Gold IRA Fees and Costs: Explained

One factor that causes people to rethink getting a traditional gold IRA, a Roth gold IRA, or a SEP gold IRA is the cost and fees associated with them.

I have worked with and invested in precious metals IRAs for many years, and I know that understanding the fee structure is key to getting the most out of your investment.

In general, most precious metals dealers greatly downplay the fees and costs associated with precious metals IRAs, but if you go in blind and start buying gold and silver or other precious metals, you could find that your returns are greatly impacted.

With this post, I'm going to do my best to explain the fees and costs associated with a gold IRA, the different scenarios you might run into, and, most importantly, what you can do to avoid some of them.

Why Fees Are Important to Understand When Getting a Gold IRA

You might not think fees are really important when you first start looking at a gold IRA, but the truth is, they matter, and they matter a lot.

Let's look at a quick scenario. Imagine that you have $100,000 invested into a gold IRA. Even a difference of 1% in annual fees will cost you over $20,000 in 10 years.

That's why it's important to understand how fees affect your IRA.

Here are some of the main fees you will face when starting the process:

There are Two Types of Fees to Consider When You Begin

When you go to set up a new gold IRA, there are going to be two types of fees that you have to consider: the initial costs and ongoing expenses.

The Initial Costs of a Gold IRA

In general, there are three things to keep in mind when you are looking into IRA companies and comparing them: the set up fee, transfer fee, and the purchase premium.

The set up fee is a one time fee that every gold IRA company charges, but it's possible that it could be waived, too, depending on different scenarios, which I will explain soon. Generally, this fee is $50 to $250.

The next fee to consider is the transfer fee, also called the rollover fee. This is the cost of transferring, or rolling over, your retirement savings from one account into your new gold IRA. Transfers may be free, or I have seen them go as high as $100 or more.

Finally, you should expect to pay a purchase premium. This is an up-charge that the company will add to the spot price of the metal. Generally, it ranges from 3% to 5%, but again, I have seen it go much higher, up to 20% or more. So, if you are looking at the spot price of gold coins or silver coins, add around 5% to that to know approximately what you will spend to buy the physical precious metals that will be in your IRA account.

Here is an easy to see breakdown:

Ongoing Expenses Related to a Gold IRA

Once the initial fees are paid, there are also ongoing expenses associated with the IRA account. For instance, there is usually an annual maintenance fee. There are also gold IRA storage fees, because you will need a place to store your physical gold and metals. You also need to consider insurance. It's definitely unwise to hold physical metals without insurance, though this is often bundled into the cost of storage, and finally, there are transaction fees, which are applied every time a transaction is made.

Dealers Won't Tell You This...

If you look at the marketing from precious metals IRA companies, you will usually see information about the set up fees, but you probably won't see other fees. These include:

• Fees for storage
• Administrative fees
• Insurance
• Early withdrawal fees
• Buy/sell spreads

Let's look at all of these in greater detail:

Detailed Breakdown of Gold IRA Costs and Fees

Though I've explained a bit above about the basic fees, I want to go into greater detail based on real costs and fees from major precious metals IRA dealers.

One-Time Fees for Setting Up the IRA

Again, you can expect these fees when you set up your IRA:

• Account setup fees - $100 on average
• Transfer/Rollover fees - $50 on average
• Wire fees - $35 on average

Keep in mind that these are generally charged per transaction.

Annual Maintenance Fees

Maintenance fees are charged each year, and you should expect them for the life of your IRA account. These include:

• Administrative tasks - $75 to $300
• Digital access to the account - $0 to $30
• Statement fees - $0 to $25
• Segregated storage fees - $150 to $300
• Commingled storage fees - $100 to $250
• Insurance costs - Typically included in storage costs
• Security costs - Typically included in storage costs

Transaction Fees

If you buy or sell from your IRA account, you also have to pay transaction fees. These vary depending on the company you work with, but in general, you can expect the following:

• Purchase premium - 3% to 5% over spot price
• Selling spread - 1% to 2% under spot price
• Shipping - Might be free, but I've seen up to $40+
• Processing fees - $25 to $50

Let's take a look at a real-life example of the fees you might have to pay in the first year:

Comparing Gold IRA Fees from Well-Known Companies

I've reviewed all of the major Gold IRA companies, and many small ones. Here are some of the fees that you can expect when working with the top 3 gold IRA companies that most people know.

