Gold IRA: Benefits, Risks, Rollover Rules, and Reviews of the Best Gold IRA Companies
Gold IRA Rules, IRS requirements, Best Companies Reviewed, and more.
(Ad) Table of Contents:
How to Open a Gold IRA Account?
Benefits of Investing in a Gold IRA
Are There Risks of Investing in a Gold IRA?
Best Gold IRA Companies and Custodians
#1 - Regal Assets (Best Gold IRA Company Overall)
#2 - APMEX (Best for Variety of Coins)
#3 - JM Bullion (Best for Customer Satisfaction)
#4 - GoldSilver (Best for Gold and Silver Assets Only)
#5 - Kitco (Best for User-friendly Website)
What to Look for in a Gold IRA Company
Conclusion: Which is the Best Gold IRA Company?
Best Gold IRA Companies
»View Comparison Table
(Ad) Many experienced financial advisers will tell you that it’s all about diversification when it comes to retirement investing. While stocks and bonds can help you grow your account’s value over time, paper investments may be vulnerable in times of economic or political turmoil, as we’ve seen happen time and time again.
Therefore, it’s essential to consider alternative assets like gold and silver, which tend to appreciate during market downturns while offering some protection from market volatility. The chart below demonstrates the price movement of gold relative to the S&P 500 during notable periods of economic unrest.
Sources:
1. The Dow Jones Industrial Average fell -22.6% and the S&P 500 fell 20.4%.
2. The Stock Market Decline for this period was calculated by taking the S&P 500 price on October 1, 2000 ($1,390.14) and October 1, 2002 ($854.63).
3. Number calculated from S&P 500 value on day of pre-recession high of $1,464.53 (October 9, 2007) and the market low closing price value of $659.44 on March 5, 2009.
4. Reflects S&P 500 drop between October 9, 2007 and October 1, 2010.
5 Calculated using S&P 500 closing value between December 1, 2019 and March 1, 2020 ($3,176.75 to $2,652.39).
5. The gold price increase noted for Iraq-Kuwait War 1990 refers to the run between August 1 and August 14, 1990, during the height of the conflict.
6. The gold price increase noted for the Dot Com Crash refers to the run between October 2, 2000 and October 2, 2002 (273.2 322.35).
7. Gold price increase calculated by price per ounce between October 9, 2007 ($737.73) and March 6, 2009 ($939.70), the same dates used for the “Stock Market Decline” section.
8. Based on October 9, 2007 to October 1, 2010 timeline.
9. Calculated using gold closing price data between December 1, 2019 and March 1, 2020 ($1,453.40 and $1,564.10, the same dates as the Stock Market Decline section.
10. Bitcoin daily high differential between December 1, 2019 ($7,571) and March 2, 2020 ($8,921)
What is a Gold IRA?
Also known as a precious metals IRA, a gold IRA is a self-directed and IRS-approved Individual Retirement Account that lets you hold such precious metals as gold, silver, platinum, and palladium.
Why do we call it a “gold IRA” if it can hold all precious metals? Simply because gold is the most popular and most preferred metal among investors.
It works like all other retirement accounts in terms of contribution limits and rules about distribution. However, a few key factors differentiate it from the conventional IRA or 401K account. For instance, unlike the rest, which hold paper assets like stocks, ETFs, and bonds, a gold IRA invests in authorized physical gold and other precious metal bullion and coins.
This post will highlight more factors that differentiate it from a conventional IRA, and go over all the things you need to know about gold IRAs. We’ll also take a look at the best gold IRA companies available today in case you’re interested in investing in this type of retirement account.
First, though, let's gain a deeper understanding of a gold IRA and how it works.
Gold IRA Rules & Regulations
Like conventional IRA accounts, you can set up a gold IRA using either pre-tax or after-tax income depending on if you want to opt for a Roth (after-tax) or traditional IRA (pre-tax). It's also important to note that gold IRAs can be held independently of any regular IRAs you may have. If you already own a conventional IRA, you can also set up a gold IRA without jeopardizing the status of your existing IRA.
