The best gold IRA companies: Where to set up a gold IRA

Gold IRAs let you invest in physical gold such as gold bars or coins and enjoy the retirement and tax benefits of an IRA. A gold IRA still takes full advantage of all the benefits and features of an IRA, and it does so while letting you invest in gold and potentially other precious metals. 

Some investors find the best gold IRAs to be an attractive way to hedge against inflation, but there are additional tax rules and regulations investors must follow when opening an account, as well as ongoing fees.

Gold IRA fees: Costs to know before opening an account

The fees on gold IRAs can be relatively high compared to those at the best brokers for IRAs. Typically, you’ll need to pay a number of fees for a gold IRA:

Some companies offering gold IRAs recommend that you have a higher balance so that you can spread these costs out over more assets. Others don’t have a minimum, meaning you could pay relatively high fees as a percentage of your assets if you don’t have a substantial investment.

Here are the best gold IRAs and how to invest in physical gold in your IRA. 

• Methodology

  The list of best gold IRAs below is based on account minimums, minimum initial purchase amounts, setup fees, ongoing management fees, ongoing storage fees, transparency of pricing information, available products and responsiveness of customer support.

The best gold IRAs

Allegiance Gold

Allegiance Gold lets you get in a gold IRA with no minimum account size and no minimum initial purchase. The IRA setup fee is $50, and clients can access storage at a major depository for a fee of $150 for a segregated account or $100 for a pooled storage account. The annual maintenance fee is $125. For new clients, Allegiance generally covers the first year’s custodial fees, including the IRA setup fee, the maintenance fee and the storage fee. Allegiance offers gold bars, coins and rounds, though at review time many IRA-eligible investments were out of stock. Allegiance Gold also records a notably high score on the customer review site Trustpilot.

• Account minimum: None
• Annual fees: $225-$275
• Trustpilot score: 4.8/5

Augusta Precious Metals

Augusta Precious Metals offers fees that are aligned with most of the rest of the industry, but one key place where it sticks out is its high minimums. The account minimum and minimum purchase are $50,000 — well more than a year or two’s annual contribution — meaning you’ll likely need to transfer or roll over an IRA to get started. The setup fee is $50, while the annual maintenance fee runs $125 and clients can access storage for $100 (pooled storage) to $150 (segregated storage). Augusta offers a reasonable selection of bars, coins and rounds, but the real downside is that it offers no pricing on the website, so you’ll have to call in to get it. Augusta has a strong Trustpilot score, assuring clients that they’re working with a reputable provider.

• Account minimum: $50,000
• Annual fees: $225-$275
• Trustpilot score: 4.8/5

JM Bullion

JM Bullion offers a gold IRA with no account minimum, making it easily accessible to any retirement investor. The IRA setup fee ranges from $30-$60, depending on which custodian you work with, while annual maintenance/management fees can range from $100 to $250. Storage fees cost either $100 for a non-segregated account or $150 for a segregated account. JM Bullion offers a wide range of gold bars, gold rounds and gold coins, giving you plenty of choices.

• Account minimum: None
• Annual fees: $200-$400 
• Trustpilot score: 4.4/5

Lear Capital

Lear Capital offers a gold IRA without the standard setup fees and it may cover ongoing maintenance fees, depending on the size of the investment. That said, storage fees come in at $280, according to a representative, so your all-in costs are about the same as at other providers. Also, unlike other providers, Lear requires a $10,000 minimum account size, as well as a $10,000 minimum initial purchase, so clients will need that before they get started here. Lear has a smaller set of gold bars, coins and rounds, and some pricing was available only with a phone call. Lear Capital is among the highest scorers on Trustpilot, giving potential customers confidence.

• Account minimum: $10,000
• Annual fees: $280
• Trustpilot score: 4.9/5

Priority Gold IRA

Priority Gold requires one of the highest minimums of the companies on this list — a $20,000 minimum account size and a $20,000 minimum initial purchase — meaning you’ll need several years’ worth of IRA contributions or a more sizable rollover IRA to get started here. There’s no setup fee, and the annual maintenance fee runs $125, while the storage fee comes in at $100. The company’s customer service is available from 8 a.m. to 8 p.m. Central Time, among the longest we’ve seen. The company sells gold bars, rounds and coins, though the number of options is not especially high. 

• Account minimum: $20,000
• Annual fees: $225
• Trustpilot score: 4.5/5

Silver Gold Bull 

Silver Gold Bull offers one of the widest ranges of gold products, including bars, rounds and coins in many different styles and designs. The company has no minimum account size for its gold IRA and also has no minimum purchase amount. It costs $50 to set up an IRA through one of the major custodians, and clients have access to a popular custodian that charges a $125 annual maintenance fee. You can get pooled storage for $100, or sign up for a segregated account for $150, either of which are available at a major depository. Silver Gold Bull also notches a strong score on Trustpilot.

• Account minimum: None
• Annual fees: $225-$275
• Trustpilot score: 4.8/5

What is a gold IRA and how does it work?

A gold IRA is a kind of self-directed IRA that lets you invest in a variety of non-traditional investment assets. Unlike a more typical IRA, which invests in stocks, bonds, mutual funds and other publicly traded securities, a gold IRA invests in physical gold in the form of gold bars, gold coins and other types of gold bullion. A gold IRA comes in two major varieties: 

• A traditional IRA: In a traditional IRA, you contribute money tax-free into the account and then enjoy any gains on a tax-deferred basis. When the money comes out at retirement, defined as after age 59 1/2, you’ll pay taxes on any distributions. An early IRA withdrawal is subject to taxes and penalties. 
• A Roth IRA: In a Roth IRA, you contribute money after-tax into the account and then enjoy any gains on a tax-free basis. Any gains that come out after age 59 1/2 are tax-free, and you can withdraw your contributions at any time tax- and penalty-free.

So, a gold IRA works like a more typical IRA but it owns gold instead of other securities. The contribution limits are the same as Roth and traditional IRAs, which are $7,000 per year for those under age 50, or $8,000 per year for those 50 and older. You can also set up an SEP IRA to hold gold assets as well, and this type of retirement account has potentially much higher annual limits.

If you invest in a gold IRA, you won’t take possession of the actual physical gold. It’s stored in a depository that holds your investment and many others for safekeeping as a custodian. If you do take physical possession of your gold, it will be considered an IRA distribution. Any distributions may create taxes and penalties, depending on the type of IRA and your age when you take it.