While the price of gold rose to new highs during the summer, you probably saw a number of ads recommending investing in gold through an IRA. You’re probably also aware that gold is a “collectible,” and that IRAs aren’t allowed to own collectibles.
Bullion coins that are legal tender can be owned by IRAs. The coins also must have a 99.5% fineness level. The American Eaglecoins qualify as do some bullion coins issued by the states. Canadian Maple Leafs can be held in an IRA. But South African Krugerrands and British Sovereign coins don’t meet the exception. Older U.S. coins such as Double Eagles also don’t qualify.
To own gold, whether in coins or bullion, in an IRA you need a true self-directed IRA that is offered by a few custodians. You need a custodian because the IRS regulations require that the coins or bullion be in the possession of the custodian. You can’t use IRA money to buy the metals and store them on your own. You need an IRS-approved custodian.
I don’t have experience with any of these custodians and haven’t received much feedback from readers. You need to search carefully, paying close attention to how long they’ve been in business, the fees charged, and how they’ll buy the coins or bullion for your IRA. After doing this research, you probably will conclude the gold or bullion and coins shouldn’t be owned in your IRA. If you want to benefit from an increase in the price of gold, it’s more efficient to own an exchange-traded fund . The ETF can be bought and sold any time the markets are open. The ETF also is able to buy, store, and insure gold at a much lower price than you or an IRA custodian can.
Gerry Adams did and he was in the IRA...
GTA UNION DEPOSITORY LMFAOO
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