. The company is endorsed by John Montana, a famous quarterback who is still a client.
John Montana requested his financial advisors to find the safest way he could use to protect his wealth, and they chose Augusta Precious Metals. Since he loved the excellent IRA services offered by the company, he began working as the ambassador of this company.
The mission of this IRA company is to empower investors to take control of their investments and protect their retirement wealth by diversifying with a precious metal in tax-advantaged IRA accounts.
The company features thousands of positive reviews, with most of its clients commending the company for the unique educational platform designed by Augusta’s staff, a Harvard-trained economist.
Augusta Precious Metals acknowledge that investors are always worried about volatility, inflation, and wild uncertainty in the modern-day world. They always avail themselves for their clients as they sign up for their accounts and invest.
What makes Augusta Precious Metals Exceptional?
When you are looking for gold IRA companies, you will come across many of them. Unfortunately, most of these IRA companies are similar, yet you must select a unique company.
Looking at the features that make a company unique will help you select an exceptional company like Augusta Precious Metals. Some of the features that make this company stand out include the following;
They prioritize education
Investing your retirement money in precious metals can be scary, especially if it is your first time. At this stage, you need to figure out what is right or what could be wrong. The last thing you want is someone rushing you into making a decision you are unsure about.
Fortunately, Augusta Precious Metals has experts who go above and beyond to ensure that all customers are educated on different topics before making retirement investment decisions. This way, clients are always sure they are willingly making their decisions.
The company specialists take time to learn about your goals and help you find out if investing in a gold IRA is the most suitable thing for you.
Before signing up, every customer gets a free 1-on-1 web conference led by Devlyn Steel, an on-staff in Augusta Precious Metals and a great economist from Havard. During the meeting, you will learn about gold, the rewards and risks involved, and the scams to avoid.
The company also has an accessible team that answers clients’ questions to ensure they feel confident when making their choices. This way, you can only open an account with Augusta Precious Metals under pressure.
When you become a customer at Augusta Precious Metals, you are assured that you will get lifetime support from the extensive team of gold experts.
The company also ensures that you get any help you need from dedicated agents any time you contact them. The agents will then connect you to experts who can help you with the following things;
- Learn about market gold investment
- Give you market updates
- Add more Gold to your existing IRA
- Manage distributions, especially during retirement
- Sell back your precious metals
- Build your family legacy
Even after you make your purchase, Augusta Precious Metals will never leave you on your own. They aim to have a long-term relationship with all customers throughout their journey.
Great customer reviews
Fortunately, Augusta Precious Metals is one of the few companies with excellent reviews from their companies without any accompanying complaints.
This is the Gold IRA used by the star quarterback Joe Montana. It also has hundreds of fantastic reviews from different platforms, including BBB, with an A + rating.
An average number of customers say that the team at Augusta Precious Metals makes them feel valued and never pressures them to make fast sales. Their reps also ensure they do all they can to answer questions and guide the clients through the process.
Customers also love the one-on-one conference. Their feedback always states that the sessions were informative and helped them immensely when deciding where to invest in precious metals IRA.
Disadvantages of Augusta Precious Metals
The only disadvantage of this company is that it offers a minimum investment of $50,000 which is too high for most aspiring investors.
Birch Gold Group is an established IRA company specializing in precious metals and bullions. Though we live in uncertain times, this company takes pride in showing its investors how investing in precious metals can protect one’s retirement, even with a bad economy.
The mission of the Birch Gold Group is to empower customers by providing them with the necessary knowledge. The company has a team of specialists who listen to their client’s objectives, concerns, and motivations.
Also, Birch Gold Group has representatives that give customers a chance to ask any questions regarding their company and precious metals. They also provide straightforward answers to the questions you ask.
The company has been helping clients diversify their portfolios with Gold, palladium, platinum, and silver. This is easily done with most customers since they create precious metal IRA with a smooth and straightforward setup process.
Birch Gold Group also works with customers who want to make direct cash sales of precious metals. If you are worried about the consistent loss in the dollar’s value or the stock’s market uncertainty, diversifying into precious metal IRA will be best for you.
Why should you choose Birch Gold Group?
Most people make haste when selecting an IRA company that must be corrected. Therefore, before choosing an IRA company, you must be sure why you are picking the company and not any other company you come across.
The following are reasons why you should consider choosing Birch Gold Group;
Apart from having a team of experts with vast knowledge of precious metals, they also educate their clients on the unique features and advantages of investing in precious physical metals.
