A key selling point for gold IRAs is that you own the physical gold yourself. If that doesn’t matter to you, there are other ways to add exposure to precious metals to your retirement portfolio, such as buying stocks in gold mining companies. Customers who buy gold and silver outside of an IRA will continue to receive advisory and administrative services from the firm. IRS rules allow funding a Gold IRA with funds from another IRA, 401 (k), 403 (b), 457 (b), or Thrift Savings Plan.
Annual fees are generally charged by the account custodian, and storage and insurance fees are more often owed to the custody account than to the Gold IRA company. Augusta’s two major drawbacks are its limited selection of metals and the high minimum investment requirements for setting up a gold IRA. Like a traditional IRA, a gold IRA allows pre-tax contributions, and investment income can then accumulate on a tax-deferred basis. The best way to use a gold IRA is to use it as an accumulation tool as part of a more comprehensive, diversified investment strategy.
The ability to use gold and other materials as securities in an IRA was introduced by Congress in 1997, according to Edmund C. Anyone who wants to buy precious metals or create a gold IRA can do so at a price they’re comfortable spending. In addition, the IRS only allows certain gold coins, such as the American Gold Eagle or the Canadian Maple Leaf. Still, with its low minimum investment requirements and extensive educational resources, it has quickly become a favorite as the best Gold IRA company for new investors.
Augusta advertises itself as “Your Leading Gold IRA Company” and promises to help its investors make smart financial decisions to help them prepare for retirement. Gold and silver purchased through a precious metal IRA must be stored in an approved bank or custodian. While gold IRAs are not intended for paper stocks, they can hold stocks that are directly related to the mining and production of precious metals. Unfortunately, most Gold IRA companies don’t have a good record of fee transparency on their websites, so finding out the details may require a phone call or two.
