How to Liquidate My Precious Metals IRA Account
Liquidating a precious metals IRA is simple if you know what you’re doing. And the Certified Gold Exchange has more than 25 years experience helping clients just like you.
Whether you inherited an IRA, have to take an RMD, or just want to liquidate your precious metals IRA for the best possible price… CGE can help.
You can liquidate a gold IRA with our specialists without taxes or penalties. You only have to pay taxes when you take a distribution in cash, unless you have a Roth IRA.
Below, we’ll cover everything you need to successfully sell gold or silver from within your IRA. But first, we outline the liquidation process below:
How to Liquidate Your Precious Metals IRA: Step by Step
- Have Your Statement Ready
Gather your latest IRA statement. - Call CGE at (800) 300-0715
Request a free account valuation. - Get the Best Buyback Price
We’ll find the highest buyback offer nationwide. - Complete the Paperwork
We’ll help you complete the required documents. - Liquidation and Receipt of Funds
Upon receiving your metal, we’ll wire funds to your IRA.
Certified Gold Exchange (CGE) is authorized to buy and liquidate gold directly through this list of approved self-directed Gold IRA custodians, making it easier than ever to sell your metals and convert your holdings into cash. This enables you to take a distribution, satisfy a required minimum distribution (RMD), or transfer your account to another custodian efficiently and in a timely manner. While liquidation completion is subject to standard custodian and depository processing times, your pricing can be locked in upfront.
Call our gold IRA liquidation specialists today at 800-300-0715 to receive maximum value and get started.
CGE has been serving clients since 1992, and we offer a Price Match Plus Guarantee. Most importantly, in over 30 years, we’ve never had a single client complaint.
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
You are awesome to work with and kept us updated regularly.
We will definitely contact you when ready to sell again.
My first order of business was to find a dealer that I could trust. After considerable research, Certified Gold Exchange was at the top of my list. When I contacted CGE, I was introduced to Pat Collins. From our first discussion, Pat clearly understood the situation and developed a plan.
Long story short, Pat earned my trust with his friendly demeanor, patience, and metals experience. I'll be calling CGE and Pat for my next transaction. Many thanks Pat!
From the beginning of contacting Patrick Collins the process was efficient and professional. Pat provided regular communication and helped me at every step. The length of time from start to finish was much quicker than I was expecting thanks to CGE.
I want to thank Pat and his team at Certified Gold Exchange for a smooth and efficient transaction.
being new to selling metals, Patrick walked me step by step in the process through distributions with my IRA. Whenever I contacted him with questions or concerns, he replied within an hour or minutes to resolve my percieved issues. What a comfort Patrick has been in this (at times) somewhat stressful process.
Thank you Patrick!
It was my first time selling precious metals and they made the process as seamless as possible, despite multiple hiccups caused by my chosen custodian failing miserably. I will choose this team for every precious metals purchase or sale in my future.
I decided to invest $60k and in just three months it's over $120k! Not only that, the team at Certified Gold Exchange has excellent customer service.
I highly recommend them.
When I spoke with coin dealer David White, he was able to give me a quote in 3.5 hours. He also explained the importance of shipping my coins via registered mail with the Post Office. David said that the Post Office requires a registered box to be sealed with brown paper tape to prevent tampering. David emailed me links to sites that showed the right tape to use and how to seal the box. He called several UPS stores in my neighborhood to try to find the tape for me. In the end, I bought the tape from the Post Office. David explained that while Fedex and UPS would ship the coins, since they are not allowed to ship gold or silver, I would have no recourse if my coins were lost. David even gave me his home number so I could reach him after hours if necessary.
My experience with Certified Gold Exchange, Inc. stands in stark contrast with how two other coin brokers responded. The firm from which I had bought most of my silver coins never called me back. On November 13 when I called the broker from whom I had bought most of my gold coins, I couldn't get through on the phone. So, I emailed them and it took 5 days for them to respond! The broker didn't give me a quote until December 2 -- and then only for some of the coins! He said he would tell me what they would pay for the other coins after I shipped them!
In addition, that broker explained that one of their customers had lost all their coins valued at $22,000 because the box was tampered with and they had failed to insure them for the full amount. However, I knew by then that if the firm had told the customer to ship the coins via registered mail as Certified Gold Exchange, Inc. does, the box could not have been tampered with.
So, Certified Gold Exchange, Inc. is the only gold and silver dealer I recommend. The level of service is truly remarkable.
Your interest in helping me on such short notice shows how much you care for your clients. I hope 🤞 to have you as one of my financial team in the future.
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