The company takes time to understand each customer’s retirement goals and tips to help the clients attain their goals as they point out potential rewards and the risks involved with all types of precious metal investments.
It is challenging for you to trust any company, including precious metals, whenever you invest. Birch Gold Group has a long track record with thousands of happy customers . This is proof that you can trust this company with your investment needs.
The company also points out red flags one should be aware of to recognize the many financial scams in today’s market. Also, since the company has consistently helped customers gain wealth, they have built an excellent reputation that they work tirelessly to maintain.
One good feature of the Birch Gold Group is that they always pair clients with precious metals specialists from the first time you sign up.
You can call them anytime and ask any questions you have in mind. Specialists learn your goals and needs, ensuring that they offer you the necessary guidance.
Critical features of Birch Gold Group
Anytime you hold an IRA with any investment company, there are fees that you will need to pay. At this company, you spend $ 50 to set up an account and $ 30 that covers wire transfers.
Clients also pay recurring costs, such as management fees of $80, while insurance and storage fees amount to $100 annually. The company also waives any transfer you make over $50,000 to the company for the first year.
One of the best things about Birch Gold Group is that its minimum investment one can make is $10, 000 which is lower compared to the companies. This makes the company ideal for newer investors who need help to afford to make significant investments.
Disadvantage of Birch Gold Group
The most unfortunate thing about the company is that they only allow US clients to invest with them.
Noble Gold is a very established IRA investment company that has been helping customers secure retirement savings by investing in precious metals for over 20 years.
The company works to ensure that the wealth of all its customers are safe by teaching them how to buy precious metals and helping them understand how they can increase their investment value.
This company sees precious metals as the security that one can hold. Since most investors do not invest in precious physical metals, the company educates customers on how precious metals can stabilize their investment, making their retirement security.
The company also makes customers buy precious metals in an IRA that is tax-protected without complications. They also handle all the paperwork for their customers.
What features make Noble Gold Exceptional?
Noble Gold has a straightforward process for rolling over IRA savings for precious metals. Signing up takes very few minutes, and experienced professionals always walk customers through the entire process.
The company offers IRAs which help clients create a diverse retirement plan by investing in Gold. It also provides a well-rounded retirement investment essential for customers to support themselves and their loved ones through retirement.
Noble Gold has several representatives who handle any issues or questions clients may have. The representative also walks you through the types of precious metals approved by the IRS for IRA investments.
You can find gold IRAs with cash or rollover from your existing IRA account or a retirement account you have. Their storage requirements make the gold IRAs different from other IRAs.
The company gives customers peace of mind through its partnership with International Depository Services and Lloyd’s insurance. Equity Institutional offers secure and private access to online accounts for customers to access their holdings anytime.
The company’s primary focus is long-term wealth preservation, ensuring that customers accumulate much wealth they can use through retirement. They also have a gold depository in Texas.
Disadvantages of Noble Gold
Noble Gold does not have an internal storage option unlike most IRA companies.
Precious Metal Assets In IRA Accounts
Due to the risks involved in retirement investments, the internal revenue code discourages investors from making investments or holding precious metal assets. This is clear in its take on any investment in metal coins since they think it’s a deemed acquisition.
As such, any transaction for income tax is characterized by taxable IRA distribution, after which IRA customers buy the metals or these coins.
These regulations prevent IRA investors from making any investments using any coin or metals which are products of precious metals. However, congress comes to the rescue of investors from this regulation’s limitation by putting an essential legal exception to this rule.
The exception allows IRAs to invest in certain Gold, silver, and platinum coins and silver Gold, palladium, bullion, and platinum as long as they meet the applied purity standards.
The coins and bullion have to be in the IRA custodian’s hands or trustees rather than IRA owners. However, these regulations apply to SIMPLE IRAs, traditional IRAs, Roth IRAs and SEP IRAs.
Physical bullion and metal coins IRA investments
IRA owners are allowed to own certain precious metal bullion and coins that meet purity standards due to the tax code exemption above.
These coins and bullions include American Silver Eagle coins, Canadian maple leaf gold coins, American gold eagle coins, palladium bars(bullion), American Platinum Eagle coins, silver, platinum, and Gold.
Silver bars are required to have at least 99.9% purity, while gold bars must be 99.5% pure.
