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Best Silver IRA Companies in 2024 : Pricing, Benefits, & How it Works

Whether you are far away from retirement or almost at its door, it is never too soon to start thinking about your financial future. The sooner you plan, the greater your savings potential.

Today, the future is on the minds of just about every American. We are all concerned.

With the stock market not always performing as we would like and inflation rising out of control, what will happen to your 401K and other traditional retirement accounts tied up in the stock market?

Will what you put in be more than you get out? Is it possible you could lose it all in the stock market?

Many people realize the dangers of putting all their eggs into one basket. Are all your investments tied up in the stock market?

With the current state of the economy, it would be wise for everyone to consider diversifying their investment portfolios. Precious metals are a sound way to diversify your investments.

Silver coins and bars are a great start if you have been considering investing in precious metals. They are more affordable than their gold counterparts.

What Are Precious Metals IRA Companies?

Precious metals IRA companies guide their customers in investing in silver bullion and gold coins. If you have an existing IRA, you can begin investing in precious metals with ease.

If you need to buy a new gold IRA, the company will guide you in the process. Once you invest in a precious metal IRA, you have the option of investing in a few different ways.

What Is a Silver IRA?

A silver IRA is also known as a gold IRA or precious metals IRA. It is simply an individual retirement account that allows you to invest in gold and silver bullion, among other precious metals assets.

With this IRA, you can invest in the following:

  • You may invest in silver and gold bullion and bars if they meet the IRS regulations for purity and storage.
  • You may also invest in gold mining stocks.
  • You may invest in gold EFTs (Exchange-Traded Funds).

Once your account is funded, you have the option of contributing with a tax deferment, depending on your type of IRA.

We will discuss these types later in this article. Keep reading for more details.

Why Should You Invest in a Silver IRA?

Are you concerned about your financial future? If all your retirement is tied up in the stock market, you may want to re-evaluate things. What would happen if a crash occurred?

While there is no impending crash on the horizon, the future is not clear. Many investors realize the need for diversifying.

If you have not diversified your investment portfolio, you could be in for a rude awakening. Do not risk your financial future.

There are many reasons people should consider investing in a silver IRA, such as:

  • Investing in the best precious metals IRA allows you to hedge against inflation. With inflation higher than ever, now is a great time to consider your options for a precious metal IRA.
  • When investing, it helps to select a commodity that has real-world value. Silver is used more than gold in many industrial applications.
  • There are also tax benefits to consider. Your precious metal IRA will be exempt from capital gain taxes, and you will not be taxed on any dividends or interest.
  • Another reason to invest in precious metal assets is that they maintain their value, even when the dollar begins to dip.
  • Investing in physical gold and silver also allows you deflation protection. Deflation can occur just as rapidly as inflation, leading to dropping prices and insufficient goods and services.

Why Are Gold and Silver Money?

Gold and silver are considered the other currencies because their price, although mostly stable, fluctuates similarly to paper money assets.

While they can be bought and stored, we typically do not see silver and gold being used as currency in today's world outside of circulating coins.

Because gold retains its value, it has been honored as another form of currency in many countries. In times of economic downturn, and even in stock market crashes, gold has become much more valuable than paper assets.

Benefits of Owning Silver Coins

Silver has been around for thousands of years and has been used as currency throughout the world. Silver has great value.

With its global recognition of being a fine investment, silver and physical gold remain integral parts of investing in a precious metal IRA, but there are many benefits to explore with this metal:

Silver is a tangible asset that is safe and affordable for investment purposes. Many people invest in silver bullion when they first start investing because it is less expensive than gold.

  • Silver is required in many industries, ensuring there will always be a demand.
  • Investing in silver coins makes it easier to sell small amounts should you need cash to get through a tough financial spot.
  • Silver outperforms gold in bull markets. Investing in precious metals helps diversify your portfolio and reduce its volatility.
  • Because many people invest in digital assets, they are at risk of cyber attacks. Owning physical silver eliminates the risks of identity theft and protects your gold IRA investment.
  • Some people worry about investing in Canadian Maple Leaf Coins and precious metal bars because they are concerned about the possibility of government confiscation, which has occurred in the past. When it comes to precious metals, the government is more likely to confiscate gold over silver, based on past historical incidents.

Those interested in investing in silver should consider the top gold IRA companies above. Companies like Goldco Precious Metals put their customers first and work towards helping them choose the best metals for their gold IRA accounts.

