What You Should Know About
the Best Gold IRA Companies in September, 2024

IRA stands for Individual Retirement Account, and one can also refer to it as an Individual Retirement Arrangement.

Indeed, these accounts permit you to make tax-deductible contributions that grow on a tax-deferred basis. You can contribute up to a specific amount per year, which is $7,000 for 2024. Furthermore, once you are 50 years old, you can contribute an additional $1,000 catch-up contribution every year.

A Gold IRA is simply an IRA that you fund with physical gold.

The IRS allows these; however, they set precise rules for contributing gold or other precious metals to an IRA.

Without a doubt, as noted above, Gold IRAs have precise rules on contributing gold or other precious metals to an IRA.

Undeniably, you can’t just buy any physical gold. Instead, you can only invest in gold products that appear on the IRA-approved list. These include only bullion bars and coins. Generally, the rules do not allow collectible or numismatic coins.

Additionally, COMEX/NYMEX accreditation is a requirement for these approved options. In addition, specific purity standards apply. Experienced gold IRA companies, like the five on this list, can help you find suitable products.

IRA Approved Bullion Coins and Rounds

Unquestionably, IRA approved coins and rounds must meet minimum fineness requirements and be manufactured by a NYMEX or COMEX-approved refiner/assayer or a national government mint and should be ISO9001 Certified.

IRA Approved Bullion Bars

IRA approved bullion bars must meet minimum fineness requirements and be manufactured by a NYMEX or COMEX-approved refiner/assayer and should be ISO9001 Certified.

Gold bars .995+ fine that are accredited by COMEX/NYMEX / ISO9001 Certified

Examples of qualifying gold bars are:
Perth Mint .9999 fine bars
Credit Suisse .9999 fine bars
PAMP Suisse .9999 fine bars
Royal Canadian Mint .9999 fine bars
Ohio Precious Metals .9999 fine bars

Silver bars .999+ fine that are accredited by COMEX/NYMEX / ISO9001 Certified
Examples of qualifying silver bars are:
Royal Canadian Mint .9999 fine bars
Sunshine Mint .999+ fine bars
Ohio Precious Metals .999+ fine bars
Engelhard Hand Poured .999+ fine bars
Golden State Mint ISO9001 .999+ fine bars

Platinum bars .9995+ fine that are accredited by COMEX/NYMEX / ISO9001 Certified
Examples of qualifying platinum bars are:
Credit Suisse .9995 fine bars
Scotiabank .9995+ fine bars
Johnson Matthey .9995 fine bars

Palladium bars that are .9995+ fine that are accredited by COMEX/NYMEX / ISO9001 Certified
Examples of qualifying platinum bars are:
Pamp Suisse .9995+ fine bars
Credit Suisse .9995+ fine bars
Baird & Co. .9995+ fine bars

Investing in physical gold provides a time-honored approach to invest in gold itself.

But there's one downside: taxation rates can be higher for the metal than for buying gold-related stocks or exchange-traded funds. The IRS considers any form of physical gold a collectible, subject to a higher 28% capital gains rate.

An IRA provides significant tax benefits by allowing your investments to grow on a tax-deferred basis. According to this Journal of Accountancy article, holding physical gold in an IRA can increase your after-tax returns in most cases.

Historically at times, gold has offset losses during times of economic stress/volatility.

Today many, including retirement super savers, are seeking wealth protection against bank failures, which have arisen. Some of these bank failures were caused by the Federal Reserve ramping up interest rates extraordinarily fast. That made some of the banks' reserves, often held in Treasury debt, drop in price. Moreover, those losses, combined with a rush to the exits by bank depositors, caused some of these banks to fold.

Regardless of these isolated incidents, there are deeper issues in our banking system that should concern any depositor. For one, banks used to have higher reserve requirements, meaning they needed to keep a certain amount of depositor money liquid. Today, they can lend out or invest as much as they want with no limit.

Not much is mentioned about this in the mainstream press, but as of March 2020, the Federal Reserve dropped the reserve requirement on all depository institutions to zero. As a result, it made holding reserves completely voluntary.

Scary Implications

Consequently, that has some scary implications if you have considerable money in the banking system. Yes, the FDIC protects you up to $250,000 in most instances. Still, that agency does not necessarily have the means to cover a significant amount of losses if that were to occur. According to CNN, U.S. banks are sitting on billions of dollars of unrealized losses.

