Minimums for Gold IRAs - what did you guys put in?
- •Been seeing a lot of chatter lately on minimums for Gold IRAs, especially around the physical gold part.
- •I ended up converting about $300k from a mix of old 401ks and a traditional IRA into a self-directed Gold IRA.
- •I mostly went with 1 oz Gold American Eagles and some 10 oz gold bars, the latter definitely helping me hit a higher dollar amount faster.
Been seeing a lot of chatter lately on minimums for Gold IRAs, especially around the physical gold part. When I started digging into this for my own retirement accounts a few years back (around 2020/2021), it felt like there was a pretty wide range among the different custodians and dealers. I ended up converting about $300k from a mix of old 401ks and a traditional IRA into a self-directed Gold IRA. My main driver was getting some real diversification outside of just stocks and bonds – being in manufacturing here in Cleveland, I just prefer having tangible assets, something you can actually hold (even if it's in a vault most of the time).
My custodian had a stated minimum for setting up the account, but then obviously the actual gold purchases themselves have their own minimums based on the bars or coins you're buying. I mostly went with 1 oz Gold American Eagles and some 10 oz gold bars, the latter definitely helping me hit a higher dollar amount faster. What I'm curious about is what others have experienced. Did you run into hard minimums from your custodian for setting up a new account, or was it more about the minimum purchase requirement for the actual precious metals?
And on that note, for those of you who decided to go with silver bars as well – what kind of minimums did you see there? I'm debating adding some silver bars to my portfolio eventually, maybe allocating another $50k or so if the market dips. I mostly stuck with gold for the initial setup due to the higher value density and wanting to hit a specific percentage of my total retirement assets. But thinking about diversifying within the precious metals too. Any specific custodians or dealers you found particularly accommodating for smaller (or larger) initial precious metals purchases?