If you are concerned about the state of the economy in 2023, perhaps it is time to consider diversifying your individual retirement account into a gold-backed IRA account.
There are many advantages of investing in a gold IRA. Considering the turbulent economic environment we are currently going through, it is time to start looking for the best gold IRA companies to invest in.
Gold and other precious metals have risen as the most popular ways to hedge retirement funds against inflation. However, there are so many precious metals IRA companies offering similar services in 2023, that choosing the right one is not easy.
Many investors have lost their savings because they put their trust in the wrong precious metals IRA custodians. To avoid making the same mistake, you need to do a lot of research and choose the best company to manage your self-directed gold IRA.
In this article, we will look at three gold-backed IRA companies that would be great custodians for you to invest in gold. Before buying gold coins, and opening a gold IRA account, read this article and choose one of these top gold IRA companies as your individual retirement account custodian.
What Is a Gold-backed IRA?
A gold-backed IRA, also called a self-directed gold IRA, is a retirement portfolio whose value is based on gold prices. Unlike other ways of saving your retirement funds, such as investing in paper assets or fiat currencies, gold IRAs are protected from inflation and market volatility due to the stability of the value of precious metals.
Depending on whether you open a gold-backed Roth IRA or traditional IRA, you can enjoy various tax benefits when you deposit or withdraw funds from your account.
Gold IRAs are governed by the same IRS rules and regulations as other tax-advantaged retirement accounts. You cannot, for example, make any withdrawals from your gold IRAs before you reach the age of retirement.
A gold IRA account differs from other precious metals investments in that only IRS-approved precious metals can be added to the portfolio. This means you cannot simply buy gold coins from a precious metals dealer and include them in your gold IRA.
Another important feature of gold IRAs is that you are not allowed to keep your own gold. You have to use an IRS-approved depository, such as the Delaware Depository. This will incur additional storage fees, which is one of the drawbacks of opening a gold IRA account.
While many investors many see the need to find an IRS-approved depository as a disadvantage, the risks associated with keeping your gold bullion bars and coins at home make this the better choice. In a depository, your precious metals will be kept safe and they will be insured against theft or destruction.
Why Gold IRA Accounts Are a Popular Choice in 2023
If you look back at the history of gold, you will see that it has always been a popular choice for those who want to secure large sums of money. Not much has changed over the centuries, as gold investments are still favored by many investors.
In 2023, the financial turmoil caused by the recent global pandemic is still being felt across the globe. On top of that, we have been living in constant fear of an economic depression for some time. As such, paper assets and fiat currencies have become very risky investments because it is difficult to predict how they will turn out.
This is why investors are turning to physical gold and other approved precious metals for investments. Gold IRAs are one of the few remaining investments that will remain stable no matter how the economic situation turns out.
With a precious metals IRA based on physical gold, you do not have to constantly keep your ear on the ground waiting to see how the markets will behave day in and day out. All you need to do is buy gold, open a gold IRA account, and secure your retirement funds for the future.
Also, gold prices generally increase in times of economic uncertainty. If you want some real evidence that now is the best time to buy gold, simply look at what most of the central banks of the world’s largest economies have been doing.
Wealthy countries, such as China, the USA, Russia, and France, have been buying physical gold on a large scale as they prepare for whatever comes next. A shrewd investor will take this as a sign that there is no better time to invest in gold than right now!
Four Ways To Invest in Gold
Investing in a gold IRA is not the only way you can benefit from owning gold. Many other ways will give you access to the huge potential of owning physical precious metals.
You simply have to look at all the options and decide which one is best suited to your needs as an investor. If you are not sure, you can hire a financial advisor to give you some sound investment advice based on your goals, budget, and the state of the economy.
The following are four tried and tested ways of investing in gold assets:
Gold-backed IRA
We will start with gold IRAs, the most popular choice in 2023. If you already have retirement accounts in your name, opening a gold IRA account is the next prudent step to growing your retirement portfolio.
