How to Sell a Gold IRA

What Do You Want to Accomplish By Selling the Metals Within Your IRA?

• Are you looking to liquidate a gold IRA and move your money to another custodian?
• Do you want to sell a gold IRA and take a distribution of the cash?
• Have you inherited a precious metals IRA and want help selling gold?
• Do you have to sell some metal to take a Required Minimum Distribution?

It’s important to be clear on what you want to accomplish because each scenario requires a different set of paperwork to process. Next, pull up your most recent statement and call CGE at 800-300-0715 to request a buyback quote.

Request a Precious Metals IRA Valuation

Contact our gold IRA team and request a buyback quote. We’ll perform a nationwide search of the major online dealers for the highest possible buyback price, and we’ll beat it per our Price Match Plus Guarantee.

Something important to consider prior to accepting a liquidation quote is whether the dealer you’re selling to has an account at the depository where your physical gold and silver is stored. If so, your precious metals can be transferred internally from your IRA account to the dealer’s account for secure delivery. This eliminates any shipping or insurance costs. 

CGE and our trading partners have accounts with the Delaware Depository and several other storage facilities. Therefore, in most cases, you will not need to ship your metal when selling to us. Please call us at 800-300-0715 for a full list of gold IRA storage depositories where we maintain accounts.

Authorize the Required Investment Direction Paperwork to Sell a Gold IRA 

In order to sell precious metals, you’ll have to authorize an Investment Direction form that will be completed with the transaction details by our staff. This document is required by custodians when buying or selling precious metals within your IRA. Below is a sample Investment Direction form from Strata Trust. However, we are authorized to work with all of the self-directed gold IRA custodians. 

The following example screenshot is where we’ll list the items you’re selling and for what price. Your signature will authorize the transaction. 

We Work with Your Custodian to Facilitate the Precious Metal Liquidation

Once we receive your completed documentation, we’ll submit it to your custodian. We’ll coordinate with them to move your precious metals to our account at the IRS approved depository. Upon receipt of your metals, we’ll wire the proceeds of the sale to your IRA account. This process will typically take 48 hours.

Tax Implications When You Sell a Gold IRA

One of the main tax advantages of gold IRAs is that you can purchase gold and sell gold within your retirement account without any tax implications. Per gold IRA tax rules, you only have to pay taxes when you take a distribution from the account, unless it’s a Roth IRA.

Now That You Have Cash in your Account, What’s Next?

Now that you have sold your precious metals and have cash in your account, you have a few different options.

Transfer Funds to Another Retirement Account

Once you sell your precious metals, you can transfer the IRA funds to another retirement account. Your new custodian will have to submit a transfer request document to your gold IRA custodian. Cash assets will typically be transferred to traditional IRAs within 72 hours.

If you want to transfer your assets to an existing 401k, you’ll have to contact your provider, and they’ll reach out to your traditional IRA custodian to move funds.

Take a Cash Distribution

Once your IRA funds are liquid, you can elect to take a partial or complete distribution (withdrawal). This will require completing a Distribution Request form.

On the form, you’ll select whether or not you want to withhold state and Federal taxes if applicable. Not having taxes withheld is the most popular choice because it allows you to pay the tax liability at your own discretion. If you are under 59.5 years of age, you will pay the IRS an additional 10% penalty on early distributions. Below is a screenshot example of the tax withholding options.

Below is a screenshot of the payment options you can select on the Distribution Request form. An ACH payment is typically free of charge, and a wire transfer will cost around $30. Depending on your chosen method, you’ll receive payment within 24-48 hours of processing.

Tax Implications of Taking a Distribution from a Traditional Self Directed IRA or SEP IRA

If you are over 59.5, you can take a normal distribution from a traditional IRA. Distributions will be considered income for tax purposes. If you take a distribution prior to being 59.5 years of age, per the IRS, it’s considered an early withdrawal, and you’ll pay taxes of an additional 10%.

Tax Implications of Taking a Distribution from a Roth IRA

If you are over 59.5 years of age, you can take a normal distribution from a Roth IRA. Being that Roth IRAs are funded with after tax dollars, distributions are tax free. But if you take a distribution prior to being 59.5, you’ll have to pay a 10% penalty tax, just like with traditional IRAs.

Reinvest in Another Asset Class

Your self directed IRA permits investing in many different asset classes. If you want to purchase a different class of assets other than precious metals, chances are your current IRA trustee can facilitate the transaction.

Maintain a Cash Account

If you choose to maintain your retirement savings in your self directed IRA in cash, your custodian will pay you interest on the funds just like a money market account.