Precious metals IRA custodians charge a one-time account creating fee between $50 and $100, administrative fees for filing bank statements, and annual account maintenance fees.
Other expenses include insurance of $ 100-$300depending on your savings value and $50-$300 depending on the value of your account. Additional 2 to 5% transaction fees may apply, including commissions, distributions, and contribution fees when buying or selling precious metals.
Why do financial advisors fail to recommend precious metals IRAs?
A very small percentage of US investors own even an ounce of Gold or silver bullion. These are the rare few who understand the different options for holding IRA investment accounts. The lack of awareness is mainly because financial advisors fail to educate the investors on such matters.
One of the possible reasons why financial advisors fail to educate investors about IRAs investment is because they have no clues about IRA investments. Also, some financial advisors do not like these investments due to the many risks associated with investing with IRAs.
Advantages of precious metals in an IRA
Precious metals like Gold and silver can be used to prevent equity fluctuations and inflations.
They offer true portfolio diversification
They are physical assets that are tangible
Which metals are part of the precious metals IRA?
The following are metals that are grouped under precious metals IRA;
These metals must have 0.995+ or 24-karat fineness. They ought to be hallmarked by NYMEX or COMEX-approved refiners or assayers. The bars come in 100 Oz, 400 Oz, 10 Oz, and 1Oz.
There must be 0.9999pure or 24 karats and 22 karatas for the US gold Eagle coins.
Unlike the South African Krugerrand that comes in 22-karat bullion coins, Gold bullion from Australia, Australia, Canada, and America is acceptable.
Silver coins and bars
They must be 0.999 fine, just like the 1 Oz silver maple leaf from Canada, US silver eagle bullion, and Mexican silver Libertad. You can buy silver bars of 100 Oz or 1000 Oz.
The pre-1965 bags of US silver half dollars, quarters, silver dollars, and dimes are not acceptable in IRA because they have an alloy containing 90% of silver.
Platinum and palladium bars and coins
They must have a fineness level of 0.9995+ AND NYMEX or COMX hallmark. However, palladium and platinum bars made by private companies with 1 to 100 ounces with the required hallmarks are acceptable.
Also, USA, Canadian, British and Australian-made platinum coins with 1-ounce are also acceptable as long as they meet the necessary requirements.
What should one look out for?
If you buy precious metals that do not meet the IRA requirements, the metals become collectible items no matter how expensive you bought them. However, when purchasing these precious metals, they are considered IRA distributed.
Also, if the storage requirements are violated, the metals should be distributed when the violation occurs. If this happens, the consequences of violated distribution are making the value of the amount of the precious metal said to be distributed and is subjected to prevailing taxes and penalties.
Why is an investor’s due diligence essential?
Additional due diligence is essential if you have been considering more IRA investments. Make sure that you take time to research anything related to the precious metals IRS rules and guidance exclusively.
The internet will help you research any topic involving precious metals, including prospective dealers. You can check the dealer’s websites to find out how long the investment company has been offering its retirement investment services.
As you conduct your research, remember to find out the kind of personnel and owners an investment company has and search for as much information as possible to learn more about the company.
During this type of due diligence, you will be surprised to learn some ties to precious metals investment companies, lawsuits, and complaints about how the company has been conducting its business. This could help you understand if a company is facing prosecution for illegal deals.
This also helps you discover what other investors say about specific dealers depending on the kind of experiment they have had with them. You can find such information in online reviews, platforms, and forums like BBB’s website.
To own precious metals, you must hold them using the proper channels. This is why you must select the best custodian who can create a self-directed account for you. You can then purchase bullion from a reliable investment company.
When you buy your precious metal, find a reputable third-party vault so that your metal can be stored.
Make sure you know the gold IRA scams out there so you can avoid them at all costs. Finding the right, reputable, and established precious metal company like Goldco will help you avoid making mistakes when you want to make a considerable investment in your retirement funds.
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An IRA can invest in different precious metals like platinum, silver, Gold, and palladium in different ways. Ensure that you evaluate the pros and cons of each investment method so that you can select the most suitable method depending on your needs and preferences.
If you are still deciding the investment you should select, consider speaking to an expert for guidance on this issue. Fortunately, Goldco always has a team of experts that help investors decide on a suitable investment.
You can contact these experts and ask them questions that may be troubling you. Also, the company has an extensive collection of educational materials that you can use to find out more about IRA investment. This way, you will make a suitable investment.