Global Demand for Silver

We have already briefly mentioned that the silver demands are high and will likely always remain that way. Although gold is used in some industries, it is not widely utilized. Silver, however, is always in demand because of its conductive components.

Many people mistakenly believe gold is in higher demand than silver, but given the mass application needs for this precious metal, silver reigns supreme when it comes to global demand, even though it is not as valuable as gold.

Industrial Applications for Silver

Silver is an integral component of electronic devices because of its high level of conductivity. Although it might not receive the same level of glory as gold, in some aspects, it is considered more vital than its yellow metal cousin. The following are some of the industrial applications for silver:

1. You may be surprised to learn more than 36 million pounds of silver are used in the manufacturing of cars each year. Silver membrane switches control many of a car's functions, including the ignition.

2. Photovoltaic cells used in solar energy panels require powdered silver. The sun's energy could not be harnessed without the addition of silver powder.

3. According to experts, you will find some component of silver being used in every electronic device, no matter how simple or advanced.

4. Silver is also used for soldering and brazing, making it a metal that is utilized in countless industries.

5. Silver is also an excellent germ fighter. You will find silver is an ingredient in many medications.

6. This precious metal also purifies water and is an essential component of many water filtration systems.

7. Silver is also used in jewelry making and tableware.

Ways to Invest in Silver

You can invest in silver in multiple ways. No matter which of the following you select, it is important to choose the right silver IRA company to get started. The best gold IRA companies guide their customers through each step in the process and offer expert advice that can help new investors get started on the right path to meet their investment goals.

One of the most satisfying ways to invest in precious metals, like silver, is by purchasing coins and bullion. Silver coins are affordable, and it is nice to see your stockpile growing steadily.

If you purchase American coins made before 1964, you will find they are all about 90% silver. Purchasing from precious metals dealers is one of the best ways to start investing in physical silver.

You can also purchase from pawn shops and some jewelry shops and find gold bullion at these locations. Many people invest in both.

If you have a gold IRA rollover, you will need to remember the IRS rules for purity. There are only certain coins allowed to be held in a gold IRA.

The right precious metals dealer will help you with your self-directed IRA so you can purchase precious metals with confidence.

You can invest in futures if you want to further your investment options. Investing in silver futures does not require taking physical ownership. You are simply wagering on the rising or falling of the precious metals market.

The best part of investing in silver futures is that you do not have to put up a lot of capital to have a lot of leverage in future contracts. The main problem with futures is that they convey a much greater risk than paper assets.

ETFs are Exchange-Traded Funds. If you do not want to worry about purchasing mutual funds or physical gold from a gold group, you can invest in ETFs, which are much less risky than silver futures.

The funds from silver ETFs are highly liquid. Best of all, you can sell your funds on any day the stock market is open.

When people start investing in self-directed IRAs, they may not realize their silver and gold IRA gives them the option of investing in silver mining stocks.

Owning stock in a silver mining company allows you to diversify your investment funds. You can even invest in these stocks through mutual funds to help grow your retirement savings.

How Can You Open a Silver IRA?

The steps to opening a silver and gold IRA are relatively easy. A gold group can help you through each step in the process.

One of the first things you will need to determine is how you will fund your silver and gold IRA. Most people roll over from existing retirement savings.

You will need to contact the custodian that is over your self-directed IRAs. They will be the ones to submit the necessary paperwork for opening your IRA for gold and silver products. Just remember that this process can take up to ten days.

When filling out the paperwork, you can decide if you want the funds from your account sent directly to you in the form of a check or sent straight to your new silver IRA company to fund your account.

As a word of caution, if you have a check sent from your accounts, you only have 60 days to deposit the funds, or they will be considered a distribution and taxed as such. Plan accordingly when funding your new account with a withdrawal.

Once your new account is open, you can begin shopping for bullion coins and other tangible silver assets. Selecting the right gold group makes the process of investing in your retirement savings much easier.

Understanding the Options for IRA Accounts

An IRA is an individual retirement account. There are two main types of IRAs. Understanding their differences will help you help learn how to open a silver IRA wisely.

With a traditional IRA, you can contribute money to your silver, platinum, and palladium IRA each year without owing any taxes. Upon retirement, when you begin to withdraw, you will pay taxes on each contribution.

