Find the Best Precious Metal IRA Custodian Today
James Lawson- Precious metal IRAs allow investors to invest in gold or other precious metals through a self-directed IRA.
- A precious metal IRA custodian is responsible for storing and protecting your precious metals. (Gold, silver, platinum, and palladium).
- Investors use precious metals to diversify their portfolios and protect their life savings. Choosing an IRA custodian for your precious metals IRA matters.
Making the best investment decisions often requires more than just research and knowledge. It also requires a solid financial foundation-including a precious metal IRA custodian that provides valuable support for your investments.
But how do you know which ones to trust?
The Benefits of Precious Metals IRAs
Precious metals IRAs are very similar, in many ways, to a regular IRA account. In general, they are tax-advantaged accounts that invest in assets that hold value over time, such as gold, silver, and platinum.
The tax advantages of these accounts make them attractive to investors. For example, if someone contributes $5,000 per year to a precious metals IRA for three years, they will have $15,000 to invest.
The tax advantages are particularly strong when it comes to capital gains. Since investors generally pay long-term capital gains taxes at a lower rate than short-term taxes, precious metals IRAs can be a great way for investors to capitalize on long-term gains.
Gold IRAs
Gold IRAs, like traditional IRAs, are tax-advantaged retirement accounts. You can put money into a traditional IRA or Roth IRA, but you cannot invest in precious metals. Gold IRAs allow investors to hold gold and other precious metals in their IRAs, but investors must hold these metals in a physical depository.
Gold IRAs are especially beneficial for investors seeking long-term, tax-deferred wealth creation. Gold prices have historically outpaced stock, bond, and real estate markets, and this can mean significant gains for investors.
Gold IRAs are particularly attractive for investors at or near retirement age because the IRS imposes a 10% penalty for taking out money from a Roth IRA before age 59 1/2. However, with a gold IRA, investors can avoid this penalty, since the IRS does not treat precious metals as cash.
Silver IRAs
Physical silver is the safest and most reliable way to invest in precious metals. Silver bullion bars and coins are physically held in your IRA custodian's vault, which means physical precious metals are the liability of the custodian, not you.
A precious metals IRA just means that your precious metals are in your IRA. The IRA custodian holds your assets.
Palladium IRAs
Palladium IRAs can be purchased through banks and brokerage houses. However, note that some banks and brokerages specialize in one type of IRA, while others offer IRAs for all types, including precious metals IRAs.
To find the best precious metals custodian for your IRA, you will want to consider factors like fees, minimums, and prices.
Platinum IRAs
Platinum IRAs can be purchased as physical bullion and in physical platinum bars. The physical platinum bars are available in sizes of 1 troy ounce, 10 troy ounces, 100 troy ounces, and 1,000 troy ounces. The 1 troy ounce bars are .9995 pure platinum, with a premium of 5%. The 10 troy ounce bars are .9995 pure platinum, with a premium of 2%. The 100 troy ounce bars are .9995 pure platinum, with a premium of 1%. The 1,000 troy ounce bars are .9995 pure platinum, with a premium of 0%.
The premiums are in addition to the fees charged by the depository.
Gold IRA: Should You Open One To Save For Retirement?
The Bottom Line
If you are planning for retirement, you should consider opening a precious metal IRA. Besides the potential tax benefits, a precious metal IRA provides you with physical ownership of your investments and allows you to buy precious metals at near bullion prices with IRA money.
