You can only buy gold bars with a minimum purity of 99.5%. Two of the most commonly used types of gold approved by the IRA include American Eagle coins and precious metals and Canadian Maple Leaf coins. Augusta Precious Metals customers benefit from low costs and know exactly how much they are paying for what. That’s why Augusta is on our list as the best Gold IRA company for transparent pricing.
Once your account is opened, you can buy suitable metals from a reputable dealer or on online platforms such as gold or silver. It’s important to research the retailer or outlet to make sure they’re trustworthy and offer quality products. Numismatic coins pay higher commissions to the gold company, but precious metal bars reflect the spot price of the precious metal more directly. The IRS has set guidelines for metal fineness standards to determine whether gold or silver in the form of gold bars or coins is acceptable for a gold IRA.
This is particularly important if you have large amounts of gold or other precious metals in your Precious Metals IRA account. We rated 18 companies based on their consumer reviews, choosing the Business Consumer Alliance, Consumer Affairs, and selected companies with the highest ratings in each case (AAA with BCA and five stars with CA). A gold IRA or precious metal IRA is an individual retirement account in which physical gold or other approved precious metals are stored for the benefit of the IRA account holder. Some gold IRA companies argue that certain coins are included in a precious metal IRA. However, several of these companies were investigated by the government for misleading customers and selling numismatic coins aggressively in exchange for gold bars.
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. Or, if you have a traditional retirement savings account and want to increase your exposure to gold, read here how you can buy a gold ETF, an exchange-traded fund that tracks the performance of gold. 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 education platform. The company offers a wide range of precious metals, from classic gold and silver to palladium and platinum.
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. Many Gold IRA companies work with a custodian, and either the custodian or the Gold IRA company may select a custodian bank. Several companies are promoting gold IRA arrangements based on the checkbook control strategy, in which the IRA does not directly own the metals but owns a limited liability company (LLC) through which the taxpayer buys and stores the metals. IRS rules allow funding a Gold IRA with funds from another IRA, 401 (k), 403 (b), 457 (b), or Thrift Savings Plan.
The gold must be purchased and transferred to the custodian bank in such a way that the custodian bank can take care of it. Therefore, investors must work with a reliable and reputable Gold IRA company to facilitate the process.