How Do I Setup a Gold IRA?

How Do I Setup a Gold IRA?

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A Gold IRA, otherwise known as a self-directed personal retirement account, is a custodial account that you can open to buy and sell precious metals - gold and silver. These accounts are typically funded by buying fractional shares on the private market or from government mints. With this type of account, you'll be able to diversify your investments by adding precious metals to your portfolio.

A Gold IRA can be an excellent opportunity for people who want to invest in gold but don't know how or would rather not get involved with the highly volatile gold bullion trading market (monetary policy). You might also use it as an investment strategy for accumulating some wealth domestically while avoiding a typical recession.

You can open a Gold IRA with the private gold market. Your gold will be stored in a secure pouch in bullion banks. The Gold Stock Exchange and the London Bullion Market Association (LBMA) are the most popular gold dealers. You may also choose to purchase your gold directly from government mints.

How Does it Work?

Opening a Gold IRA is very similar to a regular self-directed IRA account. You'll have to open the account with a trustee, an organization that will administer your gold investments for you. Once you have an account open and funded with precious metals, you can buy gold from the private market or government mints.

You'll usually have to pay a slight fee when you buy from the mints, but it costs less than if you were to purchase the same amount of gold from the private market.

How to Open a Gold IRA 

How Do I Setup a Gold IRA?

Choose a Gold IRA Company to Work With

The first step is to find an IRA trustee that will be able to administer your account. The trustee will be responsible for storing your gold, producing the account booklets, and keeping track of your purchases. Using a trustee with experience with personal retirement accounts is best, which will give you all the information you need to get started.

Fund Your Account

Once your account is open, you'll have to transfer money from your bank account into the trust or sell some of your existing investment holdings to fund your gold IRA. The minimum amount that you have to deposit is usually between $1,000 and $5,000. This is significantly less than regular IRAs since the value of gold is much higher than other types of investments.

Purchase Gold

The next step is choosing the gold you want to put into your account. The deposit amount will determine how much gold you're able to buy. You may need to shop around for gold dealers before purchasing the type of gold you want. You'll also have the option to choose among different types.

Monitor the Performance of Your Gold

Once you've purchased the type of gold you want, it's important to monitor its value over time. Remember that your gold will probably lose some of its value over time due to other factors, including inflation and changes in the dollar.

How Should I Choose My Metals?

The first thing you'll have to do is find out which gold dealers are selling the types of metals that you want. Then you'll want to look into the fees attached to each and what promotions they're offering. Most Gold IRA providers will also offer information packages with helpful tips on how to invest in gold and how to sell it for maximum profits.

You'll also want to choose a trustee for your account. A trustee will administer your account, keep track of your purchases, and report the value of your holdings annually.

When choosing a company to invest in, it is essential to ensure that it will cater to your investment needs. This article recommends the best three companies you should consider.

#1. Goldco


Goldco is a gold and silver dealer that is based in the UK. The Goldco website is widely regarded as one of the most professional and user-friendly websites for dealing with precious metals. This company has been in business for over ten years and has a wealth of experience in the industry.

The Goldco website allows you to purchase gold securely online via credit card, debit card, or cheque payment options. All transactions are handled by their affiliated departments, guaranteeing that all orders will be delivered at your earliest convenience. Another plus is that they have a 24-hour live customer service line to ensure reliable customer service at all times.

Goldco has a wide range of precious metal products on its website. The company sells gold, silver, palladium, and platinum products at competitive prices above market value.

Goldco uses only the most secure and confidential packaging procedures when sending its precious metal orders to customers. Customers are provided with an order tracking system where they can trace the status of their purchases. Orders are securely delivered by Royal Mail, Federal Express, or DHL Parcel services at no cost to you.

Goldco's goal is to use precious metals as a haven asset that helps with investment and portfolio management. The company also offers a wide range of valuable educational tools on its website. Currencies and major currencies can also be used to buy precious metals from Goldco's online shop.

Pros & Cons of Goldco


  • A+ rating from the Better Business Review: Goldco has been accredited with a rating of A+ from the Better Business Review. The BBB accreditation is a seal of approval awarded to companies that give a high level of satisfaction to their customers.
  • Excellent customer service: Goldco provides full-service customer service. You can contact the company at any time through either live chat or email, ensuring fast response times and efficient customer service.
  • Wide range of precious metals available: The gold section on the Goldco website will help you find out what type of metals you're looking for, along with a wide range of prices, sizes, and types offered by their dealers.


