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Fidelity Gold IRA Reviews

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Ryan Paulson (CFA)

7.2/10 (Expert Score)
Product is rated as #18 in category Precious Metals
Fidelity's Gold IRA is a solid choice for those who already have accounts with the firm or new investors seeking a low-entry cost to precious metals investing. The platform's robust research tools and variety of investment options make it a versatile choice, albeit with some limitations in the range of physical precious metals offered compared to specialized gold IRA companies. If you're looking for a reputable, large-scale provider with comprehensive financial services beyond just precious metals, Fidelity could be a good fit. However, for those seeking a more personalized service or a wider variety of physical gold and silver options, a dedicated precious metals IRA provider might be more suitable.
Spreads
7.5
Compliance
9.1
Transparency
8.4
Conservative Values
8.8
Reputation
8.9
PROS:
  • Low Minimum Investment: Fidelity offers a relatively low minimum investment requirement of $2,500 for its Gold IRA, making it accessible for new investors or those looking to diversify their portfolios with a smaller initial commitment​.
  • Comprehensive Investment Options: Besides physical gold, Fidelity allows investments in gold ETFs, mutual funds, and stocks related to gold, providing various ways to gain exposure to gold's financial benefits without holding physical metals​​.
  • Reputable Company: With a strong industry presence and a commitment to providing detailed market insights and research tools, Fidelity is recognized for its reliability and customer service, helping investors make informed decisions​.
CONS:
  • Limited Physical Gold Options: While Fidelity offers various gold investment products, the selection of physical gold eligible for IRAs is limited compared to some dedicated precious metals IRA providers. This may restrict investors looking for a broader range of physical precious metals​​.
  • Fees: The fees range from 0.99% to 2.90% on the gross amount invested in the Gold IRA, which can be higher than some competitors, especially on larger balances​.
  • Customer Service: While generally positive, the customer service experience may lack the personal touch that smaller, specialized firms offer, especially for those new to precious metals investing​.

What is Fidelity Gold IRA?

A Fidelity Gold IRA is an Individual Retirement Account (IRA) provided by Fidelity Investments, which permits investors to incorporate gold and other valuable metals into their retirement portfolios. This account is specifically tailored for individuals seeking to broaden their investment approach by including precious metals, which are commonly seen as a safeguard against inflation and economic unpredictability.

Investors in a Fidelity Gold IRA have the opportunity to acquire different types of gold, including coins and bullion, which are then stored in a highly secure repository. Fidelity offers the necessary administrative services for the IRA, such as record-keeping, tax reporting, and maintaining compliance with IRS standards for investments. Investors seeking to safeguard their retirement assets from market fluctuations and maintain their wealth in the long run find this sort of IRA particularly attractive.

People Behind Fidelity Gold IRA:

Abigail Johnson holds the position of Chief Executive Officer at Fidelity Investments. In 2014, she took up the position, replacing her father, Edward C. Johnson III.

Abigail Johnson has been employed with Fidelity since 1988 and has occupied multiple significant roles inside the organization, showcasing a profound comprehension of the financial services sector.

With her guidance, Fidelity has consistently expanded, upholding its position as one of the largest and most varied financial services companies globally.

Johnson is renowned for her dedication to improve customer service, bolstering technology skills, and growing the company’s investment management and research activities. She has demonstrated exceptional leadership characterized by a steadfast dedication to honesty and providing excellent service to clients.

How to Open a Fidelity Gold IRA:

Opening a Gold IRA with Fidelity Investments involves several steps to ensure that you meet all regulatory requirements and that your account is set up to suit your investment needs. Here’s a step-by-step guide to help you get started:

  • Begin by contacting Fidelity Investments to express your interest in opening a Gold IRA. You can do this by visiting their website, using their online chat feature, or by calling their customer service line.
  • Afterward Fidelity will provide you with information on the types of precious metals that can be included in the IRA, such as gold and silver coins or bullion that meet IRS purity standards. They will also explain the fees, storage options, and any other relevant details.
  • Since traditional brokerage IRAs at Fidelity do not hold physical precious metals, you’ll need to open a self-directed IRA through a custodian that specializes in these types of investments. Fidelity can recommend custodians that their clients have used in the past, or you can choose one based on your own research.
  • Once your self-directed IRA is open, you will need to fund it. You can transfer funds from another IRA, roll over a 401(k), or make a cash contribution.
  • With your account funded, you can select the specific gold and other precious metal products you want to purchase. Your custodian can help facilitate the purchase and ensure that the metals meet the IRS criteria for IRA inclusion.
  • The physical precious metals will need to be stored in an IRS-approved depository. Your custodian will provide you with options for storage facilities, and they will handle the transportation and storage of the metals.

Opening a Fidelity Gold IRA requires careful planning and consideration of regulations. By following these steps and working with knowledgeable professionals, you can successfully add precious metals to your retirement portfolio.

