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Are you looking for the most recent gold IRA companies reviews in 2022 to help you know what gold IRA provider to choose? How To Invest Gold has reviewed, compared, and rated the 5 best gold IRA companies of 2022 to help you identify the best option to grow, protect, and diversify your wealth today.

Feel free to use our TOC list and the quick links to jump straight to any section.

Table Of Contents

Before we provide you with our top-rated precious metals IRA companies, let us take a look at what a gold IRA is. If you already know what a gold IRA is, you can jump straight to our gold IRA company reviews list.

What Is A Gold IRA?


The best way to invest in gold is by owning physical goldA gold IRA, also called a precious metals IRA is a specialized, self-directed individual retirement account designed to hold physical gold and silver, and other precious metals.

Starting a gold IRA is one of the best things you can do to protect and grow your retirement savings and hedge against the rapidly increasing inflation.

Just like traditional IRAs, a gold IRA allows pre-tax contributions, meaning that the investment earnings can accumulate tax-deferred.

A gold IRA differs from a traditional IRA in the sense that it strictly holds physical gold, silver, or other metals.

In contrast to a gold IRA, a regular IRA typically holds paper assets such as stocks, bonds, EFTs, funds, and so forth.

Benefits Of A Gold IRA


In uncertain times like these, it is more important than ever to turn to assets that help you hedge against inflation and other economic stresses to help strengthen your savings.

Opening up a gold IRA account has many benefits, and can, for example, help you:

  • Hedge against a weaker dollar and increasing inflation
  • Limit exposure to economic uncertainty
  • Mitigate the effects of geopolitical instability
  • Diminish negative fallout from the coronavirus economic crisis
  • Diversify your portfolio
  • Take real ownership of your financial future

Different Types Of Gold IRAs (Self-Directed-IRA or SDIRA)


There are two types of gold IRAs available:

1. Traditional-Based Gold IRA

Gold IRA Guide - What is a gold IRA? Why invest in a precious metals IRA? Best gold IRA companiesWith a traditional-based IRA, you do not pay tax on the contributions you make to your gold IRA from your income until much later in retirement when you take distributions. And you can start taking distributions without penalty when you are age 59½.

To give you an example, if you make $60,000 one year and decide to contribute $5,000 into your gold IRA, you will only pay the tax that year on $55,000.

In addition, by the time you pay tax on that $5,000, the gold you have spent it on could well be worth a lot more. And this possible rise in asset value could mean that you will end up getting some of your tax bills effectively paid for free.

Also, a traditional IRA comes with a ‘Required Minimum Distribution (RMD)’, starting at the age of 72, meaning that you must withdraw a certain amount from your IRA each calendar year. Accordingly, this RMD also applies to a gold IRA.

2. Roth-Based Gold IRA

In contrast to a traditional IRA, with a Roth-based gold IRA, the contributions you make are NOT tax-deductible.

But on a positive note, when you make withdrawals from your gold IRA, you do not have to pay taxes on your investment gains. So, if the price of gold has increased significantly, this tax advantage may be a huge benefit.

Additionally, with a Roth-based gold IRA, the Required Minimum Distribution does not apply.

Instead, an upper-income limit applies to Roth IRAs. And as of 2022, your modified annual income must be less than $144,000.

Gold IRA Companies Reviews (Top 5 Precious Metals IRA Companies)


 

Best Overall Gold IRA Company: Goldco

PROMOTIONS GOLDCO
Get Up to $10,000 in FREE Silver (If Opening Up a Qualifying IRA)
INVESTMENT MINIMUMS
Investment Minimums Gold IRA: $20,000-$25,000
Learn more
Read the full Goldco review.

Most Trusted Gold IRA Company: Augusta Precious Metals

PROMOTIONS AUGUSTA
Get Up to 10 Years of Fees Reimbursed to Your IRA in Premium Silver Coins (Depending on the Size of Your Account)
INVESTMENT MINIMUMS
Investment Minimums Gold IRA: $50,000
Learn more

Birch Gold Group: The Precious Metals IRA Specialist

PROMOTIONS BIRCH GOLD GROUP
Get Up to $10,000 in FREE Precious Metals on Qualified Purchases
INVESTMENT MINIMUMS
Investment Minimums Gold IRA: $10,000
Learn more

Regal Assets: The Best Alternative Assets Company

PROMOTIONS REGAL
Get Your Admin and Storage Fees Waived for the First Year
INVESTMENT MINIMUMS
Investment Minimums Alternative Assets IRA: $10,000
Learn more
Read the full Regal Assets review.

