The four precious metals that can be held in an individual retirement account are gold, silver, platinum and palladium, as long as they are in the form of coins or ingots approved by the IRS. You can buy gold coins and ingots of gold, silver, palladium and other precious metals that meet certain fineness requirements with your IRA. Current law allows both transfers from IRAs and renewals of qualified retirement plans, such as 401 (k), 401 (a), 403 (b), 457, Thrift Savings Plan (TSP) and annuities. Products that fall outside these ranges, except American Gold Eagles, are not approved to receive IRA contributions.
If you already have an IRA or 401 (k), you can fund an IRA by transferring all or part of the amount. Self-employed account custodians don't provide investment advice, but they do provide administrative and reporting services, and will purchase precious metals on your behalf based on your instructions through your IRA account. Then, you'll complete all the documentation received from the plan administrator and ask you to transfer your retirement assets to your new Equity Trust IRA account number. With the American Gold Eagle as the only exception, gold bars for inclusion in an IRA account must have a minimum fineness of.
The ETF can also buy, store and secure gold at a much lower price than what you or the depositary of an IRA can buy. Including precious metals in an IRA account can offer the investor additional opportunities for diversification and growth. You probably also know that gold is a “collector's item” and that IRAs cannot own collectibles. In fact, there are only certain gold, silver, platinum and palladium products that can be included in an IRA account.
After opening your Equity Trust account, you will contact your previous employer to inform them of the documentation required to transfer an IRA. Funds received from an IRA are not subject to penalties or taxes, as long as they are deposited in your new IRA account within 60 days. To own gold, either in coins or in ingots, in an IRA you need a true self-directed IRA offered by a few custodians. After doing this research, you'll likely come to the conclusion that gold or bullion and coins shouldn't belong to your IRA.
You can receive distributions from your IRA in the form of physical gold, silver, platinum, or palladium, depending on the metals in your account. While it's legal to own gold or silver through an IRA or other retirement account with some restrictions, it's not the best or most efficient way to own precious metals. While the price of gold rose to new highs over the summer, you've probably seen several ads that recommended investing in gold through an IRA.