A gold IRA is a self-directed individual retirement account that invests in both physical gold and other precious metals. A Gold IRA often comes with higher fees than a traditional IRA or Roth IRA, which invests exclusively in stocks, bonds, and mutual funds. A Gold IRA is a type of self-directed individual retirement account (IRA) that allows you to own gold bars. In a regular IRA, you can’t own physical gold, although you can invest in a wide variety of assets that are engaged in gold, such as stocks of gold mining companies or exchange-traded gold funds (ETFs).
Gold IRAs are a special type of self-directed IRA that allows you to invest in physical gold and other precious metals, such as silver, platinum, and palladium. Investing in a Gold IRA requires the services of a custodian bank, a broker to buy gold, and an approved custodian to store gold. Like other self-directed IRAs, gold IRAs can be traditional or Roth. A gold IRA consists of a single asset class, and if you avoid the diversity you get with a traditional investment portfolio, you’re more exposed to risk and deprive you of the opportunity to generate income.
If you want to keep gold outside of a retirement account (which means you can keep it at home), here’s more information about how to buy gold outside of an IRA. Be sure to review the list of allowed gold objects with your custodian bank before adding gold to your IRA. Most types of retirement accounts can be transferred in whole or in part to a Gold IRA or a custom precious metals IRA, deferred for tax purposes and with impunity. Once the money is received by the new self-managing IRA custodian, your Allegiance Gold representative will help you select the IRS-approved coins and deposit to store your precious metals.
Popular Gold IRA companies include Orion Metal Exchange, Birch Gold Group, Red Rock Secured, Gold Alliance, Oxford Gold Group, and Goldco, among others. Gold IRAs follow the same general rules as traditional IRAs when it comes to tax benefits (traditional or Roth), contribution limits, and payout rules. Many of the custodian banks and brokers that open mainstream IRAs and invest in traditional assets are unable to open and operate an SDIRA, including a Gold IRA. Given that you can also hold silver coins or bars, platinum, and palladium in a gold IRA, a more correct term is technically “precious metal IRA.”
Your designated Allegiance Gold team members, both an IRA specialist and a senior portfolio manager, will manage the entire process of setting up and funding your Gold IRA or custom precious metals IRA. Gold IRA rules require that you store suitable precious metals with a national depositary, bank, or an IRS-approved third-party trustee. Making a mistake, even if it happens accidentally, can be very costly. So it’s worth knowing what the IRS will and won’t let you do with your Gold IRA. Most gold IRA companies recommend or require that you work with a specific custodian and custodian, although some give you the choice of two or more.
To do this, you’ll need an individual Gold retirement account, commonly referred to as a Gold IRA, although it has its own additional rules to follow and fees to pay.
