Gold IRA (also known as Precious Metal IRA) is an ideal investment option for individuals who want to diversify their retirement fund portfolio. It is not volatile as paper stock investments and thus serves well during financial crises. To invest in gold and other precious metals, you will need to find a Gold IRA company that can help with your investment needs.
Investing in precious metals IRA requires a self-directed individual IRA account (SDIRA). Only SDIRAs can invest in non-traditional assets such as real estate, cryptocurrency, and precious metals. Certain Gold IRA custodian companies can help with your IRA account conversion. Such a conversion is also called an IRA rollover, in which funds are transferred from traditional IRA, SEP IRA and Roth IRA accounts to create a self-directed IRA.
Not all investment companies have the expertise to give sound advice on how to go about investing in precious metals. The process requires three significant decisions:
- Selection/purchase of precious metals such as gold, silver, platinum, or palladium from an authorized dealer of gold bullion.
- Selection of a custodian who will handle your gold IRA rollover, the precious metal purchases, and supporting documentation.
- Selection of a depository that will handle the storage of physical gold and other precious metals purchased.
Why Invest in a Gold IRA Company in Texas?
Texas ranks 7th in the top 10 places to retire in the United States. In Texas, personal income such as fixed income wages, Social Security benefits, 401(k), IRA, and pensions are tax-free. The cost of living is low, with sales tax at only 8.25%, with groceries and medications exempt from sales tax. These factors contribute to more flexibility in making investments.
The state also houses a Texas precious metals depository. The Texas Bullion Depository is held to a higher standard than other depositories in the United States. It is the only precious metal depository operated under the state government’s supervision. With the Texas Bullion Depository, investors of gold bullion or coins can be assured that their precious metals remain authentic as they are stored in a secure place.
Gold IRA Companies Operating In Texas
There are nine Gold IRA companies operating within Texas but determining which among them best serves your investment needs requires research that can be time-consuming.
Here is a list of GOLD IRA Companies operating in Texas and their website links.
- GMRGold - Precious Metal Investment
- GoldStar Trust Company
- STRATA Trust Company
- Certified Gold Exchange, Inc.
- Michael Scot Gold & Silver
- Texas Precious Metals
- US Precious Metals
- GSI Gold IRA Investing Lawton OK
- Park Place Financial
- Eric Davila, FIC - Modern Woodmen of America
From the list, there are four GOLD IRA Companies with unique services and offerings that garnered the most praise from their clients. The companies are:
1. Michael Scott Gold & Silver
Michael Scott Gold & Silver offers the full range of GOLD IRA company that provides help in purchasing precious metals, selecting a custodian to handle payments and documentation, and selecting an IRS-approved depository that securely stores the metals. They also offer a free consultation.
The company has been a U.S. Mint Bullion Coin Seller and an authorized dealer for Dillon Gage, one of the largest metals trading firms, for over 40 years. Michael Scott Gold & Silver is also affiliated with Gold IRA Custodians, such as Equity Trust, New Direction Trust Company, and Kingdom Trust. They also work with an International Depository Services (IDS) Group with facilities in Texas and Delaware in the United States and Toronto in Canada.
Michael Scott Gold & Silver makes Gold IRA transactions convenient for investors, serving as a one-stop shop for precious metals. The company also offers free consultation, free product testing, and a buy-back guarantee.
2. GMR Gold - Precious Metal Investment
GMRGold is a gold IRA company with over 50 years of experience assisting clients in diversifying their investments through precious metals. The gold IRA company has accreditations with the Numismatic Guaranty Company (NGC) and Professional Coin Grading Service (PCGS), an assurance of their expertise in providing an accurate evaluation of coinage grade and authentication.
Their in-house buying team provides free appraisals as part of their personalized investing service for all their gold investment clients, regardless of the type of transaction. The company ensures clients of transparency, meaning no hidden fees.
3. Strata Trust Company
The Strata Trust Company has been in the business of Self-Directed IRA Services since 2008 and has attained $3 billion in assets under their custody in 2021. The company boasts of investment flexibility beyond what banks and other financial institutions allow and assures less red tape than what is usual with their large competitors.
Strata precious metal services include storage, valuations, transaction processing, and IRS reporting solutions for gold, silver, platinum, and palladium. The gold IRA company commits to faster turnaround times for investment processing, with 95% of transactions processed within 24 hours and the rest within two business days. Strata do not require any minimum cash balance and hold time to use funds.
