In addition to having a reputable and trusted gold dealer for your Gold IRA such as Midas Gold Group, you must also have an IRA custodian.
The IRA custodian is a licensed, bonded and insured trust company that reports the assets in your retirement account. All IRAs have custodians with some of the larger being Charles Schwab, Fidelity, T Rowe Price, TD Ameritrade, etc.
These custodians generally hold IRAs invested in paper assets such as stocks, bonds, mutual funds, and annuities. Most traditional custodians do not offer investments in tangible assets such as gold. However, the role of the custodian for your gold IRA is no different and their surety bonds make your investment just as secure. Your Gold IRA Custodian will:
- Be a licensed custodian with the US Government
- Provide your secured and insured storage space in a licensed depository
- Send you quarterly IRA statements and valuations
- Handle your distribution requests and Required Minimum Distributions (RMDs)
- Keep your IRA legal and qualified as a retirement plan
The IRA experts at Midas Gold Group have spent decades working with the major Gold IRA Custodians and will be your liaison to set up and fund your account. As your dealer of record with the custodian, we will always be a resource for any dealings you need to have with your custodian including sales of assets, future rollovers, and distributions.
OUR PREFERRED REPUTABLE GOLD IRA CUSTODIANS
Equity Trust Company – #1 PREFERRED
Equity Trust Company (Equity Institutional) is an Ohio-based chartered trust company. As an industry-leading custodian of alternative assets in tax-advantaged accounts with over $25 billion in assets under custody and administration, Equity’s 45-year track record of excellence is unmatched in the industry. Equity is regulated as a South Dakota trust company and complies with all statutes and regulations mandated by the South Dakota Division of Banking.
Kingdom Trust Company
Kingdom Trust Company is a chartered trustee in South Dakota with headquarters in Kentucky. Kingdom Trust was founded in 2010 and has already grown to over $15 billion in assets under management with more than 100,000 accounts.
Strata Trust Company
STRATA Trust Company (STRATA) is a wholly-owned subsidiary of Horizon Bank SSB and is regulated by the Texas Department of Banking. STRATA was founded in 2008 and has more than $1.8 billion in assets under custody.
New Direction Trust Company
New Direction Trust Company is based in Colorado and was founded in 2003. New Direction is a chartered trustee that manages over $2 billion in assets.
As of Q4 2019, Precious Metals IRA holders at New Direction Trust Company will be dealing with a new policy. For any dealer transaction including a buy, sell, or trade of precious metals, the client must sign Buy Direction Letter or Sell Direction Letter. However, no New Direction IRA holder is assigned to a specific dealer, regardless of which dealer assisted the client in the establishment of the IRA account. For each and every transaction, the client will now fill out an Interested Party Designation. This designation is only applicable for a single transaction and will need to be filled out again when the client executes a new transaction.
This is a new policy and appears to be unique in the industry. However, it should remind clients that they are free to seek a competent dealer for every IRA transaction that they execute. Clients should shop for the most competent advice on every transaction as well as the best value. Midas Gold Group is happy to assist any New Direction IRA account holder with any transaction they may need to execute, including buying, selling, trading, or distributions.
GoldStar Trust Company
GoldStar Trust Company is a $2 billion division of Happy State Bank based in Texas. GoldStar Trust Company was founded in 1989 and is the oldest of the major Gold IRA custodians. They act as custodian for more than 37,500 IRAs, a majority of which are Gold IRAs.