Fidelity Gold IRA Products:

Gold Products:

In a Fidelity Gold IRA, the investment options typically include various forms of physical gold that are eligible under IRS guidelines. Here are some of the common types of gold products that can be included:

  • Gold Coins:
    – American Eagle coins
    – Australian Kangaroo/Nugget coins
    – Canadian Maple Leaf coins
    – Austrian Philharmonic coins
  • Gold Bullion:
    – Bars and rounds produced by manufacturers accredited by NYMEX/COMEX, NYSE/Liffe, LME, LBMA, LPPM, TOCOM, or ISO 9000/9001.

These products must meet specific fineness standards; for example, gold coins and bullion typically must be 99.5% pure or higher. It’s important to note that Fidelity itself does not directly sell these precious metals but allows you to include them in your IRA through a separate custodian that specializes in precious metal storage. Investors are advised to consult with Fidelity directly or visit their website to get specific details on the allowed investments and the process for adding precious metals to their IRA.

Silver Products:

In a Fidelity Gold IRA, which also accommodates silver investments, you can include various forms of physical silver that meet IRS standards for retirement accounts. Here are some common types of silver products eligible for inclusion:

  • Silver Coins:
    – American Eagle silver coins
    – Australian Kookaburra silver coins
    – Canadian Maple Leaf silver coins
    – Austrian Philharmonic silver coins
    – Mexican Libertad silver coins
  • Silver Bullion:
    – Bars and rounds produced by manufacturers accredited by recognized exchanges such as NYMEX/COMEX or by firms that meet ISO 9000/9001 quality standards.

The silver items eligible for a precious metals IRA must meet specific fineness requirements; typically, silver coins and bullion need to be 99.9% pure. As with gold, Fidelity does not sell these precious metals directly but allows their inclusion through a separate custodian that manages the purchase, sale, and storage of these assets within the IRA. Investors should verify the latest eligible products and details directly from Fidelity or through an approved precious metals custodian.

Fidelity Gold IRA Fees:

Here’s the fee-structure of Fidelity Gold IRA available on their website:

Certainly! The fee structure you provided details the costs associated with buying and selling within a specific financial context, possibly for investments like precious metals. Here’s a breakdown of how these fees work:

Buying Fees

These fees are charged on the gross amount of the purchase based on different tiers:

– $0–$9,999: If you buy an amount within this range, a fee of 2.90% of the total purchase amount is charged.
– $10,000–$49,999: For purchases in this tier, the fee lowers to 2.50% of the total amount.
– $50,000–$99,999: The fee further reduces to 1.98% for purchases in this range.
– $100,000 and above: At this highest tier, the fee is the lowest at 0.99% of the purchase amount.

Selling Fees

These fees apply when you sell and are also based on the gross amount of the sale, segmented into different tiers:

– $0–$49,999: Sales within this range incur a fee of 2.00% of the total sale amount.
– $50,000–$249,999: The fee decreases to 1.00% for sales within this tier.
– $250,000 and above: For the largest sales, the fee is minimized to 0.75% of the total amount.

This structured fee approach of Fidelity Investments rewards higher volume transactions with lower percentage fees, which can be beneficial for large-scale investors but might be a consideration for those planning smaller transactions.

Gross amount Percent charged on gross amount
Buying $0–$9,999

$10,000–$49,999

$50,000–$99,999

$100,000

2.90%

2.50%

1.98%

0.99%

Selling $0–$49,999

$50,000–$249,999

$250,000+

2.00%

1.00%

0.75%

Fidelity Gold IRA Reviews and Ratings on Other Platforms:

Better Business Bureau (BBB):

On BBB, Fidelity Investments has received an A+ rating from the platform but a 1.18/5 stars rating in customer reviews. Also, they don’t have a BBB accreditation.

Trustpilot:

The Trustpilot page of Fidelity Investments has over 500 reviews and they give the company a total ranking of 1.5 out of 5 stars. Many customers complain about their fees and support.

ConsumerAffairs:

ConsumerAffairs has 750 reviews for Fidelity Gold IRA which give them a total rating of 1.9 out of 5 stars. As you may guess, most of the reviews are negative.

Fidelity Gold IRA Review: Conclusion

While Fidelity is a highly popular financial services provider, they don’t specialize in IRAs. Their reviews don’t paint a positive picture as well.

Specification: Fidelity Gold IRA Reviews

Main
BBB Rating

A+

Business Consumer Alliance

NAN

Gold Bullion

American Gold Eagle, Canadian Gold Maple Leaf, Credit Suisse Gold Bars, Gold American Buffalo

Silver Bullion

American Silver Eagles, Australian Silver Kangaroos, Austrian Silver Philharmonics

Storage Fees

Higher Than Standard

Trustpilot Rating

Less than 3

Specification
Leadership

Abigail Johnson

Minimum Investment

$2,500

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