BullionVault: The Best Online Trading Company In The World

PROMOTIONS BULLIONVAULT
Get 1/8 oz (4g) of FREE Silver Bullion on Your First Trade
INVESTMENT MINIMUMS
Investment Minimums Gold IRA: None
Learn more
Read the full BullionVault review.

Get Ben Stein's Free Inflation Report

Gold IRA Common Questions & Answers


In an attempt to make you feel more informed about the gold IRA process, what it entails, and what IRS penalties to avoid, we have listed some additional questions and answers.

How Much Does A Gold IRA Cost?

A precious metals IRA or gold IRA often comes with higher fees than a traditional or Roth IRA that invests solely in paper assets.

Typically, there are 3 sets of fees charged with a gold IRA:

1. Account Setup Fee

The one-time account setup fee often ranges from $50 to $150.

Some companies waive this fee if the account size is big enough. For example, Augusta Precious Metals has a promotion where they will reimburse up to 10 years of fees to your IRA in premium silver coins.

2. Admin/Custodial Fee

Except for the setup fee, there is also an annual administrative or custodial fee, ranging from $50 to $150 depending on the account’s size.

Popular custodians are, for example, Equity Trust and New Direction IRA. Depending on the gold IRA company you decide to work with, they have a preferred custodian/custodians.

3. Storage Fee

Lastly, storage fees are also charged by the depository ranging from $50 to $300 annually, depending on the amount of gold being stored.

Should I Buy Gold Bars Or Gold Coins?


When purchasing gold for your gold IRA, you can choose between bullion bars and sovereign coins.

The IRS has established guidelines for metal “fineness” standards to determine whether gold or silver in the form of bullion bars or coins is acceptable for a gold IRA.

This means that the IRS only allows specific gold and silver coins and bars, such as:

  • Gold or Silver American Eagles
  • Gold or Silver American Eagles (Proof coins)
  • Gold or Silver American Buffalos
  • Gold or Silver Canadian Maple Leafs
  • Gold or Silver Austrian Philharmonics
  • Silver America the Beautiful Coins
  • Gold or Silver Bullion Bars
  • American Silver Eagles
  • And more.

IRA eligible gold bullion

IRA eligible silver bullion

Image Source: augustapreciousmetals.com

No matter what bullion or coins you choose, a reliable gold IRA company knows what is and what is not acceptable for a gold IRA.

While both are essentially valued in the same way—per ounce based on the spot price of gold, coins may be easier to trade and tend to sell at higher premiums than bullion bars.

Besides, the markups are often higher on small bullion bars. And large bars are more suited for institutional investors.

However, all the gold IRA companies (listed above) offer favorable buy-back programs for both coins and bullion.

What About Storage?


When you own gold inside a gold IRA, you must store it in a secure IRS-approved depository. Needless to say, you cannot keep your IRA gold in a home safe, safety deposit box, or under the mattress.

Most gold IRA companies partner with different custodians that are carefully vetted and will make sure your metals are stored safely.

Generally, the also company handles transportation logistics as well as insurance coverage.

Note: It is up to you to confirm that any company you invest with has all the required licenses, registrations, insurance, and bonds to protect your investment. So, ask for verification of those licenses and other information.

When Can I Take Distributions?


”Distributions” are the term used to designate withdrawals of funds from your IRA.

If you are at the qualified age to start getting disbursements from your account (usually 59 ½ ), you can choose to take funds in cash value. Or you can have the actual metals shipped to you directly

But be aware that you will be taxed accordingly and be responsible for any liability to the IRS for early withdrawals. The bottom line is that you should treat a gold IRA as a long-term investment for retirement and hold it to maturity.

Note: Remember that you have to start taking payments at 70 ½.

Can I Rollover My 401(k) Into Gold?


Gold IRA Rollover and TransferYes.

In fact, many people who choose to invest in a gold IRA are using funds they acquired while using a traditional IRA or company-managed 401(k).