4. Certified Gold Exchange, Inc.
Certified Gold Exchange Inc. has been a trusted supplier of gold and silver investments since 1992. Throughout these 20 years, the company brags about never receiving a single complaint and remains unwavering in its commitment to quality service.
One of their unique service features is their price beater algorithm, which checks over 3,000 U.S. dealers to find the lowest gold price for client buyers and the highest prices for client sellers.
Certified Gold Exchange Inc. caters more to significant bulk precious metal transactions worth $50,000 minimum, for which they offer a considerable volume discount. Clients who inquire about smaller transactions are referred to other GOLD IRA service providers.
Other Gold IRA Company Options
The best Gold IRA company for you need not be in Texas, there are a lot of options available elsewhere, depending on your needs. Here are six of the best Gold IRA companies based on the highest consumer ratings as compiled by the Business Consumer Alliance. This non-profit organization monitors and reports on business practices and encourages business self-regulation.
Patriot Gold Group is the best overall Gold IRA company in terms of excellent customer service and competitive pricing. The company garnered an AAA rating with the Business Consumer Alliance and a five-star rating with Consumer Affairs. Patriot Gold Group built its reputation from a long track record of providing the best gold IRA service through investor-direct pricing.
Augusta Precious Metals offers its clients transparent pricing and simplifies the economics behind precious metals IRA by handling 95% of the paperwork. The company also uses the Delaware Depository to take care of its customers’ storage needs. Money Magazine declared Augusta Precious Metals to be the Best Overall Gold IRA Company for 2022 while Business Consumer Alliance awarded them as Best for Transparent Pricing.
Goldco Precious Metals offers substantial educational materials, competitive pricing and 10% back in free silver coins for new accounts. No other Gold IRA company painstakingly precious metal presented investment information in such an organized and equitable, thus gaining their clients’ full confidence. Goldco Precious Metals is the best Gold IRA Company for Customer Support.
Noble Gold is the best Gold IRA company for small investors. The company’s extensive network of partners and suppliers enabled them to offer competitive pricing for precious metals, which, coupled with flat rates for service and storage fees, made them a preferred choice of customers. A Noble Gold investment is also made easier for potential customers through the educational materials readily available on their website.
Regal Assets is best known for offering superior IRA rollovers and transfer expertise since 2010. The company’s fee structure is straightforward, with zero charges for IRA rollover transactions and flat annual service and storage fees. Regal Assets was awarded an AAA rating and was cited as the best Gold IRA Company for IRA rollover transactions.
Advantage Gold has low minimum investment requirements, a low-cost fee structure, and abundant resource materials beneficial to customers, especially first-time investors. Because of these factors, Advantage Gold is the best Gold IRA company for first-time buyers.
Here are more companies also identified as the best in handling Gold IRAs:
Birch Gold Group
American Hartford Gold
Oxford Gold Group
Is a Gold IRA Better than Investing in Physical Precious Metals?
Some investors prefer to invest in physical gold because it allows better pricing options. They can buy either gold bars or coins, any metal of their choice, with fewer fees compared to self-directed IRAs. Physical precious metal investments also allow the selling of coins or bars anytime with no early withdrawal fees.
However, with physical precious metals, investors still need to pay for shipping and handling costs, provide insurance, and a secure third-party storage facility for the physical gold. Physical gold also doesn’t offer tax benefits, and profits from its sale are capital gains and are thus taxable. Liquidating precious metals can also be challenging.
Gold IRAs have custodians to manage the investment, take charge of the investment documentation, and secure the precious metals in a third-party depository. Although Gold IRAs incur custodian fees, the additional investment provides for a hassle-free and secure investment.
There are many reliable Gold IRA companies in Texas that can help with starting your Gold IRA account or improving your current investment portfolio. These companies can assist with your purchase of gold bars, coins, or any precious metal of your choice.
Storage of gold coins and other precious metals is not a problem, with these top Gold IRA depositories available to service your storage requirements:
- Delaware Depository Services Company
- CNT Depository
- Regal Assets
- Brinks Global Services
- ScotiaMocatta Depository
- HSBC Bank USA
- JP Morgan Bank
Choose the Gold IRA Company that can best match your needs and diversify your investments. Let any of these Gold IRA companies take care of your requirements and reap the benefits of hassle-free investment.