The metals are then delivered to a depot selected by your deposit manager for safe storage. The custodian is responsible for reporting the value of the metals in your IRA to the IRS annually. While you can gain exposure to gold in a normal retirement account by owning stocks or funds, you can’t hold the physical asset in an IRA or 401 (k). To do this, you’ll need a Gold IRA, although there are additional rules and fees for this particular type of individual retirement account.
Instead, you’ll need to find a company or custodian that specializes in Gold IRA accounts, as they must remain separate from traditional IRAs, require various documents, and have specific reporting requirements. An IRA precious metals provider can guide you through this process and help you choose the ideal custodian for your account. Although you are free to choose an IRA Gold account, it is still important to comply with IRS regulations for annual contribution limits. Once you’ve chosen your Gold IRA company, you’ll need to create an account, which you may be able to do over the phone or online.
Unlike traditional gold and silver purchases, you can’t store your IRA gold at home—your custodian must store it in an IRS-approved facility. These IRAs are backed by physical gold and silver and provide an excellent source of protection for retirement assets. Gold IRAs offer a secure and transparent way to offset your annual tax liability while investing in an asset that can grow tax-free until retirement. We’ve teamed up with New Direction IRA to offer the most cost-effective and fastest IRA setup and maintenance, so you can take advantage of all the tax benefits of IRA investments.
Most depositories, including First State Depository, offer comprehensive accounting and reporting services to ensure that your metals are safe and accounted for. However, if you open a precious metal IRA with a company like Noble Gold Investments, you can invest in various alternative assets, such as silver, platinum, and palladium. Many people choose to diversify their retirement portfolios by investing in gold and other precious metals, which can help protect themselves from high inflation and economic uncertainty. If you’re looking for different gold IRA companies, you should spend some time researching the warehouse they use to store your gold and where it’s located.
When you buy gold or silver through your IRA, it’s important that you find a company with an open and straightforward fee structure. Your physical assets owned by an IRA must be held by a qualified custodian and stored in a secure, IRS-approved depository. All products that fall outside these ranges, with the exception of American Gold Eagles, are not eligible for IRA contributions.