Additionally, retirees also make the switch to gold with accounts they take with them upon leaving the workforce.

Many choose to roll over just a portion of their IRA or 401(k) to a gold IRA as a way to diversify their nest egg, which should always be the way to go. Learn more in our Gold IRA Guide.

 

Gold IRAs And Taxes


By investing in a gold IRA, you will diversify your retirement portfolio on a tax-deferred basis and maintain the tax preferential treatment.

As a result, transferring or rolling over a portion of your existing IRA account into a gold IRA will not trigger any tax implications. You do not have to pay taxes on your contributions until you withdraw them.

There are limitations on how much you can contribute to these accounts each year and these limits can change year to year. However, your gold IRA company will be updated on these rules.

What IRS Penalties Should I Take Care To Avoid?


To avoid showing up on the IRS radar, you should take care to avoid two main penalties.

1. Exceed Contribution Limits

If you are under age 50, you are allowed to contribute a total of $6,000 a year (to all of your IRAs). On the other hand, if you are age 50 or older, then the maximum contribution limit is $7,000.

Furthermore, a penalty of 6% may apply for exceeding your contribution limits. For example, if you exceeded the limit by $1,000 in one year, you will be charged 6% of $1,000 — which is $60 — for every year that the error goes uncorrected.

2. Early Withdrawal Of Distributions

If you withdraw money from your gold IRA before reaching the age of 59 ½, you will incur a 10% tax penalty (that is, you will have to pay 10% of the amount of your withdrawal, in addition to whatever income tax you may be liable for.

Exceptions to this rule do apply in certain circumstances:

  • If the IRA holder is disabled
  • The withdrawal funds are used to pay for certain medical expenses
  • Or if the withdrawal funds are used to pay for education
  • Plus certain Covid-related circumstances

Specifically, you should double-check with a tax professional to see if any of these exceptions are applicable to a withdrawal that you make.

If you declare the wrong sort of bullion and/or coins as being part of your gold IRA, the IRS may treat this as an early withdrawal and fine you accordingly.

All things considered, the best way to avoid incurring IRS penalties is to pick a reputable and experienced custodian for your gold IRA. The custodian will then make sure that every aspect of your gold IRA and the bullion you choose are handled in proper accord with IRS regulations.

Also, the custodian will also handle filing all the necessary annual reporting paperwork with the IRS. Again, a reputable gold IRA provider handles all the aspects and necessary gold IRA procedures “in-house.”

How To Start A Gold IRA


To establish and manage your gold IRA you need to:

  • Have a reliable source for IRS-approved bullion and coins
  • Appoint an approved “custodian” administrator to set up and watch over your gold IRA
  • Store your IRS-approved coins and/or bullion in IRS-approved vaults
  • Any of the listed gold IRA providers above will hold your hand and make sure this is set up for you, plus ensuring getting all the paperwork right.

With that being said, let us show you the easy 4 steps when opening a gold IRA next:

How To Start A Gold IRA Step 1

1. Select Your IRA Plan

For starters, to invest in precious metals you have to start with a self-directed IRA. As an investor, you can begin a new IRA account or roll over from an existing retirement account. It is key to speak with a
tax advisor and precious metals expert to make sure that you follow regulations and that any retirement accounts you currently hold are eligible for a gold IRA transfer or rollover, or other precious metals IRA.

How To Start A Gold IRA Step 2

2. Select A Precious Metals Custodian

Second, gold IRA assets need to be stored with a custodian per IRS regulations. So, working with precious metals investing professionals, like those at Goldco or Augusta Precious Metals, will help you find a custodian experienced with gold IRA investing. That way, you’ll ensure that your self-directed IRA is set up correctly.

How To Start A Gold IRA Step 3

3. Select Your Precious Metals

When choosing precious metals, it is important to remember that they need to meet certain IRS rules and regulations to avoid retirement mistakes when investing. Working with a precious metals specialist will ensure that you are choosing the right types of gold, other precious metals, or crypto.

How To Start A Gold IRA Step 4

4. Purchase Precious Metals

Once you have chosen your desired metals as an investment, you can purchase them and work with your custodian regarding storage. The custodian will keep your assets safe and secure at a bullion depository so that they will be available when you need them.