Because the IRS directs that a third-party vault must hold gold bullion coins or bars, you cannot store your metals at home for these assets to be eligible for IRA inclusion. You will need a custodian to open the IRA. An IRS-accredited depository keeps the metals you buy on your behalf until you are ready to take a distribution or liquidate.
Typically, these custodians are banks or federally insured credit unions as well as savings and loan associations. They manage your account and have secure facilities to store precious metals or use third-party, IRS-approved storage services.
Important note: Avoid a gold IRA company that purports to let you store the gold in a household safe. Not only is this unsafe, but it renders the metals ineligible for IRA inclusion, resulting in the disqualification of your account and heavy penalties.
How to Open a Gold IRA Account
Opening a gold IRA is a straightforward process regardless of your preferred company. There also are two primary ways through which you can open a gold IRA account.
The first is to open a new gold IRA account, recommended for individuals who are new to retirement saving. The most common method involves converting your traditional IRA, 401(k), or SEP plan into a gold IRA in a gold IRA rollover
Here is a quick 3-step guide to opening a gold IRA account:
Step 1: Start by choosing the type of gold IRA account that suits you: Roth, Traditional, or SEP gold IRA.
Step 2: Create an account (and name beneficiary[ies]) with one of the five best gold IRA companies we review below. You can also choose the “all-in-one” option or customize the account by deciding on the precious metals you wish to invest in.
Step 3: Deposit funds into the gold IRA, and if you are rolling over funds from an existing retirement account, your preferred company will provide you with a rollover guide.
Benefits of Investing in a Gold IRA
Now that you understand what a gold IRA is, how it works, and what the process is for opening a precious metal account, let us look at the benefits of investing in one:
- Hedge against volatility: Gold is a relatively stable investment, and its price action isn’t as volatile as that of other investment products such as stocks, real estate, or even cryptocurrencies.
- Gold IRAs are tax-advantaged: Like conventional IRAs, the gold IRA is tax-advantaged and lets you contribute deductible pre-tax income, in the case of traditional IRAs, or, in the case of a Roth gold IRA, investors can make tax-free gains by contributing after-tax income to their account.
- Potential for massive gains: In the past 20 years, gold prices have appreciated by more than 500%. While there is no guarantee that they will increase by a similar margin in the next 20, it is highly likely that gold will sustain an upward trend over time.
- Gold IRAs are self-directed: You have near-absolute control over what goes into your gold IRA account. You determine the number and quantities of precious metals that make up your gold IRA account.
- Portfolio protection against inflation: Gold prices tend to move in the opposite direction of the stock market and the broader economy. During economic crises, gold prices tend to go up as the dollar and various dollar-tied assets go down. Also, gold tends to maintain its purchasing power over time, unlike cash that loses its purchasing power gradually due to inflation. Gold prices tend to rise faster in times of significant inflation or economic depression. At the time of writing this article, US inflation hit a new record high 6.2% CPI on a year-over-year basis.
Are There Risks of Investing in a Gold IRA?
Like any other investment, gold IRAs come with certain risks. Here’s a look at the most common ones:
- No interest/dividends: Precious metals don’t post any dividends. When you invest in a gold IRA, you forgo the dividends, interest, and yields earned by traditional IRA holders investing in stocks and bonds.
- Higher fees and commissions: Your gold IRA company will charge higher fees and commissions because you deal with precious physical metals. The increased prices result from storage and security fees that can add up over time
Best Gold IRA Companies and Custodians
Are you ready to take the next step and begin protecting your retirement? Let us help you get started by introducing you to the best gold IRA companies of 2021.
