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Many investors may not know much, if anything, about precious metals IRAs. This video explains how a precious metals IRA works, as well as some general benefits of precious metals investing.
First, what are IRAs? IRAs are individual retirement accounts and were created to facilitate retirement savings. There are two types of IRAs: the traditional IRA and the Roth IRA. Traditional IRAs allow up to $5,000 in pretax income to be invested per year. When funds are withdrawn during retirement, the money and any capital gain is taxed. Roth IRAs also allow up to $5,000 to be invested per year. However, unlike a traditional IRA the money deposited into a Roth IRA is after-tax income. When funds are withdrawn during retirement, the money and any capital gain is not taxed. A precious metals IRA can be either a traditional IRA or a Roth IRA. The only difference is that instead of investing in stocks and bonds, a precious metals IRA invests in precious metals, including gold, silver, platinum and palladium. Opening a precious metals IRA is simple and only requires that the broker also be a licensed precious metals depository. Not all brokerages offer this service, and it does entail a nominal annual storage fee. You can also rollover your existing traditional or Roth IRA or a 401K into a precious metals IRA.
There are restrictions to what a precious metals IRA can hold. But the range of investments permitted in a precious metals IRA was expanded by Congress in 1997. Once your precious metals IRA is open and funded, you can buy your precious metals investment online at gainesvillecoins.com or with one of our traders. We will then ship your order to the depository. If and when you decide to sell your investment, Gainesville Coins will provide you with liquidity and buy your precious metals investment.
Finally, the benefits of a precious metals IRA as part of a broader retirement portfolio is rooted in modern portfolio theory which basically states that portfolios that hold non-correlated assets offer a better risk reward profile. In other words, adding precious metals to a broader retirement portfolio will create a lower risk and a higher reward portfolio relative to a portfolio that does not contain precious metals.
We hope you found this video informative. If you have any questions, please call us at 813-482-9300 and we'll be happy to further assist you.
You will need to choose between a Traditional IRA and a Roth IRA for your Precious Metal IRA . Traditional IRAs are funded with before-tax fund and will be subject to taxation upon fund withdrawal. Conversely Roth IRA's are funded with after-tax funds. They will not be taxed when the funds are withdrawn. Some investors choose to have both.
For your convenience, the following IRA Custodians all provide Precious Metal IRAs . Gainesville Coins has extensive experience with each custodian.
The benefit of a Self-Directed IRA is that you can invest in what you know. Your Self-Directed IRA account can buy precious metal, real estate, notes, limited partnerships, commercial paper and many other types of assets. The IRA Custodian maintains and updates all documentation relating to your IRA.
Follow these 3 easy steps
Select from one of our recommended custodians or any of your choosing to purchase, receive and hold your precious metals. If you have any questions regarding Custodians, our representatives are ready to assist you.
Opening a Precious Metal IRA account is simple. To make the process as easy as possible, we've provided links to the IRA custodians regarding how to open an account - including information on rolling over existing IRA or 401k into a Metal IRA.
You will be asked to select a precious metals dealer during this process; Choose Gainesville Coins.
Once you have opened and funded your metal IRA, purchasing precious metals with Gainesville Coins is a simple, straightforward process. Refer to our FAQ or call us and our qualified specialist will gladly guide you through the process.
Among the factors to consider when weighing which IRA custodian to choose is cost. Each custodian will require an initial set-up fee, storage fee, and transaction fee. Below is a table summarizing the costs among the four custodians we have outlined for accounts $75,000 or less. Certain costs will be different if the account is larger than $75,000
|One-Time Establishement Fee||$50.00||$25.00|
|Annual Maintenance Fee||$75.00*||$60.00|
*New Direction charges a Flat Rate $75 for accounts under $100,000 total value or $125 for accounts at or above $100,000 total value.
What types of Precious Metals are IRA eligible?
Are collectible coins eligible for Precious Metal IRAs?
Yes, the only collector coin presently eligible for your IRA is the American Proof Gold and Silver Eagle. These are the collectors version of the uncirculated coin and must have all original box and paperwork provided by the U.S. mint.
What is Unacceptable in a Precious Metal IRA?
The following list represents some of the coins that are not acceptable in a Precious Metal IRA.
How are my precious metals stored?
Depending on the IRA service provider you choose, they can be stored either segregated or non-segregated within the storage vault. Segregated storage guarantees the coins you purchased to be held separate from other customers goods, while non-segregated storage allows for precious metals of like kind to be mixed; being that they are identical and of the same weight and purity. Please check with your IRA service provider for further details.
Can I put precious metals I already own into my new Precious Metal IRA?
No, all precious metals must be purchased after your IRA has been established.
What is required to buy from Gainesville Coins for your IRA?
To buy gold, silver, platinum, or palladium, you will be required to:
If you have opened an account with GoldStar, you will need to fill out their Investment Direction form, and have GoldStar send us a copy.
We will then send you a sales order which you will need to SIGN and SEND to your IRA custodian. The IRA custodian will then forward us the funds, and Gainesville Coins will process and ship the precious metals to the relevant depository or independent storage facility.