How to Choose a Precious Metals Company
Choose a precious metals company the way you would choose any business that handles a large purchase: get its prices, fees, and terms in writing, check its record with independent sources, and make sure its products and process fit what you actually want. The eight criteria below give you a way to compare companies side by side without relying on advertising.
Start With What You Need
Before comparing companies, write down three things: whether you want metal delivered to you or held in a self-directed IRA, roughly how much you plan to spend, and which metals and products interest you. A company that suits a first-time buyer moving an old workplace plan into metals may be a poor fit for someone who wants to buy a few coins every month, and the reverse is also true. If retirement funds are involved, our guide on how to open a precious metals IRA explains the moving parts.
The Eight Criteria
1. Pricing You Can See and Compare
The most important number is the total price per ounce you pay compared with the spot price. A good company tells you the premium on each product when asked and puts the final price on a written confirmation before you pay. Be cautious if a seller cannot or will not tell you how far above spot a product is priced. Our page on premiums and spreads shows how to do the math.
2. A Clear Fee Schedule
For IRA accounts, fees come from several parties: the custodian, the depository, and sometimes the company itself. Ask for every recurring and one-time charge in writing and find out who bills each one. Goldco publishes a fee statement, shown here as required:
Gold IRA Fees
The required minimum purchase at Goldco to start a gold IRA is $25,000. Goldco’s preferred Custodian charges a flat annual account service fee which includes a one-time IRA account set-up fee of $50. as well as a $30 wire fee. Annual maintenance is $100, and storage is $150 for segregated storage or $100 for non-segregated storage.
Fees for gold storage and custodianship can vary depending on the company you select to handle these services (required by the IRS, as all IRA assets must be managed by a custodian). Depending on the Custodian, storage fees can range from $10 to $60 per month, or as a percentage of assets, from 0.35% to 1% annually.
Compare Goldco's published fee statement above with the written fee disclosures of any other company you are considering, and confirm which custodian and depository charges apply to your account. For a broader look, read precious metals IRA fees explained.
3. A Product Mix That Matches Your Goals
Some companies emphasize widely traded bullion coins and bars; others promote proof, commemorative, or limited-mintage coins that tend to carry higher markups. Neither is wrong for every buyer, but you should know which you are being offered and why. Read numismatic coins vs bullion to understand the difference.
4. Retirement Account Support
If you plan to hold metals in an IRA, ask which self-directed IRA custodians the company works with, who prepares the transfer or rollover paperwork, and how it confirms that each product meets the fineness rules in 26 U.S.C. 408(m). The company should be able to explain the difference between a direct transfer and an indirect rollover without hesitation.
5. Storage Options
Ask which depositories the company uses, whether segregated storage is available, and how the metal is insured while stored. For directly owned metal, ask how it is shipped and insured until it reaches you.
6. Buyback Terms in Writing
Many companies advertise that they buy metals back. Ask whether that is a commitment or a courtesy, how the buyback price is set relative to spot, and how long payment takes. Our guide to how buyback programs work covers what to look for.
7. How the Sales Process Feels
A good company answers questions patiently, sends written materials, and lets you take time to decide. Pressure to act immediately, warnings that you must move money out of banks or stocks today, or a push toward one product line are reasons to slow down. See high-pressure sales red flags.
8. A Record You Can Check Yourself
Look the company up on the Better Business Bureau site, search the CFPB complaint system, and read the CFTC's consumer protection materials on precious metals. Read complaints for patterns, not just counts, and see how the company responded. Our guide on how to verify a precious metals dealer walks through each step.
Putting the Comparison Together
Once you have answers from two or three companies, line them up: all-in price on the same product, total yearly costs for IRA storage and custody, buyback terms, minimum purchase, and how comfortable the conversations felt. The company with the lowest headline price is not always the cheapest once spreads and fees are counted. Our company comparison hub applies these criteria to specific companies, and the Goldco review shows how one company measures up. According to Goldco's website at the time of writing, its direct purchases carry a $10,000 minimum; confirm current terms.
Frequently Asked Questions
Should I choose the company with the lowest fees?
Fees matter, but they are only one piece. A company with low account fees and high product markups can cost more overall. Compare the full cost of buying, holding, and selling.
Does the company pick my custodian?
Usually you choose, often from custodians the company works with regularly. You can ask whether you may use a different one.
Is it a problem if a company recommends proof coins?
Not necessarily, but ask how the premium compares with a standard bullion coin of the same weight, and what the company would pay to buy it back.
Can a precious metals specialist tell me how much to buy?
Specialists can explain products and processes, but they are not licensed financial advisors. Decisions about allocation are best discussed with a licensed professional.