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Best Gold IRA Companies of 2022: Reviews & Comparison

Are you willing to protect your savings from any unwanted economic changes in the foreseeable future?

A Look at the Best Gold IRA Companies

*We may receive a referral fee from some of the companies featured in this article. This is not a financial advice article. Refer to a professional for financial advice.

It’s a fact that not everything will go as planned. The state of the world right now will tell you that things can turn sour at any moment’s notice and that would affect your ability to provide for your needs and your family in the future.

So this does beg the question: are you willing to protect your savings from any unwanted economic changes in the foreseeable future? If so, then you must consider your options. Fortunately, a gold Individual Retirement Account happens to be one of the better options right now.

But what is a gold IRA? What can you expect when doing business with the best Gold IRA companies in the market right now? To answer those questions, we have come up with a guide that will help you pick the best possible options for your investments.

Top 4 Gold IRA Companies at a Glance

1. Augusta Precious Metals – Best Gold IRA Company overall and most trusted

2.   American Hartford Gold – Runner up

3.   Goldco – Excellent Customer Service

4.   Birch Gold – Best Gold IRA Staff Overall

#1 Augusta Precious Metals – (4.9/5 Rating) Best Gold IRA Company Overall

Operating since 2012, Augusta Precious Metals has made a name for itself as one of the best gold IRA companies for having zero complaints even in recent years. This can be attributed to their customer service which many reviews do point out as one of the best in the industry right now.

Setting up an IRA with Augusta has been known to be a rather straightforward process. Everything can be finished in a few steps and the agents assigned to a client do take their time to explain the different requirements and procedures.

Also, once an IRA has been put up, the representatives will continue to guide the client as they make their purchases. Appointments here can be done through the phone and agents do take their time to explain everything to their clients so that they can make an informed decision.

It also helps that Augusta has a strong selection of gold and silver products with a 99% purity assurance. As for the fees, the company does require a $50,000.00 minimum investment with an annual charge of $180.00 for storage and maintenance.

Pros:

●      No customer complaints for over 10 years

●      A+ BBB rating

●      Gold and silver products have a 99% purity rating

●      Transparent representatives when it comes to fees

●      Excellent customer service

Cons:

●      minimum investment at $50,000.00

#2 American Hartford Gold (4.8/5 Rating) Runner Up

AHG has made a reputation in the industry for having a particularly strong brand of customer service. Reviews point out that the customer support line is always manned 24/7 so you can get the help you need regardless of the time zone. Aside from availability, the agents of the company are also known to be rather meticulous when it comes to addressing complaints and are known to offer solutions that are unique to every situation.

Along with its customer service, AHG has also become known for its extensive investor education program. The trainers here are all professionally trained and with considerable market experience. Also, there is a weekly blog that discusses market trends and predictions.

As for their fees, AHG adopts a more fluid system where your gold IRA storage fees will be determined by the amount of gold that you have stored there. There are also some promotions offered where your fees can be cut down or waived completely, depending on what conditions you meet.

Pros:

●      Always available customer support

●      Low investment minimum at $10,000.00

●      Buyback option with no fees for liquidation

Cons:

●      Does not ship outside of the US

●      Transactions here take between 3 to 5 days to be completed.

●      Prices are not listed online.

#3 Goldco (4.7/5 Rating) Excellent Customer Service

If there is one turn-off with setting up a Gold IRA, it would be that things can look intimidating or complicated from the outside. At the same time, the necessity of putting up one has increased every year, especially since more and more fiat currencies are being affected by the global economic volatility.

With that in mind, Goldco aims to offer services that make the entire experience a bit more comfortable for investors by guiding them through every step. Reviews for Goldco point out that company representatives do take the time to explain to applicants the steps and requirements of setting up a Gold IRA. And once the IRA has been established, the representatives will also guide the investor through the buying process.

And if you are relatively new to the concept of buying and investing, Goldco also offers an extensive investor education program that covers the basics and some advanced topics. Their other services include 401k rollovers, selling of non-IRA precious metals with free storage, and the option to buy back whatever a client bought from them previously.

The gold IRA storage fees for Goldco are at $175.00 annually and they do recommend that you invest a minimum of $25,000.00. As for ratings, Goldco does enjoy an A+ rating from the Better Business Bureau, and customer reviews average 4.5 stars.

