A key selling point of gold IRAs is that you own the physical gold yourself. If that doesn’t matter to you, there are other ways to add exposure to precious metals to a retirement portfolio, such as buying stocks in gold mining companies. Like a traditional IRA, a Gold IRA allows pre-tax contributions, and investment income can then accumulate in deferred tax terms. Annual fees are generally charged by the account custodian, and storage and insurance fees are more often owed to the custodian than to the Gold IRA company.
Patriot Gold Group has a long track record of helping investors secure their financial future through gold IRAs, and has received high marks from consumer groups. According to Moy, there was little demand for gold IRAs during his tenure as director of the mint, as it is a very complicated transaction that only the most tenacious investor was willing to make. So if your portfolio is balanced with both gold and paper-based investments, a loss on the gold side is offset by gains on other assets. Self-directed IRAs can either be traditional IRAs or Roth IRAs, and the difference depends on how you want your money to be taxed.
In fact, Augusta Precious Metals, one of the best Gold IRA companies, specializes in helping people make exactly that choice. With an education team, a dedicated agent, and a video resource library, the company is doing everything it can to help its customers understand the steps involved in opening a Gold IRA. The best way to use a Gold IRA is to use it as an accumulation tool as part of a more comprehensive, diversified investment strategy. In addition, the IRS only allows certain gold coins, such as the American Gold Eagle or Canadian Maple Leaf.
Anyone who wants to buy precious metals or set up a Gold IRA is free to do so at a price they’re happy to spend. One important rule for knowing how physical gold can be stored in an IRA is that your precious metals MUST be stored at an approved depository agency such as the Delaware Depository Service Company or Brink’s Global Services, not at your home or in a safe deposit box. Because of Noble Gold’s extensive network of partners and suppliers, customers receive competitive prices for gold purchases. Or, if you have a traditional retirement savings account and want to increase your exposure to gold, read here how to buy a gold ETF, an exchange-traded fund that tracks the performance of gold.
Gold and silver purchased through a precious metal IRA must be stored in an approved bank or custodian.
