Question about storage fees for Gold IRA - Savannah, GA investor

Diane Bailey

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Question about storage fees for Gold IRA - Savannah, GA investor

diane_bailey💰Established (100-250k)

about 2 months ago

Key Takeaways

•My portfolio is sitting comfortably in the low 200s now, and honestly, the stability has been a godsend.
•My question for you seasoned investors out there is about storage fees.
•I feel like mine have crept up a little over the years, and I'm wondering what's considered "normal" or competitive in the current landscape.

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Alright, so I’ve been holding physical gold in my IRA for about 8 years now, mostly as a hedge against the economic craziness we seem to keep cycling through. Being a tourism business owner here in Savannah, I've seen firsthand how quickly things can shift, and having that tangible asset has always given me a peace of mind that a pure paper portfolio just can't. My portfolio is sitting comfortably in the low 200s now, and honestly, the stability has been a godsend.

My question for you seasoned investors out there is about storage fees. I feel like mine have crept up a little over the years, and I'm wondering what's considered "normal" or competitive in the current landscape. Are you guys seeing similar increases? I’m currently paying about $200 a year for segregated storage, which felt reasonable when I started with around $100k, but now that it's doubled, the percentage feels a bit different. I'm all about securing my assets, but I'm also a small business owner, so every dollar counts.

Has anyone here ever tried to negotiate these fees? Or is it pretty much a "take it or leave it" kind of situation once you're with a custodian? I’ve been pretty hands-off since setting it up, but thinking it might be time to do a little due diligence. Also, out of curiosity, how many of you diversify into silver alongside gold? I've mostly stuck with gold, but I occasionally check out tools like Silver vs Stocks to see how silver has been performing against the market over the last 10 years, and it's always intrigued me. Maybe something to consider for future contributions.

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7 comments

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Best Answer▲ 13 upvotes

james_wilson👑Elite (1m-5m)

Glad to hear you're looking into the storage fees closely. They can really eat into returns over the long haul, especially with the smaller portfolios. I found this comparison tool on Investopedia for various depositories to be surprisingly helpful when I was first setting up my IRA back in '19. It breaks down not just the annual fees but also insurance and withdrawal costs, which are often overlooked. Saved me a good chunk of change in NYC.

Comments (7)

charles_lewis💎Premium (500k-1m)Real Investor•about 2 months ago

Totally get where you're coming from with the "economic craziness" – feels like a constant state these days! I actually had a similar situation a few years back with my gold IRA. Was just blindly paying the storage fees without really questioning if I was getting the best deal. Ended up doing some research and found a different custodian that was significantly cheaper for the same security and insurance. Definitely worth a look to see if you can optimize those costs, especially after 8 years!

mark_adams👑Elite (1m-5m)Real Investor•about 2 months ago

Hey, that's interesting about being a Savannah business owner and seeing the shifts firsthand. I'm curious, since you've been doing this for 8 years, have your storage fees changed much over time? Or have they stayed pretty consistent with your initial agreement?

joseph_harris📊Growing (50-100k)•about 2 months ago

Hey, cool to see another Savannah local here! I totally get the appeal of physical gold, especially with the way things are going. But honestly, 8 years of storage fees really starts to eat into those hedges, doesn't it? I've always leaned more towards gold ETFs or even some mining stocks for that exposure without the constantly draining storage costs. Just something to consider, especially if you're looking at a longer hold.

robert_thompson💰Established (100-250k)Real Investor✓ Verified•about 2 months ago

Hey there! Sounds like you've been smart with your investments. Just a quick tip on those storage fees – if you're not already doing it, make sure you're comparing the all-inclusive annual fees (admin + storage) from your custodian with others out there. Sometimes, a "low" storage fee can be offset by a higher admin fee, and vice-versa. There are some good comparison charts online if you Google "Gold IRA custodian fee comparison" that can help you see if you're getting the best deal for your metal.

elizabeth_johnson💰Established (100-250k)Real Investor✓ Verified•about 2 months ago

Totally agree with you on the hedge against craziness! I've been doing the same with my Gold IRA for the past 5 years. The peace of mind is worth it. FWIW, my storage fees (also in GA, but closer to Atlanta) are around 0.15% annually, which includes insurance. Might be worth shopping around if yours are much higher!

richard_garcia👑Elite (1m-5m)Real Investor•about 2 months ago

Storage fees really depend on who you're with and what you're storing. I went with segregated storage early on after a buddy of mine in Dallas had a scare with commingled. He actually moved his metals from a major firm after about a year when he realized their "insured" commingled vault still left a lot of gray areas in his paperwork. It's a bit more expensive, yeah, but for me, knowing my specific bars are locked away has been worth the peace of mind. I'm in Houston, so I actually visited my depository once before committing, just to see their setup firsthand.