The IRS requires that every IRA be managed by a qualified custodian bank. Self-managers do not provide investment advice, but they do provide administrative and reporting services and buy precious metals on your behalf in accordance with your instructions via your IRA account. Our preferred IRA custodians for precious metals can help you create and maintain your precious metal IRA. They also provide their preferred depots to store your IRA-enabled products.
Therefore, your smartest move as an investor could be to set up an account with a custodian bank through one of their partner companies for gold IRAs to avoid unnecessary effort and fees when opening and storing your self-directed precious metals IRA. In addition to their long-standing reputation as an industry-leading IRA custodian, they also offer the lowest flat fees for setting up and maintaining precious metal IRAs. We have relationships with the industry’s leading IRA custodians for precious metals, so we can provide you with exceptional service and expert support. If you’re thinking about your precious metals warehouse and what to look out for in the depot where you store your gold and silver, you’ll probably also need to open an account with a new custodian bank that is familiar with the required documentation.
Birch Gold Group works with custodian banks such as Equity Trust Company and STRATA Trust Company, which specialize not only in self-managed IRAs but also in precious metals. As with any early IRA sale, physical ownership with a full or partial distribution of your precious metals can result in taxes and penalties unless they are transferred to another qualified custodian bank. As an investor, you must ensure that you are dealing with the most reputable and cost-effective custodians and precious metals dealers when investing 5-20% of your retirement portfolio in precious metals stocks recommended by experts. IRA custodian banks typically work with precious metals dealers, brokers, financial advisors, and investment firms, which help their clients open and finance precious metal IRAs.
An IRA custodian is another part of a legal, secure, self-governing IRA, regardless of whether it holds precious metals or other assets. To make it easier for you to own a precious metals IRA, your precious metals specialist can help you get in touch with your custodian bank and any other part of your Gold IRA and answer any questions you may have about it. Aside from the cost of the gold bars themselves, most costs associated with investing in a precious metal IRA come from the IRA custodian, which is tasked with storing your IRA’s gold in an approved custodian. IRA custodians for precious metals differ to a certain extent, as these types of accounts are designed to store physical metals that must be stored.
However, there are a few important tax concepts that are worth learning about and that should be considered when discussing the function of the IRA custodian bank for precious metals.