The four precious metals that may be held in an individual retirement account are gold, silver, platinum and palladium, provided they are in the form of IRS-approved coin or bar products. With your IRA, you can buy gold coins and gold bars, silver, palladium, and other precious metals that meet specific fineness requirements. Current law provides for both transfers of IRAs and rollovers from qualifying retirement plans, such as 401 (k), 401 (a), 403 (b), 457, Thrift Savings Plan (TSP), and pensions. After you’ve opened your account with Equity Trust, contact your previous employer for the required documentation to transfer an IRA.
Although IRAs used to be limited to holding American Eagle gold and silver coins, IRAs can now invest in gold, silver, palladium, and platinum bars and coins approved by the IRS. To own gold, whether in coins or gold bars, in an IRA, you need a genuine, self-directed IRA, which is offered by some custodian banks. Individual retirement accounts (IRAs) offer tax-deferred or tax-free growth, which means investments made with an IRA can grow larger than similar investments made outside of an IRA. While it’s legal to own gold or silver via an IRA or other retirement account with some restrictions, it’s not the best or most efficient way to own precious metals.
This is a prohibited transaction as an IRA owner is not allowed to make any purchase or sale transactions with the IRA. In fact, there are only certain gold, silver, platinum, and palladium products that are eligible for inclusion in an IRA account. An IRA also allows gold bars and bullets made of gold and silver if they have a fineness of 99.9%. When it comes to gold coins or gold bars, you have several options for gold products that you can add to your IRA account.
While the price of gold rose to new highs over the summer, you’ve likely seen a number of ads recommending investing in gold via an IRA. However, there are very strict rules and regulations for precious metals investments with an IRA account. You then fill out all documentation received from the plan administrator and ask the plan administrator to transfer your retirement savings to your new Equity Trust IRA account number. Funds received from an IRA are not subject to penalties or taxes as long as they are deposited into your new IRA account within 60 days.
Adding precious metals to an IRA account may provide investors with additional diversification and growth opportunities. If you have an existing IRA or 401 (k), you can fund an IRA by transferring either full or part of the amount.
