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Gold is one of the most exciting assets for investment purposes today, as it can hedge against inflation and resist many market downturns. You can add gold to your retirement income portfolio by opening a precious metals IRA. This investment option provides tax-advantaged support for protecting your future income.
Two places you can consider for a gold IRA are the Birch Gold Group and Goldco. You can get a Birch Gold or Goldco IRA to diversify your retirement portfolio with tangible assets. These two groups are very appealing to retirement investors, but they have some differences to note.
About the Companies
The Birch Gold Group is legit, as it has been serving precious metals investors since 2003. The group operates out of Burbank and hires specialists who can help people start gold or silver IRAs. Birch also assists people in acquiring silver or gold coins and bars for personal possession.
Goldco is another California-based group that has been around for a while. Goldco was formed in 2006 and offers investment opportunities similar to what Birch Gold provides.
Both of these companies can help you start a precious metals IRA. You’ll get access to an in-house custodian who can set up your IRA and maintain it to IRS standards. Equity Trust Group is a preferred IRA custodian that works extensively with both companies.
What Assets Are Available?
Both Birch Gold and Goldco offer gold and silver IRAs. You can open an IRA with a custodian linked to either organization. The IRA will allow you to store gold or silver in whatever value you prefer for retirement investment purposes. Both sites also let you acquire coins or bars for personal investment use if you don’t want to start an IRA.
Birch Gold has more items for sale, as you can acquire various gold, silver, platinum, and palladium bars, coins, and rounds. You can even invest in goldbacks for general gold investing purposes and is IRA-approved for BGG. Goldco offers gold and silver bars and coins, but it doesn’t have platinum or palladium for sale.
Your Goldco or Birch Group gold can stay in a vault in an IRS-authorized warehouse. Delaware Depository, IDS of Texas, and Brinks Salt Lake City are among the warehouses these two groups support.
Goldco offers segregated and non-segregated storage solutions. A segregated storage option means you’ll keep your assets separate from everything else in a storage site. This choice is useful if you want to keep your metals safe, but it costs extra to use.
Birch Gold offers international storage solutions with the International Depository Services Group, one of the world’s most secure storage facility providers.
Charges and Minimums
While the services Goldco and Birch offer are similar, they have different charges and minimums to follow. Your Birch Gold IRA will require a minimum investment of $10,000, while Goldco requires $25,000 to start a Goldco gold IRA.
The Goldco and Birch Gold prices are nearly identical to one another. These two groups charge $50 for a setup fee for starting an IRA, plus there’s a $30 wiring fee. The annual maintenance for both groups is $80, while a storage fee of at least $100 applies to each company.
For Goldco customers, the storage fee goes up to $150 if you choose a segregated storage option. Birch Gold may also charge different rates for storage, as the storage service providers Birch Gold hires will establish fees separately from Birch.
Custodial fees also apply for IRA investments. Both groups charge from $150 to $200 in custodial fees each year, with the totals varying over whatever you are investing.
Goldco has a buyback service for precious metals, while Birch Gold does not offer such a feature. You can sell your Goldco precious metals back to Goldco for a profit if you make a profit on your transaction. Goldco’s buyback program makes it easier for you to get more out of your precious metals, especially if you are investing in them outside of an IRA.
What About Price Matching?
Birch Gold and Goldco do not offer price matching. Price matching entails matching other groups’ cash offers for your precious metals.
Goldco offers an average delivery time of one to two weeks for your investments. Birch Gold can take two to four weeks to complete a delivery. The timing varies by asset, value, and order volume.
Both of these companies have positive ratings from many customers. Birch Gold Group reviews show that the company is highly trustworthy. The Birch Gold Group BBB page shows the company has been accredited with the BBB since 2011, plus it has an A+ rating with the group. The company also has a five-star rating with Trustpilot.
Goldco reviews also show that people are satisfied with what the company offers. The Goldco BBB page shows it also has an A+ rating and has been accredited since 2011. The company also holds an AAA rating from the Business Consumer Alliance.
Both of these service providers provide customer service support that members can trust. One part of a Birch Gold Group review to note involves how you can contact the group’s customer service department when you need help. You can reach the group by phone during regular business hours on weekdays, or you can send an email request for help.
Goldco also has a toll-free number where you can contact a representative as necessary. You can contact Goldco on business days, or you can leave a live chat message on the Goldco website.
Both groups also have free investing kits you can request by mail. You’ll get a guide from either group that lists information on how gold investing works and what services these companies provide.
Which Is the Better Option?
Birch Gold and Goldco offer similar services, as you can acquire precious metals from these groups or set up self-directed IRAs with these entities. But there are a few differences worth spotting between these two groups.
Goldco offers a buyback program for when you want to sell your gold or other metals for any reason. Goldco also offers a faster delivery time for getting your assets ready.
But Birch Gold is easier to enter into, as the minimum for getting an account ready is lower. For $10,000 you can get a precious metals IRA account opened to start protecting your retirement savings. There are also more metals for you to invest in with BGG, although the group does not offer a buyback program.
Be sure when checking on Goldco and Birch Gold that you know what to expect out of these groups. These are appealing places that will help you invest in precious metals, but be sure when looking for something that you’re finding an option that fits your needs. To further review other offerings from these two, such as silver IRAs, click our review for Best Silver IRA Companies 2023.
What does a custodian do for your precious metals IRA?
A custodian will hold your assets in your IRA and operate the IRA under IRS-approved rules. The custodian operates separately from a traditional bank.
Do the values of all precious metals link together?
Some precious metals will see their values change independently from one another. All four major metals will change in value at different times. Investing in many of these at once can help you hedge your risks.
How much of a precious metal will you purchase at once?
The amount of a precious metal you can acquire will vary by option. Many coins are one troy ounce in weight, while others gold bars can weigh as much as 400 troy ounces.
What is a troy ounce?
A troy ounce is 31.1035 grams or about 0.912 ounces.
Risk Disclosure: Any investments come with an inherent risk, where you could end up making less money than what you put in. Before investing your hard-earned cash, be sure to speak with licensed professional financial advisor first. Always remember that past performance is not an indication of future returns.
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