A Gold IRA often comes with higher fees than a traditional IRA or Roth IRA, which invests exclusively in stocks, bonds, and mutual funds. Proponents of gold IRAs argue that these costs are worth the peace of mind of being protected from a potential financial apocalypse. But let’s assume that a disaster really does happen. How would you redeem your gold if it was in a depot across the country?
Gold IRAs are a special type of self-directed IRA that allows you to invest in physical gold and other precious metals, such as silver, platinum, and palladium. Investing in a Gold IRA requires the services of a custodian bank, a broker to buy gold, and an approved custodian to store gold. Like other self-directed IRAs, gold IRAs can be traditional or Roth. For anyone concerned about financial security in retirement, these ads, which advertise gold and silver IRAs on conservatively oriented cable TV networks and by digital news outlets, can sound pretty compelling.
Although Advantage Gold appeals to gold IRA investors of all types, it is particularly attractive for first-time buyers. These funds, such as SPDR Gold Shares, iShares Gold Trust, ETFS Physical Swiss Gold Shares, and others, are essentially trusts that own huge amounts of gold bars. A high-quality IRA Gold company only works with carefully vetted, reputable third-party storage companies or secured repositories. While most IRA investors invest in more traditional assets such as stocks, bonds, and funds, tax legislation allows investments in precious metals such as gold and silver via specialized IRA accounts.
This is less of a problem if a gold IRA was only part of its entire retirement portfolio as part of a diversification strategy in which gold provides inflation hedge. So protect your money by investing it in tangible assets that can survive a crisis, or, as Devane puts it, “an IRA backed by gold and silver, not paper and promises. Costs to buy and store gold Once you’ve opted for a specialized, self-managed Gold IRA, you need to remember that there are fees for all aspects of buying, storing, and selling the gold. However, if you work with a reliable and customer-focused IRA Gold company, it’s likely that they have favorable repurchase policies for coins or precious metals, although transaction costs for precious metals may be higher.
Advantage Gold has made a name for itself as the best Gold IRA company for first-time buyers with its low minimum investment requirements, convenient customer support, and comprehensive educational platform. The gold must be bought and transferred to the custodian bank so that the custodian bank can take care of it. Therefore, investors must work with a reliable and reputable gold IRA company to make the process easier. Specialized custodian banks Standard custodians such as Fidelity, Schwab or TD Ameritrade do not handle physical gold in an IRA.
