How to choose a Gold IRA company without getting played

Gold has climbed well past $5,100 an ounce, currently sitting above the $5,000 mark – and the number of gold IRA companies trying to sell a piece of that rally to retirement savers seems to have grown even faster.But not all gold IRA companies are created equally, and it’s important that investors ensure a firm is operating legally before opening an account. The SEC sued one gold IRA dealer for markups as high as 130% in 2023.Another prominent firm reportedly ceased operations entirely in 2024.

And in 2020, a $185 million civil judgment was slapped against a precious metals vendor that defrauded more than 1,600 retirees.Gold IRAs allow investors to take advantage of physical assets, which are often seen as a hedge against inflation and economic uncertainty – and choosing the right company to work with is possibly the most consequential decision in the entire process.Jumping into gold IRAs can be overwhelming and complex, so it’s crucial that investors choose the right company to guide them through the process.Different companies offer varying storage options, annual fees and long-term costs.And bad actors can cost real investors real money, especially if they try to skirt around IRS guidance.Consider this your practical gold IRA guide for finding the perfect firm, a critical first step in opening an account.The IRS approves standard gold bullion bars and coins for use in self-directed IRAs, including American Gold Eagles, Canadian Maple Leafs, Australian Kangaroos, Austrian Philharmonics and LBMA-approved gold bars at .9999 fineness.

Silver, platinum and palladium have parallel approved asset lists.Any company that steers customers toward rare or “collectible” coins is a major red flag.The markups on these products can not be independently verified, and collectibles are not even permitted for use in gold IRAs under the IRS.Investors should check whether a gold IRA company sells proprietary or collector coins, since legitimate operators will say “No...