8 Questions to Ask Before Opening a Gold IRA

I almost opened a gold IRA with the wrong company. The rep sounded great on the phone, the website looked polished, and they promised "the lowest fees in the industry." But I had a list of questions. And by question three, the cracks started showing.

That experience taught me something: the right questions will separate trustworthy gold IRA dealers from the ones that want your money first and your trust never. I ended up vetting more than a dozen companies before rolling over $50,000 from my old 401(k). These eight questions are the ones that actually mattered. They exposed hidden fees, questionable sales tactics, and dealbreakers I would have missed if I had just gone with the first company that called me back.

If you are researching a precious metals IRA for the first time, print this list. Bring it to every phone call. The answers will tell you everything you need to know.

1. What Are the Total Annual Fees?

This is question number one for a reason. Fees in a gold IRA are not like fees in a regular brokerage account. You are paying for more moving parts: a self-directed custodian, a third-party depository, and the dealer's markup on the metals themselves. Those costs add up, and some companies make them deliberately hard to calculate.

Here is what you should expect to pay, based on my own research and the account I opened:

• Setup fee: $0 to $150 (many dealers waive this as a promotion)
• Annual custodian fee: $75 to $300, depending on account size and the custodian
• Storage fee: $100 to $175 per year for segregated storage; $50 to $100 for commingled
• Dealer markup: 1% to 8% over spot price, baked into the purchase price of your metals

I pay roughly $200 to $250 per year in combined custodian and storage fees on my $50,000 account. That comes out to about 0.5% of the account value, which I consider reasonable. But on a $10,000 account, that same $250 is 2.5% annual overhead. Brutal.

The red flag: any dealer who cannot give you a clear, itemized breakdown of all fees before you commit. (For specific dollar amounts on every fee you will pay, read my hidden gold IRA fees guide.) I had one company tell me "fees vary" three times on the same call without giving me a single dollar figure. I hung up. You should too.

2. What Is the Minimum Investment?

Minimums vary wildly across the industry, and they matter more than most people realize. Not just because of how much cash you need upfront, but because the minimum tells you something about who the company is designed to serve.

From the three dealers I trust:

• Birch Gold Group: $10,000 minimum. The most accessible entry point, good for smaller rollovers or people who want to start modest.
• Goldco: $25,000 minimum. A middle ground that opens the door for most people with a 401(k) to roll over.
• Augusta Precious Metals: $50,000 minimum. Higher bar, but the education and service you get in return is the best I have experienced.

My advice: do not stretch to meet a minimum. If you have $30,000 to roll over, Goldco or Birch Gold are better fits than trying to scrape together an extra $20,000 for Augusta. And if you only have $10,000, be honest with yourself about the fee math. A $250 annual fee on a $10,000 account means your metals need to appreciate 2.5% just to break even. That is doable in most years, but it is a headwind you will feel.

Also ask: does the minimum apply only to the initial purchase, or to each subsequent purchase as well? Some dealers require $5,000 or more per additional buy, which limits your ability to dollar-cost average in smaller increments.

3. Do They Push Numismatic or Collectible Coins?

This question is a litmus test. The answer will tell you whether a dealer is working in your interest or theirs.

Numismatic coins are collectibles, graded and priced based on rarity, condition, and collector demand rather than metal content alone. They can carry premiums of 30% to 50% (sometimes more) above the spot price of the gold or silver inside them. Dealers love selling them because the margins are enormous. A Gold Eagle at 5% over spot earns the dealer far less than a "rare" pre-1933 coin at 40% over spot.

Here is the problem. When you eventually sell those numismatic coins back, the collectible premium often evaporates. You paid $2,800 for a coin containing $2,000 worth of gold, and when it is time to liquidate, you get $2,050. That extra $750 you paid went into the dealer's pocket and never came back.

I specifically asked every dealer I spoke with about numismatics. Two of the twelve companies I initially contacted pushed them hard. One rep spent fifteen minutes explaining "the upside potential of rare coins" before I could steer the conversation back to bullion. Those two companies did not make my short list. I wrote separately about seven red flags when choosing a gold IRA company if you want to know exactly what to watch for.

Augusta, Goldco, and Birch Gold all focus on standard bullion products: American Eagles, Maple Leafs, and bars from recognized refiners like PAMP Suisse and Valcambi. That is what belongs in a retirement account. Period.

4. How Is the Rollover Handled: Direct or Indirect?

If a dealer does not immediately tell you to do a direct rollover, walk away. This is not a gray area.

A direct rollover means your funds go straight from your existing 401(k) or IRA custodian to your new self-directed IRA custodian. The money never touches your hands. No tax consequences. No time pressure. No risk of a catastrophic mistake.

An indirect rollover means the check comes to you. You then have exactly 60 calendar days to deposit it into the new IRA. Miss that deadline by even a single day and the IRS treats the entire amount as a taxable distribution. On a $50,000 rollover, that could mean $12,000 to $15,000 in federal income tax plus a 10% early withdrawal penalty if you are under 59 and a half. Gone. Because of a deadline.