Note: All fees are verified as of April 2025. Some companies waive fees due to promotions or large investments.

Hidden Fees to Keep an Eye Out For

As much as we don't want to pay them, many IRA custodians have hidden fees in place. These might include:

• Metal markups
• Wire transfer fees
• Account closure fees
• Paper statement fees
• Insurance riders

Cost Examples and Scenarios

Here are some real-world scenarios that you can expect when you invest in gold IRAs:

Investment - $50,000

You can expect the following the first year when investing $50,000 into a gold IRA:

• Setup Fees - $50 - $80 (0.10% to 0.16% of investment)
• Storage Fees - $150 on average (0.30% of investment)
• Maintenance Fees - $80 to $100 (0.16% to 0.20% of investment)
• Metal Premiums - $1,500 to $2,500 (3% to 5% of investment)

Total costs: $1,780 to $2,830 per year.

Investment - $100,000

You can expect the following the first year when investing $100,000 into a gold IRA:

• Setup fees - Often waived at $100,000
• Storage fees - Often waived at $100,000
• Lower metal prices with a higher investment
• Volume discounts with a higher investment

Investment - $250,000+

You can expect the following the first year when investing $250,000 or more into a gold IRA:

• Most fees are waived with a high investment
• Best prices for metals
• Free storage in many cases
• Dedicated team assigned to your account

In general, the more you invest, the better you are in regard to fees.

Strategies You Can Use to Reduce Gold IRA Fees

After so much time looking into precious metals IRAs, I can share a few tips to reduce the fees:

Invest More, Save More

In general, the more you invest, the more you can save. This generally happens at around the $100,000 investment level. More fees are waived at around the $250,000 investment level.

Get the Timing Right

You can also save money if you hit while the iron's hot, so to speak. Many companies offer promotions when setting up an account, and if you hit one of these, you can save hundreds of dollars.

Choose the Right Investment

You can also reduce costs by making large, less frequent purchases, and only purchase specific metals, such as government-minted coins. Skip collectible coins, if possible, which often have high markups.

Hidden Costs and Red Flags to Watch Out For

There are a few traps that you need to watch out for when considering a gold IRA:

"Free" Offers

Some companies offer "freebies," that turn out to not be free at all. For instance, I have seen companies advertise "free first year," which might be true, in regard to fees, but watch out, because they will add higher premiums to the metals they sell. If they advertise "no setup fees," it's likely that annual fees will be a lot higher. Finally, I've seen companies say they will waive the transfer fee, but storage fees are higher.

Deception With Marketing

Watch out for deceptive marketing, too. For example, companies will try to pressure people into buying collector coins. These might have up to 30% higher premiums. Companies also try to use specific words in their marketing, too. I watch out for these:

• "Premium"
• "VIP"
• "Executive"
• "Exclusive"

Ask These Questions Before You Invest

Before you choose to work with a gold IRA dealer, make sure to ask the following questions:

• Are there any other fees I should expect other than the setup fees? (Hint: If more than $250, this is a red flag)
• What is the total cost per year? (Hint: If higher than $300, stay away)
• Is insurance included in the storage fee? (It should be. If not, find a company that includes it)
• What is the total buying spread? (If it's more than 5%, skip this company)
• What fees are negotiable?
• Can I waive any fees?
• Are there discounts for high volume transactions?
• What's your buyback policy?
• Are there fees for closing the account?

Final Thoughts

I have shared everything I know about fees and costs of gold IRAs. I hope you have learned something and feel more comfortable with the process. Here are some final tips I want to share:

• Get everything in writing
• Compare costs at a minimum of three dealers
• Verify storage fees
• Document anything that comes across as a promise
• Read all of the fine print
• Focus on the total cost of ownership, not just the fees
• The lowest fees don't always mean it's the best deal
• Balance the cost with security and service

About Tim Schmidt Sr.

Tim Schmidt is an Entrepreneur and Serial Investor. Since 2012 he's been an advocate of alternative investments using a Self Directed IRA. His work has been featured in Yahoo! Finance, USA Today, Business Insider, and Tech Times, among others.