A Roth IRA is similar to traditional individual retirement accounts, but the tax benefits do not kick in right away. When you make contributions to your gold Roth IRA, you must pay taxes on each one. Upon retirement, distributions will not result in any tax fees.

Both of these have their advantages, depending on whether you will need the tax benefits now or in retirement. Working with a company that specializes in gold or silver IRA accounts will give you expert guidance on working with self-directed IRAs.

What Is a Rollover?

A rollover occurs when you withdraw all or a portion of the funds in one retirement account and deposit them into another eligible retirement account within 60 days. If you go over 60 days to make the deposit, it will be considered a distribution and will be taxed accordingly.

You can carry out a rollover with many types of retirement accounts, including a 401K, traditional IRA, self-directed IRA, and Roth IRA, among other less utilized accounts. To ensure your retirement account is eligible for a rollover and to start the process, you should contact the administrator of your existing traditional IRA or 401K.

Factors to Consider When Selecting a Silver IRA Company

If you have decided to start investing in a precious metal IRA, one of the first things you must consider is which gold group you will pursue assistance from.

With so many people being interested in investing in precious metals IRAs, it stands to reason many companies have risen. Just remember that not every company offers the highest level of expert service for precious metals IRAs.

The following are some key considerations when searching for a gold group. Following these tips will help you find a reputable gold IRA company without so much stress.

When searching for gold IRA providers, you must ensure you select one that is informative. If you are new to investing in gold and silver bullion, you will especially need guidance from a company like Birch Gold Group.

The precious metals industry is massive, and there is much to learn. Before purchasing precious metals, you must ensure you are educated.

You are going to run into unscrupulous marketing tactics when pursuing precious metal investments. Some companies will market their services with claims of guaranteed profits.

These companies will occasionally use scare tactics to frighten people, especially vulnerable seniors. They may post glaring headlines that talk about stock market crashes and impending doom.

Although these events can occur in the United States, precious metals IRA companies should never use fear tactics to get customers. Ensure the company offers factual information without the scare tactics before getting started in precious metal investments.

You absolutely must research carefully before putting your money into gold and silver investments. Check the reputation of the company.

Do not put your precious metals investments in jeopardy by selecting the wrong company. You should not even purchase rare coins from a company that does not have a solid reputation.

One of the biggest mistakes you can make when searching for a gold group is to rush the process without carrying out your own research. Whether you are investing in mutual funds, physical silver, or ETFs, you need to know who you are purchasing from and what they can offer you.

Fees & IRS Rules

There are specific rules that have been put in place by the IRS for investing in precious metal IRAs. Failure to follow these rules could result in tax penalties. The rules you need to know are:

  • All silver bars and coins must be at least 99.9% pure.
  • Gold bars and coins must be at least 99.5% pure. American Eagle coins are the only exception.
  • The physical silver and gold must be held in a secure third-party depository.
  • A government mint or an accredited producer must produce all coins and bars.
  • You cannot add gold that you already own to an IRA.

Types of Silver and Gold Coins for IRAs

As you consider your options for investing in a silver IRA, you need to be aware of the coins that are eligible. Now that you know the IRS rules for fineness, we need to delve into the world of silver bullion coins and approved gold coin options:

  • One Ounce American Silver Eagle Coins
  • One Ounce American Gold Eagle Coins
  • One Ounce American Gold Buffalo Coins
  • One Ounce Austrian Philharmonic Coins
  • One Ounce Canadian Gold Maple Leaf Coins
  • One Ounce Canadian Silver Maple Leaf Coins
  • One Ounce Silver Britannia Coins
  • One Ounce Chinese Silver Panda Coin

Any of the above silver bullion coins or gold options can be used to invest in a silver and gold IRA. You can invest in gold, silver, platinum, and palladium as long as the coins meet IRS regulations for your retirement savings account.

What Are the Fees Involved with Silver IRAs?

Before you start investing in silver with precious metal IRA companies, you must be aware of some of the fees you will incur. The fee amounts will vary according to the company and services you select but may include the following:

  1. One-time account setup fee
  2. Annual account maintenance fee
  3. Transaction fees
  4. Annual custodian fees
  5. Premium coin fees
  6. Cash-out fee

When Do You Withdraw From Your Silver IRA?

