5 Steps to Starting a Gold IRA

With inflation still a concern and fears of a potential recession running high, millions of Americans are anxious about their financial future. Many remember the 2008 financial crisis, which erased trillions of dollars in wealth built over decades—and none want to see that repeated.

That’s why more people are turning to gold as a safe-haven asset to help protect their wealth—especially through gold IRAs. If you’ve heard about gold IRAs and want to know how they work, here are five simple steps to get started.

1. Learn About a Gold IRA

A gold IRA is an individual retirement account that holds physical gold coins or bars. Many people don’t realize that IRAs can hold tangible assets like gold, silver, commodities and even real estate—though many custodians don’t offer services for these types of assets.

Advantages of Owning Gold

Owning gold has long been viewed as a reliable way to preserve wealth. Here are three key benefits to consider:

A: Diversify Your Portfolio

Many people today keep most of their retirement savings in stocks, bonds or funds that hold the same assets. In a severe financial downturn, those investments could lose value simultaneously.

Gold, by contrast, often acts as a counter-cyclical asset—one that tends to rise in value when conventional financial assets fall. Demand for gold typically increases during periods of crisis or recession.

B: Hedge Against Inflation

Gold has traditionally been seen as a hedge against inflation. While the U.S. dollar has lost about 88% of its value since 1971, gold has gained nearly 10,000% (as it passed $4,000/oz).

Gold’s ability to maintain purchasing power over time gives it strong appeal as an inflation hedge. During the stagflation of the 1970s, gold’s average annual gains exceeded 30%.

C: Tax-Advantaged Growth

Holding gold in a gold IRA allows you to benefit from potential price appreciation while deferring taxes until distribution.

A Traditional Gold IRA grows tax-deferred—you’ll pay taxes only when you take a distribution. A Roth Gold IRA grows tax-free, and qualified withdrawals are also tax-free.

Holding gold in a tax-advantaged account also helps protect your existing retirement assets, such as 401(k), 403(b), TSP or other IRAs.

2. Choose a Trusted Gold IRA Partner

Starting a gold IRA to help protect your wealth is a major financial decision. You’ll want to consult your financial and tax advisors and do your homeworkwhen choosing a gold IRA company.

With over 7,000 five-star reviews and more than $3 billion in precious metals placements, Goldco has established itself as one of the nation’s most trusted gold companies.

Working With an IRA Custodian

As with any IRA, your gold IRA must be managed by an IRS-approved custodian. Storing your gold IRA at home could expose you to taxes and penalties.

Goldco partners with established custodians experienced in managing precious metals, ensuring your gold IRA is set up smoothly and your assets are properly handled.

Storing Your Precious Metals

Your custodian will arrange secure storage for your assets at a trusted bullion depository.Goldcoworks with depositories experienced in safeguarding precious metals, offering multiple storage levels to help ensure maximum security.

3. Fund Your Gold IRA

Once you’ve chosen a trusted partner like Goldco and set up your account, the next step is funding your gold IRA.

IRA Rules and Regulations

A gold IRA follows the same rules and contribution limits as any other IRA.

For 2025, contribution limits are $7,000, or $8,000 if you’re age 50 or older. These limits apply across all your IRAs combined—not per account.

However, contribution limits do not apply when funding a gold IRA via a rollover or transfer from another qualified retirement account.

401(k) to Gold IRA Rollover

One popular way to fund a gold IRA is through a 401(k) rollover—especially from a previous employer’s plan or one with limited investment options.

You can also roll over assets from similar accounts such as 403(b), 457, or TSP plans or transfer funds from an existing IRA.

Ensure rollovers and transfers are completed promptly to avoid taxes or penalties. Always consult your financial and tax advisors before proceeding.

4. Choose Your Precious Metals

A gold IRA is a type of precious metals IRA, meaning you’re not limited to gold. You can also hold silver, platinum or palladium coins and bars.

Purchasing non–IRA-eligible coins could be treated as a taxable distribution, so it’s important to choose approved products.

IRA-Eligible Coins

While IRAs generally cannot hold collectibles, certain coins are exempt, including:

• Gold American Eagle and Silver American Eagle coins
• Any gold coin with a fineness of at least .995
• Any silver coin with a fineness of at least .999

Numerous world mints produce IRA-eligible bullion coins. Goldco partners with many of them to ensure a consistent supply of approved gold and silver products for your IRA.

5. Purchasing Precious Metals

The final step is purchasing your chosen precious metals—often the part that makes new investors most nervous.

Authenticity

Buying through a trusted gold IRA partner greatly reduces the risk of counterfeits. Goldco works directly with global mints to source coins, ensuring the gold and silver you purchase are 100% authentic.

Purchasing from unverified online sellers or marketplaces, by contrast, carries a higher risk of counterfeit products.

Availability

Because of its strong mint partnerships, Goldco can often bypass middlemen—helping you secure your gold and silver more quickly.

By working with multiple mints, Goldco also diversifies its supply chain, helping mitigate potential shortages during periods of high demand.

Learn More About a Gold IRA

Now that you know the five steps to starting a gold IRA, the next move is yours. 

Explore Goldco’s online resources to learn more about how a gold IRA can help protect your financial future.

With over $3 billion in precious metals placements and thousands of satisfied customers, Goldco has earned its reputation as one of America’s most trusted gold IRA companies.

With inflation continuing to erode purchasing power and the risk of recession looming, now is the time to take steps to defend your hard-earned wealth.