Best Gold IRA Companies 2022: Reviews, Ratings, Complaints
What Is a Gold IRA and How Does It Work?
A gold IRA, or precious metals IRA, is a type of individual retirement account (IRA) that allows you to hold gold as part of your retirement savings. Your gold IRA portfolio can include the following:
- Gold coins or bullions
- Other IRS-approved precious metals (silver, palladium, and platinum)
- Precious metals-related securities (for instance, mutual funds and ETFs).
A gold IRA works in a similar way to a normal IRA. The annual contribution and distribution limits are the same. However, gold IRAs have higher fees because of the additional costs associated with purchasing and storing precious metals.
To start a gold IRA, you’ll need a trusted gold IRA company to open an account with, a custodian to handle your account’s paperwork, and an IRS-approved depository to store the physical gold or other metals.
How To Open a Gold IRA
Because a gold IRA is a special type of IRA with strict rules, not every broker can assist you in setting one up. If you are not cautious, you may fall victim to gold ira scams and lose your retirement savings.
Here are the steps you need to take to start a gold IRA:
- Find an authorized and trusted gold IRA company.
- Open an account under the firm’s guidance of a gold IRA specialist.
- Fund your gold IRA or transfer funds from another retirement savings account.
- Choose the precious metals you want to invest in while following the rules of what you can hold.
- Buy the metal of your choice through your custodian or another dealer.
- Transfer the precious metals to an IRS-approved depository.
The gold IRA company you open an account with will have one or more custodians and depositories they work with. No need to find them yourself. The custodian will handle all the details of purchasing, storing, and maintaining your precious metals and will provide periodic statements to show the value of your investments.
Best Gold IRA Companies
Choosing a reliable gold IRA company is a crucial initial step to storing some of your retirement savings in precious metals. It can be challenging, but we have done the research for you. We checked all the critical areas that make or break a firm: company history, customer support, qualifications, track record, fees, consumer ratings, and transparency.
Based on our research, here are the 8 best Gold IRA investment companies in the US.
- Augusta Precious Metals: Most Trusted Gold IRA Company
- Advantage Gold: Best for New Gold IRA Investors
- Goldco Precious Metals: Best for Customer-Centric Focus
- Noble Gold: Best for Smaller Investors
- American Hartford Gold: Low Account Minimum
- Birch Gold Group: Best Overall for Medium to High Balances
- American Bullion: Industry Leaders Approved
- Patriot Gold Group: Extensive Track Record in the Industry
A Quick Overview of the Reputation of the Top Gold IRA Companies in the U.S.
|Company||Available Metals||BBB Grade||BCA||TrustLink||TrustPilot|
|Augusta Precious Metals||Gold, silver||A+||AAA||5 stars||N/A|
|Advantage Gold||Gold, silver, Platinum, palladium||A+||AAA||5 stars||5 stars|
|Goldco Precious Metals||Gold, silver||A+||AAA||5 stars||4.5|
|Noble Gold||Gold, silver||A+||AA||5 stars||N/A|
|American Hartford Gold||Gold, silver||A+||AA||5 stars||4.5|
|Birch Gold Group||Gold, silver, platinum, palladium||A+||AAA||5 stars||5 stars|
|American Bullion||A||AAA||5 stars||4.5|
|Patriot Gold Group||A+||AAA||N/A||4.9|
Augusta Precious Metals: Most Trusted Gold IRA Company
Augusta Precious Metals has been in business since 2012. It’s one of the best gold IRA companies, with transparent pricing, low fees, an easy buy-back program, and a money-back guarantee for new investors. The company’s specialists walk you through every step of setting up your gold IRA in a personalized manner.
- Account set up
- Account funding or contribution
- Account rebalancing
Based on consumer ratings, our research, and third-party reviews, Augusta takes the position of the most trusted gold IRA company in the United States.
Pros of Augusta Precious Metals
- One of the best gold IRAs with the lowest fees
- A transparent fee structure
- A money-back guarantee
- Top-notch customer service
- Guaranteed fair pricing on precious metals purchases
Cons of Augusta Precious Metals
- Doesn’t offer online purchases
- Limited precious metals (no platinum or palladium)
- A $50,000 minimum investment which could be high for some investors
Advantage Gold: Best for New Gold IRA Investors
Advantage Gold is an award-winning gold IRA company established in 2014. It has won the #Best of TrustLink Prize from 2016-2020. The company sets itself apart by focusing on helping investors convert their traditional IRAs and eligible 401(k)s into gold IRAs.