All you need to do is approach an IRS-approved custodian and open a gold IRA account. To fund your precious metals purchases, the best option that will incur the least fees and avoid penalties is to do a 401k to gold IRA rollover. Your custodian will help to move your funds from your retirement accounts to your gold IRA.
Once that is done, you can choose from a wide range of IRS-approved precious metals, such as gold, silver, platinum, and palladium bullion bars and coins. After that, you can sit back and enjoy the tax benefits and long-term growth of your gold IRA.
Gold ETFs
If you have ever invested in the stock market, then the process of buying gold ETFs will be familiar to you. Here, instead of buying physical gold, you will simply buy ETFs and gold mutual funds whose value is tied to the price of gold.
When you think that that the gold price will increase, (which is likely in the current economic climate) you can buy gold ETFs and sell them later for a significant profit. The price of gold has always been stable and is guaranteed to steadily increase over the next few years as the demand for precious metals skyrockets.
Physical Gold Bullion
The traditional way of investing in gold that everyone understands is to simply buy it from a dealer at the current price of gold and find a secure place to store it. This is the method that has been around for the longest time, and if you do it well, you have the potential to enjoy huge returns.
However, there are a few things you have to know about buying physical gold bullion, such as:
The gold industry is full of scammers and being duped into buying fake gold is always a possibility.
You have to know the spot price of gold before you buy from any dealer.
Storing gold in your home is very risky and may expose you to criminals that target gold investors.
There are no tax benefits when you buy gold outside gold IRAs, and the IRS will expect you to declare any gold transactions that you conduct.
If you want to buy gold with added intrinsic value, you can buy gold jewelry instead of gold coins and bars.
Shares in Gold Mining Companies
The last option that you can consider is investing in gold mining companies. As the demand for gold continues to rise, gold mines are witnessing unprecedented growth in the value of their companies.
If you choose well, you can be the proud owner of a few shares in the gold mining industry that will be worth a lot more in a few years than they are now.
However, before investing in a gold mining company, take note of the geo-political situation in the country where the mine is located. An unstable political environment will destabilize mining activities and put your gold investments at risk.
Gold IRAs Are the Best Options for Precious Metals Investments
These four investment options are all great opportunities to profit from gold investments. However, the best choice, in terms of risk tolerance, return on investment, and tax benefits is opening a gold IRA.
The benefits of owning precious metals are best experienced by investors who are in it for the long run. This means you have to be willing to invest in gold and silver for many years before you start enjoying the profits. There is no better way to do this than through opening gold IRAs.
Three Gold-Backed IRA Companies To Consider in 2023
The most important decision you have to make when you decide to open a gold IRA is the company you choose as your gold IRA custodian. You can choose a bank, credit union, financial institution, or even a brokerage firm, as long as it is IRS-approved.
In 2023, three companies have been the most popular choice among investors, and any one of them would make an excellent choice. Consider the following:
Goldco – Best Overall Gold-backed IRA Company
With more than 15 years in the gold IRA industry, Goldco has all the experience and knowledge necessary to guide investors looking to secure their retirement funds through gold IRA investing.
The company has an enviable panel of experts who are ready to provide a variety of products and services to gold investors. This custodian depends on a wide range of customer-friendly features to make it the best platform for anyone with a 401K who wants to diversify into precious metals.
Goldco has lots of excellent reviews on Better Business Bureau, Business Consumer Alliance, and other popular platforms that make it one of the most reliable choices. The company has built a strong reputation among investors that make it the first name on our list and the best overall gold and silver IRA custodian for 2023.
Products and services
As a gold IRA custodian, Goldco specializes in providing its customers with a direct route to gold IRA investing. If you have a retirement account and are thinking of investing in gold, silver, platinum, and palladium, Goldco is your best option.
Goldco also allows the direct sales of gold and silver to customers, meaning it is not there to serve retirement account holders only, but anyone interested in buying gold. On the company’s website, you will find a wide range of IRS-approved precious metals, such as:
Gold American Eagle gold coins
Gold Canadian Maple Leaf coins
Silver American Eagle coins
Silver Lucky Dragon coins
Silver Canadian Maple Leaf coins
Opening a gold ira account
If you want to open a gold IRA account with Goldco, you will find the process to be very easy. You only need to take the following steps:
Open a self-directed gold ira account.
