A key selling point for gold IRAs is that you own the physical gold yourself. If that doesn’t matter to you, there are other ways to add exposure to precious metals to your retirement portfolio, such as buying stocks in gold mining companies. IRS rules allow funding a Gold IRA with funds from another IRA, 401 (k), 403 (b), 457 (b), or Thrift Savings Plan. Augusta advertises itself as “Your Leading Gold IRA Company” and promises to help its investors make smart financial decisions to help them prepare for retirement.
Gold IRAs are usually defined as “alternative investments,” meaning that they are not traded on a public stock exchange and require specialized expertise to value them. During his tenure as Director of the Mint, there was little demand for gold IRAs, according to Moy, as it is a very complicated transaction that only the most stubborn investor was willing to make. A first-class IRA Gold company only works with carefully vetted, reputable external storage companies or secured depositories. However, if you work with a reliable and customer-focused Gold IRA company, it is likely that this company has favorable buyback policies for coins or gold bars, although their transaction costs for gold bars may be higher.
Gold and silver purchased through a precious metal IRA must be stored in an approved bank or custodian. Whether someone has a 401 (k) plan, a TSP, a traditional IRA, or a 403 (b) plan, Goldco’s experts will guide them through the steps of transferring funds to a gold IRA so they can take advantage of the stability of gold and other precious metals. One important rule to know about storing physical gold in an IRA is that your precious metals MUST be stored at an approved depository institution such as the Delaware Depository Service Company or Brink’s Global Services, not in your home or in a safe. To avoid the prospect of missing out on the rollover cutoff, many people choose to have their Gold IRA company coordinate the rollover through a direct transfer from institution to institution.
If you’re looking to open a Gold IRA account to diversify your investment portfolio, protect yourself from inflation, grow your long-term wealth, or achieve another investment goal, you should compare your options first. Many Gold IRA companies have preferred custodian banks that they either recommend or require their customers to use, or you can search for a custodian on the RITA website. In addition, the new IRA is usually financed through an existing retirement account. Customers can then buy gold and silver via the company’s order desk. Customers who buy gold and silver outside of an IRA will continue to receive advisory and administrative services from the firm.
