Storage fees for Gold IRA - are mine normal?

Richard Garcia

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Storage fees for Gold IRA - are mine normal?

richard_garcia👑Elite (1m-5m)

about 16 hours ago

Key Takeaways

•Curious if I'm getting a fair shake on my Gold IRA storage fees, or if I should be shopping around.
•I've been with my current custodian for about 8 years now, ever since I rolled over a chunk of my 401k after retiring from Shell.
•My holdings are pretty substantial, just north of $1.5M in physical gold and some silver, all securely stored.

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Curious if I'm getting a fair shake on my Gold IRA storage fees, or if I should be shopping around. I've been with my current custodian for about 8 years now, ever since I rolled over a chunk of my 401k after retiring from Shell. My holdings are pretty substantial, just north of $1.5M in physical gold and some silver, all securely stored. I'm paying a flat annual fee of $300, which also covers insurance while it’s in their vault. It feels reasonable, but then again, what do I know? I haven't really looked into other options since I set this whole thing up.

I know some custodians charge a percentage, and I'm honestly glad mine doesn't. With my holdings, a 0.1% fee would be $1,500 a year, which is a significant difference. $300 feels like a steal in comparison, especially considering the peace of mind. I'm mainly invested in gold for long-term wealth preservation and as a hedge against inflation – saw enough economic ups and downs during my career to know that a diversified portfolio with real assets is crucial. Plus, living in Houston, I understand the importance of tangible security in an uncertain world.

Anyone else have a similar setup? What are you guys paying for storage on your Gold IRAs, especially those of you with significant holdings? Am I being naive for not exploring other options, or is my current deal actually pretty good? Also, on a related note, with my 70th birthday coming up next year, I'm starting to think more seriously about RMDs. I found this RMD Calculator online and it looks pretty handy for figuring out how much I'll need to withdraw. Any of you folks already taking RMDs from your Gold IRAs have tips on the best way to handle that, especially concerning the physical metal?

4 comments

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Best Answer▲ 9 upvotes

carol_carter💰Established (100-250k)

Woof, $1.5M in gold, that's impressive! Sounds like you've done well for yourself. I had a similar situation a few years back with a much smaller silver IRA. My custodian was charging a flat fee that felt a bit steep for the value I had. Ended up shopping around and found a place that offered a tiered fee structure, which worked out way better for me. Definitely worth looking into, especially with your holdings!

Comments (4)

carol_carter💰Established (100-250k)Real Investor•about 16 hours ago

joshua_phillips🏆Advanced (250-500k)Real Investor✓ Verified•about 16 hours ago

Hey, that's a decent amount of gold to be holding! Quick question just to get a better idea: when you say "physical gold," are we talking about coins, bars, or a mix of both? Sometimes the storage fees can vary depending on what exactly you're holding.

janet_cook📊Growing (50-100k)•about 16 hours ago

Honestly, $1.5M in physical gold is a decent chunk, but your fees might not be that out of line depending on the specifics. Some custodians bundle insurance more comprehensively, or have different tiers based on the type of vault. It's not always a flat percentage you can directly compare. Definitely worth getting a few quotes, but don't just jump to the lowest number without checking what's actually included in that service.

patricia_miller📊Growing (50-100k)✓ Verified•about 16 hours ago

Hey, that's a great question, especially with such a significant amount! Storage fees can definitely vary. One thing to consider is whether your fees are based on a flat rate or a percentage of your holdings. Often, a percentage-based fee can really add up with a large portfolio like yours.

You might find this guide helpful for understanding typical Gold IRA storage costs: Investopedia on Gold IRAs (scroll down to the "Fees and Expenses" section). It gives a good overview of what's common in the industry. Good luck with your research!

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