Are you looking for the most recent gold IRA companies reviews in 2023 to help you know what gold IRA provider to choose? HowToInvestGold.com has reviewed, compared, and rated the 5+ best gold IRA companies of 2023 to help you identify the best option to grow, protect, and diversify your wealth today.
Before we dive deeper into each company, here’s a quick overview:
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Since this is a comprehensive guide, feel free to use our TOC list and the quick links to jump straight to any section.
Table Of Contents
- What Is A Gold IRA?
- Benefits Of A Gold IRA
- Different Types Of Gold IRAs
- Gold IRA Companies Reviews (Top 5+ Precious Metals IRA Companies)
- How Much Does A Gold IRA Cost?
- Should I Buy Gold Bars Or Gold Coins?
- What About Storage?
- When Can I Take Distributions?
- Can I Rollover My 401(k) Into Gold?
- Gold IRA And Taxes
- What IRS Penalties Should I Take Care To Avoid?
- How To Start A Gold IRA
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.
A 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
There are two types of gold IRAs available:
1. Traditional-Based Gold IRA
With 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.
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.
Here’s our list of top 5+ gold IRA companies (reviewed & rated), starting with our winner Goldco Precious Metals:
#1 Goldco: Best Overall Gold IRA Company
Goldco is our top choice for the best gold IRA company of 2023. We believe that the company has earned its spot as the leading and most trusted provider of precious metals IRAs in the United States.
For one, Goldco’s mission is to help Americans protect their retirement savings accounts from stock market volatility and inflation through the use of precious metals, which they have successfully been doing for over 15 years now.
The company’s specialty has always been the sale and delivery of premium gold and silver coins that are IRA-approved, and in helping you identify which precious metals are right for you.
Second, Goldco offers unmatched customer service and an easy and free IRA rollover, where an IRA Specialist at Goldco holds your hand from start to finish.
Also, their low annual fees, highest buy-back guarantee, A+ rating by the Better Business Bureau and AAA rating by the Business Consumer Alliance makes them the best and safest option to open up your gold IRA account.
Additionally, Goldco was honored as the Company of the Year in the 2021 American Business Awards. And in March this year, Sean Hannity and Steve Peters also endorsed Goldco and supports the company’s growth initiatives to educate people about the benefits of buying gold and silver, as well as protecting their IRA, 401(k), TSP, or pension accounts with physical precious metals.
Goldco Gold Coins And Gold Bars
Goldco Silver Coins
Goldco Verified And Recent Customer Reviews
Here is a sample of Goldco’s verified and recent customer reviews:
#2. Augusta Precious Metals: Most Trusted Gold IRA Company
Next on our list of the best gold IRA companies of 2023 comes Augusta Precious Metals. The company truly lives up to being the most trusted gold IRA company in the US.
First of all, they have an excellent track record with thousands of top ratings. They also have hundreds of top reviews on watchdog sites like TrustLink, as well as an A+ BBB rating and a AAA rating with the BCA. As a matter of fact, Augusta has been named “Most-Trusted Gold IRA Company” by IRA Gold Advisor and received “Best of TrustLink” 6 years in a row.
Then there’s the fact that Augusta is endorsed by hall of fame quarterback and multimillionaire Joe Montana. He asked his personal financial team to find the best gold IRA company, and they found Augusta for him.
He attended the company’s unique one-on-one web conference and became a customer. Joe loved the company’s mission so much that he also became the company’s paid corporate ambassador.
What also stands out is that the company offers the most unique approach to customer education via its personal one-on-one web conference designed by on-staff Harvard-trained economist Devlyn Steele.
To conclude, Augusta Precious Metals has a well-oiled process for making your gold IRA rollover or transfer stress-free and easy together with IRA Specialists you can trust.
Augusta Precious Metals Gold And Silver Coins And Bars
#3. American Hartford Gold: Most Personalized Gold IRA
No Fees for the First 3 Years in IRAs With a Minimum Account Purchase of $100,000
Third, on the list of our best gold IRA companies of 2023 comes American Hartford Gold.The company is the highest-reviewed gold dealer on the Better Business Bureau and a family-run business that puts its clients at the forefront.
Despite “only” being in business since 2016, the California-based company has processed over $1 billion in transactions. A massive figure that is corroborated by the sheer amount of reviews they have compared to even some of their top competitors.