When you turn at least 59 1/2 years old, you have the option of liquidating your physical precious metals. You can take the distribution in cash or take possession of your physical silver. If you take possession of your metals, this is called distribution in kind.

When you take possession of your silver and other metals, you have many options. You can hold on to these for the future, sell them, or pass them down to future generations. The choice is yours.

If you take a distribution before the age of 59 1/2, you are going to experience tax penalties. Be mindful of the IRS rules, and work with a reputable gold IRA company before you start withdrawing your gold and silver.

What Is a Required Minimum Distribution?

You are going to come across a lot of terms that may be confusing in the process of investing in silver. One of the terms you need to be aware of is the required minimum distribution.

A required minimum distribution (RMD) means you have to start withdrawing by the age of 70 1/2, although you can start much earlier, at the age of 59 1/2. The RMD is a specific amount of money a retiree must withdraw each year after the age of 70 1/2.

How Is the RMD Calculated?

The IRS calculates the RMD amount by the account balance from the previous year. The RMD is also calculated by the IRS uniform lifetime table (ULT). Your RMD amount may change each year, depending on these two factors.

You must withdraw RMDs by December 31 of each year, or you will face penalties.

Understanding Stock Market Corrections

Another thing you need to be aware of is stock market corrections. A stock market correction occurs when a stock market decline ensues at more than 10% but not more than 20%.

Stock market corrections result in a rapid change in the price of commodities, such as silver. We call it a correction because the price adjustment helps correct the fall and return prices to more long-term amounts.

FAQ About Silver IRAs

This article is packed with information to help you select the best silver IRA companies. Because this subject encompasses so much information, you may have further questions.

The following are some of the top questions people have about silver IRAs. As always, we recommend you do your own research as well. Be sure you are ready to invest in gold bars before you get started with a self-directed IRA.

Precious metals like silver are a good investment. Silver and gold both retain their values when economic downturns occur and the dollar value drops. There are many ways to invest in silver, including physical metals, ETFs, and mining stocks.

You can hold silver in an IRA, but there are specific IRS rules in place. You must purchase silver that is 99.9% pure. Remember that you can only take physical possession of your silver once you are over 59 1/2. You must also store your silver in an approved third-party depository.

If you would like to invest in a silver IRA, you can either roll over from an existing retirement account or open a new one. You will need to fund your IRA, and then you can begin purchasing silver, gold, platinum, and palladium coins.

Investing in a precious metals IRA is a good idea. Today, many people are making the smart move to invest in precious metals.

Diversification limits the volatility of your investment portfolio. Precious metals retain their values, preventing you from losing your retirement funds.

If you want to get started investing in gold and silver, you will need to find the best silver IRA companies. There are many options.

We have put together an extensive guide packed with information on the best companies and what they offer. You will find what each company offers and why we have put them in our order.

#1: American Hartford Gold - Price Match Guarantee

American Hartford Gold is one of the leading precious metals IRA companies in the United States. The company was started in 2015 by Sanford Mann. Although they are one of the newer kids on the block, they have developed a solid reputation over the years.

American Hartford Gold has received countless positive customer reviews and has an AA rating on Business Consumer Alliance and an A+ on the Better Business Bureau. The Better Business Bureau has rated 100% to American Hartford Gold for their customer response.

You will find American Hartford Gold is endorsed by some truly respected investors in the business world, including Lou Dobbs, Rick Harrison, and Bill O'Reilly. The company has also been awarded the #1 Gold Company in the Inc. 5000's 2021 list of America's Fastest-Growing Private Companies.

American Hartford Gold is poised to help people invest in a gold and silver IRA without the stress. They offer a price guarantee that assures customers they will beat competitors' prices. The company also offers a generous buyback program for its customers. When you decide to cash in at retirement, they will be there to buy your precious metals.

For Whom Is American Hartford Gold Best?

American Hartford Gold is best for anyone tired of worrying about their retirement accounts. They are a gold IRA company with heart, and they offer gold and silver at competitive prices.

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#2: Goldco Precious Metals - Best Customer Service

If you have been considering an investment in gold and silver, Goldco Precious Metals is a name you are going to want to learn.

We put this company in our number one position because of its dedication to customer service.

Goldco was established in 2006 by Trevor Gerszt. Under his masterful direction, the company has gained a spotless reputation in the gold industry.

If you research Goldco, you will find they have a AAA rating on Business Consumer Alliance and an A+ rating on the Better Business Bureau.

