Last Updated on April 4, 2023 by George
In a time when shutdowns of multiple big banks in the country can happen in a week, one’s investments in mutual funds, stocks, or bonds may not be as safe as you thought. However, you have another type of investment; you can spend time on precious metals, and silver is one of them.
Silver is considered one of the most precious metals in the world. It has high demand and is used in several industries.
Based on our first-hand experience, investing in precious metals can be good in the long run. You can start learning about the how-tos by looking for a silver IRA custodian who can manage your account for you!
Pros
- Lifetime investment support from gold and silver specialists
- Cost-effective pricing of precious metals compared to competitors
- Transparent fee structure
- Partnered with Delaware Depository
- Multiple options for silver IRA investments
- Named as “Most Trusted Gold IRA company” by IRA Gold Advisor
Cons
- Palladium and platinum bullions are limited, as well as other precious metals options
- Costly initial investment at $50,000 compared to other companies
Why We Chose It
Augusta Precious Metals has been in the precious metals industry for over four decades. Our analysis of this product revealed that it had been named “Most Trusted Gold IRA Company” because of its exemplary services.
They are rated five stars by over 250 TrustLink users and have received two Stevie Awards for Sales Distinction of the Year and Customer Service Success. The BBB has also rated them an A+, a testament to their commitment to their clients.
Their precious metal IRAs include gold, silver, platinum, and palladium. They strongly focus on gold and silver and offer many forms like gold and silver coins, bullion, and bars.
Augusta Precious Metals stores its clients’ precious metals in Delaware Depository, a private and secure depository, and is well-known nationwide for its facilities.
Our research indicates that Augusta Precious Metals require a $50,000 minimum investment deposit, which may be intimidating for first-time investors. However, they ensure you can prepare your funds by breaking down the fees upon initial consultation.
Also, you will be assisted by precious metals experts, who offer lifetime assistance from silver and gold professionals. They also have a Harvard-trained economist on their team, so you will be well-guided in making financial decisions for your investments.
Augusta Precious Metals ensures that its clients are familiar with and are part of the precious metals investment — be it gold or silver IRAs — which is why many investors choose them and swear by their services.
Pros
- Short transaction waiting time for their noble gold investments
- Accessible and extensive educational services on their website
- One of the long-standing and trustworthy gold and silver IRA companies
- Hands-on customer service
- Wide range of retirement investment options
- Offers a wide range of metal designs (e.g., Royal Mint Gold Lunar Series, Gold American Eagle Coins, and Gold Buffalo Coins)
- Offers excellent buyback guarantees
Cons
- Limited options on other precious metals (e.g., palladium and platinum)
- Lack of fee structure transparency
Why We Chose It
Goldco has been in wealth and asset protection for over three decades. As per our expertise, they are one of the leading precious metals dealer in the market. Their site has a user-friendly interface, so investors new to either a Roth or traditional IRA would be safe. They also include easy-to-fill-in forms and hands-on customer assistance.
After trying out this product, we found that they provide extensive scholarly content (e.g., videos, webinars, blog posts, and articles) that can help IRA account holders how to roll over existing IRA accounts to gold and silver investments and other related topics. They also have specialists who accommodate first-time investors with the setting up of accounts and transactions made with the company.
Their minimum required investment is $25,000, within the average range of gold and silver investments. Our investigation demonstrated that they store their clients’ precious metals in an IRS-approved facility. Moreover, once their clients retire, they can receive their investments as physical assets (e.g., physical silver bars or coins) or in cash.
Pros
- Provides client education
- Availability of customer support
- Their buyback program has no liquidation fees
- Penalty-free rollovers
- Tax-free rollovers
- Delivers physical precious metals to client’s home, and are insured and registered to the client’s name
- Plenty of testimonials on verified sites about the company’s services (e.g., 5-star rating on Trustpilot)
Cons
- Limited to the United States only.
- Incomplete price listing of their online catalog
Why We Chose It
American Hartford Gold is a one of the premier precious metals IRA company that offers the best cost-effective product pricing. They also offer varied investment opportunities and a simple gold IRA rollover process. They also provide specialists to assist first-time investors with their paperwork, purchasing precious metals, and answering queries regarding precious metals IRA accounts.
Furthermore, American Hartford Gold provides an investor education program explaining how precious metals IRA works. You can refer to these contents from their libraries before you decide on your investment.
Once you decide to invest, note that the minimum investment in American Hartford Gold is $10,000, you can go beyond this if you wish. You can choose different types of precious metals within your set amount, like silver or gold coins, which they would then store in secure depositories.
