Can I Buy Physical Gold in My IRA?
Gold has long been considered an asset with tremendous investment potential, serving as an excellent way to protect purchasing power over time and even increase it over time.
If you want to diversify your retirement portfolio with precious metals, a self-directed IRA might be right for you. Certain custodians offer these accounts that enable alternative investments such as physical precious metals.
Buying Physical Gold
Gold, silver, platinum and palladium IRAs are individual retirement accounts designed to allow their holders to invest in physical precious metals. You may direct these IRAs yourself or have one administered for you by an administrator; rollovers from existing retirement accounts or new cash deposits can all help establish one and they’re typically stored at an IRS-approved depository facility that offers safe storage.
Precious metals IRAs can be purchased through reliable dealers and firms that will help you select bullion and coins eligible for investment into an IRA. Please be aware that an IRA cannot hold collectible investments such as physical gold investments considered by the IRS.
Physical gold purchases can be costly, with dealer commissions, sales tax in certain instances and storage costs all adding up. Furthermore, selling or exchanging an investment may prove tricky and inconvenient – providing another viable option might be investing in an ETF that tracks its price of commodity instead.
Buying Gold Through an IRA Custodian
If you want to purchase physical gold and precious metals for an IRA, the first step should be finding a custodian who provides self-directed retirement accounts (SDR). With SDR accounts you have complete freedom in selecting any metal you like for investment – including gold, silver, platinum and palladium.
Select a custodian with a strong track record, low fees and a variety of investment options to meet all three criteria. In addition, ensure they offer IRS-approved storage facilities for IRA investments as storing precious metals at home or bank deposit boxes is prohibited by the IRS.
There are various companies offering self-directed IRAs for purchasing physical precious metals, so be sure to research each company thoroughly, taking note of their history, fees and customer service before choosing one to work with. Furthermore, check their range of metal products as well as whether or not they meet IRS requirements for an IRA account; some reputable names include IRA Gold, Augusta Precious Metals and Goldco.
Buying Gold Through a Dealer
As you shop for a gold dealer, take into account their company’s reputation, transaction history, and customer reviews when choosing one. A dealer with an established industry standing is usually reliable while those engaging in questionable practices such as falsifying reviews online should be avoided. Also try finding one with physical headquarters for easy contact should any issues arise.
Search for dealers that provide IRA-compliant coins and bars that meet Internal Revenue Service fineness guidelines, and with multiple storage options; segregated storage keeps your precious metals assets separate from others’ investments, while commingled storage combines your precious metals assets with those of other clients – both are safe, but you may prefer one over the other depending on your individual needs; Orion Metal Exchange for instance provides both options, with free home delivery on nonretirement purchases from Orion Metal Exchange’s commingled storage option as well as no buyback fees – one such dealer offering both options is Orion Metal Exchange!
Buying Gold Through an Allocated Storage Account
For physical gold and silver investments through a self-directed IRA, consider choosing a company offering allocated storage accounts. These are specially tailored to comply with IRS rules regarding possession of precious metals within an IRA account and hold your precious metals in an IRS-approved depository for safekeeping. You may purchase directly through the custodian of your account, or work with another dealer who can purchase items on your behalf before depositing them directly into an allocated storage account.
Choose a precious metals IRA provider with a strong industry standing, excellent reviews and an expansive array of investment options. When researching companies to use for storage locations use IRS-approved depository locations with responsive customer support services – buying physical gold can be an ideal way to diversify your portfolio against economic uncertainties and protect wealth in retirement.
Categorised in: Blog