A Gold IRA is a self-directed Individual Retirement Account that allows you to hold physical precious metals as part of your retirement portfolio. Unlike traditional IRAs, which typically hold paper assets like stocks and bonds, a Gold IRA gives you the security of tangible assets while maintaining all the tax advantages of a standard retirement account.

Starting a Gold IRA is simple: 1) Choose a reputable Gold IRA company, 2) Open a self-directed IRA with their assistance, 3) Fund your account through a transfer, rollover, or direct contribution, 4) Select your precious metals, and 5) Complete your purchase. The entire process typically takes 2-3 weeks.

Gold IRAs typically involve several fees: a one-time setup fee ($50-$300), annual administration fees ($75-$300), storage fees ($100-$300 annually), and transaction fees when buying or selling metals. These fees typically amount to 1-1.5% annually – comparable to many mutual funds.