About Gold and Silver Precious Metals IRAs
Buying gold, silver, platinum or palladium for a self-directed IRA account has never been easier than it is today. Explore the simple Precious Metals IRA 3-Step Process Here.
Buying Precious Metals In An IRA
Self-directed IRA accounts provide precious metals investors a way to purchase physical gold, silver, platinum or palladium that is then held in a tax-free or tax-deferred account. There are rules and regulations as to what may be purchased for a self-directed precious metals IRA account. In addition, one cannot personally take physical delivery of their IRA precious metals. There are several Benefits of Precious Metals IRAs but it is always recommended to consult with a tax professional for any tax related advice and/or implications.
What Exactly Is An IRA?
An IRA is a type of retirement account that can be utilized on a before or after tax basis that allows the investment to potentially appreciate tax-free or tax-deferred. A self-directed IRA account allows investors to make their own investment decisions in the IRA account. Investors can utilize alternative asset classes such as precious metals, real estate, managed futures and other products. One should consult their own tax professional for advice on which IRA account type may best fit his or her needs.
What Exactly Is A Precious Metals IRA (aka Gold IRA)?
A Precious Metals IRA (also sometimes referred to as a Gold IRA) is an Individual Retirement Account in which gold or other approved precious metals are stored instead of paper currency or paper-based assets. It essentially functions in the same way as a regular IRA, only instead of holding paper assets, it holds physical bullion coins or bars. Precious metals IRAs are usually self-directed IRAs, a type of IRA allowing more diverse investments to be held in the account and giving the holder more control over those investments. Although most gold IRAs are self-directed IRAs, many other types of retirement accounts are eligible to be converted into a gold IRA, including Roth IRAs, Thrift Savings Plan (TSP), and 401(k)s. To remain in compliance with IRS requirements, Precious Metals Dealers offering Precious Metals IRA Services such as BGASC.com work with a private Self-Directed IRA Custodian of your choosing to facilitate things like payment and storage of your metals in a secure Precious Metals Depository.
What Types Of Precious Metals Can I Buy In An IRA?
There are guidelines as to what types of metal may be purchased and held within an IRA account. Generally speaking, the types of metals allowed are more traditional and liquid. For products to qualify for a Precious Metals IRA, they must meet minimum fineness requirements declared by the IRS as follows:
To be IRA eligible, coins, bars and rounds must be produced by a national government mint or NYMEX or COMEX-approved refinery, meeting the following minimum fineness requirements:
- Gold: .995 fine (American Gold Eagles are the only exception)
- Silver: .999 fine
- Platinum: .9995 fine
- Palladium: .9995 fine
Please note: The only semi-numismatic coins (aka “collectible” coins) allowed are Proof American Eagles in Gold, Silver, or Platinum. Other numismatic coins including certified coins (e.g. graded and in a slab) are not IRA acceptable.
Please Note: It is always recommended to consult with your financial or tax adviser regarding any transaction with tax implications.