Gold IRA Fees: How Much Does It Cost To Invest In Precious Metals?
Gold IRA fees & Cost – Gold IRAs are popular among investors for their tax benefits, especially regarding retirement portfolio diversification. In this type of account, you can hold precious metals. The good thing about such assets is their ability to retain their value over a long period.
Precious metals are ideal for long-term investments, especially if you’re still decades away from retirement. Depending on the current market value of precious metals like gold, silver, platinum, and palladium bullion, you can expect the same value as your initial investment cost.
In this article, we’ll discuss the gold IRA fees you can expect upon opening an account and the best gold IRA company to do it with based on our hands-on experience.
Top Gold IRA Companies of 2023 at a Glance
- Augusta Precious Metals: Editor’s Choice – Great gold IRA Company Overall (4.9/5)
- Goldco: Runner up – Great Buyback Program (4.8/5)
- American Hartford Gold: Best Prices on Bullions (4.6/5)
- Birch Gold Group: Great Staff Overall (4.5/5)
- Noble Gold Investments: Best Customer Support (4.2/5)
#1 Augusta Precious Metals: Editor’s Choice – Great gold IRA Company Overall (4.9/5)
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It is undeniable that Augusta Precious Metals is atop the gold IRA companies in the country today. Since its foundation in 2012, this company has provided thousands of clients with direct and customer-centric experiences in investing. They do not use sales tactics to pressure their clients into spending more than they are willing to.
Augusta Precious Metals’ reputation is built on integrity, and they always keep their pricing and fee structure transparent and unambiguous. After trying out their service, we saw how committed they are to help their clients come up with intelligent and informed decisions concerning gold investments for better preparation for their retirement.
This company goes to the lengths to inform its clients regarding the intricacies of investing in precious metal IRAs so they can be aware of its potential risks.
Augusta requires all its clients to invest at least $50,000 worth of products before they can open an Individual Retirement Account. If you are a beginner in this industry and looking forward to investing at a lower price, then this company might not be the one to start with.
Generally, the funds you will use to buy physical gold bullion and other metals can come from an existing retirement account. You can do this either through a gold IRA rollover or a gold IRA transfer.
Based on our observations, it is evident that Augusta Precious Metals wants you to make great decisions for your future. There will be a dedicated agent for your account that you can contact through email or phone. You can ask them all your concerns and queries to retain peace of mind with your retirement account.
Pros
- Augusta Precious Metals is a firm that goes above and beyond when it comes to educating its clients about the ups and downs of the industry.
- Transparent pricing and fee structure so gold IRA investors are always aware of how much they spend on every transaction.
- All clients with non-IRA purchases can still receive management and guidance services from the firm.
- This company has a strong reputation in the investing world.
Cons
- The initial investment cost is relatively higher than most gold IRA firms, which start at $50,000.
- You will be required to download and read their provided materials before signing up for an account, which can sometimes be taxing.
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#2 Goldco: Runner up – Great Buyback Program (4.8/5)
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Goldco is another premier gold IRA company in the precious metals market. Over the years, they have built a solid reputation in the industry by always taking the extra mile to provide their clients with quality service.
If you look into gold IRA reviews, you can see that Goldco’s primary goal is to protect their investors’ assets in their retirement accounts by transferring them to precious metals IRAs. Through our practical knowledge, we understand how erratic the nature of the global financial market is, so it’s always better to have a backup plan that would cater to your long-term goals.
Like Augusta Precious Metals, Goldco also provides comprehensive educational materials to their investors to ensure they have sufficient knowledge of the economy and market trends. They can access this through the company’s website, where they can find several articles, eBooks, and videos covering a wide range of investing-related topics.
Goldco has a minimum investment cost of $25,000 for its gold IRA accounts. Although this is half of Augusta Precious Metals’ requirements, most investors may still find this steep. However, this company offers a good buyback program to ensure that all their clients can get what they invested upon retirement age.
Goldco will purchase back your precious metals at one of the highest buyback prices available in the industry so that the liquidation process will be simple and hassle-free. Drawing from our experience, you won’t have to find buyers on your own, allowing you to avoid frauds and scammers.
Aside from IRA products, you can also buy gold and other precious metals directly from the company to store in your home or chosen depository outside an IRA. They are available on their website, and they will deliver them to your desired location. In some cases, clients can receive free shipping and storage from the company if they can meet specific requirements.
