Individual Retirement Accounts (IRAs), approved gold and silver bullion for holding in 1997. The only approved forms of silver and gold that could be held in IRAs prior to 1997 were the American silver eagle coin and the silver eagle coin. See gold and silver IRA custodians to get more info.
For the smart investor, silver and gold bullion coins and bars are excellent investments options in today’s economy. The value of silver and gold bullion coins or bars is far lower than that of older dated numismatic coin, which are much more expensive. The premium for non-graded coins is lower than that of numismatic coins due to mass manufacturing costs and lower production costs. Bars and coins are often more sought-after because they are easily identifiable and can be purchased and exchanged in a variety of forms.
There are two minor differences between bullion bars or coins in gold and silver. Bullions coins tend to be round. Most bullions coins are round. These coins are usually produced at government mints. If a coin is declared legal tender by a country, it is part of the country’s currency. It is also backed by its government. Investors feel more confident knowing that the coins are backed by government. This serves to deter wood be counterfeiters from counterfeiting government currency.
Bullion bars, which are often rectangular in form and usually produced by numerous private mints, are not legal tender. Yes, bullion bars often contain 99.999 pure or sterling gold. It can therefore be exactly the same metal as a legal tender coin. But it isn’t backed by government and it is not legal money. It is often the smaller-sized bars that make good investments. The bar’s size determines how likely it will be to be analyzed when it is sold. Counterfeiters may drill large bars, fill them up with cheap metal and cover it with real gold or sterling. Experts can test the bars by drilling them. Often the buyer of the bars has to pay the assay.
Because of its uniformity, silver and golden have become very popular investment options in precious metals. Silver is often called “the poor man’s silver”. These metals are very compact and investors can secure great deals. It is also easy to convert them to cash. The most commonly used size bars of gold or silver are the 100oz (10oz) and 1 oz (1 oz) bars.
I applaud your efforts to buy coins and bars for your IRA, as a hedge from the dollar devaluation or to hedge against future inflation. About 2 percent of Americans own physical silver and gold. It takes courage for you to invest in something the majority of Americans don’t believe. But that’s how smart money works. Be ahead of the pack and get in on the action early.