Investing

Best Gold and Silver Self-Directed IRA Companies (2024)

The best gold IRAs
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While traditional diversified portfolios of stocks and bonds should remain the cornerstone of your portfolio, some investors seek to include precious metals, like gold and silver, as a hedge against economic uncertainty. 

This article reviews the top gold and precious metal IRA providers. For this analysis, I evaluated providers based on the following metrics:

  1. Fee structures. Including setup fees, annual maintenance fees and storage costs, with a strong emphasis on pricing transparency clearly outlined on their website.
  2. Minimum investment requirements. Evaluating both the minimums to open an account and make ongoing investments.
  3. Precious metal selection. Variety and purity of IRS-approved metals offered.
  4. Storage and security. Options for segregated storage and insurance coverage.
  5. Buyback programs Terms for liquidating assets.

Looking at these factors, here’s an overview of the best gold IRA providers, with a more detailed analysis to follow:

  1. Augusta Precious Metals: Best for low costs and long-term investors, but high minimums. 
  2. iTrustCapital: Best for smaller investors ($1,000 minimum to get started) and more active investors. 
  3. Goldco: Best for precious metal selection. 

#1. Augusta Precious Metals 

With its low long-term fee structure, Augusta Precious Metals stands out in the gold IRA space. The biggest drawback for most investors is the $50,000 minimum. 

The fee structure is as follows:

  • One-time account setup fee: $50.
  • Annual custodian fee: $80.
  • Yearly storage fee: $100 for segregated storage.
  • No commission on precious metals purchases.

For a $50,000 one-time investment, your total upfront fees would be $50 (setup fee), and your annual costs would be $180 ($80 custodian fee + $100 storage fee). 

Augusta Precious Metals does not charge a percentage-based fee on assets, which will reduce costs for larger accounts over time. 

As for its offerings, Augusta offers a range of IRS-approved gold and silver products, including:

  • Various gold and silver bars (99.9% purity).
  • American Eagle coins.
  • Canadian Maple Leaf coins.
  • Austrian Philharmonic coins.
  • American Buffalo coins.

Augusta partners with Delaware Depository and Brink’s Global Services for storage. Both offer:

  • Segregated storage options.
  • $1 billion all-risk insurance policy.
  • Regular audits and compliance checks.

Augusta Precious Metals offers a buyback program, but repurchases are not guaranteed, and the policy can change without notice. 

Key aspects of the buyback program include:

  1. Buyback pricing. Approximately 5% below retail price.
  2. Highest buyback price guarantee. Customers can cancel a buyback within 24 hours if they receive a better offer elsewhere.
  3. No guaranteed buyback. Augusta isn’t required to buy back your metals, so if they don’t, you may have to sell them to someone else, possibly for less. While this hasn’t been a problem before, it is in their terms and conditions.

Visit Augusta Precious Metals.

#2. iTrustCapital

iTrustCapital stands out by allowing investors to trade physical gold and silver 24/7, with a low $1,000 minimum. Trading is possible because iTrustCapital uses a blockchain system that tracks ownership digitally, while the gold and silver are securely stored at the Royal Canadian Mint. 

The primary drawback is that unlike with other providers, you can only trade gold and silver bars — coins are not available. 

The fee structure is as follows:

  • No account setup fees.
  • No annual custodian fees.
  • No monthly account fees.
  • Physical gold investment fee: $50 over spot price per ounce.
  • Physical silver investment fee: $2.50 over spot price per ounce.

On a hypothetical $50,000 investment, with gold priced at $2,500 per oz, you would pay $1,000 in fees to iTrustCapital to purchase gold. Keep in mind you’re paying these fees for every transaction, so active trading comes with a high cost. 

As for offerings, you can only invest in gold and silver bars. While some may consider this sufficient for primary precious metals exposure within an IRA, it’s a drawback for those looking to diversify.

iTrustCapital partners with Kitco, a reputable precious metals dealer, and uses the Royal Canadian Mint for secure storage. The Canadian government guarantees your investment.  