 
Best Overall Gold IRA Company: Augusta Precious Metals

Please feel free to reach out if you have any questions about the content of this website. If you believe something is reviewed and explained incorrectly, please send us an email at [email protected].


Disclaimer: The owner of this website is not licensed as an investment advisor and, accordingly, does not make any recommendations regarding clients’ personal investment portfolios. It is recommended that you carefully evaluate and research the risks and rewards associated with investing in alternative assets such as physical precious metals and cryptocurrencies before you make a purchase. Learn more in our Terms of Service.

Frequently Asked Questions & Answers

Is investing in precious metals a good idea?

We believe it is. Throughout history, gold and silver prices have moved in the opposite direction of paper assets and can, therefore, provide a good hedge against inflation. Past performance doesn’t guarantee future gains, but the numbers show that the weaker the dollar has become in the past, the better gold generally has performed. In fact, the relationship between gold and the dollar is often seen as an inverse one.

Why starting a gold IRA?

Traditional IRA accounts may not be enough to provide for you and your loved ones, post-retirement. Not if the economy remains as uncertain as it has looked recently.
For eons, investors have looked to gold to help them potentially offset losses due to economic turmoil. A gold IRA or precious metals IRA permits you to diversify a portion of your retirement portfolio — including pre-existing IRAs and former 401k(s) with previous employers — by actually owning physical gold (and silver) within a retirement plan. As a result, you can securely possess physical precious metals in a tax-deferred account.

Should I invest in physical gold, futures options (EFTs), gold mining stocks, or gold funds?

Indirect forms of investing in gold are much riskier than physical metal. You are relying on any third party individual or company to look after your wealth for you, and depending on the company’s success or failure, you risk losing your investment. With physical gold, you are in control of your wealth. Physical gold offers you that layer of protection and security which Gold Exchange Traded Funds (ETFs), gold mining stocks and funds do not.

When investing in a gold IRA, you will get the same tax benefits as a traditional IRA, while actually owning physical gold coins or gold bars.

Do my precious metals have to be bars or can they be coins?

While some coins can be included in precious metals IRAs, only certain coins are IRS approved for inclusion in IRAs. In fact, not all bars or bullion are IRS approved. The IRS maintains a list of acceptable forms of precious metals for IRAs. You can be certain that a reputable gold IRA company offers a variety of metals for IRAs within IRS guidelines.

Can I choose any custodian and storage company to store my metals?

Yes. While established gold IRA companies often recommend Equity Trust as their preferred custodian and Delaware Depository for storage, you can choose your own custodian and storage companies.

Can I store my precious metals at home?

Non-IRA precious metals, yes. Not metals for an actual IRA. IRS rules forbid keeping your IRA precious metals at home or in a standard safety security box. They must be held by an approved non-bank trustee or a bank within IRS guidelines that restricts access. In other words, just like a traditional IRA, the access to the precious metals in your precious metals IRA must be restricted in specific ways to ensure deposit and disbursement laws are followed.

Are the values of the precious metals I buy for my IRA guaranteed?

No. Like all investments, the future value of precious metals is not guaranteed and can rise or fall based on a variety of market influences. But we believe physical precious metals are your safest bet to hedge against a stock market crash, inflation, and the debasing of the dollar.

When will I be eligible for distributions from my gold IRA?

At age 59½, you or the beneficiary of your precious metals IRA can start taking penalty-free distributions from the account, according to the IRS.

How long does it take to rollover a traditional IRA into a gold or silver IRA?

Usually around two-three weeks, although each application is different and the amount of time varies on a case-by-case basis.

What is the advantage for customers to set up an IRA with a gold IRA company as opposed to going to the custodian and setting it up with them?

The customers will receive top-notch service and specialized account setup knowledge provided by the gold IRA company’s IRA Processing Department throughout the process from start to finish. They do 95% of the paperwork with them. Customers can feel safe knowing they will be kept up to date every step of the transfer process by daily calls or e-mails from the IRA Processing team with any gold IRA company listed on How To Invest Gold. These companies also often provide lifetime account support.

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1 Response
  1. Reagan Gold Group

    This is a very informative blog about best IRA companies. There are many companies that promises to deliver the best quality gold and silver products. The information given here is very helpful while choosing the best IRA approved company for investment purpose.

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