American Hartford Gold’s President Scott Gerlis comes from a family with an interest in numismatics, coin collecting, and the like. We don’t need to tell you that such a background is going to go a long way when it comes to how products are treated, and indeed, as we gloss over the inventory, we’ll see that Gerlis’ claims of being a coin aficionado are very much valid.
The company’s personalized customer support, 100% free IRA rollover, transparent and competitive fee structure, a remarkable palette of gold and silver bullion, plus the fact that they are rare coin collectors and enthusiasts make them a great choice of gold IRA company.
Additionally, the company is ranked #1 for Inc 5000 in the Precious Metals Vertical and is also endorsed by longtime Fox News television host and political commentator Bill O’ Reilly. Not to forget, “America’s Mayor” and Donald Trump’s former lawyer, Rudy Giuliani, is also a client and sponsor of American Hartford Gold.
American Hartford Gold Coins And Gold Bars
American Hartford Silver Coins And Silver Bars
#4. Birch Gold Group: The Gold IRA Specialist
Forth on our list of the best gold IRA companies for 2023 is Birch Gold Group. With almost two decades in business, we can safely state that Birch Gold Group is an established and reputable gold IRA company.
Like the previous gold IRA companies, they have an A+ rating with the BBB and an AAA rating with the BCA. They’ve also managed to earn thousands of 5-star reviews, with more than 12,000 clients across the US.
The company’s educational, no-pressure sales approach and easy and stress-free gold IRA setup, makes them an excellent choice for a gold IRA company.
In addition, Birch Gold Group has been endorsed by Ben Shapiro and featured regularly in major news and media outlets. This partnership allows the public to learn more about their retirement savings options since Mr. Shapiro’s thoughts are that …”it is foolish not to have some assets in the one area of human activity that has never been worth zero.”
Mr. Shapiro even helped bring to the fore the option to rollover an IRA or eligible 401(k) into an IRA backed by physical gold and silver.
Lastly, Birch waives all setup fees for new accounts over $50,000, plus shipping fees on all cash purchases of $10,000 and more. Not to forget, their buy-back program makes it easy to liquidate your metals when it is time to sell.
Birch Gold Group Gold Coins And Gold Bars
Birch Silver Coins And Silver Bars
Platinum Coins And Bars
Palladium Coins And Bars
#5. Noble Gold Investments: Most Personalized Service
Making a name for yourself in the precious metals retirement investment sphere in just 5 years is not easy. And making a good name is that much harder. Noble Gold Investments has done just that. Despite their relative freshness as a brand, they consistently pop up as one of the top gold IRA companies available.
Noble Gold, based in Pasadena, California was established in 2017. Just like the other precious metals companies in this article, they focus on shielding Americans’ retirement savings from any number of economic calamities.
The company has an A+ rating with the BBB and an AA rating with the BCA, as well as remarkable customer reviews, practically spotless despite being in business for only 5 years. They also offer the best minimum IRA requirements in the sector, with $2,000 to open an IRA and a $5,000 rollover minimum.
Additionally, one of the stronger points of the company is the availability of IRA-eligible coins in numerous denominations. Likely due to their focus on precious metals dealership, they are able to offer IRA-eligible bullion in denominations that you simply will not find with most other gold IRA companies.
Noble Gold Coins And Gold Bars
Noble Gold Silver Coins And Silver Bars
*6. BullionVault: Best Online Gold & Silver Trading Company
As a bonus contender on our list of the best gold IRA companies of 2023 we present BullionVault. The company differs from our other precious metals companies in the sense that it is one of the largest online bullion dealers in the world. Even though their main focus is on gold and silver trading, the company offers precious metals IRAs as well.
With BullionVault, individuals can easily invest in gold, silver, and platinum that they can choose to store at home or in secure vaults in Zurich, London, Toronto, Singapore, or New York.
BullionVault is not rated by the BBB since the company is registered in the UK. However, BullionVault has excellent customer reviews and is seen as a trusted and respected online gold dealer, which has served its customers for over two decades.
Besides, BullionVault is partially owned by the World Gold Council, allowing customers to have direct access to the professional bullion market. We would say that BullionVault is the ideal precious metals dealer for international investors just starting out, as well as professional gold and silver traders.
BullionVault Gold Coins And Gold Bars
Silver Coins And Silver Bars
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.
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.
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.
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.
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.
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.
”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.
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.
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.
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.”
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:
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
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.
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.
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.