Pros:

●      Low annual fees

●      A+ Rating from the BBB

●      Non-IRA-Approved precious metal options with free storage

●      Promotions and incentives if you meet certain purchase conditions

●      Solid selection of coins in both gold and silver

Cons:

●      High investment minimum at $50,000.00

●      Available bullion options are limited

#4 Birch Gold (4.5/5 Rating) Best Gold IRA Staff Overall

Operating since 2013, Birch Gold is one of the gold IRA companies that allow physical shipments of their products to their clients. This way, you have actual physical possession of your gold and not just ownership. Shipping rates could vary depending on the type of commodity, but the company does wave the fees if the total investment amount reaches over $10,000.00.

Operating since 2013, Birch Gold is one of the gold IRA companies that allow physical shipments of their products to their clients. This way, you have actual physical possession of your gold and not just ownership. Shipping rates could vary depending on the type of commodity, but the company does wave the fees if the total investment amount reaches over $10,000.00.

Aside from that, the company has one of the more comprehensive selections of precious metal products. They have the usual gold and silver products in both coin and bullion but Birch Gold also offers some options for Palladium.

Storage fees for the company are set at $100.00 annually while the investment minimum is at a manageable $10,000.00. Birch Gold does ask for $180.00 annually for maintaining the IRA as well as $50.00 for the setup.

Pros:

●      Free shipping for investments above $10,000.00

●      Solid selection of Palladium products

●      Promotions and discounts for investors that meet certain purchase conditions

Cons:

●      A buyback option might be possible but it is not always a guarantee, depending on the transaction

Why Should You Invest in Gold IRA?

The primary reason why you should invest in a gold IRA is that it allows you to own high-value rare metals that are not affected by sudden economic downturns. Gold, for instance, has maintained a stable trend in its value for years regardless of whatever is happening to the rest of the market. As a matter of fact, it has maintained this value for decades now and there is a sign that it will drop within the near future.

Another reason is that gold’s value only increases as its availability decreases. Scarcity drives values up and there is only a finite amount of gold in the world right now. Even if there are reserves yet to be mined, the fact remains that there is only a limited amount of precious metals that can be produced within the next few decades.

There is also the fact that the Internal Revenue Service tends to look favorably toward those that bring gold into circulation in the economy. Thus, gold investors tend to enjoy a reduction in their tax dues depending on how much they have invested for that fiscal year.

Finally, there is the fact that gold’s value is expected to increase further in the coming decades. Also, they are easy to transfer to your heirs so that people can enjoy your savings long after you are gone. All in all, to enjoy the benefits of precious metals legally, you have to abide by guidelines set by the government and this includes setting up an IRA to your name.

The Benefits of a Gold IRA

So what does an IRA bring to you specifically? There are several advantages to setting up your own Gold Individual Retirement Account and they include the following:

The Rising Price of Gold

What is great about gold is that it has never depreciated over time. As demand increases, while supply decreases, the price of gold is expected to go further up in time. For this reason, Gold has maintained a strong performance across various markets, regardless of the prevailing economic conditions. In fact, Gold has always performed well even in periods of inflation and economic crashes.

A gold IRA company can offer you several options to invest and their values can differ from one product to another. However, regardless of your investment choice, the value of gold is expected to maintain an upward trend for the rest of the foreseeable future.

Long Term Safeguard and Protection

You should have noticed by now that the spending power of paper currencies is not as stable as you would want them to be. Sure, the dollar still leads the industry in terms of strength but it is still subject to a volatile market. In fact, the value of the dollar has gone down more times than it rose especially during major global events.

Aside from paper money, other similar assets like stocks and bonds are subject to the performance of whatever entity is issuing them. If you buy shares from a company, the value per share is directly tied to the company’s projected path. To put it simply: the value of stocks go up if the company is doing well and it will crash if the company is not doing well.

Such fluctuating trends are not present with precious metals like gold, silver, and palladium. That does not mean that their values do not change by the minute. What it does is tell us is that the value for these commodities has never dropped severely in any market they are being circulated in.

With an IRA, you can have your paper assets converted into metal assets. A rollover procedure can take between days to weeks to complete. However, what is certain is that you should have the ability to own gold the moment your IRA is set up.

Diversification

You might think that gold is too monotone and that there is only one way to invest in them. However, the truth is that you have several options with precious metals, so you can instantly diversify your investment portfolio

Aside from the metals themselves, you can buy stocks in the companies that directly mine or process them. These stocks are just like any other paper asset, but they do provide a healthy rate of passive income.

Also, you can use your gold to invest in government bonds and bills which serves as a contract between you and the state. Once the specific date in the contract is reached, the government is obligated to pay you according to the set price regardless of market conditions.

All in all, there are several options that you can explore when investing in gold. The more options you try out, the wider your safety net would be to protect your savings from inflation.