  kitco.com 1-877-775-4826 | |||||
|---|---|---|---|---|---|
| Overall Rating |  |  | | |  |
| Full-Service Gold IRA | ✔️ | ❌ | ❌ | ❌ | ❌ |
| Sells IRS-Approved Bullion | ✔️ | ✔️ | ✔️ | ✔️ | ✔️ |
| Years in Business | 11 | 21 | 10 | 16 | 43 |
| Buyback Program | ✔️ | ✔️ | ✔️ | ❌ | ❌ |
| INC 500 Company | ✔️ | ❌ | ❌ | ❌ | ❌ |
| Forbes Finance Council Member | ✔️ | ❌ | ❌ | ❌ | ❌ |
| Other Alternative Assets Offered | ✔️ | ❌ | ❌ | ❌ | ❌ |
| Free Gold IRA Kit | REQUEST FREE KIT | No Kit Available | No Kit Available | No Kit Available | No Kit Available |
#1 - Regal Assets (Best Gold IRA Company Overall)
URL: http://www.regalassetsbullion.com/
Phone: 1-877-205-1104
Annual Fees for Gold IRA: $250 per year
Assets offered: Only IRA-approved Gold/Silver/Platinum/Palladium Bullion Coins & Bars.
Type of storage: Segregated
Founded in: 2009
Founder: Tyler Gallagher
Office Locations: Los Angeles (CA), Waco (TX), Toronto (Canada), Dubai (UAE), London (UK)
Regal Assets tops the list of what we consider to be the best gold IRA companies today, and it’s easy to see why.
The company specializes in gold IRA investments, unlike many other vendors that function only as gold dealers and offer only limited gold IRA assistance. Regal Assets handles your gold IRA investment from end-to-end and helps avoid all penalties and pitfalls along the way. The company is over 10 years old and has maintained a solid reputation throughout its tenure on the market among investors and advisors alike, . At the time of writing, Regal Assets has over 1,500 five-star reviews on BirdEye.
Regal Assets also has a triple-A rating from the Business Consumer Alliance and has received significant media attention from Forbes and Bloomberg among other reputable publications.
Account Setup Process
Regal Assets maintains a relatively straightforward account-opening process. Looking at its website, you will see it has broken the process into four easy steps. Plus, they eliminated the setup fee charged by most gold IRA companies by digitizing the registration process. This cuts down the application approval time from a few days (where postal mail is involved) to a few minutes.
To create a gold IRA account with Regal Assets, you start by filing an online registration form. The company states that it will review the application and get back to you with follow-up questions (if any) and guide you through the process of moving funds to your new retirement account.
If your funds are held by another company/custodian, especially if you want to transfer the investment from an existing IRA, Regal Assets works with your custodian to facilitate the rollover. As soon as the rollover is complete and funds hit your new gold IRA account, Regal Assets will fulfill your orders based on the types of metals in which you wish to invest.
Investment Products
Regal Assets is a one-stop shop for precious metals, letting you diversify your gold IRA account with a wide array of metals from IRS-approved mints. These could be in the form of silver, platinum, palladium, and gold bullion or coins. At the moment, the supported IRA metal products are:
Gold
- 1 oz to 1 kg gold bar
- 1 gm to 20 gm gold bar
- Gold American Eagle coins
- Gold American Buffalo coins
- Gold Maple Leaf coins
- Gold Austrian Philharmonic coins
- Gold Chinese Panda coins
- Gold South African krugerrand coins
- Gold Britannia coins
Silver
- 100 oz silver bars
- 10 oz silver bars
- 1 kg silver Australian kookaburra coins
- 1 kg silver Australian koala coins
- Silver Canadian Maple Leaf coins
- Silver Austrian Philharmonic coins
- Silver Britannia coins
Platinum
- Platinum American Eagle coins
- Platinum Canadian Maple Leaf coins
- Platinum Australian koala coins
Palladium
- 10 oz palladium bars
- 1 oz palladium bars
- Palladium Canadian Maple Leaf coins
The company is also pioneering digital investments and lets its clients diversify their investments further by including select digital currencies (22 in total) in their portfolios.
Customer Support
One of the reasons Regal Assets has maintained a strong reputation might be its excellent customer support service. For starters, there are plenty of avenues through which you can reach out to Regal Asset’s support team, including email, live online chat, social media, and even on the phone. And if you live in or around Los Angeles, you can visit its corporate office in Beverly Hills.