Advantage Gold offers transparent pricing, an excellent buyback program, a detailed educational platform, great customer support, and a lower minimum investment amount. The vast educational resources, well-informed staff, and lower minimum investment amount makes Advantage Gold more appealing to first-time buyers.
Advantage Gold works with reputable institutions to manage your account’s paperwork and store your physical precious metals.
- Custodian: Equity Trust, STRATA Trust company
- Depository: Delaware depository and Brink’s Global Services USA, Inc
- Vast educational resources and educated staff
- Lower minimum investment amount
- Low annual fees
- High BCA and BBB grades
- A relatively short time in business
- Does not offer online purchases
Goldco Precious Metals: Best for Customer-Centric Focus
Established in 2006, Goldco Precious Metals is a reputable gold IRA company with excellent ratings on BBB, BCA, TrustLink, and TrustPilot. The company facilitates IRA and 401(k) rollovers to help you transfer your existing retirement savings to precious metals.
As a new customer, Goldco gives you access to an IRA specialist and encourages you to use the extensive educational resources on its website to learn more about the investment. These resources include ebooks, videos, and an updated blog.
- Extensive and organized educational resources
- Top-notch customer support
- Excellent consumer ratings
- A customer-centric focus
- A good selection of approved precious metals (gold, silver, palladium, and platinum)
- Award-winning gold IRA company for five years in a row
- Expert guidance every step of the way
- The minimum investment account of $25,000 might be higher for smaller investors
- Doesn’t offer palladium and platinum
Noble Gold: Best for Smaller Investors
Founded in 2016, noble gold is one of the most reputable gold IRA companies with a relatively short history in the industry. Noble Gold will help you set up a precious metals IRA, roll over your existing retirement account, purchase gold/silver, and get custodial & depository solutions.
The company has earned high ratings from consumer rating agencies (BBB, BCA, TrustLink) and customer satisfaction.
Noble gold offers new customers an initial consultation, assigns a trusted adviser to guide them, and provides comprehensive educational resources. The company’s staff stand out because they are not too pushy when guiding potential customers.
- A no-questions-asked buyback service
- Extensive educational resources
- No account setup fee for new customers
- Competitive fees
- Online account application
- A short history in the business
- The fees are not the lowest possible in the industry
- The flat annual fees can be high for investors with low account balances
Noble Gold works with reliable institutions:
- Custodian: Equity International
- Depository: International Depositary Services (IDS)
American Hartford Gold: Low Account Minimum
American Hartford Gold is a family-owned gold IRA best in Los Angeles, California. It opened its doors in 2015 and has since established itself as a trustable gold IRA firm. It is a five-star rated precious metals IRA and was ranked as the #1 Gold Company on the Prestigious Inc 5000 list for 2021.
The company allows investors to put part of their retirement savings into precious metals and facilitates cash sales of precious metals with account minimums of $5,000.
- A lower minimum investment amount of $5,000
- Allows cash sales of precious metals
- Transparent pricing
- Solid track record
- Has not listed palladium and platinum
- The fee structure is not freely available
Birch Gold Group: Best Overall for Medium to High Balances
If you’re looking for a gold IRA company with a long history in business and a transparent fee structure, look no further than Birch Gold Group. The company was established in 2003 and has built a solid reputation over the years, which you can verify on numerous Birch Gold reviews online.
The company charges a flat rate annual fee instead of a percentage of your portfolio value. This approach will favour you if you have a large account, but it could be more expensive if you have a lower account balance.
Birch gold group custodians are Equity Trust company and STRATA Trust company. When it comes to the depositary, the company works with Delaware Depository or Brink’s Global Services.
- Competitively low fees
- Excellent 5-star rating across all customer rating services
- A long history in the gold and silver IRAs going back to 2003
- An easy buyback program
- Hard to navigate website
- The flat late fee structure can is less favourable to smaller investors with low account balances
American Bullion: Industry Leaders Approved
Established in 2009, American Bullion is one of the industry’s most highly-rated gold IRA companies. It received a #1 Gold Bullion Dealer rank by Bullion Directory in 2017 and 2018. It was also rated “Best of TrustLink” for 2016.
Whether you want to buy gold and silver for your personal collection or to invest in a gold IRA, American Bullion has you covered. It works with STRATA and Delaware Depository to safely keep your precious metals.
