Just got my Gold IRA statement, question about storage fees
- •This is my second year with a Gold IRA and I’ve got about $380k in it, mostly American Gold Eagles and some South African Krugerrands.
- •My quarterly fee was $125.
- •That feels… not outrageous, but I'm trying to benchmark it.
Okay, so I just got my quarterly statement for my Gold IRA and while everything looks good – metals are there, values are tracking – I'm squinting at the storage fees. This is my second year with a Gold IRA and I’ve got about $380k in it, mostly American Gold Eagles and some South African Krugerrands. I went with segregated storage, which I know costs more, but for me, coming from a family where asset protection and keeping things ours is pretty ingrained (my grandfather’s timber company was almost screwed over by a bank during the Depression, not going to let that happen to my gold), it felt like the only real option.
My quarterly fee was $125. That feels… not outrageous, but I'm trying to benchmark it. I know it depends on the total value, and my stuff is stored out in Delaware, which I picked partly because it felt geographically safe from potential West Coast shenanigans. My father uses a different custodian for his much larger precious metals holdings, but he’s also using a different kind of storage out of state, so it’s not really apples-to-apples. I’m thinking maybe I need to call my custodian and just confirm how they calculate it. Is it a flat rate up to a certain value, or a percentage? My original paperwork from a couple of years ago when I set this up wasn't super clear on the exact breakdown for segregated and I just kinda filed it away after signing.
Frankly, part of me wonders if I'm overthinking this. My accountant here in Spokane just gives me a shrug and says "it's the cost of doing business" when I bring it up. But with inflation running hot, every dollar counts, even if it feels small when you're talking about almost $400k in assets. It just feels like something I should have a better handle on, especially with this being a long-term play for me – thinking 20, 30+ years out, passing this down.
So, for those of you with Gold IRAs, especially if you’re using segregated storage, what are you typically paying in storage fees? And how is it calculated for you? Any tips on negotiating these, or is it pretty much a fixed cost based on your custodian’s schedule?