Fees and Commissions
Regal Assets stands out when it comes to the storage of clients’ precious metal investments, as well as the fees they charge for these services. While most industry players mix all their clients’ precious metals and store them in the same vault, Regal Assets embraces a segregated storage mechanism. In this case, the precious metal investments are held in individualized compartments according to their metal type.
Moreover, while the industry standard for segregated storage is $300 and up, Regal Assets charges an annual flat fee of $250, regardless of the value of your investment.
Regal Assets doesn’t charge storage fees for the first year after opening an account. On the whole Regal Assets maintains a highly transparent fee structure and is known for avoiding hidden fees or commissions.
Pros and Cons of Regal Assets Gold IRA Account:
Merits:
- Customer satisfaction: Regal assets maintains a very high customer satisfaction record on all online review platforms.
- Rollover experts: The company specializes in gold IRA rollovers and deals directly with your existing IRA custodian to transfer funds.
- Easy account opening: The account-opening process is easy, straightforward, and relatively fast.
Demerits:
- No online pricing for metals: Regal Assets doesn’t list the price of its supported precious metals on its website; you have to contact the company to inquire.
#2 - APMEX (Best for Variety of Coins)
URL: https://www.apmex.com/
Phone: 1-800-375-9006
Annual Fees for Gold IRA: $15 monthly plus handling fees
Assets offered: numismatic, collectibles and bullion coins.
Type of storage: Segregated
Founded in: 2000
Office Locations: Oklahoma City (OK)
When looking for a reputable online bullion dealer, you will undoubtedly come across APMEX as one of the best options. In full, APMEX stands for American Precious Metals Exchange Inc. and is one of the most established options available.
The company was founded in 2000 and has its headquarters in Oklahoma. Its president, Scott Thomas, has held the position since the company’s inception.
APMEX is quite popular among investors, thanks to its vast collection of products and its partnership with Citadel Global Depository Services, which they use to vault customers’ metals. These include common bullion bars and rare assets, such as silver bullets, silver hearts, and other jewelry items.
Let’s have a look at what APMEX has to offer.
Account Setup Process
Setting up an account on APMEX requires that you fill out a contact form on the website. It won’t cost you anything to open an APMEX account, and, once opened, account holders can easily place trades, track offers, and receive vital information regarding their account promptly.
Investment Products
Like all other gold IRA companies featured in this guide, APMEX operates self-directed retirement accounts. This gives you absolute control over the distribution of precious metals in your IRA account. Here are the types of metals you can add to your gold IRA:
Gold
- American Gold Eagle coins
- Austrian Gold Philharmonic coins
- Australian Gold Kangaroo coins
- British Gold Britannia coins
- Canadian Gold Maple Leaf coins
- Chinese Gold Panda coins
- Mexican Gold Libertad
- South African Gold Krugerrand
- Credit Suisse gold bars
- Valcambi bars
- Scottsdale bars
- Sunshine gold bars.
Silver
- American Silver Eagle coins
- Australian Silver Lunar Series coins
- British Silver Britannia coins
- Canadian Silver Maple Leaf coins
- Chinese Silver Panda coins
- Mexican Silver Libertad
- Royal Canadian bullion bars
- Credit Suisse bullion bars
Platinum
- American Platinum Eagle coins
- Austrian Platinum Philharmonic coins
- Australian Platinum Kangaroo coins
- British Platinum Britannia coins
- Canadian Platinum Maple Leaf coins
- South African Platinum Krugerrand coins
- Credit Suisse Platinum Bullion bars
- Pamp Suisse Platinum bars
- Valcambi platinum bars
Palladium
- American Palladium Eagle coins
- Canadian Palladium Maple Leaf coins
- Russian Palladium Ballerina coins
- Credit Suisse palladium bars.
Customer Support
APMEX offers excellent customer service, which is highly rated according to their public review on platforms such as Trustpilot and Better Business Bureau. You can contact the support team in various ways listed on the company website. The phone customer service is efficient, and the representatives are both helpful and friendly.
