Precious Metals IRA Fees Explained
A precious metals IRA usually involves a one-time setup fee, an annual custodian fee, an annual storage fee, and smaller transaction charges, plus the less visible cost of the premium you pay over the metal's spot price and the spread when you sell. Goldco's published fee statement appears below as a concrete reference. The rest of this page explains what each type of charge is for and how to compare them across companies.
Goldco's Published Fee Statement
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.
The figures in Goldco's published fee statement above are the company's own wording and should be checked against its current written terms before you open an account. Fee schedules can change, and the custodian's own agreement is the controlling document for custodian charges.
The Main Fee Types, in Plain Terms
Account setup
A one-time charge to open the self-directed account and process the paperwork. It is typically charged by the custodian. Some companies cover it for new accounts; ask whether any such offer has conditions.
Annual custodian or maintenance fee
Pays the custodian for administering the account: recordkeeping, statements, IRS reporting, and processing transactions. It recurs every year the account is open, regardless of whether the metal price rises or falls.
Storage fee
Pays the depository for vault space, security, insurance, and audits. It is often collected by the custodian and passed through. Segregated storage, where your exact items are kept apart, generally costs more than pooled storage; see segregated vs non-segregated storage.
Wire and transaction fees
Small charges for sending money by wire, processing a purchase or sale, or handling certain requests such as overnight mail. These add up if you trade often.
Transfer-out or termination fees
Charged when you close the account or move it to another custodian. They are easy to overlook because they only apply at the end, so ask about them at the start.
Shipping and insurance on distributions
If you take metal in kind, there may be charges to ship it, insured, from the depository to you.
The Costs That Are Not Called Fees
For many buyers, the largest cost is not on the fee schedule at all.
- Premium over spot. Every coin or bar sells for more than the value of its metal content. Plain bullion coins and large bars generally carry lower premiums; proof, themed, and limited-mintage coins can carry much higher ones. Our page on premiums and bid/ask spreads explains why.
- Bid/ask spread. When you sell, a dealer pays a bid price below the current retail price. The difference between what you paid and what you can get back immediately is the effective round-trip cost.
- Buyback terms. Some companies advertise buyback programs. Goldco, for example, advertises that it buys back IRA-approved coins "at the highest price." Read the written terms to see how that price is set and which products qualify.
Because these costs are built into prices rather than listed as fees, two companies with identical fee schedules can produce very different results for the same purchase.
How to Compare Fee Structures
- Separate who charges what. List custodian, depository, and dealer charges separately. A low dealer price does not offset high annual costs over many years, and vice versa.
- Think in total cost over your holding period. Add one-time charges to annual charges multiplied by the number of years you expect to hold, then add likely exit costs.
- Understand flat versus scaled fees. A flat annual fee is a smaller percentage of a larger account. A fee based on account value grows as the account grows. Which is cheaper depends on account size.
- Ask about waivers and their limits. If a fee is waived, find out for how long, under what conditions, and what it becomes afterward.
- Request the premium in dollars per ounce. Compare the same product across sellers on the same day.
- Get everything in writing. A verbal description of fees is not a substitute for the custodian's fee schedule and the dealer's purchase agreement. See reading a precious metals purchase agreement.
Paying Fees Without Selling Metal
Annual fees have to come from somewhere. Most custodians let you pay them from cash held in the account or from a personal card or check. If an account holds only metal and fees are not paid separately, the custodian may need to sell a portion to cover them. Keeping a small cash reserve in the account, or paying from outside funds, avoids forced sales. Paying from outside funds may also be treated differently for tax purposes from paying out of the account, so ask a tax professional.
Where to Go Next
Fees are one factor alongside product pricing, service, and buyback terms. Our guide on how to compare precious metals companies puts them together, and the Goldco fees page focuses on that company's schedule specifically.
Frequently Asked Questions
Are precious metals IRA fees tax deductible?
Rules on deducting account-related expenses have changed over time. Ask a tax professional how the current rules apply to you.
Why are gold account fees higher than a brokerage account's?
Physical metal needs vault storage, insurance, and specialized custodians, which most brokerage IRAs do not. Those services carry costs.
Do fees change if the gold price changes?
Flat fees do not. Fees scaled to account value rise and fall with the value of your holdings.