Precious and precious metals, such as silver and gold, can be used to diversify your portfolio as well a hedge against inflation and market volatility. It’s a popular way of investing in precious metals, as well as planning for a more secure retirement. But how can one set up an IRA to investment in gold?
After 1997’s Tax Payer Relief Act was passed, the option of adding physical precious materials to an IRA became more popular than traditional 401ks. A gold IRA can accept silver, gold, platinum, and palladium. These metals must all be bullion coins, bars, and a certain fineness. You cannot have rare coins or collectable gold & Silver coins in a golden IRA. Your precious-metals broker will be able work with you to determine the best metals for your portfolio.
It is a smart idea to establish an IRA first before making a decision on what metals you would like to purchase. Contacting your current custodian is the best way to begin. Your precious metals broker will help you determine if your current IRA can accept physical metals. Most cases don’t allow you to make precious metals investments due to the restrictions of your IRA plan and other guidelines. You can then begin the process to transfer your 401k account into a new, IRA account that is gold.
Your broker can help you find a custodian specializing with gold IRAs. After you’ve been selected, you’ll need to complete some paperwork. This will include the amount that you will be rolling into your new gold IRA, as well as any beneficiaries.