APMEX also includes a live chat option on its website. This way, you can get responses to urgent issues in real time.
Fees and Commissions
An APMEX IRA account charges various fees. When setting up your account, you will incur a $50 fee, and there are annual administration fees that total $75. The storage fees are scaled and start at $100.
The minimum purchase amount on APMEX is $2,000.
Pros and Cons of an APMEX Gold IRA Account:
Merits:
- Numerous asset options: As one of the largest precious metals companies, APMEX has an impressive collection to choose from.
- Sell your assets: If you would like to dispose of some of your assets, APMEX can buy them from you with a one-day guarantee. You will receive a payment within one day after APMEX receives the assets via mail.
- Excellent rating: Over all its operational years, APMEX has built a solid reputation and has an outstanding rating in several reputable review sites, including BBB, TrustLink, and BCA.
Demerits:
- Limited educational materials: Unlike many other companies featured on this list, APMEX doesn’t offer sufficient investor education material and it's expected that customers already have a strong understanding of the market before getting started.
#3 - JM Bullion (Best for Customer Satisfaction)
URL: https://www.jmbullion.com/
Phone: 1-800-276-6508
Annual Fees for Gold IRA: Variable
Assets offered: numismatic, collectibles and bullion coins.
Type of storage: unknown
Founded in: 2011
Office Locations: Dallas (TX)
JM Bullion is quite popular among investors, thanks to its user-friendly website and customer service. The Dallas-based online retailer was founded in 2011 by Mike Wittmeyer.
JM Bullion has grown through the years to become one of the most lucrative companies in the alternative investment space. Despite having generated significant sales over the years, the company maintains a relatively small operation. It operates only in the U.S. via the official website and call center.
Here is everything else you need to know about JM Bullion and its gold IRA service.
Account Setup Process
Opening an account with JM Bullion is quite straightforward. You can choose to let the system automatically generate one for you once you set up your first order. Alternatively, you can register for one through the website and fill in the required information.
By creating an account with the company, the user policy stipulates that you agree to email and SMS notifications. However, you can opt out of this at any time.
JM Bullion accepts several payment methods, which also determine the amount you can deposit. The minimum deposit is $100 for purchases via credit and debit cards, PayPal, and paper checks. Transactions via bank wire require a minimum of $2,500.
Investment Products
JM Bullion lets you invest in IRS-approved gold, silver, platinum, palladium, and copper bullion and coins. The precious metals are available in bars and coins. The company also deals in jewelry.
Here are the different metals you can add to your JM Bullion precious metal IRA:
- Gold: American gold eagle coins, American gold buffalo coins, Australian kangaroo coins, British gold Britannia coins, British gold Queen’s beast coins, Canadian gold maple leaf coins, Chinese gold panda coins, European gold sovereign coins, Mexican gold libertad coins, South African gold krugerrand coins, Somalian gold elephant coins, South Korean gold coins, Ukrainian gold coins, World gold coins, Sunshine Mint gold bars, Pamp Suisse Fortuna, Valcambi gold bars, RMC gold bars, and Credit Suisse gold bars.
- Silver: American silver eagle coins, Canadian silver maple leaf coins, Australian silver bullion, British silver bullion, Mexican silver libertad, Chinese silver libertad, minted ingots, cast/hand-poured bars, Pamp Suisse Fortuna bars, Geiger Edelmetalle bars, Monarch precious metals, Sunshine Minting, Silvertown, JM Bullion 1 oz silver round, Bitcoin silver rounds, and fractional silver rounds.
- Platinum: American platinum eagle coins, Canadian platinum maple leaf coins, Austrian platinum philharmonic coins, Australian platinum platypus coins, Australian platinum kangaroo coins, Somalian platinum elephant coins, British platinum Queen’s beast coins, Isle of Man platinum noble, Pamp Suisse Fortuna platinum bars, Baird Mint platinum bars, Engelhard platinum bars, and Credit Suisse platinum bars.
