How to Liquidate My Precious Metals IRA Account

Why Do You Want to Liquidate Your Gold IRA?

This is important because each situation requires different documents to process. Below are some of the most common reasons people choose to liquidate their precious metals holdings. 

• Transfer to a New Custodian
  Do you want to liquidate your gold IRA and move the cash to a different custodian? We can help you sell the metal and transfer the funds.
• Cash Distribution
  Do you want to sell your gold IRA and receive a cash distribution? We can help you liquidate the portfolio and complete the distribution request document. 
• Inherited IRA
  Are you a beneficiary and need help selling the physical precious metals? We can help you liquidate your account and take the required distributions. 

Required Minimum Distributions

Do you have to start taking RMDs? We can help you sell enough metal to take it in cash or in-kind should you choose.

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 Gold IRA Liquidation Quote 

Contact our liquidation specialists at 800-300-0715 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 is whether your selected dealer has an account at the depository where your physical gold and silver is stored. 

If so, your metals can be transferred internally from your IRA account to the dealer’s account, eliminating any shipping or insurance costs. 

CGE and our trading partners have accounts with the Delaware Depository, International Depository Services and Brinks. Therefore, in most cases, you will not need to ship your metal to another location when selling to us.

Call us at 800-300-0715 for a full list of gold storage depositories where we maintain accounts.

Complete the Required Paperwork

In order to sell your gold or precious metals, you have to complete an Investment Direction form, which we help you with. This document will authorize CGE to buy your metal from you.

Below is a sample of an Investment Direction form from Strata Trust listing the items the client is selling and the price. (Note that CGE is authorized to work with all of the self-directed IRA custodians.)

We Work with Your Custodian to Facilitate the Liquidation

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

Tax Implications When You Sell a Gold IRA

One of the main advantages of a self-directed IRA is that you can buy and sell assets within your retirement account without being subject to taxes. Per gold IRA tax rules, you only have to pay taxes on the cash when you take distributions from the account, unless it’s a Roth IRA.

Now That You Have Cash in Your IRA, What’s Next?

Once you’ve sold the metals held in your investment portfolio and have cash in your account, you have a few different options.

Transfer the Cash to Another Investment Portfolio 

Once you liquidate your precious metals, you can move the funds to another retirement account. Your new custodian will have to submit a document requesting the movement of your funds. Cash can typically be moved between IRAs within 72 hours.

Take a Cash Distribution

Once your funds are liquid, you can make a withdrawal by completing a Distribution Request form as seen below.

You’ll select whether or not you want to withhold state and Federal taxes depending on your financial situation. If you are under 59½ years of age, you’ll have to pay a 10% penalty for an early withdrawal.

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 will cost around $30. Depending on your chosen method, you’ll receive payment within 24-48 hours of processing.

Reinvest in Another Investment

Self-directed IRAs allow investors to hold many different investments along with tangible assets. If you want to diversify your retirement savings, chances are your current custodian can facilitate the transaction. Make sure to consult with your financial advisor based on your financial needs.

Maintain a Cash Account

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

Liquidate Precious Metals in Your IRA to Meet a Required Minimum Distribution (RMD)

RMDs are the minimum amount that’s mandatory for an IRA owner to withdraw from their retirement accounts (except Roths) every year once they turn 73 of age (previously age 72), per the IRS.

Your custodian will send you a notification of your RMD amount. They’ll calculate the figure based on your account balance at the end of the preceding year and your life expectancy 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, 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 a Distribution Without Having to Liquidate Coins 

Gold and silver IRAs are unique in that you can take an in-kind distribution. In-kind distributions allow you to take physical possession of a portion of your metals rather than sell some and receive a cash distribution.

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

Your custodian will provide you with a shipping quote, which you can pay for via a credit card over the phone.

If you do take an in-kind distribution, it is still subject to taxes (unless it’s a Roth).  You can pay them out of pocket or sell a portion of your metal to raise the proceeds. 

In Closing

Although it may seem there are quite a few moving parts when you learn how to liquidate a gold IRA, you can rest assured that the Certified Gold Exchange’s gold IRA experts have executed 1000’s of transactions.

We’ll be happy to help you accurately complete the required paperwork to ensure a smooth and hassle free liquidation of your gold or precious metals.

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

Frequently Asked Questions

How to Sell a Gold IRA You’ve Inherited from Your Spouse?

If you’re the beneficiary and have inherited a gold IRA from your spouse and wish to sell the precious metals, you have two main options to consider:

• Roll Over the Inherited IRA into Your Existing IRA:
  • If you already have your own IRA, you can roll the inherited one into it.
  • Once the accounts are merged, you can liquidate the gold and silver within your consolidated account.

• Establish an Inherited IRA Under Your Name:
  • If you don’t have your own IRA, you can create a new inherited IRA in your name.
  • Transfer the inherited precious metals into this new account.
  • Once the transfer is complete, you can proceed to liquidate the metals.

Selling an inherited gold IRA can be complex, with important decisions to make at each step. Contact CGE at 800-300-0715 for expert guidance to ensure the process is smooth and hassle-free.

How to Sell Gold from a Home Storage Gold IRA?

If you have a checkbook IRA and have physical possession of your precious metals, the process is a bit more complicated. It’s important to seek professional help so that you remain in compliance with IRS 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 Liquidate My Precious Metals?

Precious Metals IRAs have become very popular as of late. Historically, gold and silver have performed well during inflationary times, economic uncertainty and war. If you don’t have to sell right now, you may be better off waiting a while. But it depends on your current financial situation. Contact CGE at (800) 300-0715 for expert guidance or to verify your options.

How Does My Custodian Value My Metals?

Most custodians will provide a current market value based on the spot price. They simply multiply the number of ounces of metal you have by the spot price. But some items, like American Eagles, are worth more than just the spot price, so your statement will frequently show a value less than the real one.

How Long Does it Take To Sell a Precious Metals IRA?

The timeline will depend on your custodian and where your metal is stored. But generally, it will take around a week.

Can CGE Help Me Liquidate My Precious Metals?

Yes, in most circumstances CGE can help you sell your precious metals. To get started today, call our retirement experts at 800-300-0715.

Written by Gold IRA Specialists Pat Collins and John Halloran