For more information on iTrustCapital, see our review of iTrustCapital’s Crypto IRA

Visit iTrustCapital.

#3. Goldco

Goldco distinguishes itself in the gold IRA market with its wide selection of IRS-approved precious metals offerings. The $25,000 minimum for an IRA falls between Augusta Precious Metals and iTrustCaptial. Goldco’s fees on an annual basis are $75 higher than Augusta Precious Metals.

The exact fee structure is as follows:

  • One-time setup fee: $50.
  • Annual administration fee: $125
  • Annual storage fee: $100 for non-segregated storage, $150 for segregated storage.

For a $50,000 investment, Goldco’s total fees would be $230-$280 in the first year and $180-$230 annually after that. There are no transaction fees with Goldco. 

However, Goldco requires a $25,000 minimum investment for IRAs ($15,000 outside of an IRA).

As for offerings, Goldco provides a larger selection of IRS-eligible gold and silver products, including:

  • Various commemorative and limited edition coins, such as the Gold Innovation Motor Vehicle, Gold USS Texas, and Gold Great Barrier Reef Stingray.
  • Popular bullion coins like Gold American Eagles, Gold American Buffalos, and Gold Canadian Maple Leafs.
  • Both proof and bullion versions of many coins.
  • Gold bars.

Goldco offers to buy back precious metals from customers at the highest price when they decide to sell. If a customer receives a higher buyback offer from another buyer within 24 hours of initiating a buyback with Goldco, they can cancel the Goldco transaction.

Goldco partners with Delaware Depositary, the same company as Augusta, for storage. 

Gold IRA FAQs

How does a gold and silver IRA work?

A gold and silver IRA must be set up through an approved self-directed IRA provider — you can’t simply buy and hold the gold or silver on your own. The IRS has specific rules to ensure these are legitimate investments, much like their restrictions on holding art in an IRA. You can’t just store the gold or coins at home for personal display; a qualified custodian must hold the assets.

Regarding how the investment works, it’s similar to an IRA at a brokerage firm. The money you contribute enjoys the same tax advantages, depending on whether you choose a traditional or Roth IRA. You must also follow the IRS’s withdrawal guidelines to avoid taxes and penalties when taking distributions. 

Do any gold IRA providers allow you to hold your own gold or precious metals?

No. The IRS doesn’t allow the storage of gold at home or in a safe deposit box. Precious metals must be held with an approved IRS custodian. While you do have access to your precious metals with some companies, understand that withdrawing them from the approved depository and taking possession of them will likely result in taxes and/or penalties — consider this similar to withdrawing cash from an IRA. 

Why not just invest in a gold ETF?

If you’re looking for a small amount of exposure to gold and don’t need to own the physical metal, a gold ETF is likely the simplest and most cost-effective option. It tracks gold’s price without the costs of storage.

However, if owning physical gold is important to you, a self-directed gold IRA offers securely stored gold, with the option to pick it up from the facility (though taxes and penalties may apply if you do).

Other Gold IRA Providers

As for why other providers didn’t make the top list:

  • American Hartford Gold: While potentially beneficial for some, its tiered fee structure lacks simplicity and transparency. (You have to call in to determine what the fees are.)
  • Birch Gold Group: This provider offers transparent and competitive pricing, with an average annual cost of $225 and a $10,000 minimum investment. However, the setup process is more time-consuming. Unlike some companies where you can open an account online, you’ll need to go through a sales process with a representative to get started.
  • Advantage Gold: Minimal online information about fees and pricing makes making informed decisions without direct contact difficult. 
R.J. Weiss
R.J. Weiss, founder of The Ways To Wealth, has been a CERTIFIED FINANCIAL PLANNER™ since 2010. Holding a B.A. in finance and having completed the CFP® certification curriculum at The American College, R.J. combines formal education with a deep commitment to providing unbiased financial insights. Recognized as a trusted authority in the financial realm, his expertise is highlighted in major publications like Business Insider, New York Times, and Forbes.

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