- Palladium: Canadian palladium maple leaf coins, American palladium eagle coins, and Valcambi palladium bullion bars.
- Copper: Copper rounds, copper bars, wheat pennies, and copper bullets.
Customer Support
JM Bullion offers excellent customer service, as evidenced by reviews from many of its clients.
The website is user-friendly and easy to navigate. The website’s Contact Us page is well-defined and broken down into categories. This way, you can quickly contact the company with specific inquiries. You can also contact the support team through the number on its site, 1-800-276-6508, which is available Monday through Friday from 8 a.m. to 6 p.m. Central Time.
Fees and Commissions
JM Bullion charges various prices for its products. The website explains that this is mainly because of design complexity, product uniqueness, and mint of origin. Also, the company sets its selling prices depending on how much it paid to purchase the product.
Further, JM supports different payment methods, which all bring various discounts. The discounts are automatically adjusted when you set your payment method during account setup. Bankwire, ACT, and paper check bring a 4% discount, while users paying via Bitcoin, Ethereum, and Ripple receive a 3% discount. Credit/debit card and PayPal payments don’t warrant a discount.
It is worth mentioning that the payment methods have different minimum and maximum thresholds. Apart from bank wire transfers, which require a $2,500 minimum, the other methods have no minimum threshold. The maximum thresholds range from $5,000 to $250,000, with bank wire having the highest one.
Pros and Cons of JM Bullion IRA Account:
Merits:
- Ultra-fast account opening and funding: You can set up your JM Bullion precious metals account in under five minutes and have it funded in less than 48 hours.
- Transparent pricing: JM Bullion is transparent with its fees and commissions and does not maintain hidden costs.
- A broad range of metals: JM Bullion presents gold IRA investors with one of the most comprehensive ranges of IRS-approved precious metals.
Demerits:
- No storage services: Investors have to provide their own storage, which can be quite the hassle.
#4 - GoldSilver (Best for Gold and Silver Assets Only)
URL: https://goldsilver.com/
Phone: 1-888-319-8166
Annual Fees for Gold IRA: 0.06% of account value per month
Assets offered: Silver and gold coins and bullion
Type of storage: Segregated
Founded in: 2005
Office Locations: Santa Monica (CA)
GoldSilver is one of the oldest standing investment companies, having been founded in 2005. Just as the name suggests, the company specializes in gold and silver medals and bullion.
Although GoldSilver is based in California, it serves investors from around the world. The company’s founder is Mike Maloney, a well-known investor and author. His book “Guide to Investing in Gold and Silver” is a bestseller.
Here are some of the other features that help rank GoldSilver among the best gold IRA accounts.
Account Setup
GoldSilver has digitized and simplified the gold IRA creation process like all the other gold IRAs reviewed in this post. The accounts are free, and you only need to follow the link on the website to start investing.
Investment Products
Investors can get gold coins, jewelry, and bullion, as well as silver bars and coins. The gold and silver bars are available in different weights, including one gram, one ounce, and one kilo.
Here’s a further breakdown of the metals:
- Gold: American eagle gold coins, American buffalo gold coins, Canadian maple leaf gold coins, Canadian gold elk, South African krugerrands, Australian gold kangaroos, gold Britannias. As for the gold bars, the available options are 1 oz Credit Suisse gold bar, 1 oz Perth Mint gold bar, 1 oz Royal Canadian Mint gold bar, 1 oz Pamp Suisse gold bar (Lady Fortuna), 1 gm Pamp Suisse gold bar (Lady Fortuna), 50 gm Valcambi gold CombiBar, 1 gm Perth Mint gold bar, 1 oz Republic Metals Corporation (RMC) gold bar, and 10 oz Credit Suisse gold bar.
- Silver: American silver eagles, Canadian silver maple leaf, silver Britannia, Australian silver kangaroos, Canadian lynxes, Austrian silver philharmonics, Mexican silver libertads, Australian silver koalas, and British queen’s beasts coins.
