Gold Spot: 1,927.00 | -0.1% |
Silver Spot: 23.52 | -0.8% |
Written by retirement account experts Pat Collins and John Halloran.
Table of contents
A precious metals IRA is a Self-Directed individual retirement account that can hold physical gold, silver, platinum, and palladium at an Internal Revenue Service-approved depository.
A Self-Directed IRA allows you to purchase alternative investment vehicles including real estate and precious metals. Most traditional IRAs limit your portfolio to paper assets like stocks, bonds, mutual funds, and money market accounts.
Depending on your custodian, you’re most likely allowed to own gold bullion coins or bars. Check out this list of Gold IRA Custodians to confirm if your current trust company allows investing in precious metals.
Gold, silver, platinum, and palladium coins and bars that meet IRS purity requirements.
The IRS rules do not permit you to invest in PCGS graded coins in IRAs. The only collectible coins allowed in an IRA account are American Eagle proofs issued by the U.S. Mint.
No. Precious metal in your physical possession cannot be deposited into your retirement account.
Yes. Certain gold and silver coins and bars are qualified for Self-Directed Roth accounts.
A trust company (IRA custodian) to ensure you are IRS compliant. A depository to safely store and insure your precious metals. And a gold IRA company to handle your buy and sell transactions.
The Certified Gold Exchange has created the following comprehensive Guide to Gold IRA Custodians
It depends on the trust company you choose. But typically, there is a one-time set-up fee. A nominal buy/sell transaction fee. An annual custodial fee. And a storage and insurance fee. We recommend considering a trust company with a flat rate storage fee because it’s more cost-effective. Some will charge a sliding scale based on the value of your assets which can be very expensive.
Yes, as long as you itemize your tax returns.
Opening a new IRA is as simple as completing a basic application. Your chosen precious metals supplier will guide you through the process.
You can only move funds if you qualify for an “in-service” withdrawal, which permits you to transfer a portion of your assets while still employed by the company that sponsors your retirement plan. Typically this option becomes available when you reach 59.5 years of age. Some investment plan sponsors don’t have an age limit, so contact them to confirm your options.
Yes. Call 800-300-0715 to get started.
Once you’ve established your Self-Directed IRA, you simply call your investment plan provider and verbally initiate the rollover. They will then send a check to your new custodian or to you to forward to them. The best gold IRA companies will walk you through the entire process.
Yes. Self-Directed IRA accounts are just that, Self-Directed. You alone choose how much to transfer.
Yes. Contribution limits are the same for all IRAs. In 2023, you can contribute $6,000 per year to an IRA account, or $7,000 if you’re over 50 years of age. Once you reach 72, you can no longer contribute to a non-Roth account.
The Certified Gold Exchange only deals in 100% real gold and silver bullion products.
We always suggest precious metals held in US-based retirement accounts are stored domestically with a depository in compliance with Internal Revenue Code IRC-408n. CGE recommends investors avoid government-controlled storage facilities, including mints.
Not normally. Most websites that “review” gold IRA companies are paid to do so. They are most likely an affiliate that will recommend precious metals dealers that compensate them 3-6% of your gross account value for having done so.
There is no such thing as a “FREE” or “No Fee” Self-Directed retirement account. The gold company that’s offering the promotion is paying the fees on your account. They can do so because they over-charge for their metals. You always pay much more than you need to if you fall prey to free promotions.
A primary beneficiary is first in line to inherit your account should you pass away. A contingent beneficiary would be next in line to inherit the account should both you and the primary pass away simultaneously.
Only if you live in one of the following community property states. Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, Wisconsin.
Yes. Your spouse would need to waive their rights by signing a release on the application.
Yes.
This designation allows a 3rd party, such as your metals dealer, to speak with the IRA custodian on your behalf. It is safe and effective because it permits them to obtain information about your account but DOES NOT authorize them to invest or sell without your approved permission.
This designation authorizes a Power Of Attorney on your account. DO NOT give this authority to a precious metals dealer. In certain circumstances, an attorney, CPA, or family member may be issued a POA. If you’re working with a precious metals dealer that is requesting you assign them as a Designated Representative, call us at once at 1-800-300-0715.
The “spread” is the difference between what a precious metals dealer will buy and sell an item for. The buy/sell spread is how a gold and silver dealer makes their money.
Simply contact your gold company of choice and complete an Investment Direction. This document will outline your purchase and per-unit cost. Calling CGE to confirm your buying at the lowest price saves investors an average of $1288 for every $10,000 invested and takes less than 2 minutes.
The spot price is an indicator of per-ounce cost for 1000 ounce bars on the COMEX without delivery. When the U.S. or Canadian Mints purchase gold and silver blanks, they pay a mark-up above the spot price. They then test the metal and manufacture their branded products which they sell to authorized dealers. The dealers will then set a buy/sell spread and release the coins to the public.
No. Your gold, silver, platinum or palladium, coins or bars must be stored at an IRS-approved, non-bank trustee to avoid self-dealing regulations.
Segregated storage is when you hold your precious metals in a private safety deposit box at the depository. Commingled storage is when your metal is stored in your custodians’ segregated section of the vault but commingled with other customers’ metals.
Segregated storage typically costs an additional 50 dollars per year and is only available for gold.
Yes, your custodians’ website will allow you to monitor and track your account in real-time.
Self-Directed custodians use one of the three methodologies to determine the value of your account.
Most precious metals coins are more valuable than the spot price. Your custodian is most likely only providing you with the melt-down valuation and not taking any buyback premium into account when valuing your assets. To get the highest current liquidation value for your metals, contact the Certified Gold Exchange.
You simply contact your gold company to execute an Investment Direction form that allows you to purchase as well as liquidate the metals in your IRA account.
You can sell the metals and take a cash RMD, or you can take an “in-kind” distribution. “In-kind” is when you receive gold and silver at home to cover the amount of your RMD.
Avoid the following:
An obscure coin is any coin that you were unfamiliar with before the dealer mentioned it to you. They are more difficult to price check and are how Los Angeles gold companies hide their enormous spreads. Always call us to check the price of obscure coins before signing a gold IRA investment direction form.
Yes, on our minimum order of $50,000 or more. We search the nation for the lowest prevailing price of the day on your preferred items, and then we beat it. You get an email with the lowest-priced search results before committing to your purchase.
Absolutely, we are here to help the public make a safe gold or silver investment for any amount. We will find the best pricing for you on both sides of the transaction and for any amount. We can also guarantee you’re dealing with a reputable gold investment company, no matter how much metal you’re buying or selling.
Precious metals have been allowed in IRAs since August of 1997. Since that time:
These figures were updated on January 6th.
Three stand-up firms have been in business for more than 20 years without a single client complaint. Contact us at 1-800-300-0715, and we’ll provide you with their names and contact information. CGE is one of them.