Storage fees for gold IRA - felt a little high

Kenneth Parker

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Storage fees for gold IRA - felt a little high

kenneth_parker💎Premium (500k-1m)

about 7 hours ago

Key Takeaways

•Just got done reviewing my annual statement for my Gold IRA and the storage fees felt a little steep this year.
•I've got a decent chunk in there, probably pushing $700k now with how things have been going.
•My advisor said it was all pretty standard, but thought I'd get some outside opinions here.

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Just got done reviewing my annual statement for my Gold IRA and the storage fees felt a little steep this year. I've got a decent chunk in there, probably pushing $700k now with how things have been going. Been building it up for about 7 years, thinking about divesting some of my logistics company in Memphis soon and this IRA is a big part of my succession plan. My advisor said it was all pretty standard, but thought I'd get some outside opinions here.

I'm using a pretty well-known custodian, and the gold is stored in a commingled vault. The fees clocked in at around $2,000 for the year. Is that about what others are seeing for a portfolio of this size? I know there are dedicated storage options, but I was told that for my holdings, commingled was the most cost-effective. Plus, I don't really have a desire to go visit my gold bars, so security and insurance are bigger concerns for me than knowing exactly which bar is mine.

I’m just trying to make sure I’m not leaving money on the table, especially as I start to think more seriously about stepping back from the day-to-day. Anyone in a similar boat, or with a portfolio size in the same ballpark? What are you all paying for storage, and are there any lesser-known options or strategies to mitigate these costs without sacrificing security?

5 comments

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Best Answer▲ 10 upvotes

daniel_wright💎Premium (500k-1m)

I hear you on the storage fees, they can definitely feel like a pinch, especially when you're looking at a substantial holding like yours. However, with that kind of capital invested, a percentage-based fee can often be more advantageous than a flat fee, which some smaller accounts might prefer. Think of it as a small cost for the robust security and insurance that comes with storing such a significant asset. You're not just paying for space; you're paying for peace of mind and knowing your substantial investment is safe.

Comments (5)

william_davis💎Premium (500k-1m)Real Investor•less than a minute ago

Hey, that's a nice chunk of change to have in there! I'm curious, are your storage fees a flat rate or a percentage of your holdings? $700k is significant, so a percentage-based fee could definitely add up quickly.

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

Totally feel this. I had a similar moment with my platinum holdings last year. My statement came in and I was just like, "whoa, did I miss something?" It wasn't astronomical, but enough to make me double-check the calculations and wonder if there were more competitive options out there for that size of a portfolio. It's always a good idea to keep an eye on those fees, especially as your assets grow.

daniel_wright💎Premium (500k-1m)Real Investor✓ Verified•less than a minute ago

donald_nelson💎Premium (500k-1m)Real Investor✓ Verified•less than a minute ago

That's a good chunk of change to be sitting on! When reviewing those fees, it's always worth asking your custodian about their fee structure if you haven't already. Sometimes there are tiered options or ways to consolidate things that might not be immediately obvious on the statement. A quick search for "gold IRA storage fees comparison" can also give you a good benchmark to see how your current fees stack up against other providers, which might give you some leverage for negotiation or a reason to shop around.

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

Totally agree. My storage fees have felt a little out of line too lately. I'm around the same ballpark, maybe $650k or so, and it stings a bit more than it used to. Good to know it's not just me feeling it.

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