If you are planning to have your own gold Individual Retirement Account due to today’s unstable market, then you’re on the right track. Instead of the usual IRA, a precious metals IRA is better because gold and other precious metals are not influenced by the changes in the stock market and you will surely have safe assets with a precious metal IRA.
What Is A Gold IRA
As the name suggests, a precious metals IRA is a type of IRA that contains precious metals. It is also known as gold IRA because gold is the most common and the most precious metal that is accepted as an investment for the IRA, although other precious metals are also allowed. The other kinds of metal investments are silver, platinum and palladium.
Gold is a metal, which is very precious and it is almost used everywhere. This is why it has never been out in the market. When the gold is in demand, its price increases and it is why it is really the best when it comes to monetary issues. Aside from that, its value is more likely to increase, than to decrease.
The precious metals that are contained in the IRA are owned by the IRA and not by the owner of the IRA. So it means that the IRA itself is the one that handles the payments for purchases, shipping, or deposits. Hence, the gains will also return to the gold IRA.
Types Of Precious Metal IRA
As said in the previous paragraphs, not only gold is accepted as an investment for your gold IRA. The silver, platinum and palladium are also allowed.
Even though there are various metals that are allowed, there are only two types of precious metals that are accepted and these are the coins and the bullion bars.
Generally, coins are only accepted if they have 0.999+ of fineness. On the other hand, bullion bars will only be accepted if they have 0.995+ of fineness.
However, there are exceptions to this rule and one of them is the American Gold Eagles, which is accepted even though it is less than the required fineness.
If you want to know more about the specific types of precious metals that are approved for your IRA, here are them:
- For Gold
- American Gold Eagle Coins
- Austrian Philharmonic
- Australian Kangaroo/Nugget Coins
- Suisse Gold Bars
- Canadian Maple Leaf Coins
- Gold American Buffalo Coins
- For Silver
- American Silver Eagle Coins
- Canadian Silver Maple Leaf Coins
- Austrian Silver Kookaburra Coins
- Mexican Libertad Coins
- For Platinum
- Austrian Koala Coins
- Canadian Platinum Maple Leaf Coins
- For Palladium
- The palladium rounds and bars are also accepted as a precious metal for your IRA as long as it follows the fineness standards of 0.995 or up.
Most of the coins and bars that are listed here have 0.999 fineness. But, take note that if your coins or bars’ fineness is 0.995+, it will still be accepted as an investment.