The important thing here is to do your homework before you go any further. There are numerous gold IRA companies online and many of them look very convincing and reputable. However The FTC (federal trade commission) urges caution, so your first steps should be to check out the company’s background and see how they operate.
Check out the company on the Better Business Bureau website
There are some major red flag warnings; Does the gold IRA company have a high BBB rating such as an A or A +? If it doesn’t you should probably look elsewhere.
In addition do the customer reviews seem trustworthy? Although it is great to see pages of positive customer ratings, there should be a few that aren’t quite as positive because even if a company gave away free money and kittens, someone would complain. Too positive feedback can suggest that it might not be genuine.
Be careful with trusting online information.
There are hundreds of gold IRA companies out there and they all want to get your custom (aka money). This means that many will go to a lot of effort to get sales and be seen. One of these methods is via affiliate marketing which is where a website gets paid for attracting customers to another business or company.
Affiliate sites often look like private blogs or review sites and often show up very highly on Google. You need to bear in mind that when these types of sites recommend the best gold IRA company whether they do have a vested interest because if you decide to go with the company, they get paid too.
Communicating with the Gold IRA Company
You have whittled down your internet search to a couple of companies so the next step is to contact them directly.
How is the company’s customer service? Did the sales rep listen to you and explain the process or did he or she attempt to blind you with financial science? Did he or she answer your questions without fudging the answers? Alternatively did you just get treated to a fast moving sales pitch that left you none the wiser? If you have any concerns at all about your customer service experience, choose another company.
We all are familiar with the old tactic of something that seems to be a good deal suddenly introducing extra fees or hidden clauses. Make sure that the gold IRA company is fully transparent about how much it will actually cost you to keep this account. If the company is offering a scaled account this means that your fees for handling the account will increase, as your investment rises. Make sure that you know the costs and the handling charges before you commit.
The quality of the gold on offer
Finally, you need to understand exactly what it is you are buying. Gold is not all the same and it can come in many forms including gold bars or coins.
If you are investing in coins, you need to bear in mind that some coins are more valuable than others because of their historical value or eligibility. If these are damaged the value is reduced. In other cases, a gold coin may be overpriced to start with.
Find out about the melt fee – the basic value the coins would bring if they were melted down and make your decision based on this figure, rather than any other consideration.