Fund the account using a 401K rollover.
Buy precious metals that are IRS-approved.
Consider the best storage facility.
Gold IRA fees
Goldco has a minimum purchase requirement of $15,000, which some investors may find too steep. However, it is a worthwhile investment that also comes with the following fees:
An account setup fee of $50
$30 for a one-time wire transfer
$80 for the annual maintenance of the IRA
Between $100 and $150 for storage
Storage
As befits a gold IRA company of Goldco’s level, the custodian has a partnership with the Delaware Depository, one of the leading storage facilities in the country. Here, you will be guaranteed maximum security for your gold assets in state-of-the-art vaults that are fully insured against theft.
Pros
Reliable gold IRA company
Has a buyback program
Customer-friendly services
Wide range of IRS-approved products
Consistent performance for over 15 years
Cons
High minimum purchase requirement
Augusta Precious Metals – Best Runner-up
This year marks 21 years of providing top-notch gold IRA services for Augusta Precious Metals. Over the last two decades, the California-based company has gained a huge following of happy clients who have successfully invested their retirement funds with the custodian.
Such a strong reputation comes from the company’s dedication to being the best gold IRA service provider in the country. New investors have access to all the educational materials and investment advice they need, while the more experienced gold investors have the security of knowing that their retirement portfolio is in good hands.
When you invest in Augusta Precious Metals, you get more than just a gold IRA account. The custodian helps you build a secure portfolio for your retirement funds that will withstand any economic turmoil the future may hold.
Products and services
Augusta Precious Metals specializes in providing its customers with the very best IRS-approved gold bullion bars, coins, and other precious metals. On the custodian’s website, you will find the following:
Precious metal bullion coins and bars
Royal Canadian Mint silver soaring eagle coin
Silver round coins and silver bars
Canadian Gold Arctic Fox coins
Gold American buffalo coin
Canadian silver maple leaf coins
Ben Franklin’s half-dollar coin
Liberty coins
Gold American eagle coins
Opening a gold ira account
When opening a gold IRA at Augusta Precious Metals, you will have access to a personal custodian who will oversee your portfolio diversification and assist with rolling over funds from other retirement accounts to your self-directed gold IRA. The entire process is quick and easy thanks to how Augusta Precious Metals has streamlined its services.
Gold IRA fees
While Augusta Precious Metals requires a staggering $50,000 minimum purchase deposit to open a gold IRA, the rest of the fees are competitive. You should expect to pay:
An annual maintenance fee of $125
$75 annual maintenance fee for accounts with more than $100,000
Custodial fees of $100
Storage fees of $100
Storage
Augusta Precious Metals gives its investors the option to choose a storage facility from hundreds of reliable options. To make the entire process more convenient, the custodian has partnerships with storage facilities in every major state in the US.
Pros
Wide range of excellent educational materials
Transparent fees
Provides lifetime support to all investors
Great buyback program
Cons
Extremely high minimum purchase deposit of $50,000
Compliance issues raised on the BBB customer-review platform
Birch Gold Group – Best Selection of Precious Metals
After providing investors with reliable services from 2003, it was not until 2020 that Birch Gold Group gained popularity after being endorsed by Newt Gingrich and Steve Bannon, as well as other well-known personalities in the industry.
These endorsements, coupled with the firm’s excellent customer reviews, have propelled Birch Gold Group to the top of the pile in terms of reliable gold IRA companies.
Birch Gold Group has a unique policy of providing one-on-one attention to all its clients, making sure that all their needs are met and that they are happy with the way their retirement assets are being managed.
