![]() This can create a perverse incentive for companies to work with custodians on the basis of who pays them the most, not who is the best option for you. Gold IRA companies charge relatively low fees in part because they receive commissions from the custodian they work with. There are many custodians in the industry, but not every gold IRA provider lets you choose your own.Įven the gold IRA companies that allow you to pick your own custodian strongly encourage you to go with their preferred partner. ![]() The custodian of your gold IRA is who actually physically holds and manages your gold. Some companies allow you to choose your own custodian, while others do not. Each company will have their own investment minimum, fees and terms. You open a gold IRA account by choosing a company to work with and opening an account with them. You never handle the physical gold yourself in order to remain in compliance with IRS regulations. You open a gold IRA with the company of your choice who works with a custodian that manages the storing and tracking of your physical gold, for a fee. How Does A Gold IRA Work?Ī gold IRA allows you to buy, sell and hold gold within a tax-advantaged individual retirement account. As you purchase and sell gold within your IRA and the value of your gold changes, the balance of your IRA changes. The physical gold is not held in an account at a physical location you can check on, but is instead held and managed by your gold IRA’s custodian. Gold IRA companies that charge investors bullion prices that are closest to the COMEX price earned more favorable ratings than those with higher markups.Ī gold IRA is a type of alternative individual retirement account designed for individuals who want to hold precious metals like gold in their retirement accounts. We consider this gold spread to be the clearest indication of the markup charged by gold IRA companies, so it weighted heavily in our rankings. The price per ounce for gold bullion varied from $100 to nearly $650 above the average market price as measured by the COMEX gold futures market. The remainder we ranked on several categories intended to weed out any companies with higher than usual fees or that were difficult for customers to work with.ĭuring our research, we discovered that even gold IRA companies that appear to be transparent about their fees still bake hidden fees into their prices. We excluded any companies with a Better Business Bureau grade lower than an A and an initial purchase requirement greater than $20,000. We conducted an in-depth survey of the top 20 gold IRA companies in order to develop our listing of the best gold IRAs.
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