How to Choose a Gold IRA Company: 10 Questions to Ask

Picking a gold IRA company comes down to asking good questions and watching how they get answered. We'd put the ten questions below to any company on the first call. If a rep dodges the one about markup or buyback, you've learned something, and the free federal and state records further down will fill in the rest.

Why the company you choose matters

The company you deal with when you open a gold IRA is usually a precious metals dealer. It sells you the metal and helps with paperwork, while a separate custodian holds the account and a depository stores the metal. (Our guide on how a gold IRA works lays out those roles.)

Nobody affects your costs more than the dealer. Nobody. It sets the price you pay for metal and frequently the price you get when you sell, which means two dealers selling the same coin can charge very different amounts, so a careful choice here can save you thousands of dollars.

10 questions to ask any gold IRA company

Ask on the phone. Then get the answers by email. A trustworthy company won't mind putting anything in writing, and one that balks has told you something useful.

1. What will I pay in total, including every fee?

Get the setup fee, the yearly custodian and storage fees, and any wire or transaction fees. If one is being waived, ask for how long. You can check the answers against our fee guide.

2. What is your markup over spot on each product you recommend?

The markup is the gap between what you pay and the market price of the metal. It's frequently the largest cost in a gold IRA. Get it as a percentage, product by product.

3. If I sold this back to you today, what would you pay?

This one shows your real round-trip cost. Whatever the gap is between today's selling price and today's buyback price, that's money you'd lose right away if gold didn't move at all.

4. Why are you recommending this particular product?

Listen for a clear, simple reason. Common bullion coins and bars usually carry the lowest markups. If you hear proof or premium coins, ask why, and ask how their markup compares with bullion. Our guide to coins vs. bullion explains the difference.

5. Which custodian and depository do you work with, and can I choose my own?

Get the names. Look them up yourself. Ask whether you can use a different custodian or depository if you'd rather.

6. How is my metal stored and insured?

Ask whether your metal is stored segregated or commingled, and who insures it. Then ask how you'd confirm what you own. The answer should be regular statements from the custodian listing your holdings.

7. How does your buyback work, and how long does it take?

Ask whether the company commits to buying metal back, how it sets the price, how long cash takes to reach your IRA once you say sell, and what happens if you'd like to sell to someone else instead.

8. How are your representatives paid?

Plenty of salespeople earn commissions, and there's nothing rude about asking. What you're listening for is whether pay depends on the type of product sold, because that can shape what gets recommended to you.

9. What happens if I change my mind?

Find out whether there's a cancellation window and what it costs to reverse a purchase. While you're at it, ask what fees apply if you move your account later.

10. Can you send me everything in writing before I commit?

That means the fee schedule, product prices, the spot price at the time of the quote, buyback terms, and the custodian agreement. Read it at your own pace, at the kitchen table, with whoever you'd normally talk money over with, because nobody needs to decide on the first call and a company that acts otherwise isn't one we'd trust with our savings.

Red flags

Most companies in this business are legitimate. Certain tactics should still make you slow down.

Say you request information on a Tuesday and a rep calls that afternoon. Within ten minutes you've heard that the price is only good until Friday, that a "limited" coin is a better fit than the bullion you asked about, and that you shouldn't bother running it past your accountant. That's three red flags in one call. We'd hang up politely and move on.

Pressure to act fast

"This price is only good today." "Inventory is running out." "You need to move before the next market crash." No retirement decision has to happen in one phone call, and a good company will give you time.

Pushing premium or proof coins

If a salesperson steers you toward "special," "limited edition," or "exclusive" coins instead of common bullion, ask why. Those products tend to carry much higher markups. And the claim that certain coins are protected from government confiscation? It's a familiar sales line. Treat it with caution.

Fear-based pitches

If the pitch leans on a collapsing dollar or failing banks, or warns that your 401(k) will be wiped out, it's built to rush you. People decide badly when they're scared.

Promises about returns

No one knows where gold is headed. Anyone who promises returns, says gold "can't lose," or tells you prices will double is making a claim nobody can back up.

"Free silver" and bonus offers

"Get up to 10% back in free silver" sounds generous. In practice the bonus is often paid for through higher prices on the metal you buy, so ask what your markup would be with the offer and what it would be without it, then compare.

Discouraging outside opinions

Be wary of anyone who tells you not to talk it over with your financial adviser or your family, spouse included. A good company is glad to take questions from the people you trust.

How to check a company before you sign

These checks are free. Under an hour, start to finish.

Federal enforcement records

Both the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) have brought cases against precious metals sellers for fraud and misleading sales practices. Put the company's name into the search on CFTC.gov and SEC.gov. While you're on the CFTC site, read its consumer advisories on precious metals schemes too.

Your state regulators

Your state attorney general's office and state securities regulator handle consumer complaints, and sometimes they go after dealers. Search their websites for the company name, or call and ask if there are complaints on file.

Individual representatives

If someone claims to be a licensed broker or investment adviser, check them on Investor.gov or FINRA's BrokerCheck. Plenty of precious metals salespeople aren't registered. That's allowed. A claimed license, though, is one you should be able to confirm.

Better Business Bureau complaints

The Better Business Bureau is a private organization, and its letter grades are only part of the picture. The complaint history is the useful bit, so skip the grade, open the complaints themselves, and read how the company responded to each one.

Online reviews

Reviews help. Read them skeptically:

• Lots of "best gold IRA company" lists come from sites that earn money from the companies they rank. This site also earns money from referrals, which we explain in our disclosure.
• Most reviews get written right after someone opens an account, when everything feels good. Hunt for reviews from people who sold metal or took distributions.
• Patterns matter more than any one review. One unhappy customer could be a fluke; a pile of complaints about the same thing, like buyback prices or hidden markups, deserves your attention.
• Be skeptical of reviews that sound alike, or that praise a salesperson by first name without a word about prices.

After you choose

After you pick a company, you'll open the account, move the money, choose your metal, and confirm where it's stored. We go through each of those in what happens after you request a free kit.

Once you've done your homework, you can look at the company we recommend below. Put the same ten questions to it, and hold it to the same straight answers you'd expect from anyone.

Think a dealer misled you? You can report it to the Federal Trade Commission and to your state attorney general.

Common questions

Should I talk to more than one company?

Yes, if you can. Quotes on the same common bullion coin from two or three companies will show you what a fair markup looks like.

Is a company with lots of ads or celebrity endorsements more trustworthy?

Advertising proves a company has a marketing budget. It tells you nothing about prices, markups, or how customers get treated when they sell. Use the questions and checks above instead.

Do I have to use the custodian the dealer recommends?

Frequently you can choose your own, though some dealers work only with certain custodians. Ask before you start, and look the custodian up yourself.

What if a company won't tell me its markup?

Keep looking. Without the markup, you can't judge whether the price is fair or how far gold has to rise before you break even.

We base our guides on primary sources such as the IRS, the Department of Labor, and federal regulators. Read our editorial policy. Spot an error? Tell us.