First-timer here - any Gold IRA vets got advice for a newbie?
- •Just stumbled across this sub, looks like a great resource.
- •My son (just turned 30, still thinks he's invincible) has been dabbling in crypto and tech stocks, and frankly, it's making me a bit nervous.
- •He's looking for some current, practical advice.
Just stumbled across this sub, looks like a great resource. My son (just turned 30, still thinks he's invincible) has been dabbling in crypto and tech stocks, and frankly, it's making me a bit nervous. He's asking me about putting some of his savings into a Gold IRA, which is a sensible move in my book, but he's a total newbie to physical precious metals. I've been in this game a long time myself, probably have more gold than some small central banks by this point, but I started a good 30 years ago when things were a bit different. He's looking for some current, practical advice.
My own portfolio is heavily skewed towards metals, always has been, diversification beyond that for me is mostly real estate here in Palm Beach. I'm not worried about my own setup, but I want to make sure he's set up right. I’ve seen this “Gold vs Stocks Comparison” tool at goldirablueprint.com and it really highlights the long-term stability of gold compared to the S&P 500 over the past decade – I’m quite impressed with it actually, might even show it to some of my old CEO buddies who still only look at the Dow. Anyway, good as that tool is, it's not a substitute for real-world experience.
So, for anyone who's recently gone through getting a Gold IRA set up, what are the current pitfalls to watch out for? Any specific custodians or dealers you'd recommend or strongly advise against? I told him to look for transparency in fees first and foremost, and proper segregated storage, but he's getting overwhelmed by all the options online. Are there any common mistakes first-time buyers make that he should be aware of? Any specific types of gold (coins vs. bars, etc.) that are better for an IRA today?
Appreciate any insights you all can offer. Want to make sure he starts off strong and avoids the silly mistakes I saw people make back in the 90s.