The four precious metals that may be held in an individual retirement account are gold, silver, platinum, and palladium, as long as they are IRS-approved coin or ingot products. You can buy gold coins and gold bars, silver, palladium, and other precious metals that meet specific fineness requirements with your IRA. Current law allows transfers from IRAs as well as transfers from qualified retirement plans, such as 401 (k), 401 (a), 403 (b), 457, Thrift Savings Plan (TSP), and pensions. While the price of gold rose to new highs over the summer, you’ve probably seen a number of ads recommending investing in gold via an IRA.
After doing this research, you’ll likely come to the conclusion that the gold or gold bars and coins shouldn’t belong in your IRA. At age 59½, an IRA beneficiary can start receiving penalty-free distributions from their account. To own gold, whether in the form of coins or precious metals, you need a genuine, self-directed IRA in an IRA, which is offered by a few custodian banks. You then complete all the paperwork received by the plan administrator and ask the plan administrator to transfer your retirement assets to your new Equity Trust IRA account number.
In fact, there are only certain gold, silver, platinum, and palladium products that are eligible for inclusion in an IRA account. You probably also know that gold is a “collectible” and that IRAs are not allowed to own collectibles. While it’s legal to own gold or silver through an IRA or other retirement account with some restrictions, it’s not the best or most efficient way to own the precious metals. It may be better to invest your IRA in a precious metals ETF or own precious metals in a taxable account.
The ETF is also able to buy, store, and insure gold at a much lower price than you or an IRA custodian bank. Self-managers do not provide investment advice, but they do provide administrative and reporting services and buy precious metals on your behalf in accordance with your instructions via your IRA account. When it comes to gold coins or gold bars, there are several gold products to choose from that you can add to your IRA account. 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.
All products that fall outside these ranges, with the exception of American Gold Eagles, are not eligible for IRA contributions. The IRS has issued private letter rules to major gold ETFs, which state that IRAs may own the ETFs.
