Increasingly, people are looking at more options when it comes to investing in their retirement. The traditional focus on a standard IRA or Roth IRA has now started to shift significantly with a much wider range of choices available, alongside the same contribution and tax benefits.
Included in this new range of up and coming IRAs are Gold IRAs, or more specifically, precious metal IRAs. This is what we will focus on here in explaining more about exactly what this means for investing in commodities, and sourcing some of the best Gold IRA companies for you to invest with.
What Exactly is a Gold IRA?
One of the most important steps before opening your Gold IRA is to understand exactly what it is. Knowing more about what it is, and how it works can be key to you making the best possible investment choice.
Gold IRAs are types of self-directed IRAs that are becoming more and more popular as people turn to investing in commodities now more than ever. This type of IRA still features contribution limits as you will find with your traditional and Bitcoin IRAs. These limits are set at $6,000 per year, or $7,000 per year if you are 50 or over.
Within the Gold IRA itself, you can hold gold bullion and other precious metals that would not be possible to keep in a traditional IRA. At the same time, you can also invest in gold-related stocks, funds, and ETFs all with a great deal of flexibility since all Gold IRAs are self-directed giving you greater control over your portfolio.
Top Gold IRA Companies
Now that you know exactly what to expect from your Gold IRA, here are a few of the best companies to start your IRA with:
iTrust Capital is one of the best and most trusted companies in the industry when you are getting started with a Gold IRA. From start to finish the process of setting up your self-directed IRA is both transparent, and user-friendly making it suitable even if you have limited experience. This includes not only the set-up but also the intuitive trading platform where you will monitor your holdings and trade.
As well as gold, more precious metals are offered like silver if that is a commodity that interests you while beyond these precious metal IRAs you will also find that iTrust Capital specializes in Bitcoin and cryptocurrency IRAs. The company also provides a great amount of educational content as well as help at every step with transferring funds and being aware of your obligations.
As a minimum investment with this company, you will need $2,500. The fees are very competitive though with a flat rate maintenance fee of just $29.95 per month, and a trading fee of $50 per spot ounce on gold, and $2.50 on silver.
StrataTrust has been around since 2008 and is another very well-trusted choice when it comes to opening your Gold IRA. They offer a very accomplished service with more than $2 billion in assets under management already at the company across their range of IRA offerings.
As well as the fact they are very experienced in the industry, their website and platform are both very well-presented and appear highly professional suited to all levels of trading. The information you will find as an investor is also made very clear with a fee schedule that appears completely transparent. This has led to positive reviews around the industry and accreditation from the Better Business Bureau.
Overall, beyond usability and being very open, the StrataTrust Gold IRA also stands out as being one of the best value in the industry with annual fees reaching just about $200 per year including secure storage. You will also find a trading fee of $40 on any of the metals available for purchase.
Oxford Gold Group started out in 2017 though the partners involved in the company are highly experienced having worked in the sector for more than 20 years. They utilize all of this experience to bring you a great range of options for your Gold IRA including several other precious metals like silver, palladium, and platinum that can all be added to your portfolio as long as they meet the minimum purchase requirements.
Again Oxford Gold Group is well-reviewed around the industry and backed by a positive reputation with the Better Business Bureau. Their open style of communication works to build trust in this excellent full-service dealer. They also have great access to a wide range of gold and other precious metal products with a particular focus on coins. This could be ideal if you prefer to focus on a particular segment of the market for your IRA.
The fees at Oxford Gold Group come in slightly about the previous companies we have looked at with annual maintenance fees between $175, or $275 for portfolios valued at over $100,000. There are also storage fees from $175 to $225 per year though these are countered by an excellent rebate program where you can get as much as $2,500 back if qualified to help lower your costs.
Red Rock Secured is another major company to consider when it comes to starting your Gold IRA. They were founded in 2009 and have quickly built a strong and respected reputation in the industry for both their quality of service and the number of options they have available to IRA investors.
These options include a wide selection of Gold IRA and other precious metal IRA types so you are sure to find something suitable to your future needs at Red Rock Secured. They offer an extensive level of detail and educational content which also helps to simplify the process and may be very useful if you are a new investor. Their position as a wholesaler also helps them provide the best prices and a good value trading environment.
With fees, these are not openly available online from the company, though their support team is just a call away to answer any of your questions. The minimum deposit amount to get started here is $1,500 and the company does promote the fact that 90% of their customers do not pay any fees for life.
Orion Metal Exchange is another excellent company that can provide you with trusted and flexible service in opening your Gold IRA. Again this full-service broker has cultivated a very positive reputation in the industry and is known for its good promotions helping you to save on some of the key costs associated with a precious metals IRA.
The company can offer a broad range of services including a complete rollover of your existing IRA into a new IRA with their company that seems completely hassle-free and can be taken care of quickly by their knowledgeable support team. This is ideal if you are new to the industry.
In terms of fees, the company is known to be very flexible with no set-up fee, and an annual storage fee of approximately $100. This, alongside the minimum deposit requirement, is best discussed with the company representatives over a phone call where they can do their best to match your needs as an investor.