A gold IRA is a self-directed retirement account that makes it possible to invest in gold and other precious metals instead of traditional investments, like stocks and bonds. A gold IRA helps you diversify your portfolio while serving as a hedge against inflation, which is a reason many seasoned investors include gold and precious metals in their portfolio.
Keep in mind that this type of account might come with higher fees and ongoing costs than an IRA account through a traditional brokerage firm. If you’re considering investing in gold and precious metals, find out more about the companies who offer this option. We’ve compiled this ranking of the best gold IRA providers to help your search.
Below you’ll find information on the best gold IRA providers for 2021:
OUR SUMMARY OF THE TOP PROVIDERS
Gold IRA COMPANY REVIEWS
FAQs About Gold IRAs
These questions and answers can help you learn more about investing in gold and other precious metals.
Where’s gold stored when I open a gold IRA?
When you decide to invest in gold or other precious metals within an IRA, you can have the account provider store the gold for you or you can choose to store it yourself. Some gold IRA companies make it easy to choose either option depending on your risk tolerance and how much liability you want to assume. Some gold IRA providers also offer free storage for your gold and other precious metals, so make sure to ask and compare prices.
How much can I invest in a gold IRA each year?
Gold IRAs come with the same standard contribution limits as other IRA accounts. According to the Internal Revenue Service (IRS) guidelines, you can invest up to $6,000 per year in an IRA account, or $7,000 per year if you’re age 50 or older.
Can I move old retirement accounts into gold?
Although you can certainly open a new gold IRA, many providers also let you rollover funds from other retirement accounts into gold and other precious metals. This process isn’t as difficult as it sounds, and you usually just need to provide your current investment account information and the amount you want rolled over. Other retirement accounts might be eligible for a rollover into a gold IRA or precious metals investment account, including 401(k) accounts. Speaking with a precious metals investment advisor is the best way to find out if your accounts are eligible for a gold IRA rollover.
What type of gold investments qualify for a gold IRA?
The IRS has some strict rules that govern which gold investments can qualify for an IRA. Specifically, the purity grade of gold intended for an IRA needs to be 0.995 or higher. Purity of 0.999 or higher for silver, 0.9995 or higher for platinum, and 0.9995 or higher for palladium are also required. Keep in mind that these purity requirements are intended to protect you, the investor.
What’s the minimum investment to open a gold IRA?
The minimum investment required to open a gold IRA varies depending on the provider you choose. However, you can generally open an account with a minimum initial investment of $5,000. Make sure to compare providers and their initial account opening requirements before you move forward.
Why would someone want to invest in a gold IRA?
Investing in gold can help you create a hedge against inflation while diversifying your portfolio. Although gold can be volatile like other investments, its value has increased tremendously over time. Investing in gold can also help you invest in a physical product that you can touch and feel, which makes it considerably different than investing in traditional investments like stocks or bonds.