While the government may step in and print more money, that leads to further implications down the road. And as a depositor, you depend upon counterparties to be willing and able to return your money when you want it (or backstop the bank if the money is not there when you need it). Bottom line, your capital is at risk anytime there is a counterparty.

Furthermore, with gold and other precious metals, there is no counterparty. As hard assets, you can hold these investments in your hand. They are real, instead of just being an accounting entry that may or may not be honored.

Therefore, physical gold and other precious metals are really the only assets out there with no counterparty risk. And they are honored and can be traded in any country.

Many times, investors will not start a new IRA from scratch.

Instead, they will convert an existing retirement account, like a 401(k), into a Gold IRA. Moving a retirement account from a 401(k) or an old IRA to a new IRA is called a “Rollover.”

You are typically eligible to roll over a 401(k) after you leave the company or if it discontinues its 401(k) plan. Other account types, such as directed IRAs, can usually be rolled over into a self-directed Gold IRA at any time.

Rollovers are very common but you must handle them very carefully. When considering a rollover, always work closely with an experienced precious metals dealer with expertise in Gold IRAs. That way, they can help guide the process to ensure that you receive the tax benefits you expect and avoid penalties.

Yes, you can convert many retirement account types into a Gold IRA using the rollover process. Here's a list of the most common plans…

Do note, however, that some employer plans, or plans not shown here, may not be eligible.

Without a doubt, definitely talk to a professional at any Gold IRA company on our list for more details on your situation.

As long as you deal with a reputable precious metal dealer, the process is not complicated.

A professional from any company on our gold ira companies reviews list can help guide you through the process so everything is handled correctly.

The process does take time, usually from one to three weeks.

Yes, most Gold IRA companies will let you setup either a traditional or Roth IRA to invest in physical gold.

Unfortunately, you cannot as it is not permitted by the IRS.

The IRS rules only allow account contributions in cash unless you're transferring or rolling over another type of retirement account.

Yes. You may set up as many IRAs as you like, in theory.

However, the annual contribution amount doesn't change. You get one contribution limit per year, whether you put it into one account or split it into several.

And usually, managing multiple accounts is more costly and takes more time, so less is usually more.

When you open a Gold IRA account, you will appoint a custodian or trustee.

Moreover, these firms are in the business of protecting assets. They will hold your gold investment in a secure place, usually a depository.

Most importantly, these facilities are designed for this purpose and use state-of-the-art technology and security to protect your assets.

Please inquire directly with the Gold IRA companies you've chosen to learn more about, as each company's depository options vary.

Some gold IRA companies have been marketing home storage options for Gold IRAs, often referred to as “Checkbook IRAs.”

However, we don't believe this is a wise move at this time. The IRS is very clear in its IRS Publication 590-A that a trustee or custodian is required for all types of IRAs.

These home storage firms attempt to work around this requirement. However, we believe this strategy is unproven. Until the IRS formally rules on this subject, substantial risk would be associated with this strategy.

Gold IRAs are a specialized product, so the fees associated with these accounts will vary. Usually, you can expect to pay a one-time setup fee, then annual account maintenance and storage fees.

Furthermore, check around so that you can find fair prices, and please see our additional company pages for detail about current fees. But be careful… if these fees are deeply discounted, the dealer will probably make it up in other ways, which could be a higher premium on the gold itself.

In brief, in our experience, it's best to look for quality gold IRA companies that are transparent about their pricing.

Yes, you can.

IRS rules allow you to add any combination of gold, silver, platinum or palladium in the form of approved bars and coins.

One drawback of the Gold IRA is that it is not as flexible as many employers’ retirement plans.

So, you may not take a formal loan from the Gold IRA. However, if you are under 59 ½, you can take what is essentially a short-term loan from the IRA in case of genuine hardship.

However, you need to pay it back within 60 days to avoid a steep penalty.

Your retirement accounts, including your Gold IRA, generally safeguard you against most creditors, providing a layer of security for your investments. This includes protection from creditors in most situations.

Firstly, the primary concern lies in dealing with precious metal dealers, custodians, or storage facilities. This is why it's crucial to choose among the industry's top 5 firms, known for their reliability and excellence.

Secondly, these leading firms, with their stellar reputations and high ratings, ensure customer satisfaction through their trusted custodian and storage partnerships.

Thirdly, it's risky to entrust your retirement savings to lesser-known gold IRA companies that may depend on untested storage and custodian services.

Lastly, be wary of firms with numerous customer complaints; this is a definite red flag indicating potential problems.

In conclusion, with numerous online tools available (including this site), you can steer clear of such risky situations.