How To Hold Gold in Your IRA
Find an IRA Custodian that Allows you to Invest in Gold
Most IRA Custodians that allow you to invest in precious metals are Self-Directed IRA Custodians. These IRA Custodians allow you to make traditional and alternative investments.
Ensure the IRA Custodian Knows the Rules
It is important when considering investing your IRA in Gold that your IRA Custodian understands what precious metals can be held in an IRA. Although you can invest in gold, silver, and other precious metals, you cannot invest in collectibles or coins. In fact, the IRS has very specific rules dictating the type of precious metals that you can hold in your IRA. Furthermore, the IRS prohibits you from being in personal possession of IRA owned precious metals. Choosing the wrong custodian or failing to follow the rules could lead to a taxable distribution on your IRA account.
Open a New Retirement Account
A lot of traditional providers do not allow you to open an IRA for gold. After finding an IRA custodian that allows you to hold Gold in your IRA, you can begin the process of opening an account. Depending on the type of retirement account you select, this can be accomplished in a few days.
Fund Your Account
Determine if you want to fund your new retirement account with a contribution or transfer.
Begin Investing in Gold
After your IRA funds have cleared, you are free to begin investing in Gold and other precious metals in your IRA. IRA Financial Group also allows individuals to hold other investments in their Self-Directed IRA. Common investments include stocks, ibonds, precious metals, cryptocurrency, and real estate.