Products and services
Birch Gold Group has one of the widest selections of precious metals in the industry. The following are some of the products you can include in your gold IRA:
IRS-approved and melt-value priced gold bars and silver coins
American The Beautiful Silver Series
Australian 1/4 Ounce Gold Florin
Saint Helena Napoleon Bee
Gold and Silver Rose Crown Guineas
Canadian Gold Maple Leaf coin
Canadian Gold Twin Maples
Gold American Eagle and American Gold Buffalo coins
Saint Helena Silver Standing Lion
Valcambi CombiBars
Canadian Palladium Maple Leaf
American Platinum Eagle
Opening a gold ira account
To open a gold IRA account with Birch Gold Group, all you need to do is:
Deposit the $10,000 minimum purchase requirement.
Conduct a gold IRA rollover if you wish.
Choose a custodial partner to work with.
Buy physical gold bullion coins and other precious metals.
Choose an IRS-approved storage facility
Gold IRA fees
At Birch Gold Group, investors should expect to pay the following fees:
$10,000 minimum purchase limit
$30 bank wire transfer fee
$50 basic setup fee
$200 annual maintenance and storage fees
Storage
Storage at Birch Gold Group is handled by several affiliated and non-affiliated depositories. The custodian has many storage facilities that it can recommend to customers based on their location so that they can have their gold bullion assets close to them.
Pros
Affordable investment minimum
Great reputation, decades of experience, and a solid background
A wide range of precious metals for investors to choose from
Sufficient educational materials
Cons
Not accessible to international clients
Takes too long to clear transactions
Final Verdict - You Can’t Go Wrong With Goldco!
While all three of the gold IRA companies mentioned in this article are worthy investment choices, the one that stands out the most is Goldco. Its reputation far exceeds that of the other two custodians, and judging from the online reviews, it is a reputation that is well-earned. If you want your retirement account to be managed by the best custodian in the industry, Goldco is your best option.
How To Choose the Best Gold-Backed IRA Companies
With so many gold IRA companies to choose from in 2023, how does a clever investor choose the best one? The answer lies in doing your research on each self-directed gold IRA custodian to see what lies beneath the glitz, glamor, and promises of making a fortune.
Luckily, the internet makes doing this research much easier because all the information you need about a reputable gold IRA account custodian should be readily available online. A lack of information about the company is the first red flag that you may be dealing with one of the many gold scammers out there.
Consider the following five factors that determine whether a gold IRA company is legitimate and worth the cost of investing in a gold IRA:
Selection of Precious Metals
When investing in precious metals, it is not all about physical gold bullion. To help spread your risk, it is better to select various precious metals for your gold IRA portfolio. While gold coins are the most popular option, they are not the only precious metals out there, nor are they the most valuable.
Choose gold IRA companies that have a wide selection of precious metals to choose from. Always start by looking at the “big four,” which are gold, silver, platinum, and palladium. A good mix of these precious metals will help you create a stable investment portfolio that can withstand any economic upheaval in the future.
IRS-approved Gold Coins and Bullion Bars
Only IRS-approved physical gold and other metals can be included in gold IRAs. This means the precious metals have to be of the right mintage and fineness to meet the high standards of the internal revenue service.
The purchasing of the precious metals also has to be from funds sourced from your retirement accounts. This means you must find a custodian with both the required metals and the ability to assist you in conducting a gold IRA rollover.
Required Minimum Investment
Consider your budget and how much of your retirement portfolio you are willing to diversify into a gold IRA. Usually, good investment advice says that you must not invest more than 10% of your retirement account into gold.
Since different companies have different required minimum investments, this should guide you in choosing the best gold IRA custodian for your needs. Investors working on a very tight budget can consider companies with low requirements, such as Noble Gold Investments, which only needs $2,000 for you to start investing in a gold IRA.
Account Setup and Storage Fees
The profits you make from your gold investments can easily be consumed if you are forced to pay high account setup fees. The ideal choice should leave you with enough money in your pocket to make the investment worthwhile.
Also, consider the storage fees associated with investing in gold IRA companies. Since the IRS does not allow you to keep your gold at home, paying an IRS-approved depository is something you cannot avoid.
