A gold IRA is a type of self-managed individual retirement account that allows individuals to keep physical gold, silver, platinum, and palladium in the account as investments. With a gold IRA, you can own physical gold bars while taking advantage of the tax benefits of an individual retirement account. However, this particular type of IRA is not an optimal choice for most investors. For example, you won’t find a gold IRA option with any of the largest and most reputable brokerage firms.
When deciding where to store your gold investments, your options are limited. The IRS has only a few approved depositories for gold, silver, platinum, and palladium depositories. Depositories approved by the IRS include, for example, the Delaware Depository Service Company, JP Morgan Chase, HSBC and CNT Depository. Gold IRAs are a special type of self-directed IRA that allows you to invest in physical gold and other precious metals, such as silver, platinum, and palladium.
Investing in a gold IRA requires the services of a custodian bank, a broker to purchase gold, and an approved depositary to store gold. Like other self-directed IRAs, Gold IRAs can be Traditional or Roth. In addition to gold IRAs, APMEX offers a wide range of precious metal IRAs for silver, platinum and palladium. It uses a three-step process for purchasing precious metals for physical delivery, gold IRAs, or precious metal IRA.
We contacted Lear Capital to request a Gold IRA investor package and saw first-hand how hard the company is working to educate its customers about Gold IRAs. Gold IRAs are an ideal investment choice for those looking to diversify their retirement portfolios and grow their wealth. A gold IRA is characterized by the fact that you own the actual precious metals, as opposed to stocks or fund shares in mining companies. Since 2003, Birch Gold Group has sold physical gold, silver, platinum, and palladium to finance IRAs or for physical ownership.
In fact, many of those who choose to invest in a gold IRA do so with funds purchased using a traditional IRA or a 401 (k) managed by the company. You can invest in gold ETFs that own physical gold, such as SPDR Gold Trust (GLD) or iShares Gold Trust (IAU). Preserve Gold is a full-service IRA precious metals dealer that offers an extensive catalog of gold, silver, platinum, and palladium coins and bars for purchase. If you have a Gold IRA, you’ll incur costs for managing and maintaining the account and storing and insuring your gold.
For almost 20 years, the Oxford Gold Group has continuously worked with private individuals to expand its investment portfolio in gold products with a silver content of 26%. To set up a Gold IRA, open an account and buy precious metals from a company like the ones mentioned here. Therefore, the first step to operating a Gold IRA is to search for a custodian or trustee that offers Gold IRAs. Your representatives are well-trained and have extensive industry knowledge, making them invaluable resources to set up a gold IRA or explain the process of buying and selling gold with your IRA.