A gold IRA is a self-managed individual retirement account that invests in both physical gold and other precious metals. A gold IRA often has higher fees than a traditional IRA or Roth IRA, which invests exclusively in stocks, bonds, and mutual funds. If you want to hold physical gold in an IRA, that can’t be your regular account. It must be a separate, specialized IRA known as a Gold IRA.
Your
chosen Gold IRA company will help you initiate this by reaching out to your plan administrator with a request to transfer funds to your new Gold IRA. You can transfer all or part of the balance to fund a Gold IRA with no tax liability, as long as you complete the rollover within 60 days. In addition to the custodian manager, the Gold IRA Company coordinates the functions of the depository, the facility where the precious metals in your IRA are physically stored. Orion Metal Exchange is a California-based company that offers gold IRAs and a wide variety of precious metals, coins,
and gold bars.
If you need advice, you should contact a trusted advisor rather than relying on representatives from the Gold IRA firm. Gold and other precious metals are just one of the many things you can buy with a Roth Gold IRA. Before opening a gold IRA, remember that it’s not the only way to invest in gold with your retirement savings. Since you can also hold silver coins or gold bars, platinum and palladium in a gold IRA, a more correct term is, technically speaking, “precious metal IRA.”
To do this, you’ll need an individual gold retirement account, commonly referred to as a Gold IRA, although this account has its own additional rules and fees to pay. These investments are available in a normal brokerage IRA, meaning you wouldn’t have to go through the work and additional costs of setting up a self-directed gold IRA. With a Roth Gold and Silver IRA, your contributions are after tax, which means you pay tax on the money before you deposit it into your IRA account. Make sure you check the list of allowed gold objects with your custodian bank before you transfer gold to
your IRA.
In a regular IRA, you can’t own physical gold, although you can invest in a wide variety of assets that have exposure to gold, such as stocks in gold mining companies or exchange-traded gold funds (ETFs). If you want to hold physical gold in an IRA, the first step is to open a self-directed IRA (SDIRA), which you manage directly with a custodian bank. The term gold IRA is primarily used to describe a self-directed IRA whose funds are invested in hard metals. Your custodian bank can refer you to an approved institution and process the gold transfer as part of setting
up your Gold IRA.
