How to Start a Gold IRA: Steps to Setting it Up

After my recent article I wrote, about what a Gold IRA is, someone asked me, “Okay, I’m sold, how do I go about setting one up?” After explaining it all to the person, I realized that many people might have the same questions. 

Here is the full breakdown on how to start your own Gold IRA. There a lot of terms covered, like Roth IRA, rollover, and self-directed IRA. If you’re unsure about what those terms mean, be sure to read my other articles. Also, if you’re not sure a Gold IRA or physical Gold is best for you, check out my article explaining the differences.

Without further ado, let’s jump right in.

Determine if Gold is Right for You

One of the biggest question marks about starting a Gold IRA is whether it’s right for you or not. I covered a lot of that ground in my recent article about transferring your IRA to Gold. Basically, you want to determine your current investment status, and then compare that to your goals.

Keep in mind that gold can fluctuate against the dollar, and sometimes it can perform far better than stocks.

On the other hand, there may be dips in the market. When you decide to go with Gold, there are a number of great companies that can help you honestly and fairly look at whether Gold is right for you.

In fact, one of the very best Gold IRA companies, Augusta Precious Metals, specializes in helping people make this very choice.

Pick the Right Gold IRA Company

There are dozens of Gold IRA companies out there, and frankly, a few scammers. That’s why it’s important to do good research. In this case, I’ve done a lot of the leg work vetting Gold IRA companies. I came up with a list of the very Best Gold IRA firms out there.

When you’re deciding, there are a number of factors you should consider, in no particular order. All of these are important, and one aspect might figure more prominently for you than another, so consider them all.

Transparency and Cost

Not every Gold IRA company is upfront about their fee structure and set up costs. One thing to look for is whether you can find out these prices before signing up.


All the companies on my list have experts working for them, but some specialize in particular parts of the market. For instance, Birch Precious Metals includes Palladium and Platinum among their options, while other companies focus on just Silver and Gold.


No matter what business you do with someone, you want them to have a great reputation. Goldco, for instance, won me over as having the Best Reputation for a Gold IRA company.

Minimums and Fees

Many of the top-flight Gold IRA companies have similar fee structures, but can vary by a couple hundred dollars a year. In addition to that, some companies require as much as $50,000 for an account set up, while others are much lower.

Contact Your Preferred Gold IRA Company

After you’ve researched who may be right for you, contact them with all your goals and current investments in hand. A good Gold IRA representative will help guide you through how much you should think of investing, and what metals will best serve you.

When speaking with a Gold IRA company for the first time, make sure you know whether you’re going to rollover or transfer an existing IRA or 401(k), or whether you’re setting up a new IRA with cash.


It’s nobody’s favorite part, but I mention it here because so many people gloss over it. But it’s a painstaking process that you should always keep in mind waits for you at some point in this process. Being prepared for it with all your relevant information will make the process much smoother.

Fund Your Account

After you have filled out your paperwork with your preferred custodian, the next process is fairly straightforward: link your new Gold IRA with a qualified checking account, transfer the required funds, and begin investing!


When your setting up any IRA there will be unexpected questions. That’s why the most important step is choosing the right company to work with. Goldco, Augusta, and Birch top my list, and I would recommend starting there. All of their agents are qualified to help guide you through the process.

If you have questions about how to rollover or transfer your existing IRA or 401(k), check out my articles for specific information on those processes.

About the author Greg Lorenzo

Greg is a financial expert who has been advising his audience on loans for over 10 years. He has a wealth of knowledge and experience in the area, and he is passionate about helping people get the best possible deal on their loans. Greg is an expert in negotiating loans, and he has a proven track record of getting his clients the best possible terms. He is also a strong advocate for financial literacy, and he regularly gives workshops and seminars on the topic.

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