Best Gold IRAs for November 2024

Why You Should Trust Us

Investopedia collected 16 criteria that are critical to investors from online gold IRA companies. We used this data to review each platform for transparency, fees, investment selection, and other key features to provide unbiased, comprehensive reviews to ensure our readers make the right decision for their investing needs. Investopedia launched in 1999, and has been helping readers find the best gold IRA accounts since 2020.

Guide to Choosing the Best Gold IRA

What Is a Gold IRA?

A gold IRA is a retirement account for investing in physical gold and other precious metals. An IRA at a regular brokerage firm only lets you invest in paper assets like stocks, bonds, and exchange-traded funds (ETFs). These firms won’t let you buy physical gold. The same applies to 401(k) accounts.

A gold IRA is set up by a custodian specializing in these alternative investments. You can then use your retirement funds to buy physical gold coins and bars with the IRA tax breaks, such as tax-deferred growth and a tax deduction for your contributions into the account. You can make new deposits into an account, or you can transfer over existing retirement funds through gold IRA rollovers.

Gold IRAs have rules for preserving tax breaks. For example, you must store the gold with a third party rather than at your house. Your gold IRA provider should explain this as part of setting up the account.

How to Choose a Gold IRA

You shouldn’t work with just any gold IRA company. By following these steps, you can find one that best fits your situation.

• Make a list of possible providers: Create a list of possible gold IRA providers to compare several. They offer free consultations so you can determine whether you like one more than others. Then, rate each gold IRA across the following factors.
• Check fees and costs: Gold IRAs can charge a one-time setup fee, annual maintenance and storage fees, and miscellaneous fees, such as for paper statements or fund transfers. See which provider is most competitive for the services it offers.
• Consider minimum investments: Some gold IRAs have a four- or five-figure investment minimum. Others let you get started no matter how much money you have. Your portfolio size could determine who you can work with.
• Review refund and buyback policies: Some gold IRA providers are willing to refund a purchase soon after the purchase, while others are not. You should also check a provider’s buyback policy and whether it guarantees that it will repurchase your gold in the future at new market prices. The easier it is to sell your gold, the more liquidity you’ll have in your retirement account.
• Check each company’s reputation: Visit review sites such as Trustpilot and the Better Business Bureau to see what other customers think of a gold IRA provider. The best gold investment companies have high scores.
• Decide how you want support: Some gold IRA providers are more hands-on than others. Do you want someone to walk you through the steps, or do you prefer a provider with a website designed for DIY investors?

Pros & Cons of a Gold IRA

Pros

• Tax advantages: Gold IRA investing provides the same tax advantages as a regular IRA. You delay taxes on your gains while in the account. You could open a traditional gold IRA and receive a tax deduction for contributions. Or you could open a Roth gold IRA and have tax-free withdrawals in retirement.
• Portfolio diversification and inflation protection: Gold can diversify your portfolio beyond market assets like stocks and bonds. Historically, gold does well when inflation is high and during downturns when investors are scared, situations when market assets typically struggle. A gold IRA adds these diversification benefits to your retirement account.
• Lets you invest in physical gold: If you like the idea of owning physical gold coins and bars, a gold IRA enables you to do so through your retirement account. An IRA at a broker does not allow you to buy physical precious metals. 

Cons 

• High fees: Gold IRAs charge more fees than an IRA at a broker. Many gold IRAs charge a setup fee of around $100. There are also annual fees of a few hundred dollars plus gold storage fees. That cuts into your return.
• Complex rules: The IRS has specific rules for running a gold IRA. For example, not all types of physical gold can be purchased. If you accidentally break one of these rules, the IRS could force you to take assets out of the account, and you owe taxes and penalties.
• Doesn’t allow home storage: One of the gold IRA rules is that you cannot store the gold at home. Even though you can invest in physical gold, you don’t have the pleasure of seeing it yourself.

Alternatives to a Gold IRA

A gold IRA isn’t for everyone. The costly fees, complex rules, and high minimum contributions are drawbacks to consider. Before opening a gold IRA, you should first consider possible alternatives. That way, you can determine whether a gold IRA is a good idea for your financial plan.

• Gold and precious metals ETFs: Gold ETFs are commodity funds that trade like stocks and are made up of assets that are backed by the underlying commodity. By allowing investors to own small quantities of gold-related assets, they provide more diversity for a portfolio. You could buy a gold ETF in a brokerage IRA. You get similar benefits to a gold IRA without the hassle and cost of setting one up.
• Gold stocks: You could buy the stock of gold mining and refinery companies. These companies also have the potential to earn more as the price of gold increases, plus you could receive a share of the company profits in the form of a dividend. Once again, you could buy gold stocks through a brokerage-supported IRA, avoiding the costs of a gold IRA.
• Physical gold outside an IRA: If you invest in physical gold outside an IRA, you have far fewer rules to worry about. You could then store the gold at home so you can enjoy its beauty and have easy access to it. You could use your IRA for market assets while keeping the gold outside the retirement account. Keep this simplicity in mind as you compare a gold IRA versus buying it from an online gold dealer. 

What Is the Difference Between a Gold IRA and a Traditional IRA?

The main difference between a gold IRA and a traditional IRA is that a gold IRA allows you to invest in physical gold and other precious metals. A traditional IRA at a brokerage firm will only enable you to invest in stocks, bonds, mutual funds, and other market assets.

A gold IRA can be a type of traditional IRA. You can set up a gold IRA with the traditional IRA tax benefits: tax-deferred growth and a tax deduction for your contributions. The key is you manage your gold IRA with a custodian who sets up these specialty accounts and follows the specific gold IRA rules.

Companies We Reviewed

We researched and reviewed 17 online gold IRA companies to not only curate the list you see above but to find the best platform for a gold IRA. This is the full list of companies we researched, along with links to individual company reviews to help you learn more before making a decision: Augusta Precious Metals, Noble Gold, Goldco, Advantage Gold, Patriot Gold Group, American, Hartford Gold, Priority Gold, American Bullion, American Precious Metals Exchange (APMEX), JM Bullion, Silver Gold Bull, Rosland Capital, Birch Gold Group, Monetary Gold, Orion Metal Exchange, Lear Capital, Allegiance Gold. 

How We Chose the Best Gold IRAs

Investopedia is committed to providing investors with a detailed, fully comprehensive review and ratings to find the best Gold IRA accounts. Our review of the best gold IRAs consisted of careful, attentive research of six of the most important categories, made up of 16 criteria essential for investors to know and understand to pick the right gold IRA company for their financial future. We gathered this data and created a rubric to evaluate 17 gold IRA platforms based on essential factors such as account minimums, fees, customer service, and more to assist our readers looking to open a gold IRA.

Our team of researchers and subject matter experts developed quantitative weights to score each company based on a set of categories essential for gold IRA platforms. The following weights were used to rate and score each company considered for the best gold IRA review: 

• Pricing and Fees: 30%
• Transparency: 20%
• Account Amenities: 20%
• Customer Service: 15%
• Education and Research: 10% 
• Product Selection: 5%

Guide to Gold IRAs

Learn more about Gold IRA companies: