Adding precious metals to an IRA account may provide investors with additional diversification and growth opportunities. However, there are very strict rules and regulations for precious metals investments with an IRA account. In fact, there are only certain gold, silver, platinum, and palladium products that are eligible for inclusion in an IRA account. Here we will outline the available products.
Want to set up a self-directed precious metals IRA? Well, not all gold, silver, platinum, and palladium bars are eligible for an individual retirement account (IRA). The IRS only approved certain gold, silver, platinum, and palladium bars and types of coins. The following is a list of IRA-approved precious metals that can be purchased for a precious metal IRA. Gold IRA companies can help you with this process, from choosing a custodian bank to arranging the storage of your precious metals.
All products that fall outside these ranges, with the exception of American Gold Eagles, are not eligible for IRA contributions. Precious metals IRAs are usually self-managed IRAs, a type of IRA in which the custodian bank allows you to manage a more diverse range of investments in the account. Approved gold investments must fall under a pre-approved list (as described above) and be pure 24-carat gold bars (1 ounce — 400 ounce). Scottsdale Bullion %26 Coin has simplified the process of setting up a gold and silver IRA in six easy steps.
First, you’ll need to buy IRA-eligible gold and choose an IRS-approved custodian, which is responsible for ensuring that your gold is compliant. There are currently a variety of precious metals that meet the minimum purity requirements allowed for inclusion in an IRA Gold account. To invest in precious metals via a self-managed IRA, you must set up a valid IRA and have cash in the IRA. One reason is that IRAs are not allowed to own collectibles and precious metals such as gold and silver are considered collectibles.