Although IRAs used to be limited to owning American Eagle gold and silver coins, IRAs can now invest in IRS-approved gold, silver, palladium, and platinum bars and coins. Financial professionals everywhere agree that diversifying assets is the key to success. A self-governing IRA can buy gold and silver as long as the purchased assets meet IRS requirements. IRAs cannot invest in collectibles (including collector coins).
Precious metals add variety to retirement portfolios. They protect themselves against market cycles and inflation. You can store coins or gold bars in a precious metal IRA. Despite the colloquial term “gold IRA,” you can hold silver, platinum, and palladium in this account.
This allows them to diversify their traditional IRA portfolios and hedge against market volatility and inflation. Self-managed IRAs are generally more expensive than other types of retirement savings accounts because they require additional supervisory and administrative work. Should the IRS decide to sue you for your self-storage of precious metals, you may be subject to taxes, penalties, and fees for your entire IRA. The ETF is also able to buy, store, and insure gold at a much lower price than you or an IRA custodian bank.
The best way to use a Gold IRA is to use it as an accumulation tool as part of a more comprehensive, diversified investment strategy that can be achieved even without a Gold IRA. One important rule to know about storing physical gold in an IRA is that your precious metals MUST be stored at an approved depository institution such as the Delaware Depository Service Company or Brink’s Global Services, not in your home or in a safe. If you’ve considered investing in gold and other precious metals like silver, platinum, and palladium, you may have seen ads for so-called “home storage gold” IRAs. The job of a gold IRA company is to make it easier to set up the IRA and buy the gold coins or gold bars.
However, unlike a traditional IRA, which typically holds paper assets such as stocks, bonds, funds, ETFs, and cash equivalents, a gold IRA is set up exclusively to own physical gold or other approved metals. For more information on what to look for when choosing a Gold IRA company, check out Money’s Guide to the Best Gold IRA Companies. In addition, the IRS only allows certain gold coins, such as the American Gold Eagle or the Canadian Maple Leaf. A first-class IRA Gold company only works with carefully vetted, reputable external storage companies or secured depositories.
Regal Assets supports this recognition with outstanding expertise and services in the area of IRAs transmission and transmission. After you’ve funded your account, you can let your IRA custodian know which gold bars you’d like to buy (and how much).