Pros
- Goldco has a comprehensive library full of educational resources accessible to its clients.
- The company has excellent customer service that guides clients through the rigorous process of setting up a precious metals IRA.
- Potential investors may request a start-up kit from the company, which includes an audio guide, a printed handbook, and a video that answers most questions of first-time clients.
- The account setup process is straightforward and can be completed online.
Cons
- The minimum investment cost for Goldco is higher than most gold IRA companies’ minimum requirement, starting at $20,000.
- The website has no available resources on the gold bars and gold coins clients can purchase directly from the company.
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#3 American Hartford Gold: Best Prices on Bullions (4.6/5)
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American Hartford Gold is a prominent investment firm known for its service transparency and reliability. They were recognized in 2021 as the #1 Gold Company on the Inc. 5000, which signifies its importance in the industry of gold investing.
This precious metals IRA company has thousands of esteemed investors who trust their services and products. They earned an A+ rating from the Better Business Bureau and maintained a nearly perfect rating from Trustpilot and Google Reviews.
This reputable gold IRA company has a buyback program commitment for their investors with a price-match guarantee. In this way, their clients will have a better time liquidating their assets upon retirement and avoid potential frauds and scammers.
American Hartford Gold requires a minimum investment cost of $10,000 for gold IRA investments and $5,000 for cash purchases. Through our trial and error, we understand that this is a reasonable price to buy precious metals while diversifying your retirement portfolio.
The founder of this gold investment company, Sanford Mann, learned how to transact with clients from his father. His humble beginnings from growing up working on a farm eventually led him to launch a precious metal IRA firm that emphasizes compassion and patience.
Pros
- American Hartford Gold advertises special deals on their website, such as free silver, when you purchase a certain amount.
- This family-owned company operates with tight-knit relationships between its agents and clients.
- American Hartford Gold provides an established buyback program to their clients with an excellent price-match guarantee.
- The company provides a complete cost disclosure on all purchases so you can ensure that there are no hidden fees.
Cons
- The firm does not provide precious metal prices and a particular structure on its website. You’ll have to talk with a company representative first to access this information.
- They do not ship precious metals outside of the United States.
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#4 Birch Gold Group: Great Staff Overall (4.5/5)
>>> Click here for Free Gold IRA Kit <<<
When looking for a firm to start investing in precious metals, you’d want a company with experience and expertise. Fortunately, Birch Gold Group has both. They have over 20 years of experience helping their clients make the best decision for their retirement funds while continuously improving their skills and knowledge to enhance the firm’s service.
Birch Gold Group’s website has outstanding tools to help clients analyze and further understand the current gold market. They provide:
- Real-time interactive graphs on the precious metal process.
- Step-by-step guides.
- Articles on everything you need to know.
This company connects each client with a precious metals specialist from their firm. Each financial advisor will guide them on the industry’s intricacies and work with various investors on meeting their respective financial goals.
Like most precious metals IRA investment firms, this company charges its investors fees for maintaining their gold, silver, platinum, and palladium bullion. This usually includes a one-time setup fee of $50, management fees of $80, a wire transfer of $30, and a storage fee of $100.
Birch Gold Group provides various precious metals products that include all four: gold, silver, platinum, and palladium. You’ll rarely find IRA companies offering platinum and palladium because the most focus is on gold and silver bullion. Fortunately, this company’s buyback program ensures your asset’s liquidation future upon retirement age.
Another thing to know about this company is its minimum investment cost, which starts at $10,000. This is enough for most people to begin their journey with precious metals investment.
Pros
- Birch Gold Group has 19 years of experience in the precious metals IRA industry, and they helped many of their clients achieve their respective goals.
- The company has various precious metal products, including platinum and palladium coins and bars.
- Birch Gold Group waives gold ira fees, investments, and transfers exceeding $50,000 for one year.
- Their website contains a lot of valuable resources for people who are interested in precious metals investments.
Cons
- Some fees are hidden, and they do not disclose specific figures on typical fees.
- The company only caters to investors residing in the United States.
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#5 Noble Gold Investments: Best Customer Support (4.2/5)
Compared to other gold IRA companies, you can say that Noble Gold Investments is fairly new to the scene of the investment industry. Their operations started in 2016 by its President, Collin Plume, and CEO, Charles Thorngren. However, this doesn’t stop them from being one of the top precious metals IRA companies in the country.