Tax Benefits

As was stated a while ago, investors in precious metals get to enjoy some perks in their taxes. Depending on the situation, you are allowed two options. The first is Tax Deferment where you are still obligated to pay your taxes, but the deadline has been moved to a later date or year. The other option is Tax Deduction where a portion of your tax dues will be waived completely for a year.

The IRS has set up some guidelines for precious metal investors so that these benefits are not abused. For instance, you are allowed to contribute no more than $6,000.00 every year to your IRA. If you go beyond the limit, you will have to pay a penalty for every exceeding amount.

The agents of a gold IRA company will orient you on how you are supposed to use your IRA. This way, you do not commit some form of tax evasion, which the IRS is more than ready to prosecute anyone for.

Things to Be Aware of Before Opening a Gold IRA

While you are still deciding on whether or not to open an IRA, it would be a good idea to discuss the implications an IRA will have for your life. Here are some concerns that you should remember before you make your decision.

Fees and Expenses

First and foremost, maintaining an IRA is going to be expensive in the long run. Sure, there might be some promotions and discounts that you can avail of to make your expenses more manageable, but you are expected to spend at least $100.00 every year to keep your account active.

Also, each gold IRA Company has its own rates for the setup, operation, and maintenance of your IRA. The point here is that the agents should be transparent enough to convey this information to you when you ask.

One other concern here is investment minimums as most gold IRA companies would not want to do business with you unless you can produce a certain amount of money. Some companies would allow a minimum as low as $5,000.00, though some are stricter and impose minimums from $10,000.00 to $50,000.00.

No Yield, No Dividends, No Interest

Owning gold and earning from gold are two different things altogether. Although gold is a strong protection against inflation, it does not earn you income outside of selling it to someone else. The ideal goal for any gold investor is to convert their savings into a strong-performing asset and not to double the value.

However, that is not to say that you will be stuck with a commodity that can’t help you in case of an emergency. The best gold IRA companies offer a buyback option where you can sell the gold back to them. The price could be the value of the gold when you bought it or with its current market value. This depends on whichever is the highest at that moment.

Fraud and Theft

Any commodity that commands strong prices in the market is bound to attract those of the criminal kind. Counterfeit gold coins have been in the market since time immemorial, as well as those that have attempted (or succeeded in) stealing gold.

When it comes to fakes, your only solution here is to do your business with a reputable IRA company. They are obligated to abide by regulations, which include a total ban on the selling of counterfeit precious metal products. As a matter of fact, they are not allowed to sell anyone gold unless their products meet a particular purity rating.

As for thefts, a reputable IRA company will also employ several security measures when it comes to storing their precious metals. Some security measures will include several measures of anti-theft countermeasures, the employing of trained security personnel, and securing insurance for no less than $100 million. These are some of several requirements that they have to meet before they are allowed to operate.

Gold IRA Rollover

Apart from getting the money needed to fund your IRA, the most sensible option is to convert whatever savings you have into your new account. This is what is called a rollover where money from your existing savings account will be transferred to your IRA. What makes IRA rollovers ideal is that you only have to transfer whatever savings you have currently, and not come up with an entirely new amount just to start investing in gold.

The rollover process is simple enough. It will require you to fill out an application form attached with the required documents. This will then be submitted to your Gold IRA company, the company managing the savings account, and the custodian company. From this point, the involved companies will communicate with each other to facilitate the transfer of funds. If successful, you will be notified that your IRA now has the funds needed to start investing in gold.

401K Gold IRA Rollovers

A 401k Rollover is another funding option made available for you. Again, the process is simple: if you have a 401k account, you can have the money stored there transferred to your IRA.

There are two ways to do a 401K rollover. The most direct rollover is where you have the gold IRA company and the company managing your 401K talk with each other and initiate a funds transfer between accounts. This is recommended for starters.

The indirect method is where you withdraw all your money from the 401k and have it deposited into your gold IRA. This will be the faster method as you can confirm within minutes after deposit that your IRA has the funds needed to start storing gold.

However, there’s a catch with the indirect method: you need to have the money deposited within 2 months. If not, the IRA will charge you a 10% penalty, as well as capital gains tax.

Final Thoughts – Best Gold IRA Companies 2022

Without a doubt, a gold IRA is one of the most important investments that you will make. The ability to store and own gold to your name will help you protect your savings from inflation while also leaving something of high value to your family once you are gone.

However, your ability to enjoy most of whatever benefits a gold IRA can offer is closely tied to whoever you choose to set it up with. The best gold IRA companies have their own set of qualities that set them apart from the competition, which includes great customer service, competitive pricing, and a strong product line.

This article is sponsored content. No endorsement by The Times of Israel of advertiser products or services, real or implied, is intended. The Times of Israel editorial team did not contribute to this article.

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