Why open a Gold IRA?
There are four types of precious metals that can be purchased as investments: gold, silver palladium and platinum. Silver is another viable investment. However, with a spot value of $20 an ounce a wealthy investor would need several hundred pounds in order to achieve his or her 20% target. To store that amount of silver, the price would be prohibitive and take away a significant portion of an investor’s retirement funds. Silver is stable but not very practical. Palladium is worth significantly more than silver. However, its spot value fluctuates tremendously and it can fall by up to $25 an troy ounce in a single hour. Platinum is more common than gold, but it’s less reliable than palladium. It can sometimes drop below the spot gold price. It is possible to rollover gold into a gold IRA account, which is why it is the most practical. Opening a gold IRA is a wise investment decision. Visit our website and learn more about gold IRA transfer.
Easy, safe and secure tax relief
Congress passed the taxpayer Relief Act in 1997. It allowed for the inclusion the four precious metals into an IRA. A precious metals IRA does not have the same structure as a self direct IRA. The investment can only include gold, palladium and silver platinum. A precious metals IRA investment does not allow for all types of gold. It is therefore important to be aware of what type and amount of gold is permitted. A precious metals IRA can include gold bullion or 24 Karat bars. These bars need to have an authentication stamp from either the New York Mercantile Exchange NYMEX or the Commodity Exchange Incorporation COMEX.
There are many options
An IRA may also be created by the IRS to include 24 Karat or 22 Karat-grade gold coins. The American Eagle (Canadian Maple Leaf), and the Australian Philharmonic are some of the most common gold coins included in a precious-metals IRA. Also, the gold must be kept at an IRS-approved bank or depository. A storage fee will also be assessed. A custodian must also be appointed for the gold IRA accounts, as with all self-direct IRAs. Also, the custodian may charge fees so it is best to shop around for prices and compare services.