Based on our research, we understand that Noble Gold is associated with Equity Trust, a reputable IRA custodian in the business. They also keep all their clients’ gold and other precious metals in Texas or Delaware, where some of the most secured depositories are located.
Aside from that, they also have valuable resources and materials provided that can help their clients make better choices regarding their investments.
Noble Gold Investments require a minimum of $2,000 before you can open a gold IRA with them. This is one of the lowest minimum costs available in the industry. They also have Royal Survival Packs that can also serve as an emergency fund for people who want to purchase precious metals outside of an IRA account.
Pros
- Quick processing on all transactions
- Noble Gold Investment offers home delivery for Royal Survival Packs
- Low minimum investment for IRA-purchases
- Excellent commitment to customer service
Cons
- No available online resource for coin prices
- Limited storage options
How Much Does It Usually Cost To Start A Gold IRA?
Unlike a gold ETF, opening a gold IRA may cost an average of $100 to $300 for the initial setup and annual administrative fees. This doesn’t cover the cost you must pay for the other annual fees and acquiring precious metals. The administrative fee alone averages around $50 to $150.
Keep in mind that this amount may vary for different companies. Some gold IRA providers like Noble Gold, Oxford Gold Group, and Patriot Gold Group offer waived fees on the setup account if they reach a certain amount of gold IRA investment.
If you plan to open a precious metals IRA account, you should know that additional costs would come with it. Assets like physical gold bullion require extra care compared to most paper assets. You should also store the physical precious metals in IRS-approved depositories, which also come with annual fees. Gold IRA companies partner with these establishments to secure your investments until the time you’d choose selling precious metals.
Gold IRA Setup And Administration Fees
An administrator or gold IRA custodian usually charges an application and processing fee for its setup. This may vary in relation to specific companies’ policies, but the average price is around $50 to $300.
Commissions and Markups on Coins
Administrators often charge a commission fee when facilitating the purchase or selling of various precious metals in an Individual Retirement Account. The transaction fees can be as little as $50 for the accounts they manage.
Precious metals IRA companies also place a markup on the cost of the bullion or coin to make a profit. That’s why the price of these precious metals varies per company, and you can only make the current market prices as a guide.
In most cases, these markups are about 3%. Some of the IRA-approved coins from gold mining companies are the following:
- American Buffalo
- American Eagle
- Australian Kangaroo
- Austrian Philharmonic
- British Britannia
- Canadian Arctic Fox
- Canadian Maple Leaf
- Canadian Polar Bear
- Chinese Gold Panda
- Credit Suisse Gold Bars
Yearly Maintenance Fees
Account administrators charge investors an annual account maintenance fee that covers all the management they do for the account, including distribution, record keeping, and processing of various holdings’ processing. This may range starting from $75 to a few hundred dollars every year.
Storage Fees
All precious metals bullion should be stored in IRS-approved depositories, banks, and vaults to ensure the safety of the assets. These locations are mainly secured and impenetrable facilities where it will be challenging to rob and be affected by natural calamities.
Depositories charge an annual fee for the safekeeping of the bullion, and it depends on the value of your assets in the vault. They may charge about half a percent to 1% of the value of your precious metals stored yearly.
Miscellaneous Fees
Other costs that investors can expect to spend are the termination and insurance fees. Since precious metals are physical assets, they need insurance to protect them from unfavorable circumstances. The insurance policy of the assets is usually paired with the storage fee, and it can reach an average cost of $300 per year.
For the termination fees, you can expect to pay an average of $150 if they close their gold IRA account without doing gold IRA rollovers of the asset value into a different account.
Final Thoughts – Gold IRA Fees
A gold or silver IRA will likely remain as crucial in the investment industry in a few years as it does today. Many investors continue to show interest in this type of alternative investment asset when planning for their retirement, and the best gold IRA company to do it is Augusta Precious Metals.
>>> Click here for Free Gold IRA Kit <<<
Augusta Precious Metals continue to deliver excellent service and products, and all its clients trust that this company will help them achieve their financial goals. However, remember that gold IRA fees differ from those with a traditional IRA. If you are not sure if this asset is the one for you, it’s best to consult your trusted financial advisor or look for reviews in the Business Consumer Alliance.