American Hartford Gold is one of the leading silver IRA companies offering exemplary customer service verified users attest to. When we trialed this product, we found that you can contact them anytime for clarification if you have queries regarding your silver IRA rollover or your precious metal account.
Pros
- Several options for custodians and depository services
- Wide selection of precious metals, especially for platinum and palladium investors
- Relatively affordable cost of entry, which is suitable for neophyte investors
- Several options include Roth IRA, simple IRA rollover, and sep IRA.
- Excellent customer service and accommodating staff
Cons
- No overseas depository options
- Some prices are not indicated on their website
Why We Chose It
Birch Gold Group, or simply Birch Gold, is another striking gold and silver IRA company. This company offers gold and silver IRAs, but open another precious metals IRA account for platinum and palladium.
Our findings show that you only need a minimum investment of $10,000 to start. Then, you will have a team of experts who can support your IRA purchases, gold or silver IRA rollover, and other precious metals IRA-related queries.
Moreover, our team discovered through using this product that their excellent reputation is due to their financial team, who are always available for clients. They educate their investors in their decisions and do not force them into high-risk investments.
They have many high accolades for their alternative precious metal investment possibilities, affordable price structures, and diverse product catalog. On top of that, we determined through our tests that Birch Gold Group has exemplary customer service and accommodating staff.
Pros
- Great for first-time investors due to their low cost of entry
- Different and easy ways to set up IRA accounts
- Wide selection of products
- Professional assistance in every step of the process
- Stress-free buyback program
- Upfront fees for their IRA
Cons
- They do not offer international storage for precious metals
Why We Chose It
Noble Gold Investments have a relatively short history but offer great assistance for investors nonetheless. They have financial experts available who can show their expertise regarding your gold and silver investments and which products you should choose and will benefit you in the long run.
We found from using this product that their rollover process is fast compared to other companies, and this is because professionals from the company help investors with the processing.
Furthermore, it is easy for first-time investors to set up an account with them and invest with their relatively affordable pricing and low cost of entry at $2000. They also allow experienced investors to sell back their shares when making liquidations.
Our analysis of this product revealed that you have two options in setting up your IRA account. You can fill in a form from their website, and you’re not even pressured to finish it all at once. While you are filling in their papers, they will also provide a representative to assist you.
Your second option is to call Noble Gold, and a professional will walk you through the IRS-approved investments you can fund through your existing account.
Moreover, our investigation demonstrated that once you purchase gold, silver, or other precious metals, they will store your assets with their secure partner and IRS-approved depositories.
We have found from using this product that they are partnered with Equity Institutional as their custodians, providing you with an online account to access your holdings anytime.
What is an IRA Custodian?
After familiarizing yourself with the top precious metals IRA companies that you can reach out to set up a silver IRA account, you need to know who can help you manage your IRAs, and that’s an IRA custodian.
Through our practical knowledge, IRA custodians ensure that the government and IRS regulations are always observed. They are financial institutions that hold IRA accounts investments for safekeeping since account owners cannot physically keep precious metals for their existing IRA account.
Based on our observations, an IRA custodian (or trustee in some cases) is necessary to arrange and maintain tax-deferred or tax-free individual retirement accounts. There are two types of individual retirement accounts (IRAs): traditional and Roth IRAs. Traditional IRAs are tax-deferred until withdrawal upon retirement, while Roth IRAs are tax-free upon withdrawal.
Typical IRAs do not allow alternative investments like precious metals, so you need a self-directed IRA custodian if you want to pursue that type of investment. Other types of alternative investments include real estate and even cryptocurrency.
But what is a self-directed IRA (SDIRA), and how is it different from standard IRAs? Through our practical knowledge, an SDIRA allows its account owner to choose various investment options (e.g., precious metals) for greater diversification than standard IRAs (e.g., paper assets).
What are the Types of IRA Custodians?
The following are the types of IRA custodians for traditional IRAs:
Banks
Our investigation demonstrated that banks as IRA custodians are the best option for account owners with a preference for FDIC-insured securities (e.g., money market mutual funds or certificates of deposits).
However, there is a disadvantage because banks generally only allow individual account owners in marketable securities, making them slightly inflexible in holding private investments. Moreover, based on our observations, they commonly charge higher fees for brokerage services compared to traditional brokerage firms.
Mutual Funds
If you aim to access mutual funds, having a mutual fund company as a custodian will be your best bet. Apart from mutual funds offered by the firm, we discovered that you might also invest in ETFs.
The advantage of this type of mutual fund company as your custodian is that it receives funds from multiple investors and, in turn, invests these in stocks, bonds, or other securities. In a way, it widens your portfolio, but it is still limited to paper assets.
