The Best Gold IRA Accounts for Your Investment Needs

  • A gold IRA account is a self-directed retirement account in which an investor can invest in physical gold bullion.
  • Investors can buy and sell precious metal bullion from a list of approved gold IRA providers.
  • A gold IRA provides investors a secure way of storing their precious metals.

A gold IRA account is a self-directed retirement account in which an investor can invest in physical gold bullion. Investors can buy and sell precious metal bullion from a list of approved gold IRA providers.
A gold IRA provides investors a secure way of storing their precious metals. Unlike other retirement accounts, gold IRA accounts are not subject to the same federal regulations that govern traditional IRAs, 401(k)s, and other retirement savings plans.



Free Gold IRA kit

Types of Gold IRAs

There are several types of gold IRAs, including:
Self-Directed IRAs

Self-Directed IRAs allow account holders to purchase a variety of assets, including physical gold, real estate, and fine art. Each account is self-directed, giving the account holder the flexibility to control investment decisions.

Individual Retirement Accounts

Also known as traditional IRAs, individual retirement accounts are retirement savings accounts. Holders of tax-exempt IRAs can invest their funds in physical gold and other precious metals.

Individual Retirement Accounts (Roth)

Individual retirement accounts (Roth) allow tax-advantaged investing for individuals who meet certain income requirements.

Taxable Gold IRAs

Taxable gold IRAs function similarly to traditional and Roth IRAs. However, the account holder must pay taxes on all funds withdrawn upon retirement.

See also  How to Spot Fake Gold with Home Testing Methods

best gold ira accounts

Rollover vs. Direct Metal Purchases

When you first begin your retirement planning, you have a couple options when it comes to purchasing physical gold. You can purchase physical gold directly, or you can purchase shares of a gold mining stock.
If you've owned physical gold before, you may have rolled it over from an IRA to a brokerage account to free up more space. It's possible to roll that physical gold into an IRA again, but you also have the option of purchasing a gold IRA account that invests directly in physical gold.
The benefit of a direct metal purchase is that it's the most cost- and tax-effective way to purchase physical gold. Gold IRA accounts that purchase physical gold only cost about 0.5% of the value of your investment annually.



Free Gold IRA kit

Advantages of Gold IRAs

There are numerous benefits to investing in an IRA, including tax-deferred growth and compounding interest. A Gold IRA, or a gold-backed individual retirement account, is designed to provide additional tax benefits for the investor.
A Gold IRA is similar to other IRAs, except that instead of holding paper assets, such as stocks, bonds, or mutual funds, it will hold physical gold bullion, such as coins or bars. As with gold bullion in general, the value of your gold IRA will increase over time, giving it the potential for higher returns than other types of IRAs.
Gold IRAs also offer a number of additional advantages:

Gold is an established commodity with intrinsic value.

Gold investment is diversified and therefore less volatile.

Gold investments are not subject to bank or government failure.

See also  Understand Gold IRA Rules and Regulations

Gold storage is more secure.

Gold has an unmatched track record of maintaining its value.

Disadvantages of Gold IRAs
There are disadvantages to investing in a Gold IRA, as well. Gold IRAs may not offer the same tax advantages as regular IRAs, because gold bullion is not considered a "paper" asset. Gold bullion is also considered to be a collectible, which can be taxed at a higher rate.

Disadvantages of Gold IRAs

As with all IRA types, there are disadvantages to investing in gold. First, gold is an inherently volatile asset. The spot price of gold has fluctuated greatly over time, ranging from around $20 per ounce in 2001 to nearly $1,900 per ounce in 2011. The gold price has ranged from under $200 per ounce in 2010 to over $1,000 per ounce in 2011. Gold prices are affected by a number of different factors, including inflation and interest rates.
Secondly, gold is complicated to store. Unlike stocks, bonds, and mutual funds, which are relatively convenient to store, gold must be stored in a secure location.

Gold-Backed IRA Companies

The following are the best gold-backed IRA custodians, giving you the ability to buy and store gold inside an IRA account.
GoldCore Gold IRA
GoldCore is a provider of gold IRAs and other precious metals IRA services. The company offers gold-backed IRAs, silver-backed IRAs, platinum-backed IRAs, and palladium-backed IRAs.



Gold IRA: Should You Open One To Save For Retirement?

The Bottom Line

Gold is a traditional precious metal and has long been recognized for its physical durability. However, gold itself, like silver, does not have much industrial use. It competes with platinum and palladium, which are similar in chemical composition, as well as many of the softer metals including copper, aluminum, and nickel.