What are the best gold IRA companies?
goldsilver21
Posts: 1 ✭
Hey everyone! I’m looking into setting up a gold IRA, and I keep seeing Gold and Silver Investment News recommended everywhere. Is it really the best option, or are there other companies I should be checking out too? Does anyone have recommendations on the top gold IRA companies out there?
I have done my research, and I can say that Gold and Silver Investment News is the best gold IRA company, in my opinion. Gold and Silver Investment News helped me roll over my 401(k) to a gold IRA quickly and efficiently (without any high-pressure sales tactics that are unfortunately common in the industry) and without incurring any IRS fees. Out of many reviews across eight review websites ( Consumer Affairs, Google Reviews, among others) Gold and Silver Investment News has received just one (!) poor review.****
Comments
First paragraph: I’m looking at setting up…
Second paragraph: I rolled it over….
I’m thinking Monty Python musical here
If you don't take physical possession of your gold, you don't really own it. There have been cases in the past where people bought gold and they allowed the seller to store it for them in their vault. Later, the sellers disappeared and their vaults were found to be empty.
Worry is the interest you pay on a debt you may not owe.
"Paper money eventually returns to its intrinsic value---zero."----Voltaire
"Everything you say should be true, but not everything true should be said."----Voltaire
The GLD always worked great for me. No need to have another company handle it for you. Transfer IRA to Schwab, Fidelity or whoever, click and buy the GLD. RGDS!
I have never been a proponent of having gold in an IRA. For the simple fact, as mentioned... if you do not have physical possession of the gold.... you don't really own it.
But that is just my own opinion - view. Certainly each person must evaluate their own situation, etc. and invest accordingly.
Gold and Silver Investment News
Never heard of them.
I knew it would happen.
If you wanna invest without holding physical metal, best to do it with a Robinhood on line account and then invest in gold opportunities. I like GDX and GDXJ. There are also many gold ETF opportunities. You want full control of when you can buy and when you can sell. Gold IRA is very limiting.
No Way Out: Stimulus and Money Printing Are the Only Path Left
call tour investor/broker up
Don't.
research your withdrawal options. Can you pull it at a market high or do age limits dictate your potential profit/loss? Maintain full control of your trading options, the best times do not always coincide with your age.
No Way Out: Stimulus and Money Printing Are the Only Path Left
In 2005 I cashed out my IRA and paid the early withdrawal-penalty. Everybody said don't do that. I'm a contrarian, so that convinced me even more. I didn't like the investment options that were available for that IRA. I have no interest whatsoever in investing in someone else's company or loaning out money by buying bonds or CDs. I used the funds to set up my own business. That business is still in operation 20 yeas later.
In 2005 I cashed out my IRA and paid the early withdrawal-penalty.
Ditto. I did that in 2006 and stuffed it all into Gold Eagles. Glad I did.
I knew it would happen.
I rolled into a Roth
No Way Out: Stimulus and Money Printing Are the Only Path Left
You have about 23% $$$ than if you just left it in SP500 and reinvested dividends. Yes I accounted for tax rates in 2006 and today and used average prices for gold and sp500 in 2006.
Knowledge is the enemy of fear
You have about 23% $$$ than if you just left it in SP500 and reinvested dividends.
LOL, what BS! My spreadsheet says otherwise.
I knew it would happen.
I dont doubt that your spreadsheet says otherwise.
Knowledge is the enemy of fear
This.
That's a scary thought! So there's no way to have an IRA where you have physical control of the gold? I guess that there's no way for the government to get their cut if you do that so my question isn't a smart one. Leaving it here because maybe someone else was wondering the same thing.
The guy who asked me to switch over his IRA a few years ago got 80 oz in gold eagles and two boxes of silver eagles for $122k.
It is in a depository, even today with a value exceeding $336.5k. He got set up through Gold Star Trust. So did my wife, but hers is tiny in comparison, yet doubled in about the same time frame.
