After making the conscientious decision to diversify your portfolio with physical gold, the next step is to find the best gold IRA custodian to avoid exorbitant fees and unnecessary hassle. You want to make sure that you are not being over-charged and that your gold and silver are held in truly segregated storage. Tip #1: Segregated storage should not cost extra. Read on and you’ll be ahead of the game.
The Most Important Deciding Factors When Selecting a Gold IRA Custodian
Subconsciously you may also be hoping to find the company with the quickest most convenient and reliable service. This is only natural, yet may be easier hoped than found. The truth is, it’s a real jungle out there.
And it’s pretty easy to be taken advantage of if you don’t have much knowledge in this type of investing. Falling prey to one of the many “predatory” companies is an unfortunate possibility for some. Luckily for you, you’re reading this today.
This article will at least get you pointed in the right direction and help you avoid any delays in reaching your end goal of having a sound retirement account backed by gold. By knowing what to watch out for you’ll be better able to stay clear of any unethical company you may stumble upon.
As a review site, you’ll see the companies that we’ve reviewed (in the header under ‘Reviews’) and most of them we don’t actually recommend. There is rarely a company that does everything right. We have done the painstaking leg work to locate the companies with the best of the best with regards to both product, services, and client support. Well that being said let’s get into it.
Questions You MUST Ask Any Gold IRA Custodian
How much are the Gold IRA Setup Fees and Storage Fees?
First of all, it is good to know that most custodians charge additional fees for the first year and others don’t. In this industry it is typical to have a scaling fee schedule which can end up costing clients more. This is not good because as your account grows in value, these fees will also increase accordingly.
Make sure you ask what the company’s exact fee structure is specifically. It is best to go with a flat-fee company because if you have a scaling fee account, as you add funds or if gold value increases substantially (which it is expected to) your fees will skyrocket as well. It could cost you tens of thousands of dollars over the life of your account storage. Storage fees should not really be over $150 per year.
You can avoid this first pitfall from the very start by going with a flat storage fee company, eliminating the rest. We are currently recommending one such company (below). Right now this company will even waive your administration fee, setup fees, storage fees and delivery of metals for the 1st year; you’ll get all of their services for free. That’s a savings, at a minimum, of over $500 right there.
What Type of Precious Metals are Approved for Gold IRAs (IRS Approved)?
Yes, the top rated companies not only offer you the ability to purchase the gold bullion & coins directly, but also set up the self-directed IRA while providing storage. But most importantly, make sure that you’re purchasing the right kinds of physical precious metals (whether gold, silver, platinum, or palladium). These must be approved investment grade bullion/coins. They must satisfy a certain level of purity (ex. .9999). Most government minted coins and bullion produced by COMEX and NYMEX are allowed.
(Click below to see the full list of IRA approved precious metals and the different types)
*Note: Watch out for companies trying to steer you towards collector’s coins, otherwise known as numismatic coins. You do not want these. Usually their purity and mineral content do not satisfy the requirements set forth by the IRS. Some examples of bullion coins approved for IRAs include U.S. Gold Eagles, Canadian Gold Maples, U.S. Silver Eagles, and South African Krugerrands.
Also, another important deciding factor is: Do they have a Buyback Program?
If the company does not offer a buyback policy then this is regarded as being a self-serving company that perhaps is not looking out for your best interest. Think about it, there may come a time when you want to liquidate your physical precious metals for a handsome profit. The company that you purchased them from should be willing to offer you fair market price when buying them back.
When you are ready to liquidate your assets if the company turns their back and doesn’t buyback or does so for pennies on the dollar, then you’ll know they only want to profit off of you.
Our Final Word
Getting to the point of making this imperative decision was not easy. We’d hate for some unscrupulous company to take advantage of you and ruin this opportunity by dashing your hopes. You couldn’t have made a better choice by deciding to start investing in a gold IRA and finding the best gold IRA custodian.
Our #1 Recommended Gold IRA Custodian (for the past 5 years in a row), is:
You may continue on and read our in-depth review of our top recommended company here for all the additional reasons why we chose them as the safest and most reliable company for gold IRA investing. Or click the image above to order a free gold IRA investment kit to get more familiar. If you prefer to speak with a professional…
Hopefully we’ve helped you find the best gold IRA custodian today and now you’re more informed than your were yesterday. Now you’re equipped to take action.