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How To Transfer Your IRA to Gold and Silver

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If you’ve been looking to diversify your retirement portfolio, you’ve probably looked at investing in gold and other precious metals.

Opening a gold IRA can be a good option if you want to invest in gold and other precious metals while also getting the benefits of a retirement account.

Transferring funds from your existing IRA to a new gold IRA can be overwhelming, but this guide will help walk you through the entire process.

Before we get started, investing your savings is a serious task. When it comes to adding precious metals to your portfolio, how do you know which companies to trust?

That is why we have researched every company in the industry and selected the very few with the highest customer service standards.

This way you can easily compare the best companies in the business, and choose one that fits your needs and investment goals.


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Transfers vs Rollovers

While similar to each other, a transfer and a rollover have different processes and potential tax implications. Please note that this is just general information on the differences and shouldn’t be viewed as tax or investment advice as this can vary from person to person. Here’s an overview of a transfer and a rollover:

How To Transfer Your IRA to Gold and Silver-Teansfers vs Rollovers

A rollover can come from two sources: an indirect rollover from another IRA or a direct rollover retirement savings account like a 401(k) or 403(b). A direct rollover is where the current custodian of your 401(k) transfers the funds to the new IRA custodian through either a check made payable to the new custodian or a direct wire transfer.

With this process, you can generally avoid being taxed or penalized with a direct rollover as you don’t have direct access to the funds during the direct rollover.

An indirect rollover involves moving funds from one IRA to another IRA through a withdrawal or distribution. When you do an indirect rollover, the entire amount of the funds (including any taxes that were withheld) must be deposited into another IRA within 60 days.

The IRS allows this to be done once within twelve months and the distribution will generate a 1099-R form. That means if you withdraw $25,000 from your IRA but withhold $5,000 in taxes, you will still have to deposit $25,000 within the 60-day rule to avoid taxes and penalties. This method can have its own set of complications and you should try to avoid this method.

Instead, if you want to move funds from one IRA to your Gold IRA, you should do a trustee-to-trustee transfer. With a transfer, funds are moved from one IRA to another like IRA, meaning a Traditional IRA to a Traditional IRA and a Roth IRA to a Roth IRA.

The Transfer is initiated by the gold IRA company and paperwork is sent to the current custodian to start the transfer process. Once the current custodian completes the transfer, they will send the funds directly to the gold IRA company where you’ll then be able to purchase the gold for your IRA account.

How to open a Gold IRA

A gold IRA is considered a type of self-directed IRA which means you’ll have to find a company that offers these types of products. Later on, we’ve recommended some of our favorite Gold IRA companies for you to take a look at as well.

A gold IRA company should be able to help you with the paperwork and setting up the account. They’ll also assist you with knowing which gold and other precious metal products can be used in your IRA portfolio.

You’ll also need to find a gold IRA custodian. Some gold IRA companies can recommend a custodian that specializes in precious metal IRAs. A custodian manages the IRA account and takes care of the bookkeeping side of things. They provide documentation to you and the IRS and maintain a record of transactions that you carry out in your gold IRA.

To open a gold IRA, you will need to fill out an application and paperwork to open the account along with paperwork to transfer funds from your existing IRA or 401(k) to fund the account. You’ll also need to select a depository company that will store your gold and other precious metals.

Once you fund the account, you can then work with the gold IRA company to purchase approved gold and other precious metal products that are eligible for your gold IRA. Once these assets are purchased, they’ll then be transferred to the storage facility.

How to transfer your 401k into a Gold IRA

The process to transfer your existing 401k to a gold IRA without penalties will be a pretty straightforward process and will mostly follow these steps:

Notify your current IRA custodian and let them know that you want to initiate a transfer. You will need to decide whether to transfer a portion of the funds or the entire account. It’s also a good time to ask the current custodian if there will be any fees or other deductions assessed by them for moving funds or closing an account.

Some IRA companies might have specific requests such as having original signatures on the paperwork, but many allow the paperwork to be faxed over. It’s also a good time to verify that the current IRA and the new gold IRA are the same types (Traditional to Traditional or Roth to Roth).

Fill out the transfer paperwork with your gold IRA company. You will need information such as your IRA account number, so it will be a good idea to have a copy of your most recent IRA statement when filling out the transfer paperwork.

Once completed, the gold IRA company will then send the paperwork to the existing IRA company to request the funds. Once the funds are transferred to your gold IRA, you can then make purchases of gold and other precious metals.

Only certain types of gold coins and other products are eligible for gold IRAs so be sure to work with your gold IRA company when selecting these purchases. Once the gold is purchased, the gold and other precious metals will then be shipped to the depository that you selected.

The IRS requires that gold and other precious metals that are funding an IRA be deposited in approved facilities. If you keep the gold at home, this can be viewed as a distribution by the IRS and could have tax implications.

Gold IRA Transfer Fees

The IRS and other related agencies don’t assess a specific tax or other fees in relation to gold IRA transfers. The existing company which you transferred the funds from may have a fee and the gold IRA company will have its own set of fees regarding purchases, account maintenance, storage, and other fees.

It’s a good idea to research these companies beforehand to find a company that offers a transparent fee structure and is competitively structured to provide you with the best value.

Gold IRA Transfers and Taxes

If you do a self-directed rollover there can be tax implications if you’re under the retirement age and the funds aren’t deposited within the 60-day timeframe. This can also be the case if you try to do more than one self-directed rollover in twelve months.

The best way of moving funds from your existing IRA to a gold IRA is to have the gold IRA company initiate a transfer. Since the funds are sent directly from one custodian to another, the IRS doesn’t look at the transaction as a withdrawal and your funds can continue to grow tax-deferred.

