Logo courtesy of Augusta Precious Metals
Augusta Precious Metals offers a precious metals IRA, but you’ll need to already have a significant bankroll in your IRA or 401(k) rollover to get started here. Augusta’s fees are in line with the rest of the industry’s, so it’s cost-competitive on that front. The company also offers a solid choice of gold and silver in bars, coins and rounds, though not more specialized metals such as platinum or palladium. Augusta has strong review scores from third-party sites such as Trustpilot, helping reassure clients that they’re working with a high-quality outfit, one that’s among the best gold IRA companies.
Pros
- Strong ratings from third-party scorers
- Responsive customer service support
Cons
- High account and initial purchase minimums
- Necessary to call for pricing
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At a glance
| Account minimum | $50,000 |
| Initial purchase minimum | $50,000 |
| Annual maintenance/management fee | $125 |
| Annual storage fee | $150 for segregated storage, $100 for pooled storage |
| Setup fee | $50 |
| Customer support | 7:30 a.m. to 5 p.m. PT via phone, email, text or online chat |
| Available products | Bars, coins and rounds, gold, silver |
| Reputation | Trustpilot: 4.8/5BBB: A+, accredited |
Augusta offers gold and silver bullion in the form of bars, coins and rounds, so you can pick from a variety of products. For example, Augusta offers American Eagle coins ranging in size from 0.1 ounces to 1 ounce, gold bars from 1 ounce to 10 ounces and a range of gold rounds. You’ll also be able to select coins from the British Royal Mint and Royal Canadian Mint.
The choice of silver is somewhat slimmer. You’ll be able to purchase coins of 1 ounce or 5 ounces, bars of 10 ounces or 100 ounces, and bags of pre-1965 U.S. coins consisting of 90 percent silver in face values ranging from $100 to $1,000, as well as individual silver coins.
Two downsides here, at least at the time of publication. First, many products listed on the site are sold out or available only in limited quantities. Second, you must call for pricing on products, so you won’t be able to make a quick online transaction. In contrast, rival gold IRA companies list prices directly on the site, so you know what you’re likely to pay right from the get-go.
Fees
Augusta’s fees are right in the middle of the pack for gold IRA companies.
- The IRA set-up fee is $50.
- The annual maintenance/management fee is $125.
- The storage fee ranges from $100 to $150 at a major depository institution. At the cheaper end, your gold is secured in pooled storage, while the more expensive option has your gold in a segregated account.
Tally them all up, and the annual cost runs from $225 to $275 for the gold IRA. Augusta will cover shipping and liability insurance to the depository for qualifying purchases.
Account minimums
Augusta has one of the highest minimum account sizes of gold IRA companies, making it more difficult for the beginning investor to plop down a year’s IRA contribution and get started. Augusta requires a $50,000 minimum account size with a similarly sized minimum purchase. That’s more than seven years’ worth of IRA contributions at the current maximum level or a sizable 401(k) rollover, meaning you won’t be able to build your account from scratch here. And while other gold IRA companies suggest or recommend a smaller account minimum, it really is a suggestion there, so you can get started at those other players with little money and build up over time.
The flip side of the higher account minimum at Augusta is that you’ll be able to spread the sizable annual fees across a wider asset base, reducing the fees as a percentage of your investment. For example, assuming annual ongoing fees of $225 on the $50,000 minimum, you’d be paying about 0.45 percent of your investment annually — lower than at rivals.
Customer support
Augusta’s customer support staff are on hand from 10:30 a.m. to 8 p.m. ET (7:30 a.m. to 5 p.m. PT), and you can reach them via phone, email or text. There is also an online chat function on the website if you’d prefer that. In our checks, they were quick to respond, and this responsiveness undoubtedly had an impact on the company’s strong Trustpilot score of 4.8 (out of 5).
Education
Augusta’s website offers commentary several times each week from staff, including from the firm’s economist, that details the state of the precious metals market, what’s driving gold prices, the investment outlook for gold and silver and more. Augusta also offers an inflation and retirement calculator, price charts for key precious metals, as well as other educational resources. The resources provide some context for thinking about whether gold makes sense for your IRA.
Editorial Disclaimer: All investors are advised to conduct their own independent research into investment strategies before making an investment decision. In addition, investors are advised that past investment product performance is no guarantee of future price appreciation.
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