Gold IRA storage fees - what's normal these days?

Steven Mitchell

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Gold IRA storage fees - what's normal these days?

steven_mitchell🏆Advanced (250-500k)

about 10 hours ago

Key Takeaways

•Hey everyone, Been a while since I've actively posted, but I've been lurking like a pro.
•Got a quick question about storage fees for Gold IRAs.
•I'm based here in Cleveland, and as a manufacturing exec, I've always been a big believer in tangible assets.

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Hey everyone,

Been a while since I've actively posted, but I've been lurking like a pro. Got a quick question about storage fees for Gold IRAs. I'm based here in Cleveland, and as a manufacturing exec, I've always been a big believer in tangible assets. Started my Gold IRA about 7 years ago, right around when I hit my 30s. Got about $350k currently in there, mostly US Eagles and some Canadian Maples. My current custodian's fees seem to have crept up a bit over the last couple of years, and I'm wondering if what I'm paying is still competitive or if I should be shopping around.

Right now, I'm paying roughly 0.15% annually on the total value, plus a fixed $150 per year for insurance. It used to be a flat fee, but they switched to a percentage-based model for the storage portion a while back. Given the rise in gold prices (which is great, don't get me wrong!), that 0.15% is starting to bite a bit more. I know some of you guys have much larger portfolios than mine, so I'm keen to hear what you all are experiencing. Are flat fees still a thing for larger accounts? Or is percentage-based the new norm?

I'm weighing whether it's worth the hassle of potentially transferring custodians or if these fees are just the cost of doing business with precious metals. It's not a deal-breaker, but every little bit counts, especially when you're looking at a 20+ year horizon until retirement. Also, for those of you who have switched custodians – how painful was that process? Any specific red flags to look out for in new agreements?

I've been meaning to really dig into a few different companies again. Maybe I'll start by taking that Gold IRA Quiz I've seen mentioned around here to refresh my memory on some of the basics and see if it points me in any new directions. Anyway, appreciate any insights you guys can offer here. Always good to get some real-world input.

4 comments

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Best Answer▲ 9 upvotes

richard_garcia👑Elite (1m-5m)

Totally get this. I opened mine a few years back and was kinda shocked by the storage fees when I actually looked at the breakdown. They seemed a lot higher than I initially expected, given the value of the gold. I definitely shopped around a bit after that and found some better options, so it's worth it to compare providers, even if you've been with one for a while.

Comments (4)

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

Hey, I'm curious what kind of storage arrangement you have in Cleveland. Is it in a local depository, or did you go with an out-of-state option given that's a common approach for some Gold IRA providers?

richard_garcia👑Elite (1m-5m)Real Investor•less than a minute ago

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

Honestly, "normal" is a moving target these days, especially with how inflation is hitting everyone. I'm not so sure that focusing purely on the lowest storage fee is always the smartest play. Sometimes a slightly higher fee comes with better insurance, more secure facilities, or even just better customer service when you actually need it. Is a few extra basis points worth the potential headache down the road if something goes sideways? Just something to consider beyond the headline number.

betty_king📊Growing (50-100k)•less than a minute ago

Good question! Storage fees can definitely vary. One thing that helped me understand the different options better was looking into segregated vs. allocated storage. Segregated usually costs a bit more, but it means your specific bars/coins are kept separate, not commingled with others. Might be worth checking what type of storage your current provider uses and if that plays into the cost.

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