Although IRAs used to be limited to owning American Eagle gold and silver coins, IRAs can now invest in IRS-approved gold, silver, palladium, and platinum bars and coins. Gold eligible for the IRA is gold that meets IRS standards for admission to a self-governing IRA. Gold IRA companies can help you with this process, from choosing a custodian bank to arranging the storage of your precious metals. Companies like Oxford Gold Group and American Hartford Gold can help you set up an IRA and store your gold.
One gold investment to consider is a gold IRA, which works like a standard IRA but allows you to keep gold in your retirement account. Many gold companies sell IRA-eligible gold, so finding the right gold for your IRA shouldn’t be difficult. Gold IRA companies can also help you set up your IRA and make sure everything is up to the right specifications. Since the American Gold Eagle is the only exception, gold bars to be included in an IRA account must have a minimum fineness of.
There are a number of precious metal options that are approved by the IRA, which means they are guaranteed legal for IRA investment options. While most available gold and silver bars are at least 99.9% pure, only a few coins and bullets can be included in an IRA account. Of course, you can buy IRA-approved gold outside of an IRA and store it in your home or somewhere else. You must buy the precious metal after you open the IRA, or transfer any precious metals you own from another IRA account.
First, you’ll need to buy IRA-eligible gold and choose an IRS-approved custodian, which is responsible for ensuring that your gold is compliant. One reason is that IRAs are not allowed to own collectibles and precious metals such as gold and silver are considered collectibles. When it comes to gold coins or gold bars, there are several gold products to choose from that you can add to your IRA account. All products that fall outside these ranges, with the exception of American Gold Eagles, are not eligible for IRA contributions.
Money deposited into a traditional IRA is deductible up to the permitted annual limits, while cash in a Roth IRA grows tax-free and can be withdrawn tax-free in retirement.