Best Precious Metals IRA Companies + Comparisons
If you’re looking to decide to invest in a Precious Metals Ira, then your next steps are to find out which Precious Metals IRA company you want to invest with. You want to make sure you have enough information on the company you’ll be investing with, such as their selection, track record, and reputation with their customers. There have been cases out there with a company that has been accused of fraud, which unfortunately is heard of in the precious metals gold and silver industry. So make sure you do your research to find the most trusted, IRS-approved gold and silver precious metal vendors that you can work with for your retirement account.
Before getting started, it’s important to know that some companies will only sell you the metals while others will handle the entire process from start to finish, including dealing with the IRA custodian and also providing you with storage. Dealing with top-rated IRA companies that handle the entire process, you can be assured that your account will be compliant with the IRS regulations.
Benefits of Having a 5-20% Gold & Silver Allocation in your IRA
Before making any decision, speak to your financial advisor about allocating any asset. To get started on learning about investing in gold, you need to have an understanding of why gold can benefit your financial situation. The main reasons that you may want to own physical gold in your IRA account are:
Adverse Price Movements with the Dollar: Throughout history, we have seen that when the value of the dollar declines, the price of gold rises. Other assets tend to follow the dollar’s movements, while gold has given additional protection when the dollar’s value goes south.
Safety in times of economical, financial, and geopolitical turmoil: People have been calling gold the “crisis commodity” and for valid reasons. This comes from people all around the globe fleeing to gold as the world tension rises. While gold is a limited supplied commodity, governments and central banks can print more money in response to crises.
Inflation And Deflation: History has taught us that gold typically responds positively to inflation while holding up against relation as well. During a period of inflation, the price of gold typically goes on an upward price movement. Investors who notice that the value of the dollar is experiencing volatility, head towards physical gold to secure their wealth by risk-mitigating measure.
Supply and demand: Gold isn’t just a shiny object, it’s used in different industries such as electronics, architecture, high-technology, medicine, and more. Today, they are used widely in the production of electronics for customers. Reportedly, 21 billion of gold is used yearly for commercial electronics like smartphones, smartwatches, and tablets. With limited gold mines and fewer mines being discovered every year, this suggests a good future on gold for those concerned about the price of gold in the long run.
Stored Value: Owning gold doesn’t necessarily get you rich. That isn’t the purpose of investing in precious metals. Unlike other assets such as stock or bonds, the value of gold is based on the inherent material value for manufacturing and industrial usage. In history, the price of gold has never gone to zero.
Portfolio Diversification and Protection: There have been various points in history where gold has had a negative correlation to bonds, stocks, and the dollar. Most successful investors will suggest they do not put all their eggs in one basket. Having gold or other precious metals such as silver in your portfolio can protect your wealth during market crashes.
What To Look For When Choosing a Gold IRA Company
Ratings: First thing to look at is what are other customers saying. The more positive ratings from customers the better. You can check out what customers are saying on authority bureaus such as the BBB, BCA, or Trustlink. Other places to check are the companies Yelp page, and ask are active on social media like Twitter, Facebook, or Instagram. This is a good indicator that they having a good customer base for a reason.
IRA Fee Structure: You’ll want to go with a company that has a flat annual fee, as opposed to a scaled fee-based model that grows the bigger the account is. This mainly applies to medium to large investors ($50,000+) and also for investors planning on growing their accounts over time. With a fee-based model, some companies can charge thousands of dollars per year.
Efficiency And Delivery Time: There have been reports that the clients have waited up to 60 days, just to have an account set up and precious metals delivered. If you’re trying to protect your wealth, you’ll want to move quickly and not let months pass before you’re able to set up an account and receive your assets. Top-rated gold investment companies or IRA companies typically have your account set up within 1-2 days. After that, you’ll be able to fund your account within 3-5 business days.
Customer Support: Some agents will try talking you into investing in other assets such as collectibles and numismatic coins because this will yield them a higher profit. You’ll want to look out for this and stay away. These assets aren’t recommended for investors and they aren’t approved b the IRS or IRAs.
Alternative Investment Options: If you’re looking to invest in alternative assets in the future, your new account will be able to do this since it’s a self-directed IRA. You can ask if you have the option to invest in cryptocurrencies or other potentially interesting investments in your portfolio. If you want to build your portfolio, you can find providers that offer other assets to invest in such as cryptocurrencies or, annuities for your portfolio.