5 Best Gold IRA Companies of 2023

What to Look for in A Gold IRA Company

Even though we have provided a list of the best candidates you can choose from, you will ultimately decide who you go with. Therefore, in this section, we share some of the characteristics you should focus on whenever it is time to take your pick.

Transfer & Setup Fees

The set-up fee is a one-time cost. However, the higher it is, the longer it will take to make up the money spent. In addition, you may have to roll over an existing retirement account from another provider, whether that is a 401(k) or a Roth IRA. In any case, the lower these fees are, the faster your account balance will return to its original state.

Keep in mind that if your account balance is high enough, you may have an edge to negotiate better terms. Don’t rush and settle with the first provider that comes knocking; get yourself the best deal possible by leveraging the fact that there is a lot of competition in this market.

Annual Management Fees

The management fees charged by a gold IRA company vary depending on the custodian the customer chooses and other similar factors. Some providers offer no-fee-for-life accounts, which is a great alternative. However, this type of account is typically reserved for high-net-worth individuals.

If your account balance is less than $100,000, the best approach is to shop around and go with the provider that offers a balance between competitive fees, outstanding customer service, and a sufficiently ample portfolio of gold coins and bars to choose from.

Storage Fees

Gold IRA companies are intermediaries that offer accounts that can be used to invest in precious metals. However, they are not the custodians of these assets as they rely on other companies that are authorized to provide this service.

Storage fees are charged by gold IRA companies but are determined by the custodian. These fees can vary from $50 to $300 per year, depending on how much gold is stored. Other usual costs are shipping and insurance.

Customer Support

Entrusting your money to a third party is a big deal, and it is important to know you can reach out to them at any given point if something goes wrong or you have questions about the service.

The best gold IRA companies offer various channels through which investors can speak to a representative. They include live chat, support tickets, phone, and e-mail. The easier it is to get in touch with someone, the better.

In addition, it is important to gauge how trained the representatives of these companies are to answer the most complex questions about the service, as that would give investors a good sense of how easy it would be to solve whatever problem they face if they enroll for the service.

Educational Resources for Investors

Not everyone is familiar with how the commodities market works, and it is easy to feel overwhelmed if you plan to learn by looking up random information on the internet. The best gold IRA companies understand this need and typically create materials that are easy to understand so investors can enrich their knowledge.

Some topics discussed in these materials may include how IRAs are taxed, what kind of returns can be expected from gold investments, how to react during a market downturn, and what drives the price of the precious metal.

Track Record

Gold IRA companies handle thousands of dollars on behalf of their investors; this demands a high degree of credibility and transparency. The best companies can demonstrate that they have served their customers well via online reviews.

In addition, prospective investors can look up the status of these businesses on websites such as the Better Business Bureau (BBB) to see if they have received any complaints from previous customers and, more importantly, how they have handled them.