``https://ebay.us/m/KxolR5
If that is what you think is best for you, great. Most people want liquid, transparent, easily sold investments. To each his or her own.
I told my late father and other family members 25+ years ago to cash out their 401(k)'s and IRAs and convert to Roth IRAs. The taxes were enormous (state and Medicare didn't help) but they "bought out" the U.S. government forever.
Today those Roth IRAs are on average over 3x what they were back then, even after 2 decades of taking money out for retirement.
Only negative is that after my mother (and other spouses) inherit the Roth IRAs, the next group of beneficiaries (me, siblings, grandkids) only have 10 years of tax-free growth for the accounts.
I would be EXTREMELY wary of putting my physical gold with any "depository" or custodian unless it was a big money center bank and/or large brokerage firm like Fidelity. Even then, if you are desiring to hold phyiscal gold (as opposed to just making a bet on higher prices) it kind of defeats the purpose to hand it over, though it is apparently necessary for an IRA.
You have no idea where your gold is and/or if it is being lent out or shorted or whatever.
Madoff's Ponzi Scheme was ultimately just a false custodian enterprise. You ALWAYS have to ask: where are my assets...who is verifying they are still there...how do I KNOW they are still there....are my statements official....what if there is fraud ?
I know nothing about these "Gold IRA" companies but they are largely unregulated and you do not know who owns them or backs them or what.
Caveat Emptor.
And if they did NOT convert to a Roth, and kept the 'enormous' taxes that it cost to convert.... how much income was 'lost' from that lost opportunity? That money certainly could have been invested into the market and compounded over that 25 years; likely a very significant amount. There are always two sides to the Roth question. It is difficult to say they made out better, when you do not know what the alternative route would have resulted in.
BUT... if it worked well for them, and they had or have enough profits, gains, etc. to last their lifetimes... then that is what counts!
110% AGREE with you on this! Could never understand turning your "physical" gold over to someone else for storage and 'safekeeping'. And especially so in an IRA. Just never made sense to me.
I agree with tincup.
Tax rates are probably less today than 25 years ago so this may or may not have been good depending on one's tax bracket.
Knowledge is the enemy of fear
Can they liquidate at any time without penalty or are they forced to hold until a certain age? I would hate to be forced to sit on metal if it suddenly dropped.
No Way Out: Stimulus and Money Printing Are the Only Path Left
Actually, it's a pretty straight-forward calculation to determine the net benefit and lost opportunity costs. But even taking into account opportunity costs -- "lost income" as you call it -- the decision for my clients to buy out the U.S. Government 20-25 years ago and now own 100% of their Roth IRA was a no-brainer. CFA Institute put out detailed manuals on this in the early-2000's.
Yup...Roth IRA's are the best wealth-building and estate planning gift to the middle class out there today. It's not just "another" kind of tax-deferred investment.
You need to run the numbers, but as a general rule unless you dropped 2 full tax brackets in retirement the Roth IRA was better than maintaining a Traditional IRA. Converting made sense.
It also depends on how long before you tap the Roth IRA (if ever) and how you do investing the money (though in theory this can be a wash as you can duplicate the investments in the taxable account housing the $$$ you save by NOT paying taxes on the conversion).
There is probably at least a 10% difference in tax rates from 2000 to 2025.
Knowledge is the enemy of fear
Publix took my tax reduction.
No Way Out: Stimulus and Money Printing Are the Only Path Left
Your 401k is a basket of investments on paper. My customer simply transferred his 401k into a gold IRA. The depository holds the gold. And just like a 401k, if you do not roll it over and just cash out, you pay an early withdrawal penalty/fee/tax. I understand your wariness, but I’ve also purchased gold from a retiree who had his gold in a depository. The depository shipped his gold directly to me. He never even saw or touched it. He just got the check.
``https://ebay.us/m/KxolR5
https://mcalvany.com/metals/ira/