A Gold IRA is an Individual Retirement Account in which investors can hold gold or other precious metals in custody for the benefit of the account holder. Instead of holding paper assets like a regular IRA, it holds physical gold, silver, and other approved special metals. They must be in the form of IRS-approved products, whether that be coins or bars. Only products that meet the minimum purity requirements can be held in a Gold IRA. Since most Gold IRA accounts are self-directed, you have the ability to buy, sell, and exchange precious metals, within your retirement, with the benefit of being a nontaxable event.
Where Can You Store Gold
All Gold IRA assets must be held with an IRS-approved custodian or trustee; you cannot hold your gold or other precious metals in your own possession. It is advisable to contact a precious metal exchange company that has IRA services for information on investing in gold. They will work with reputable precious metal custodians and depository programs across the nation. From establishing your account to shipping your assets, it will be a straightforward process, provided you use a specialist company.
IRS Approved
The IRS has strict rules regarding which precious metals can be held in a Gold IRA. A quality precious metal exchange will be able to advise you on which products meet the requirements. American Gold Eagle bullion coins and American Silver Eagle coins are examples of IRS-approved products suitable for investing.
