During my first visit to the three largest gold IRA companies in operation in the country I asked each of them the same question; “How long have you been in business?” The answer I got each time was “just a few years”. While they were quick to tell me that they had a high level of education and a great track record, not one of them was willing to disclose how many clients they had at that time. So, I decided to give them a chance and see what kind of financial information I could gather from each of them. Here is what I learned.
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First, I wanted to know the percentage of total assets owned by each company that are gold bullion and gold coins. From that information I was able to determine that the A-rated company owned about seventy percent of their assets. The next step I took was to determine which of the two main strategies for each firm used to invest its client’s funds; direct or indirect. From this information I learned that there are basically three types of IRA investment strategies that most people utilize when setting up a gold IRA. I was able to determine that Fidelity and Schwab use a direct strategy, and Capital One uses an indirect approach.
Next, it was extremely important for me to find out all I could about any fees that would be charged to open an IRA account with either company. Each firm did not charge a fee for their direct gold IRA products, but they do charge a fee for their bullion and consumables products. The overall cost of those products is approximately one hundred and twenty-five to one hundred and fifty dollars annually, depending on which firm you choose. Another important thing to consider is the minimum investment requirements for these accounts. All of the top firms require that you invest at least five percent of your total assets into gold or securities that contain gold as a commodity.