I Have An IRA. How Can I Invest In Gold And Silver?
Posted Friday, 21 September 2012 Source: GoldSeek.com
By GE Christenson
It is quite easy! Yes, I am talking about actual physical gold and silver, not “paper” gold, or certificates, or paper promises.
Question: Why gold and silver in an IRA?
Answer: The simplest explanation is that gold and silver will protect your purchasing power. There are many other reasons including safety in the event of another economic melt-down such as what happened in 2008.
Question: Why not buy ETFs (Exchange Traded Funds) that invest in gold and silver, such as GLD, SLV, PSLV, and PHYS?
Answer: You certainly can. They are more convenient to buy and sell, and the annual fees are less. But, if you are looking for maximum safety, purchase metals in your IRA and have them stored in a secure, insured, private vault.
Question: Why can’t I store them in my personal safe deposit box instead of a private vault?
Answer: Per the IRS code, you can’t take delivery until you pay taxes. Don’t fight the IRS.
Question: How do I open an account?
Answer: Find a self-directed IRA custodian who will allow precious metals in your account, complete the paperwork, send it and the initial fee to the IRA custodian, and they will open the account.
Question: How do I find a self-directed IRA custodian?
Answer: Go to your favorite metals dealer – there are many – and look at their recommendations. My preference is Apmex.com but there are many fine choices for metals dealers, and they can recommend IRA custodians. Apmex currently suggests seven IRA custodians on their website.
Question: Once I get the account, how do I fund the account?
Answer: You can fund it with a non-taxable (partial or total) roll-over from an existing IRA, 401k, or 403(b) account, or by contributions under the current IRA rules.
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