Brokerage Firms and Insurance Companies
Through our trial and error, we discovered that you could choose a brokerage as your IRA custodian if you prefer ETFs, mutual funds, stocks, and bonds. A brokerage will help you by acting as the link between buyers and sellers, like an intermediary.
Moreover, our investigation demonstrated that if you want to invest your IRA funds in premium annuities, go for an insurance company to act as your IRA custodian. In the future, these annuities can be a stream of payments for a defined period or the remainder of the account owner’s life.
Note that the annuities they offer can be variable and fixed.
Robo-Advisors
Our investigation demonstrated that robo-advisors are a relatively new type of custodian. They are algorithm-based and automated portfolio management advice. Since they do not require much staffing, there are usually no fees or other expenses.
As mentioned above, self-directed IRAs are more complex, hence the need for an effortful search for a custodian because alternative investments require extra care and may become cumbersome for custodians to hold.
Through our practical knowledge, we’ve come to know these two types of custodians for self-directed IRAs:
1. Custodians
As indicated by our tests, standard custodians only accept marketable securities as their custodial services and refrain from alternative investments or holding private investments due to paperwork. However, having a custodian be in charge of private and alternative investments for high-net-worth clients is possible.
2. Administrators and Facilitators
Administrators are in charge of the work that custodians are expected to do when custodians decide on taking an SDIRA. While administrators do the initial job, the custodians are in charge of auditing the work.
As indicated by our tests, facilitators are in charge of processing a new SDIRA. This placement is to help them navigate the implementation and IRS rules.
After setting up the new SDIRA, they will refer the SDIRA owner to an IRS-approved custodian, making them the liaison between custodians and IRA holders.
Drawing from experience, administrators, and facilitators work for the partner custodian, who holds the assets, and the IRA account owner.
The Role Of An IRA Custodian
Since silver IRA custodians are self-directed, please ensure that your custodian of choice is authorized to hold assets and is IRS-approved. One of the primary responsibilities of an SDIRA custodian is to ensure that the IRA account activities and investment requests are in line with IRS regulations.
Moreover, self-directed IRA custodians allow their clients to invest in alternative assets like precious metals and invest beyond paper assets. They also are in charge of executing the investment decisions of the account owner, i.e., purchasing silver and documenting the transactions.
Drawing from our experiences, SDIRAs offer clients flexibility with their transaction choices and facilitate their financial decisions. They also manage an IRA account’s logistical aspects, such as simplifying paperwork and supervising administrative responsibilities.
Benefits of Silver IRAs
The main benefit of silver IRAs is that they are “indispensable metals” because they are highly used in medical equipment and electronic devices, so their demand is stable and relatively high all the time.
Moreover, with the week-long banking crisis in the United States, having a silver IRA becomes a hedge against paper asset depreciation and can protect you from market volatility.
Why Invest in Silver IRAs?
We determined through our tests that investors purchase silver bullion for their retirement account as it is priced relatively low per ounce. This is better compared to other precious metals, such as physical gold or platinum coins, while having price appreciation over time.
Top Reasons to Buy a Silver IRA
Silver Has Huge Growth Potential
Time has proven that silver is used across the country despite the economic state of that period. For example, during the 1970s inflation, silver’s growth exceeded 2700%.
Silver Is Used Heavily In Technology
Silver has many uses. It is used in pieces of jewelry. Moreover, It is also present in alloys, batteries, and electronics. It is evidently used in electronic industries, evidenced by how each iPhone has 0.34 g of silver to create it entirely.
It is present not only in Apple products but also in medical instruments!
The Tax Advantages Of A Silver IRA
Based on our observations, an advantage of investing in silver IRAs is their exemption from capital gains taxes. Moreover, your earnings from your silver IRAs remain tax-free until your retirement as they have tax-deferred growth.
Strong Industrial Demand Silver
Multiple industries heavily use silver. It is used in photography, radiography, graphic arts, and the inspection of heavy machinery.
It is also used in the solar energy industry as silver is applied to photovoltaics, allowing the photovoltaic cells to convert sunlight into solar energy.
Silver is also widely used on implants and surgical tools because of its biocompatibility with humans.
Final Thoughts — Silver IRA Custodian
While the process of setting up and maintaining a silver IRA account may be complex, it would be less of a burden for you if you have a reputable silver IRA custodian.
Among the companies listed above, we found that Augusta Precious Metals stand out after putting it to the test. This company is exemplary because of its services and its commitment to transparency throughout the process.
It may have a high cost of entry, but with its reputation, you know that your investment is safe with them.