  • You cannot open an account online.
Augusta Precious Metals

Augusta Precious Metals is a precious metals dealer based in the UK. The company offers the option to purchase gold, silver, and other precious metals online. They also offer investment services, such as financial advice, estate planning, and tax planning.

Augusta Precious Metals has a competitive price range for most of its products on its website. Orders are shipped out to you quickly and discreetly by DHL or Federal Express.

Another feature that makes Augusta Precious Metals stand out from its competitors is its website's variety of gold coin and bar choices.

Augusta Precious Metals has been a professional and accredited precious metals dealer in business for several years. The company has an A+ rating from the Better Business Review. The company helps your retirement by offering you the best in precious metals and other financial services.

The company also provides expert advice to investors on how to utilize their accounts and how they can maximize their profits. Augusta Precious Metals works hard to provide the best customer service, and a full-service financial package is available on its website.

Augusta Precious Metals is regulated by the FSA, the Financial Services Authority, to ensure that all of its financial products are safe and secure for customers to purchase. The company has a wide range of precious metal products on its website and other valuable information, such as helpful advice on investing in gold and other precious metals and selling your gold when you're ready.

The company also provides personalized services that cater to your personal needs when investing in precious metals through its website.

Pros & Cons of Augusta Precious Metals


  • Gold Coins: Augusta Precious Metals offers a wide range of gold coins, including the British Sovereign and Morgan silver dollars. Their collection of gold coins is sold at competitive prices.
  • Affordable rates: Augusta Precious Metals prices their precious metals at reasonable rates compared to other dealers in the industry, allowing you to buy more gold or silver at a time while still receiving a good profit rate.
  • Excellent customer service: The company provides excellent customer service, as proven by its A+ rating from the Better Business Review.
  • Multiple payment options available: Augusta Precious Metals allows you to use a wide range of payment options when buying precious metals on their website. You can pay via credit card, debit card, bank transfer, or cheque.


  • Fees applied over certain orders: Augusta Precious Metals will charge you a small fee over the total value of your order if the value happens to be above a certain limit.
American Hartford Gold

American Hartford Gold is one of the largest and most trusted precious metals dealers in the United States. The company has been in business for several decades and allows customers to buy gold and other precious metals online through its website.

American Hartford Gold was founded to help customers manage their assets and create a secure financial future for themselves.

As a wide range of precious metal products is available on their website, you can easily find whatever you're looking for when shopping on American Hartford Gold's online shop. Their products include gold bars and coins, silver coins and bars, platinum coins and bars along with palladium coins and bars.

American Hartford Gold is an accredited A+ company with a rating from the Better Business Review. The company helps you to manage your precious metals portfolio and other asset investments by providing financial advice and other valuable services. The BBB accreditation means that customers can be sure they are dealing with a legitimate and accredited company.

American Hartford Gold offers you financial advice on properly investing in precious metals. It provides valuable information on its website, such as how to sell your precious metals when you're ready to cash out of your investment.

American Hartford Gold also provides personalized services for each customer by assessing your financial situation, based on which the company can recommend what type of precious metal product will suit you better.

Pros & Cons of American Hartford Gold


  • Wide range of precious metals available: American Hartford Gold's selection includes a wide range of gold and silver bullion bars, coins, and rounds. The company also offers a wide range of other precious metals and other investment services.
  • Personalize your order: American Hartford Gold allows you to control the type of precious metal product you want and the quantity. This will allow you to personalize your purchase and ensure it meets your needs.
  • Professional advice: The company's website provides valuable financial advice from experts. This will help you manage your assets more efficiently and allow you to make informed decisions about how to invest in precious metals for the future.
  • Discounts available: American Hartford Gold offers discounts on certain products on its website.


  • The company charges a high minimum investment of $50,000.


Do I own the physical metals or just receive certificates in a Gold IRA?

You own the physical metal, and the company will supply you with a certificate of ownership.

What are my depository storage fees?

Depository storage fees cover the cost of storing your metals, including administrative or management fees.

How long are my precious metals protected in a Gold IRA?

Your precious metals will be protected for generations, and no matter what happens in the future, you will still be able to cash out at a reasonable price when you're ready.

Can I physically deliver my precious metals for my Gold IRA?

Yes, you can physically deliver your metals at any time and any place you want.

Who are the custodians of my Gold IRA?

The custodians are a highly reputable precious metals company regulated and audited by an independent third party to ensure that all of their customers' precious metal holdings are safe and secure.

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