Best Gold Investing Companies
Have you ever heard the statement “Invest in Gold”? Many investment experts believe that the price of gold will never stop rising. Because of this, they feel that gold is the best long-term investment in the world.
One secure way to take advantage of investing in gold is to open a Gold IRA. We studied 18 reputable Gold IRAs to determine the 3 top companies in terms of service, cost, and long-term viability. We checked their credentials and talked with customers to determine which three stood out above the rest.
What is a Gold IRA?
Gold IRAs are a type of Individual Retirement account that purchases gold (or any other approved precious metal) and holds it for the benefit of the IRA account’s owner. Although the term Gold IRA is the most commonly used term, a Gold IRA can, in fact, hold any combination of gold, silver, platinum, and palladium.
Gold IRA Rollover
The IRS is the governing body that approves the metals and the form that they can be held in. The two most popular forms are coins and bars.
Additionally, the IRS requires the coins and bars to be stored in IRS approved storage facilities. Beware of any Gold IRA that allows you to hold onto the precious metals at your home. This is not an approved method of IRA investment, and you could even be slapped with tax penalties.
How to Start a Gold IRA
Although it is possible to begin a Gold IRA from scratch, it’s more common to rollover an existing IRA to a Gold IRA. Additionally, you can rollover a 401K to a Gold IRA. In fact, the majority of precious metals retirement plans are begun as a rollover.
- Rollover an existing IRA
- Rollover a 401K
Secure Your Precious Metals
Once your Gold IRA is set up, your IRS-approved metals custodian will purchase precious metals on your behalf. During this step, you are able to choose the metals that best suit your retirement goals and the custodian will procure them for you.
The metals will then be stored at an IRS-approved depository which you can also choose. The only stipulation is that you cannot possess them yourself as this is against the law while the metals are held in the IRA.
All that’s left to do now is sit back, relax, and enjoy the peace of mind that comes from knowing your savings are being safeguarded with precious metals.