With the recent hardships in economic world many people have started to invest in gold IRAs. Gold IRAs operate similar to traditional IRAs but instead of stocks you are investing in gold. It is a great option to safeguard yourself from any issues with the stock market. When the stock market is at its worst, the value of precious metals are at their highest. This makes gold one of the soundest investments for bad times.
Another convenient feature of a gold IRA is that you can rollover your existing 401K into a gold IRA. You can take all or part of your existing 401K and roll it over into a new gold IRA account.
Whenever dealing with precious metals though you need to ensure that you are ensure that you are dealing with quality people and quality metal. Picking the right gold IRA company to rollover your IRA to gold is important. Here are some tips to help you find a highly rated gold IRA company.
Tip 1: Research Gold IRAs
Before doing any research into companies you should have a solid understanding of gold and how gold IRAs work. The current price of gold is an important fact to know to make sure a company isn’t trying to get more money off you than the actual price of gold. Knowing market trends and the current average gold fees will also give you a better understanding for starting your search for a high rated gold IRA company.
Tip 2: Research The Company
If you want to pick a highly rated gold IRA company you need to do research before you even start to contact companies. Finding gold IRA reviews on websites like Yelp, the Better Business Bureau, TrustLink, Forbes, and other rating websites to get an idea of how various gold companies operate. You want to know not just their prices but how well a company treats their customers.
A high rated gold IRA company may have negative reviews but they will be outnumbered by the positive ones. It is near impossible to please every customer.
Tip 3: Call The Companies
Call the various gold IRA companies. Speaking with the company on the phone will give you a firsthand account of how the company works. You will be able to compare the different interactions and different explanations of how the companies do business.
When you are on the phone with them don’t forget to ask these questions:
- How many customers do you handle?
- What are your fees?
- Storage fees
- Setup fees
- Administration fees
- Delivery fees
- Should I sign up for an account and have questions how long does it take to get them answered?
- How long does it take to fulfill my order and setup my account?
- Does your company specialize in gold IRA rollovers? If not do you have enough experience to answer any question I may have?
Tip 4: Don’t Fall For Infomercials
Companies that offer you outstanding deals for a very limited time often aren’t real or aren’t the highest rated gold IRA companies. Don’t fall for the late night infomercials that say you need to order in the next five minutes or miss out on a super deal. Doing your research before you make an investment is what will save you money.
Tip 5: Avoid Pushy Sales Tactics
The sign of a bad company no matter what the industry is a pushy salesperson. Pushy sales people mean that they are more interested in making money for themselves than helping you. It could also be an indicator that there is something wrong with the deal and that they want to prevent you from thinking by pressuring you to buy.
A good company trains their sales people to know that customers will shop around and do their research. The customer will be more likely to make the purchase and return if they are treated fairly and given all the information that they need.
Tip 6: Allocated Gold is A Must
There are two different types of gold that you can have. Allocated gold and unallocated gold. When you invest in unallocated gold you are essentially lending the bank or company your gold. There are very few insurances that you would be able to get your gold should something go wrong.
With allocated gold the gold is yours, you own it. The gold is stored by the institution or company under a custodian agreement. If something were to happen to the institution than your gold is safe because you own it, not the bank.