Customer Support
The company offers three ways for users to reach it. You can mail to 750 Third Avenue, Suite 702, New York, USA. Their phone number is (310) 566-6655, but you can also use their website to get in touch.
Fees and Commissions
Investors can choose either allocated or segregated storage, which have different fees. Users who choose segregated storage pay 0.06% of their account value. The monthly minimum payment is set at $4. However, the company also includes various other monthly vault storage options.
Segregated storage charges a 0.08% fee for each metal and vault. The minimum is $35, and you get your assets wrapped, shelved, and marked, to separate them from the others in the vault.
Note: Users can change their plan at any time, just as they have access to move or take delivery of their assets at any time. GoldSilver is also keen on ensuring that users are charged only when their assets are in storage.
Pros and Cons of a GoldSilver IRA Account:
Merits:
- Variety of products: Although the company specializes only in gold and silver, there are plenty of products for investors to choose from.
- Free shipping: Purchases above $50,000 get free shipping.
Demerits:
- Provides only gold and silver: GoldSilver doesn’t deal in other precious metals like platinum-group metals such as palladium or rhodium.
#5 - Kitco (Best for User-friendly Website)
URL: https://www.kitco.com/
Phone: 1-877-775-4826
Annual Fees for Gold IRA: Variable
Assets offered: Silver, gold, platinum, and palladium coins and bars.
Type of storage: Segregated and allocated
Founded in: 1977
Office Locations: Montreal (CAN)
Our final company to make the list is Kitco. Bart Kitner founded the company in 1977 when it was trading only scrap gold. However, over the years, Kitco has enjoyed great management and competes in the big league with companies such as APMEX, Regal Assets, and Monex.
Kitco makes our list thanks to its website design. Sophisticated but user-friendly, it is quite straightforward to get around.
Another of this company’s unique features is that it doesn’t deal only with buying and selling precious metals. It also offers the technology and equipment required to refine the precious metals.
The company has its offices in New York, Montreal, and Hong Kong. Let’s delve further into its features.
Account Setup
For you to start investing in gold on Kitco, you will need to open an IRA account. Kitco also partners with several IRS-approved trustees and custodians to keep your assets safe. Therefore, you will have to open an account with any of them, at your preference.
Opening your gold IRA account on Kitco is a straightforward process. You just need to fill out the contact form on its website. Once you’re done opening an account with a custodian, you will transfer funds to your Kitco account, after which you can place your first IRA order.
Be sure to check the available custodians to find the best one for you, depending on what assets you want to hold.
Investment Products
Kitco offers a range of products that you can add to your IRA account. The precious metal assets include gold, silver, palladium, platinum, and rhodium. Here’s a more in-depth list of the available assets.
- Gold: American gold eagles, American gold buffalos, Canadian gold maple leaf, gold krugerrands, Australian gold kangaroos, and gold bars.
- Silver: American silver eagles, American silver buffalos, Canadian silver maple coins, silver rounds, and silver bars.
- Platinum: Platinum maple leaf, platinum American eagle, and platinum Canadian maple leaf.
- Palladium: Palladium bars and coins
Customer Support
Although Kitco’s website is easy to navigate, users might sometimes run into issues when trying to contact customer support.
The company includes a phone number that you can use to contact the team. However, online customer reviews reveal that many customers are dissatisfied with the service. Many people have complained about unreliable and arrogant staff members. Others have cited as a major problem long waits before having their urgent issues sorted out.
And unlike other companies on the list, Kitco doesn’t include a live chat option on its website. Therefore, you can get in touch with the customer support team only through the provided phone numbers and the contact form on the website.
Fees and Commissions
The fees on Kitco vary, depending on the preferred payment options. The initial setup fee is not mentioned on the website, perhaps because it will largely depend on your chosen custodian. No minimum purchase amount or annual administration fee is mentioned. However, Kitco cites $150 as the annual storage fee plus withdrawal ($75) and transfer fees ($35).
