Owning Physical Gold Coins IRA
Many people have investments and savings in dollars inside their bank accounts. But, dollars, even our stocks and bonds, are in an obvious dilemma in the past ten years. If you are a wise person, you should be thinking of several ways in which you can shield your wealth against the falls and drawbacks of the global economy. Owning physical gold coins IRA is one of the best solutions that you should consider.
Why Invest in Physical Gold Coins?
Individual Retirement Accounts or IRAs have been a safe and secure haven for many citizens, until the year 2008 came. In that year, about 10,000 US dollars of the retirement money of employees were lost in their respective IRAs. Because of this great loss, many employees sought the advice of investment experts as to whether the can utilize their IRA to handle physical gold so that no value of their money is lost without them spending it.
What Kinds of Gold Coins are Permitted?
Your IRA can hold any gold bars or gold coins should be .995 fine. These include the American Eagle, Canadian Maple Leaf as well as the Austrian Philharmonics. On the other hand, alloy-minted coins such as the South African Krugerrand do not qualify for an IRA. In addition, numismatic gold coins are not permitted for an IRA.
How Do I Put Gold into an IRA?
The process of putting physical gold coins IRA starts with finding an IRA custodian. This professional holds investments in gold and other metals. An IRA investment custodian or specialist will talk about the steps you must take to place physical gold coins into your IRA. Of course, you have to choose an IRA specialist that has a good reputation and has long years of experience in the industry.
Your physical gold coins would be under the legal custody of your chosen IRA specialist, but the one that will keep your IRA physical gold safe and secure is your chosen certified depository, such as the Delaware Depository Services, the HSBC Bank USA, and others. With this said, it’s easier to manage if you open a different IRA for physical gold from your existing IRA for retirement money.
Once you opened a new IRA for your physical gold, you would discuss with the custodian what gold coins you would like to purchase using the money you put in the new IRA. It’s not permitted to drop in your previously owned coins. The custodian and the depository will charge their respective annual fees, which, in combination, can cost you around $150 to $400 a year.