Custodian fees for Gold IRA - are these normal?

Kenneth Parker

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Custodian fees for Gold IRA - are these normal?

kenneth_parker💎Premium (500k-1m)

less than a minute ago

Key Takeaways

•Okay, so I'm trying to figure out if I'm getting hosed on custodian fees for my Gold IRA.
•I've got around $750k parked in various precious metals, mostly gold and some silver, and I'm currently with a well-known custodian.
•Their annual fee is a flat $250.

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Okay, so I'm trying to figure out if I'm getting hosed on custodian fees for my Gold IRA. I've got around $750k parked in various precious metals, mostly gold and some silver, and I'm currently with a well-known custodian. Their annual fee is a flat $250. This covers storage at a Delaware Depository facility, and then the administrative fees on top of that. It seemed reasonable enough when I set it up a few years back, but I've been hearing whispers from other investors about lower fees, and it's got me wondering.

My logistics company in Memphis is doing well, and I'm starting to seriously plan for succession, which means I'm looking at every dollar. $250 isn't going to break the bank, but if there's a better option out there, why wouldn't I take it? I'm not looking to jump ship for pennies, but I want to make sure I'm not overpaying for a service that's pretty standardized, especially given the size of the account. I originally chose them because they had a good reputation and made the initial rollover from my old 401k pretty seamless. The paperwork felt a little antiquated, but hey, it got done.

For those of you with significant gold IRA holdings, what are you paying in custodian fees? Are there custodians that charge a percentage of assets, and if so, what's typical? Or are flat fees generally the standard for larger accounts like mine? I'm curious if anyone has encountered custodians with scaled fees, where the price per year drops once you hit a certain asset value. Any insights or recommendations would be super helpful. Are there any hidden fees I should be looking out for if I were to consider switching?

3 comments

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Best Answer▲ 10 upvotes

patricia_miller📊Growing (50-100k)

That's interesting they're storing it at a Delaware Depository. Is that a specific type of vault system, or just a general term for storage in Delaware? I thought most IRA precious metals were held at places like Brink's or similar.

Comments (3)

patricia_miller📊Growing (50-100k)✓ Verified•less than a minute ago

robert_thompson💰Established (100-250k)Real Investor✓ Verified•less than a minute ago

Hey, that $250 flat fee actually sounds pretty decent, especially for $750k. I've seen custodians charge percentage-based fees that would absolutely eat into that much capital. A flat fee usually works out in your favor the more you invest. Just something to consider before you assume you're getting "hosed."

paul_hill🏆Advanced (250-500k)Real Investor✓ Verified•less than a minute ago

Man, $250 for a flat fee sounds pretty good to me, especially with $750k! I had a similar situation a few years back when I first opened my Gold IRA. My initial custodian quoted me a percentage of assets, which for a smaller amount wasn't terrible, but it would have scaled up significantly. I ended up switching to another custodian that had a flat fee like yours, and it's been way better. Delaware Depository is a solid choice too, from what I hear.

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