Different custodians prefer to work with different depositories, so this is something you will have to look at carefully. Ideally, a custodian that works with a reliable and affordable depository, such as the Delaware Depository, is a good option to handle your retirement account.
Customer Reviews
Rather than accept whatever gold IRA companies say on their websites as the truth, why not rely on the advice of former investors? Looking at popular review platforms, such as Better Business Bureau and Business Consumer Alliance, will give you a good indication of what the company is capable of.
If you come across negative reviews, look at how the company representative resolved the issues, and whether the customers were left satisfied in the end.
A big warning sign is a complete lack of reviews about a gold IRA company, as this is usually an indication that no one has ever used the custodian before. Considering the amount of money you are investing, you should not risk dealing with an unknown entity.
Benefits of a Physical Gold IRA
Instead of simply buying gold bars and keeping them at home, you can consider putting your money in a gold IRA and enjoying the many tax advantages and other benefits that come with such an investment.
Consider the following benefits of having a gold IRA:
Your gold IRA account will act as a hedge against inflation in times of economic uncertainty.
There is no need to pay taxes when you deposit or make withdrawals in your gold-backed Roth IRA or traditional IRA account.
It is easy to set up the account and do a gold IRA rollover with the right custodians.
As a self-directed gold IRA account holder, you will have a lot more control over your investment.
The demand for gold is increasing, and so will the value of your gold IRA.
How To Open an IRA Backed by Gold
Opening a gold IRA account is a very easy process as long as you conduct a bit of research and work with one of the custodians reviewed in this article.
The following steps are all you need to start investing in a gold IRA:
Find a reliable, IRS-approved gold IRA custodian.
Open your gold IRA account.
Fund your account using a gold IRA rollover.
Buy precious metals, such as physical gold, silver, palladium, and platinum coins.
Choose a suitable IRS-approved depository to store your precious metals.
Continue investing in physical gold and other types of precious metals.
They will also assist with a transfer of your IRA to gold.
Invest in Physical Precious Metals Today!
It is never too early or too late to start investing in gold. The younger you start, the more benefits you will enjoy by the time you retire. With the economy as unstable as it is, you have to find better ways of safeguarding your retirement funds. Consider opening a gold IRA account with any of the three companies reviewed in this article and you would have taken the first important step to securing your financial future.
FAQs
Is 2023 a Good Year To Open Precious Metals IRAs?
Yes, with the way the global economy is shaping up, there is no better time than right now to start investing in gold and silver IRAs. Paper assets are becoming riskier by the day, and a lot of investors have begun looking towards gold investments as a haven for their funds.
What Risks Are Associated With Investing in Gold IRA Companies?
While precious metals may be a lot safer for investors than paper assets, there is still some risk involved in investing in gold IRA companies. Consider the following:
Gold is relatively stable but is still subject to price fluctuations in a volatile market.
Long-term price appreciation may not be as much as investors hoped for.
Risks of being scammed are very high in the gold industry.
Some gold IRA companies charge hidden fees, which may end up affecting your returns.
Can Gold From a Precious Metal IRA Be Stored at Home?
No, home storage is not allowed by the IRS, and doing so will result in massive penalties, which can be as much as 10% of the value of your IRA account value. The only option is to choose a reliable and affordable IRS-approved depository to keep your gold until you are ready to access your funds after retirement.
Why Should Investors Open a Precious Metals IRA Account?
Investors should look at the current economic situation and realize that the best place to store their funds is in a gold IRA account. If you want to be free from the worry of inflation and market volatility, a precious metals IRA is your best option.
What Other Precious Metals Besides Gold Are Worth Investing In?
Beside physical gold, you can consider investing in silver, platinum, and palladium. These precious metals may not be as popular as gold bars, but over time, they will prove to be worthwhile investments with the potential to bring a huge return on investment.
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About Tim Schmidt
Tim Schmidt is an Entrepreneur who has covered retirement investing since 2012. He's also a published author, and his views on investing have been featured in USA Today, Tech Times, The Huffington Post, Nasdaq, and many more.
