Gold IRA’s (also called Self-Directed Individual Retirement Accounts) allow investors to purchase and hold physical gold or precious metals in their accounts. This type of investment can provide diversification and hedge against inflation. There are several types of Gold IRA’s, and it is best to work with a financial advisor who can help you determine which is the best option for your individual situation.
The IRS allows you to invest in gold, silver and palladium in your IRA. This includes coins and bars that meet certain fineness requirements. You can also buy a variety of other precious metals that have been approved by the IRS.
You must have a custodian that handles your gold investments. This is the person or company you turn to when you want to buy, sell or exchange gold. It’s important to choose a reputable custodian with a solid track record and strong reputation.
Your custodian can refer you to a national depository, a bank or a third-party trustee that can handle your gold storage. These institutions can take your gold out of your IRA and store it for you, as well as transferring it to the appropriate place when you need to make a withdrawal.
There are fees that go along with this. These fees can include one-time account setup fees, yearly maintenance fees, seller’s fees (the markup on the spot market price of gold that an investor in an IRA pays), brokerage fees, storage fees and insurance costs. Some custodians even charge for cash-outs, so it’s a good idea to be sure you know what they charge.
Minimum investment thresholds vary widely from one gold IRA provider to the next. The lowest minimum investment is set by Noble Gold, at $2,000. Others, like Augusta Precious Metals, ask for a minimum of $50,000.
Choosing the Right Gold IRA Firm
The best way to find a gold IRA provider is to compare a few different ones. You should consider the minimum investment level, the amount of money you want to invest and the ease of use that company offers.
You should also look into their customer support and how long they’ve been in business. There click here are many online resources to assist you in finding the right gold IRA company for your needs.
In addition to offering a wide variety of precious metals and bullion for your gold IRA, some companies offer other services that you might not think of when looking for a place to buy your gold. For instance, Kitco is an international online broker that provides IRA-approved storage and a news hub with live feeds and charts of the gold and commodities markets.
APMEX is a large, reputable gold and silver exchange with a huge selection of products and a user-friendly site. It also offers IRA custodianship through New Direction and IRS-approved storage through TDSVaults.
JM Bullion is another IRA-approved dealer, providing both IRA custodianship and IRS-approved storage for gold. The website is easy to navigate, and its bullion section includes a clearly-marked gold and silver category for IRAs.