- Excellent customer support
- Solid track record
- Fair prices for precious metals purchases
- Countless positive reviews
- The $50,000 minimum investment for new customers might be too high for some investors
Patriot Gold Group: Extensive Track Record in the Industry
Patriot Gold Group is a family-owned gold IRA company with an extensive track record since 1990. It’s well known for competitive pricing, excellent customer ratings, and fast turnover.
- Extensive history of more than three decades in the gold IRA business
- 24 hours turnover
- Quick and easy IRA account setup
- Flexibility to allow customers to select their own custodian and depository
- A higher initial set-up fee of $225
- Has a minimum investment amount
- Offers silver, gold, and bullion only
Gold IRA Pros and Cons
Every type of retirement investment account has its pros and cons that you should weigh to help you allocate your portfolio strategically. It’s always a good idea to consult a gold IRA specialist and do your research to make an informed decision.
Below are the pros and cons of gold IRAs.
Gold IRA Benefits
- Retirement portfolio diversification: holding physical metals allows you to diversify from stocks and bonds.
- Growth potential: the price of gold and other precious metals can increase with time.
- Protection against market volatility and inflation: Gold tends to perform well during periods of market crisis because the prices of precious metals move independently from stocks and bonds.
Gold IRAs Cons
- High fees: Gold IRAs come with higher fees compared to normal retirement accounts due to the costs of account management and gold storage
- Limited liquidity: Precious metals are not as liquid as other investments, making them difficult to convert to cash if needed in the short term.
- Market risk: The prices of precious metals can go up or down, creating a chance for potential loss in value.
Gold IRA FAQS
What are the types of gold IRAs available?
Gold IRAs come in three different forms:
- SEP Gold IRAs: These accounts are designed for the self-employed and employees of small businesses.
- Traditional Gold IRAs: These accounts allow you to fund pre-tax dollars, your investments grow on a tax-deferred basis, and you pay taxes on withdrawals at retirement.
- Roth Gold IRAs: With this type of retirement account, you fund it with after-tax money.
What are the gold IRA rules?
Some of the Gold IRA rules are:
- The precious metals you hold must meet IRS standards
- The investments should be held by an IRA trustee
- Must be stored in an IRS-approved depository.
How do I find good, trusted gold IRA companies?
Finding a good and reputable gold IRA company requires careful research. Here are some things you should look out for in a company:
- Number of years in business (preferably 10+ years)
- Online reputation as seen on third-party review websites and from individual customers.
- Transparency about fees and everything else.
- Customer support
We have carefully vetted the gold IRA companies mentioned in this guide, and you can’t go wrong with one of them.
How does a gold IRA make money?
A gold IRA can make money through the potential appreciation of the precious metals held in the account. Another way is through the growth of the precious metals-related securities you hold in your portfolio. However, there’s no guarantee that the value of gold will rise. It can go down, leading to a potential loss.
How much does a gold IRA cost?
It is important to carefully consider all the potential expenses that come with a gold IRA, for instance:
- Gold purchase expenses
- Account set-up fees
- Annual custodian fees
- Storage fees
- Cash-out costs
How do you cash out a gold IRA?
Generally, a gold IRA has similar distribution requirements to other IRAs. Depending on the type of gold IRA you hold, cashing out can result in tax consequences. It’s always a good idea to consult a tax professional or gold IRA specialist before cashing out.
Are gold IRAs safe?
When set up correctly and with due diligence, gold IRAs can be a safe way to diversify your retirement savings. But like any other investment, there is a degree of risk involved which you should consider before opening an account.
One of the major risks that come with a gold IRA is the potential for volatility in the price of gold and other precious metals. The value of your portfolio will always depend on the current market value of the metals you hold.
Another risk is gold IRA scams. Unscrupulous individuals and companies sometimes offer fake gold IRAs. The best way to eliminate this potential risk is to ensure you research thoroughly and choose to work with reputable gold IRA providers only.
Is a gold IRA a good investment?
Whether or not a gold IRA is a good investment for you will depend on a number of factors, including:
- Your financial situation
- Your retirement investment goals
- Your risk tolerance
In general, a gold IRA gives you a good measure of diversification in your retirement portfolio because the price of gold and other precious metals moves independently of stocks and bonds.
Can you store IRA gold at home?
Gold IRA home storage is not allowed. The IRS has specific guidelines regarding the storage of precious metals in an IRA. These rules require that gold be stored in an IRS-approved depository for the safety and security of the investments.
If you’re purchasing gold and other precious metals outside of an IRA, then you can store your assets anywhere, including at home.