Pros and Cons of a Kitco Gold IRA Account
Merits:
- User-friendly: As mentioned, Kitco’s website is neat and straightforward. It is also quite detailed, with a clean design and simplified navigation.
- Elaborate price charts: Kitco’s website features a 24-hour price chart that is updated in real time. Users can keep track of global spot prices of precious metals.
- Diverse product selection: Kitco includes an impressive collection of high-quality assets that users can choose to purchase.
Demerits:
- Poor customer support: Kitco’s most significant drawback is that it doesn’t offer excellent customer support services to its users.
What to Look for in a Gold IRA Company
The gold IRA industry is saturated with companies and brokerages, each claiming to offer better service. How do you find the best gold IRA company when bombarded with all these choices?
You need to pay close attention to a set of crucial factors to help you make the right investment decision. These are the same factors we used to compile our list of what we consider to be the five best gold IRA companies.
- Fees and commissions: A good gold IRA should be affordable. When finding the best precious metal IRA company, consider all the costs and commissions charged by each and the impact they have on your savings over the long term.
- Security and storage: You should also check how the company stores precious metals. Here, you should consider such factors as whether it maintains company vaults or holds them in third-party units. Importantly, ensure storage services are FDIC insured and meet IRS security standards.
- Reputation: How does a broker treat its clients? Importantly, what have its current and past clients complained about, and are these recurrent problems? Before signing up with a company, gauge its reputation by looking at its online reviews from past clients.
- Ease of use: When determining a platform’s ease of use, you should first check the account setup process. You should also determine how long it takes to complete the rollover and whether you can view your precious metal investments, either virtually or physically.
- Supported metals: Some gold IRA companies support all the precious metals, while others support only a few gold and silver coins/bullion categories. Ideally, you should go for a company that supports a wide range of IRS-approved precious metals so it’s easier to diversify your portfolio.
Lastly, a reputable gold IRA company will take regulatory compliance seriously. For example, well-reputed firms will strictly bar collectible items from their accounts as well as any other type of asset that contravenes IRS Publication 590-A.
What is the IRS-Recommended Purity Level for Precious Metal IRAs?
Traditionally, only American Eagle gold and silver coins could be added to a retirement IRA. Today, however, thanks to the Tax Relief Act of 1997, the IRS supports adding different types of gold, silver, platinum, and palladium coins and bullion.
But to make the cut for inclusion in an IRA:
- Gold must be 99.5% pure.
- Silver must be 99.9% pure.
- Platinum and palladium must be 99.95% pure.
Further:
- Proof coins must be encapsulated in original mint packaging, accompanied by a certificate of authenticity, and in excellent condition.
- Small bullion bars must meet the exact weight specification.
- Rounds, coins, and bars must meet the fineness requirements. They must also be manufactured by a national government mint or an NYMEX, CMEX, NYSE/Life, LME, LBMA, LPPM, ISO 9000, or TOCOM accredited/certified refiner or assayer.
- Non-proof coins must be in brilliant, uncirculated condition and free from damage.
Conclusion: Which is the Best Gold IRA Company?
We believe that gold IRAs are a wise long-term investment vehicle and a viable hedge against a stock-heavy portfolio. According to our historical research, precious metal prices have performed well in times of crisis, and their low price volatility provides you with much-needed peace of mind when other assets in your portfolio may be wavering.
There are numerous gold IRA companies that can help you realize a better, more financially secure retirement..We endorse any of the gold IRA companies mentioned in this article based on their reputation, customer support, competitive fees, low commissions, wide array of supported precious metals, and ease of use. To get started,follow the steps we have outlined above, and begin your journey to a wealthy, secure retirement.
Top 5 Gold IRA Companies Summary
Overall Rating | Full-Service Gold IRA Service | Gold IRA Annual Fees | Other Alternative Assets Offered | |
|---|---|---|---|---|
| ✔️ | $250 | ✔️ | |
| ❌ | N/A | ❌ | |
| ❌ | N/A | ❌ | |
| ❌ | N/A | ❌ | |
 kitco.com | | ❌ | N/A | ❌ |
