GOLD IRA FAQ

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Q: Can you hold precious metals in an IRA?  What is precious metals IRA?

A: Any Individual Retirement Account (IRA) can be set up to allow the investment of physical gold (or certain other IRS-allowed precious metals) to the account.  However, buying precious metals in an IRA depends on whether the custodian is set up to allow it.

Q: What is the top rated precious metals IRA?

A: Goldco has the highest gold star rating and is the best IRA company. The company has been around since 2006 and has a solid reputation in the gold industry.  The application process is quick and pain-free.  Their customer service is second to none.  If you need someone to walk you through the process, they are there for you every step of the way.

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Q: How do I find a precious metals IRA near me?

A: The best self-directed precious metals ira is not going to be located at the company down the street from you or even in your city. To open a precious metals ira, choose a national gold or silver ira custodian such as Goldco.  You want a company that specializes in precious metals and processes a high volume, thus lower fees.  Be aware that there are scammers out there and a) do not choose a company that does not abide by the IRS rules, especially regarding storage; and b) has not been in business a long time.  Goldco has been around since 2006 and has been endorsed by “celebrities” that you may be familiar with.  

Q: What Types of Gold are Allowed in Gold IRA?

  • IRA Approved Bullion Coins & Rounds
  • American Gold Eagle coins
  • U.S. Buffalo Bullion gold coins
  • Canadian Maple Leaf gold coins
  • Austrian Philharmonic gold coins
  • Australian Kangaroo/Nugget gold coins
  • Chinese Gold Panda coins
  • Gold Incuse Indian round
  • Gold Engelhard Prospector rounds
  • Perth Mint Lunar Series gold coins
  • Certain grades of silver, platinum and palladium are also allowed.

Q: I already own gold bars.  How do I deposit them into a gold IRA?

A: Only cash contributions can be made to your Gold IRA unless it is a rollover. Once your cash is deposited, you can purchase precious metals for direct delivery to your custodian’s depository.

You cannot deposit precious metals which you already own.

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Q: Can I add gold to my current IRA?  

A: The IRS allows an IRA, 401(k), HSA or ESA to acquire precious metals, but not all accounts will be set up for that type of investment.  Call your provider to determine if this is possible.  If you are told no, you can have rollover your current IRA to a gold IRA with another company. 

Q: Where will my gold be located?

A: Once you purchase gold from a custodian-approved gold dealer, it  will be delivered directly to a secure depository chosen by the custodian, i.e. Brinks, etc.

Q: Am I required to use the custodian’s depository to store my gold?  What about home storage? 

A: Some IRA companies are promoting home storage, LLC or checkbook IRA’s.  Beware….IRS Publication 590 specifically states that “The trustee or custodian must be a bank, a federally insured credit union, a savings and loan association, or an entity approved by the IRS to act as trustee or custodian.”

Here’s an excellent article about home storage

Q: Can I store gold offshore?

A: Offshore storage in a gold IRA would require the approval of the custodian of your IRA.

Indigo Precious Metals in Singapore is the leading tax-free offshore vaulted storage dealer.  Clients are able to buy online through a well-stocked e-commerce website.  Fees are as low as 0.30% per year.

BullionVault located in London and Goldcore located in Ireland are also highly recommended.

BullionVault

Q: Can I withdraw gold in an emergency situation?

A: If you are under 59.5 years of age, you can borrow from your IRA but it has to be repaid within 60 days to avoid a ten percent penalty.

Q: Is that a minimum and maximum amount that I can contribute to a gold IRA?

A: Most custodians require a minimum of $1,000 — check with the custodian of your choice.  The maximum is set by the IRS and can change annually.  Please check IRS.gov for the most up-to-date maximum IRA contributions.  It doesn’t matter whether it is a standard IRA or a gold IRA….the rules are the same for maximum contributions.  

NOTE:  The IRA contribution limit does not apply to rollovers.

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