Every reputable dealer will set up a direct rollover for you and handle most of the paperwork. When I moved my $50,000, Augusta coordinated the entire transfer between my old 401(k) provider and the new custodian. I signed a few forms. They did the rest. The funds moved in about seven business days, and I never saw the money in my personal bank account. Exactly how it should work.

For a full breakdown of the rollover process, timelines, and which retirement accounts qualify, I put together a separate gold IRA rollover guide.

5. Where Are the Metals Stored?

Your gold does not sit in the dealer's back office. It should not sit in your closet. And it absolutely cannot sit in a home safe if you want to keep your IRA's tax-advantaged status.

IRS rules require that precious metals in a self-directed IRA be stored at an approved third-party depository. These are high-security vaults operated by companies like the Delaware Depository, Brink's, and International Depository Services (IDS). They carry full insurance, and your metals are documented and audited.

Two storage options to understand:

• Segregated storage: Your metals sit in their own designated space, separate from other investors' holdings. When you take a distribution, you get back your exact coins and bars. I chose this option. Yes, it costs more ($100 to $175 per year versus $50 to $100 for commingled), but I want to know the specific Gold Eagles I purchased are the ones waiting for me.
• Commingled storage: Your metals are stored alongside holdings of the same type from other investors. You get back equivalent metals, not the specific items you bought. Cheaper, and functionally fine for most people. A gold Eagle is a gold Eagle.

The question to ask the dealer: which depository do you work with, and can I choose between segregated and commingled storage? Any hesitation or vagueness here is a warning sign. Your metals are your retirement. You deserve to know exactly where they are and how they are held.

One more thing. Avoid anyone who pitches "home storage IRA" schemes. I cover this in more detail in my 9 gold IRA mistakes article, but here is the short version. The IRS has gone after these arrangements in court, and investors have lost. The penalties include the entire account balance being treated as a distribution, meaning full income tax plus the 10% early withdrawal penalty. A $50,000 IRA can turn into a $35,000 tax bill overnight. Professional depository storage at $150 a year is the cheapest insurance you will ever buy.

6. What Is the Buyback Policy?

Nobody asks this question early enough. I almost did not either. But think about it: you are buying a physical asset that you cannot hold in your hands. When it is time to sell, whether that is for a required minimum distribution at age 73 or because you want to rebalance your portfolio, how exactly does that work?

The best dealers offer a formal buyback program. That means when you are ready to liquidate some or all of your metals, the dealer will purchase them back from you, typically at or near the current spot price. This matters because selling IRA-held metals on the open market is logistically complicated. You cannot just list your Gold Eagles on eBay. The metals are in a depository, managed by a custodian, inside a tax-sheltered account. Having a dealer who will buy them back simplifies the entire process.

Questions to ask about the buyback policy:

• Do you guarantee to buy back any product you sell me?
• What spread or discount from spot should I expect on buybacks?
• How quickly do you process buyback transactions?
• Is the buyback policy in writing, or is it just a verbal promise?

Goldco stood out to me here. Their buyback program is well-documented and straightforward. Augusta also offers buybacks, and the process through my own account has been clearly explained (though I have not needed to sell anything yet). Birch Gold handles buybacks as well.

A dealer without a buyback policy is a dealer who only cares about the sale, not the relationship. Hard pass.

7. How Long Have They Been in Business?

Track record matters. Gold IRA companies operate in a space where trust is the entire product. You are handing over tens of thousands of dollars from your retirement account to a company that will buy physical metals and arrange storage on your behalf. The difference between a company with 15 years of clean history and a company that launched last year is not trivial.

Here is what I found when I researched the dealers I now recommend:

• Birch Gold Group: Founded in 2003. Over two decades in business, which is the longest track record of the three.
• Augusta Precious Metals: Founded in 2012. Younger than Birch Gold, but they have built a spotless reputation in that time. Zero complaints filed with the BBB as of my last check, which is almost unheard of for a company processing this many transactions.
• Goldco: Founded in 2006. Nearly 20 years of operations, thousands of IRA rollovers completed, and a well-known presence in the industry thanks to high-profile endorsements.

Beyond the founding date, dig into what has happened during those years. Check the Better Business Bureau for complaint history and resolution patterns. Look at their BBB rating (all three of my recommended dealers hold A+ or equivalent ratings). Search for any regulatory actions, lawsuits, or FTC complaints. Fifteen minutes of research can save you from a company that looks established but has a trail of unhappy customers behind it.

I also pay attention to the size of the team. A company with 50 or more employees is operating at a different level than a five-person outfit working out of a shared office. Scale does not guarantee quality, but it usually means repeatable processes, dedicated support staff, and the infrastructure to handle your account long after the initial sale.

