At this moment, it’s never appeared more clearly that it’s time to move away from the US dollar. The economy is in shambles because of the coronavirus shutdowns. The global political establishment is collapsing. And there is civil unrest in the US and many parts of the world.
What does this have to do with your retirement future?
I say this with complete sincerity: your retirement is in jeopardy.
Why?
The United States is borrowing money left and right to prop up the US economy. The national debt is almost $28 trillion. We already know that President Biden plans to borrow another $1.9 trillion for his latest stimulus package.
All of this debt and borrowing to prop up the economy will lead to hyperinflation. And with hyperinflation, the US dollar will lose tremendous value.
On the other hand, gold and cryptocurrencies are soaring in value because of this crisis. So, investing in gold is a great way to protect your retirement wealth.
Using 7 Critical Factors to Discover the Best Gold IRA Companies
In total, I determined seven critical factors that I use to evaluate gold IRA companies. These factors have helped me discover the top brokers to do business with. You can use them for your own benefit to make the same determination.
The critical factors include:
- Online peer-reviewed ratings
- Types of precious metals
- Precious metals buyback program
- Stockpiling
- IRA fees
- Account setup & delivery
- Customer support & salesmanship
Online Peer-Reviewed Ratings
First, I think it’s best to read online peer-reviewed ratings. It will help to determine the level of trust that previous customers have with a particular organization. Do you agree?
There are some excellent websites providing valuable information to consumers. The Better Business Bureau, Trustlink, and the Business Consumer Alliance spring to mind.
These platforms provide a rating for each business. Many of the best gold IRA brokers have an A+ rating. And the complaints leveled against them are few and far between.
And speaking of complaints…
If a customer does have an issue with the organization, you should see how it was resolved in public through the agency.
Consider things like:
- Did they answer the complaint in a timely manner?
- Did they speak to their disgruntled customer with respect and dignity?
- Did they resolve the issue quickly?
- Or did they ignore their unhappy customer in one or more ways?
Types of Precious Metals
Certain precious metals aren’t approved for a gold IRA account. The IRS determined certain purity levels and requirements needed to be acceptable in an IRA.
Those purity levels include:
- Gold purity level = 0.995
- Silver purity level = 0.999
- Platinum purity level =.9995
- Palladium purity level = .9995
Does the broker you’re considering sell IRA approved gold, silver, platinum, and palladium?
Make sure their precious metals are fully in line with the requirements set forth by the IRS. Otherwise, you’ll end up purchasing precious metals that aren’t acceptable within your IRA account. This means you will not receive the amazing tax opportunities and other benefits that a gold IRA account provides.
Precious Metals Buyback Program
You may not think it now, but choosing a broker with a buyback program is very important.
Why?
You never know when you’ll need to liquidate your position quickly. And you never anticipate needing to get your hands on cash fast.
But it happens to all of us from time to time.
So, choose a broker with a buyback program in place. Some of the top brokers will repurchase your gold in 24-48 hours or less. They have complete access to the chain of custody, so they’re willing to pay quickly for your precious metals.
Stockpiling
The best and brightest gold IRA companies provide more than one type of gold storage for stockpiling purposes. The main areas of stockpiling to focus on include co-mingled and segregated storage.
What is the difference?
- Co-mingled stockpiling means you’ll use a storage facility that stockpiles your gold investments in a vault. But this vault is shared by you and other investors. Many people frown upon this option because they prefer a dedicated vault. Although this type of stockpiling is certainly safe, it isn’t typically considered the premier option.
- Segregated stockpiling means your precious metals are stored in a dedicated vault. Investors love this storage method because it means their investments are safe and secure in their very own dedicated space.
Typically, investors will pay more for segregated stockpiling per year when compared to the cost of co-mingled stockpiling.
IRA Fees
Unfortunately, becoming the owner of precious metals for your gold IRA account means paying yearly fees. It’s worth it to pay these fees, though at the same time it’s always great to pay the minimum amount.
Focus your search for the best gold IRA company by finding one that charges minimal IRA fees.
As an example, some gold brokers and IRA custodians charge on a sliding scale. As you stockpile more and more gold, your yearly fees will become very expensive.
On the other hand…
Better gold IRA companies charge flat rate administration fees. They do not charge their customers on a sliding scale. And they do not penalize you for possessing more gold in your precious metals IRA account.
Account Setup & Delivery
You’re likely excited to get started investing in gold for your retirement. Choose a gold broker that will set up your account quickly. The best will have your account set up within 24 hours. And the top gold brokers also ship your precious metals to the depository within seven days or less. Inquire about both of these critical factors when determining your ideal precious metals IRA company.
Customer Support & Salesmanship
Avoid gold companies with pushy salespeople and terrible customer service experiences. You can learn this information by reading about potential gold brokers on Yelp, the BCA, or the BBB websites.
Bottom Line
As you can see, there’s a lot to think about when determining what to look for in a gold IRA company. Use the information shared today as a handy guide to discover the perfect gold broker to meet your needs.
To recap, you should find out more about the following:
- Online peer-reviewed ratings
- Types of precious metals
- Precious metals buyback program
- Stockpiling
- IRA fees
- Account setup & delivery
- Customer support & salesmanship
After using these suggestions, you’ll have no trouble determining the best gold IRA company to fulfill your investing requirements.
Disclaimer: This content does not necessarily represent the views of IWB.