Sell Gold in Your IRA to Meet a Required Minimum Distribution

Required Minimum Distributions (RMDs) are the minimum amount an IRA owner must withdraw from their retirement accounts (except Roth IRAs) each year once they turn 72 of age per the IRS.

Your gold IRA custodian will send you a notification with your calculated RMD amount. This figure is based on your account balance at the end of the preceding year divided by a distribution period determined from the IRS “Uniform Lifetime Table”.

You have until April 15th of the following year to take your required distribution. If you fail to take it in the allotted time, the amount not withdrawn is taxed at a rate of 50%.

When you receive your RMD notification from your custodian, simply contact the Certified Gold Exchange and inform us of the amount you must withdraw. We’ll send you an Investment Direction Form to authorize the sale of the appropriate amount of metals. We will also provide you with a Distribution Request Form that will instruct the custodian where to send your required distribution.

Take an In-Kind RMD Without Having to Sell Precious Metals In Your IRA 

Precious metals IRAs are unique in the fact that you can take an in-kind distribution. “In-kind” simply means you opt to take physical possession of a portion of your physical metals rather than sell it to receive a cash distribution.

To take an “in-kind” distribution of silver and gold coins, you’d simply contact us and provide the amount of your RMD.  We will then complete a Distribution Request form that reflects the amount of gold and silver coins you’ll need to withdraw to satisfy your RMD.

Your gold IRA custodian will provide you with a shipping quote from either UPS or FedEx for you to approve. You can pay for the shipping via a credit card over the phone.

Once your precious metal coins arrive, you’ll want to store them in either a safety deposit box or a home safe.

If you do take an in-kind distribution, please remember you’re still liable to pay taxes (unless it’s a Roth IRA).  You have the option of paying the taxes out of pocket or selling a portion of your precious metals to raise the proceeds.  

It may seem that there are quite a few moving parts when it comes to selling gold or other precious metals within an IRA, but you can rest assured that the Certified Gold Exchange’s gold IRA retirement experts have executed 1000’s of transactions. We’ll be happy to help you complete the required paperwork to ensure a smooth and hassle free precious metals liquidation.

To sell a gold IRA quickly and receive the highest level of service, call the Certified Gold Exchange today at (800) 300-0715.

Sell Gold IRA Frequently Asked Questions

I’ve inherited a gold IRA, what do I do?

If you’ve inherited a gold IRA from your spouse and want to sell the precious metals, you have a few options. 

If you have your own IRA, you can roll over the inherited IRA into it, and then liquidate the gold and silver. 

If you don’t have your own IRA, you can establish an inherited IRA under your name and transfer your metals into it. At which point you can then liquidate your precious metals.

With the second option you’ll have to complete an application to establish a new account. With both options you’ll have to submit a death certificate.

Selling an inherited gold IRA can be complicated so make sure to call CGE at 800-300-0715 for expert help.

How to sell gold from a home storage gold IRA?

If you have a checkbook gold IRA and you store your physical gold at home, selling some of your precious metals is a bit more complicated because there is additional paperwork required by your IRA trustee so that you remain in compliance with IRS specific rules. For help to sell precious metals from a home storage gold IRA call CGE at 800-300-0715.

Is it a good time to sell gold IRAs?

Traditional gold IRAs have become very popular as of late. Historically, gold and other precious metals have performed well during inflationary times. Gold IRAs can also perform well during economic uncertainty and war. If you don’t have to sell gold right now, you may be better off waiting a while. Or you may want to consult your financial advisor.

How does my custodian value gold IRAs?

Depending on your gold IRA custodian, they’ll value your account in a few different ways. One of the most common is to use a spot price valuation. They’ll simply multiply the number of ounces of gold, silver and other precious metals coins you have by the spot price. But many coins are worth more than just the spot price so your statement will frequently show a value less than the real value.

Some custodians require that you provide a value of your assets at the end of each year. And others will pull data from an online source like bullionvalues.org.

How long does the process take to sell a precious metals IRA?

The process to sell gold, silver, platinum and palladium bars or coins will depend on your custodian and which IRS approved depository your metal is stored at. But in general, to liquidate precious metals will take around a week.

Will CGE purchase my precious metals?

Although we’re typically a large volume discount dealer, chances are we can purchase your precious metals assets. If for some reason we’re not able to help, we’ll point you in the right direction so you avoid the many gold IRA scams.

To sell a gold IRA today, call our retirement experts 800-300-0715.

Written by Gold IRA Experts Pat Collins and John Halloran