Wednesday, July 27, 2011
You Can Have A Gold IRA
If you are really worried about the stock market, inflation, or can't stand the incredibly low interest rates on fixed income assets, you can invest in gold or other precious metals in your IRA per IRC Sec. 408(m)(3). Right now only 2% to 5% of IRA's own some precious metal assets. The coins or bullion must be held by the IRA custodian and not by the IRA owner. Most of the major brokerage firms will not do this for you but there are many firms out there that will. You have to set up a self directed IRA with a firm that will handle the transfer and storage of the precious metals. You are allowed to own American Gold Eagle coins, Canadian Gold Maple Leaf coins, American Silver Eagle coins, and gold and silver bars (bullion) that are 99.9% pure or better. These rules apply to Roth, SEP and SIMPLE IRA's also.
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How about a gold ETF (ie GLD)? Are these acceptable to hold in an IRA?
ReplyDeleteGold bullion bars and rounds are also easy to collect incrementally because you can choose a 1 oz Gold bar, a 10 oz Gold bar or several Gold rounds at once. Spread your investment over several months, or invest in Gold bar sizes less than 1 oz to steadily add to your investments. gold investment
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