Gold IRA storage fees - what's normal these days?
- •Thought I'd finally ask this here since it's been bugging me.
- •Anyway, my custodian here in Madison charges me around $200 a year for storage, flat fee.
- •It's not breaking the bank, but every year when that bill comes, I wonder if I'm getting hosed or if that's par for the course nowadays.
Thought I'd finally ask this here since it's been bugging me. I got into Gold IRAs a few years back, just a small slice of my retirement pie – maybe 10-15% of my total portfolio, so probably around $50k-$100k these days with the way things are going. I'm one of those folks who saw the writing on the wall with inflation years ago, always been a bit cautious after seeing a few downturns in the dairy industry. Anyway, my custodian here in Madison charges me around $200 a year for storage, flat fee. It's not breaking the bank, but every year when that bill comes, I wonder if I'm getting hosed or if that's par for the course nowadays.
I know some places charge a percentage, and others have different tiers. Mine's stored in a pretty reputable vault, fully insured, all that good stuff, so I'm not worried about the security. It's more about knowing if I should be shopping around. I've been with the same company since I opened the IRA, mainly because, frankly, once you set these things up, it's a hassle to move them. But if there's a significant difference, I'm a practical guy, I can make a change.
So, for those of you with Gold IRAs, especially if you have a similar amount invested (let's say anywhere from $50k-$200k in physical gold), what are you paying for storage these days? Flat fee? Percentage? Any custodians out there you'd recommend or warn against based on their fees? Appreciate any insights folks can offer.