Reasons to transfer from an IRA to a Gold IRA

Transferring funds from your current IRA to a Gold IRA has its own set of benefits and disadvantages. Here are some of the benefits of moving a portion of your retirement funds to a gold IRA:

Diversifying your portfolio

 If you’re currently invested in stocks or bonds, transferring a portion of your portfolio into a Gold IRA can help diversify your assets and potentially reduce the risk level of your portfolio. 

Growth potential

Gold has the potential to increase its value over time and historically has trended this way. As the value of gold or other precious metals increases, the value of your portfolio can increase as well.


Inflation can have an indirect impact on the price of gold and other precious metals as investors tend to buy more gold as prices in other categories rise. While not a guarantee, investing a portion of your portfolio into a gold IRA can provide some protection from inflation and preserve your purchasing power.

Where can you open a Gold IRA?

As a special type of self-directed IRA, you’ll have to find a company that specializes in Gold IRAs. Gold IRA companies can vary by industry experience, customer service, and costs.

It’s a good idea to do some research on the different companies available and choose one that works best for your financial situation. Luckily we’ve compiled a list of some of the best Gold IRA companies in the industry to help you get started on diversifying your portfolio.

What are Some of the Best Gold IRA Companies on the Market?

1. Goldco

Located in California, Goldco has over ten years of experience in the industry and specializes in helping customers invest in Precious Metals IRAs along with buying gold and silver.

You can purchase gold and silver bars, and a range of gold and silver coins that you can invest your retirement portfolio in. Goldco also offers articles, guides, and current information on the gold and silver market.

Customer Service

When it comes to customer service, Goldco has an overall positive record with its customers. You can even talk with the customer service team via live chat. They also provide plenty of tools and information to help customers make a more informed decision regarding retirement.

Account Setup

It’s a fairly straightforward process to set up a gold or silver IRA with Goldco. You can request a free kit to learn more about this particular investment strategy and the account specialists can help you with filling out the paperwork.

Once you open up the account, you can fund it with a portion of your retirement savings such as a 401(k), IRA, TSP, and other approved retirement accounts where you can roll over or transfer funds. Once the account is set up and funded, you can purchase the precious metals that will make up your Gold IRA.

Goldco Reputation

Goldco maintains an A+ rating from the Better Business Bureau and also has a Triple-A from the Business Consumer Alliance. You can find countless positive reviews about Goldco online as well.

2. Augusta Precious Metals

Another industry-leading company, Augusta Precious Metals offers gold and silver IRA accounts, bullion, premium gold and silver products, and IRA-eligible coins.

They also have tools, videos, articles, and other information to help customers learn about investing in a gold IRA and the overall process to get the account set up and make informed investment decisions.

Customer Service

Augusta Precious Metals offers great customer service and offers an online chat option so you can chat with a representative about the different options. The website is also easy to use and customers love the wealth of information that’s available for customers to learn about starting a gold IRA.

Account Setup

Augusta Precious Metals offers a simple three-step process to create the new IRA, fund the account, and purchase the gold and silver. They partner with Equity Trust for their IRA custodian and Equity Trust has over thirty years of experience and $25 billion under management in the US.

Augusta Precious Metals Reputation

Augusta Precious Metals has an A+ rating from the Better Business Bureau and a AAA rating from the Business Consumer Alliance.

3. American Hartford Gold

As one of the newer companies in the industry, American Hartford Gold has grown to be one of the largest gold and other precious metals company.

American Hartford Gold

Customer Service

When it comes to customer service, they have a 24/7 customer assistance staff available that can help answer your questions when browsing the site. They also offer customers a buyback program that can offer to purchase their precious metals at the current market rate.

They also offer free insured shipping and are known for their quick delivery of gold and professional and friendly customer service team of experts.

Account Setup

American Hartford offers a simplified application process to open a new IRA account and has a team of IRA experts to help with the application. They can also assist with transfers and rollovers so that you can diversify your income.

American Hartford Reputation

As a family-owned business, customers trust American Hartford to help them with their Gold IRA accounts. They have an A+ Rating with the BB and maintain an overall positive customer service experience from their reviews.

4. Birch Gold Group

The Birch Gold Group is known for its educational resources to help customers make informed decisions regarding their retirement. They offer gold coins and other precious metals for you to invest in and can help you with setting up an IRA.

Birch Gold Group

Customer Service

The Birch Group offers transparent fees to help customers have a better understanding of the costs of setting up and maintaining a precious metal.

Account Setup

The Birch Gold Group offers a simple and easy-to-use system to start your own Precious Metals IRA. They offer a step-by-step process that goes into more detail about what types of accounts can be transferred to a precious metals IRA.

Birch Gold Group Reputation

The A+ Rating and countless other awards and reviews make this a good option to invest your retirement funds with the Augusta Birch Gold Group IRA. They also have an extensive library of resources to help you start the journey to the next step in diversifying your portfolio.

Final Thoughts

There are a lot of different companies where you can invest your retirement funds with gold or silver Finding the right one shouldn’t be a problem with this guide. Before choosing a company for your gold IRA, it’s always a good idea to compare the different options available like how we did earlier.

Fees, customer service, and other factors can differ between companies, and with the proper research, you’ll be ready to open your gold IRA account and invest your portfolio in gold and other precious metals.

If you’re unfamiliar with different investment terms, it’s a good idea to check out the resources available to learn more about IRA investments with gold and silver along with how you can get the process started. Overall, investing in a gold IRA can be a good option to diversify your retirement portfolio in this changing environment.

Remember to read out list of the Top Gold Companies.

>> Click HERE to read our Best Precious Metals IRA Companies list <<


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