8. What Do Real Customer Reviews Say?

Not the testimonials on the company's own website. Those are curated. I mean independent reviews from people who have actually gone through the rollover process and lived with the account for months or years.

Here is where I look, in order of trust:

1. Better Business Bureau (BBB): Read the actual complaint text, not just the star rating. How the company responds to problems tells you more than the number of five-star reviews. Do they resolve issues quickly? Do they get defensive? Do complaints follow a pattern (like hidden fees or difficulty liquidating)?
2. Trustpilot: Useful for volume. Thousands of reviews make it harder to game the system. Look at the distribution. A company with 4.8 stars from 2,000 reviews is more credible than one with 5.0 stars from 47 reviews.
3. Google Reviews: Often the rawest and most honest because people leave them without being prompted. Filter for one-star and two-star reviews. Those tell you what goes wrong and how often.
4. Reddit and investor forums: The most candid source. People posting anonymously tend to be brutally honest about their experiences, both positive and negative.

When I did this research before opening my own IRA, Augusta's reviews were almost universally positive. Across BBB, Trustpilot, and Google, the pattern was consistent: customers praised the education process, the transparency on fees, and their dedicated account representative who stayed with them after the sale. The few negative reviews I found were about the high minimum investment, which is a legitimate concern but not a service failure.

Goldco had strong reviews with occasional complaints about sales pressure during the initial call. My own experience confirmed this: the rep moved a bit faster toward closing than I was comfortable with. Not a dealbreaker, but something to be aware of. The actual service after opening an account gets consistently high marks.

Birch Gold's reviews reflect a company that knows its products deeply. Customers mention knowledgeable reps who can discuss market conditions and metal selection in real detail. The occasional complaint centers on the setup process requiring more effort from the investor. If you are self-directed and organized, that will not bother you. If you want full hand-holding, Augusta is the better choice.

A Quick Reference: All Eight Questions at a Glance

Take this list with you when you call any gold IRA dealer:

1. What are the total annual fees, including custodian, storage, and any account maintenance charges?
2. What is the minimum investment for an IRA, and is there a minimum for subsequent purchases?
3. Do you sell numismatic or collectible coins for IRA accounts? (The right answer is no.)
4. Will you set up a direct rollover, and will you handle the paperwork with my current custodian?
5. Which depository stores the metals, and can I choose between segregated and commingled storage?
6. Do you have a written buyback policy, and what spread should I expect?
7. How long has the company been in business, and what is your BBB complaint history?
8. Where can I read independent customer reviews from people who have held accounts for more than a year?

Any company worth your retirement dollars will answer all eight questions clearly, directly, and without deflection. If a rep gets evasive on even one, keep looking. There are too many good options to settle for a company that cannot be transparent.

Frequently Asked Questions

Can I ask these questions before committing any money?

Absolutely. You should. A reputable dealer will answer every one of these during a free consultation, before you sign a single form. Augusta, Goldco, and Birch Gold all offer no-obligation phone calls and free information kits. If a company pressures you to commit before answering your questions, that tells you everything you need to know.

What if a dealer gives vague answers?

Move on. Vague answers on fees, storage, or buyback policies are not signs of a complicated business. They are signs of a business that profits from your confusion. I spoke with two companies early in my search that could not give me a straight fee breakdown after thirty minutes on the phone. Neither made my list.

Should I talk to multiple dealers before choosing one?

Yes. I requested information from three dealers and had phone calls with each before committing to Augusta. The conversations took a total of about four hours spread across a week. That time investment saved me from at least one company that looked good on paper but failed on transparency. Comparing dealers side by side is the single most useful thing you can do during this process.

How much of my retirement should I put into a gold IRA?

Most financial planners suggest 5% to 15% of your total portfolio for precious metals. I went with about 15%, which felt right given my risk tolerance and timeline. Going above 25% makes me uncomfortable, and I say that as someone who obviously believes in metals. Your equities, bonds, and other assets still need to do their jobs. A gold IRA is a piece of the strategy, not the whole thing.

Is a gold IRA worth it for someone with less than $25,000?

It depends on how you feel about the fee ratio. On a $10,000 account paying $250 a year in fees, you are losing 2.5% to overhead before your metals gain a penny. That is a steep headwind. Birch Gold Group has the lowest minimum at $10,000, and their fees are competitive, but the math still requires honest evaluation. If you plan to contribute more each year and grow the account, the fee percentage shrinks over time. If the $10,000 will just sit there, the numbers work against you.

Opening a gold IRA is a big decision. Not because the process is hard (it really is not), but because the wrong company can cost you thousands in unnecessary fees, bad products, or mishandled rollovers. These eight questions are your filter. Use them, and the right dealer will make themselves obvious.

Ready to start your research? Grab a free information kit from any of the three dealers I recommend below. No commitment required.

Get Augusta's Free IRA Guide Request Goldco's Free Kit Get Birch Gold's Info Kit