Headquartered in Woodland Hills, California, Goldco helps customers with their gold IRAs or assists them in rolling over their existing retirement accounts to a precious metals IRA. The company is endorsed by trusted celebrities like Chuck Noris, Ben Stein, and Stew Peters.

Goldco has been given many awards and included in the Inc 5000's distinguished list of Fastest Growing Companies.

They were also listed in the Los Angeles Business Journal's list of the Top 25 Fastest-Growing Companies in LA. Goldco has received countless honors in the industry.

For Whom is Goldco the Best?

Goldco is best for someone new to investing and wanting to get started right away on diversifying their portfolio. This company is tops in customer service.

Goldco provides an expert that will work with you every step of the way to complete your transactions. Having expert guidance is essential for your investment strategy.

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#3: Augusta Precious Metals - Simple Startup Process

Augusta Precious Metals is in our number two position because of its simple and straightforward signup process. Augusta Precious Metals has made things so simple for its customers that they handle around 95% of the process. You only have to take care of a few minor details.

The company opened its doors in 2012, with Isaac Nuriani as the founder. Augusta Precious Metals is headquartered in Casper, Wyoming, and is a family-operated physical precious metals company.

When searching for Augusta Precious Metals, you will discover their consumer review site ratings are some of the best among their competitors. On the BBB, they have an A+ rating. The Business Consumer Alliance has rated Augusta Precious Metals with a AAA rating.

Like others on our list, Augusta Precious Metals partners with some of the industry's most respected gold IRA custodians, including GoldStar Trust, Kingdom Trust, and Equity Trust.

For Whom Is Augusta Precious Metals Best?

Augusta Precious Metals shines when it comes to helping new investors with their precious metals IRA. They also offer a wealth of silver coins and deliver an extensive database of precious metals like gold and silver.

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#4: Birch Gold Group - Low-Pressure Sales Approach

Birch Gold Group is another top gold IRA company. They are in our top five list because they offer a low-pressure approach to selling silver and other precious metals.

When you first start investing in the best precious metals IRA, you will likely feel a little overwhelmed with all the information out there. Most people do not want a pushy salesperson to make them feel even more overwhelmed.

The company opened its doors in 2003 with Laith Alsarraf at the helm. Laith is the founder and current CEO of this precious metals IRA company.

Birch Gold Group helps its customers open a new gold IRA account or rollover an existing retirement account to a precious metals IRA. They also sell a wide array of physical gold and silver. With qualified purchases, you can get up to $10,000 in free silver bullion or gold coins.

For Whom Is Birch Gold Best?

Birch Gold is best for those who need complete guidance in investing in precious metals but do not want pushy sales tactics that cause them stress. Birch Gold handles practically all of the steps involved in investing in precious metals IRAs. Best of all, they take care of you for the full life of your account.

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#5: Noble Gold Investment Company - Lowest Investment Minimum

Noble Gold comes in at number five on our top five list of the best precious metals IRA companies because they have the lowest minimum investment requirement. You can get started with as low as $2,000.

Very few precious metals IRA companies offer such a low investment minimum, which is why Noble Gold remains tops in the gold IRA industry. The company is fairly new in the industry, opening its doors in 2016.

Noble Gold is headed by Collin Plume: the company's president and CEO. With over 15 years of experience investing in precious metals IRAs, Collin is quickly forging a path of success with Noble Gold.

This company is a smaller firm and is family-owned and operated. They do not take a hard sell approach to selling physical precious metals.

With many glowing customer reviews, it is clear that Nobel Gold is the gold IRA company many investors are searching for to help them diversify their investment portfolio options.

For Whom Is Noble Gold Best?

Noble Gold is best for those who have a limited amount of money to invest in physical precious metals because they are just getting started. The low investment makes them more attainable.

You will appreciate this company when it comes to its low-pressure sales tactics. They simply want to educate you and guide you in your purchase of precious metal coins.

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Final Thoughts on Silver IRAs

Most people are concerned about the economy for various reasons. If all your investments are tied up in the stock market, you could be losing money daily.

We all want to preserve our financial futures. One of the ways you can stop the losses is by diversifying your portfolio with silver and precious metals.

You will need a custodian and a reputable precious metal dealer to get started. With the information we have provided, you should now be prepared to take action and get started on your journey toward financial freedom for the future.