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IRA Eligible Gold

A precious metals IRA account helps investors diversify their retirement account to hold gold coins and other precious metals. This is a great way to hedge against inflation, geopolitical turmoil, and economic uncertainty.

Using vetted gold IRA companies to help you purchase ira approved gold, silver platinum and palladium is the best route you can take because they will help you acquire ira eligible gold and other precious metals investments that meet the requirements set forth by the internal revenue service.

IRA Approved Precious Metals

Thanks to the Taxpayer Relief Act of 1997, you can hold silver coins, gold bars, platinum and palladium and enjoy the tax advantages a Self Directed IRA provides. This is the way I diversified my own retirement savings after some careful financial planning.

Gold IRAS require gold to be 99.5% pure and silver to be 99.9% pure. In the case of platinum and palladium, they also must be 99.9% pure to be ira eligible.

Most IRA eligible gold is either in a coin or round form, and it’s important to know that physical gold that is labeled as a “collectible” usually doesn’t make the cut.

For example, you can have these one ounce silver coins in your portfolio:

ira approved silver coin

What is a Precious Metals IRA?

If you are considering rolling over your 401(k) into a precious metals account, you may want to explore the option of a Precious Metals IRA. An Individual Retirement Account (IRA) is a type of savings account that offers tax benefits to help grow your retirement savings.

There are various types of IRAs, including traditional, Roth, SIMPLE, and Self-Directed IRAs.

For those looking to invest in precious metals, a Self-Directed IRA is often the preferred choice. If you read my Goldco review you’ll see why I selected them as my gold vendor who helped me set up custodianship and purchase the metals.

A Precious Metals IRA allows for the tax-deferred purchase of gold, silver, platinum, or palladium, with the metals being held in your account and distributed in the same way as other traditional IRA assets.

I prefer this method because it allows me to purchase IRA eligible gold with a retirement account and keep it in an IRS approved depository versus storing gold bars and gold bullion at my house or in a bank vault.

At the present moment I don’t own any platinum bullion other precious metals in my individual retirement account outside of gold and silver, but it’s on my radar for the future.

Gold Coins Examples

Here’s a few examples of gold coins that qualify as IRA eligible gold:

ira eligible gold coin
The 1 ounce American Buffalo gold bullion coin is an example of an IRA approved coin.

Below is the 1 ounce American Eagle gold coin, another popular IRA approved coin.

1 ounce american eagle gold coin ira approved

How to Purchase IRA-Approved Gold

To invest in gold, silver, platinum, or palladium within an IRA, you must first work with an IRA custodian. Custodians are typically banks, financial brokers, or other authorized institutions that oversee the management of your IRA.

Once you’ve selected a custodian, you will need to establish a Self-Directed IRA (SDIRA). After setting up the account, you can transfer your rollover funds and begin contributing to your IRA.

Next, you can choose the specific gold, silver, platinum, or palladium products you wish to purchase. Your custodian will handle the procurement and securely hold these assets in your IRA on your behalf.

In terms of setting up gold IRAS, here are the firms I’ve personally vetted. Each has a different investment minimum and annual storage fees, so instead of just recommending the best one that worked for me (Goldco) I have a list of providers you can peruse and select which one fits your investment scope.

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Tim Schmidt

About 

Tim Schmidt is an Entrepreneur and Serial Investor. Since 2012 he's been an advocate of alternative investments using a Self Directed IRA. His work has been featured in Yahoo! Finance, USA Today, Business Insider, and Tech Times, among others.