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What is a Gold IRA?

A Gold IRA Rollover is when you run a retirement account to a Self-Directed IRA that holds precious metals at an IRS-approved...

Written by Niel Patel · 3 min read >
what is gold ira account

You found your way here because you’re trying to find out more information about a gold IRA. In simple terms, the gold IRA is very similar to a traditional or Roth IRA but it has a distinctive difference. In this account, you can also purchase physical precious metals including gold, silver, platinum, and palladium. And you can grow this account for your retirement.

What is a Gold IRA Rollover

Everyone needs to diversify their portfolios now more than ever. The economy is on shaky ground, the stock market is struggling, and even cryptocurrencies seem to be crashing and burning. Buying gold bullion and palladium, platinum, and silver investments makes it possible for investors to shore up their portfolio. And by buying them in physical form, you’re investing in the pure precious metal instead of a paper asset.

Similar to a traditional or Roth IRA, the gold IRA account follows the same distribution rules and contribution limits.

Are you on the verge of opening a precious metals IRA account now or sometime in the immediate future? Connect with a top gold broker or precious metals IRA custodian to begin your investing journey.

Gold IRA Key Facts & Takeaways

  • There are two main ways to set up your gold IRA account for tax purposes. They include opening a pretax traditional self-directed IRA or after-tax Roth self-directed IRA
  • Opening a precious metals IRA account allows the account holder to purchase physical gold, silver, platinum, and palladium. Their choices include investing in bars, rounds, and coins with IRS-approval
  • Gold IRA accounts are often subjected to larger purchasing fees and Gold storage fees as opposed to traditional IRA accounts, which have lower fees
  • The annual contribution limit for gold traditional or Roth self-directed IRA accounts are capped by the IRS

Getting Started: How to Open a Gold IRA Account

When you’re ready to start, I want you to feel comfortable, relaxed, and ready to begin your journey. I took it upon myself to make your life easier than ever, which means I will highlight the step-by-step Gold IRA account creation process for you below.

These steps include:

Step #1: Picking the Best Gold IRA Broker to Meet Your Needs

To begin, it’s best to discover the top gold brokers and dealers providing services in an online capacity. These top companies will help you on your journey and walk you through the entire account creation process from beginning to end.

Some gold brokers do not provide precious metals IRA account creation help. Of the companies that offer these services, the following choices are my preferred recommendations. They include:

  • Advantage Gold
  • Augusta Precious Metals
  • Birch Gold
  • Goldco
  • Legacy Precious Metals

I look at these companies as the premier options because they have the best customer service, the best markups, and provide the best overall experience in my opinion. They are far from the only precious metals dealers operating in this space.

Would you like some other valuable options? These companies I’m about to share are also some of the premier gold dealers in business today. They include American Hartford Gold, Cornerstone Bullion,, Gold Alliance, Lear Capital, MONEX, Oxford Gold Group, and Patriot Gold Group.

Step #2: Beginning the Setup Process for Your New Precious Metals IRA

Have you finished looking at the companies that I recommended checking into? Did a particular company catch your fancy? Do you know the gold dealer you’d like to do business with from this point forward?

If so, it’s time to contact them so you can begin the next step. Choose your company and then visit their website. On their website, there should be options for you to get started to open your gold IRA account.

Your options typically include the following:

  • There is a form on their website that you can fill out to begin the account creation process
  • Or you can dial the phone number provided on their website to talk with one of their representatives to begin creating your new account

In my humble opinion, your best bet to get started quickly and efficiently is to fill out the online form. This will immediately get the process underway. I only recommend calling first if you have questions that need immediate answers. Otherwise, by filling out the online form, you are getting a jumpstart on filling out the necessary paperwork to get your account started.

On the other hand, if you have pressing and important questions, it’s definitely okay to talk with one of their qualified account representatives. They will tell you answer your questions and help you through the entire step-by-step account creation process.

Step #3: Depositing Funds in Your New Gold IRA Account

It’s very easy to fund your account. You’ll either initiate a gold IRA rollover or gold IRA transfer. The differences include:

  • With a rollover, you’ll use funds in your current retirement account and roll them over into your new gold IRA. Your current custodian will send the funds directly to you. You must deposit the funds within 60 days or face early-withdrawal penalties and taxes.
  • With a transfer, your current retirement account custodian will contact your new custodian and initiate the transfer process. The two custodians will handle the entire transfer on your behalf.

My Favorite Gold IRA Benefits

  • Portfolio Diversity – opening a gold IRA is a great idea for portfolio diversity. It’s a great way to hedge against inflation, financial market downturns, and the negative effects of the global economy.
  • Major Tax Incentives – a gold IRA account provides excellent tax incentives. You’ll open a tax-deferred or after-tax account, which means you’ll lower your yearly gross income and you won’t have to pay taxes on this money until you take distributions later in your retirement years.
  • Abundant Liquidity – investing in precious metals is one of the most liquid investments possible. It’s very easy to sell your investments when the time comes because millions of people worldwide are ready and willing to buy them.

Bottom Line

Clearly, it’s very easy to open a gold IRA account. It’s simply a matter of doing the work, learning about gold IRA benefits, and starting the account creation process.

Are you ready to move forward on this journey? Check out my recommendations again and open your new account soon.

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