Read this Gold IRA Review Before You Invest

  • A gold IRA is a retirement account containing gold and other precious metals.
  • It is a unique retirement account because gold typically does not trade on stock exchanges.
  • Gold is traded on commodity markets.
  • A gold IRA is a self-directed IRA that lets you invest in gold or other precious metals.

Gold has played an important role throughout history, but in recent years, investors have begun flocking to the metal for retirement accounts.
Gold IRAs give investors the ability to move their retirement assets into precious metals, like gold, silver, and other precious metals, without having to go through the hassle of transferring assets from one custodian to another.



Free Gold IRA kit

Why Invest in Gold?

Gold has two basic uses:
Jewellery: Gold is used extensively in jewellery as it is a malleable metal that can be fashioned into a variety of shapes. Gold jewellery is often 14 or 18 karat, meaning it is composed of 14 or 18 parts gold to 10 parts alloy.

Bullion: For thousands of years, gold has been valued as a precious metal. Its value as a precious metal and its ability to be easily shaped into varying shapes and sizes makes this metal ideal for investment purposes, especially in times of economic uncertainty.

The simple answer is that gold is money. Historically, gold has been valued as money, as it served as monetary stores of value, as well as a medium of exchange. Gold is still considered money around the world, and it remains valuable, as it acts as a store of value, a hedge against inflation, and a medium of exchange.

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Types of Gold IRA Accounts

There are two main types of gold IRA accounts.
A Self-Directed Gold IRA: A self-directed gold IRA is a physical gold IRA account in which you, as the account holder, decide where you want to store your gold.

A Custodial Gold IRA: A custodial gold IRA account is an IRA account in which the IRA custodian stores the gold for you.



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IRA Rollovers

There are three primary types of IRA rollovers:
Traditional IRA to Roth IRA

Traditional IRA to traditional IRA

Roth IRA to Roth IRA

Each of these rollovers have different tax implications, but in general, a traditional IRA withdrawal is taxable, whereas a Roth IRA withdrawal is tax-free. However, if the Roth IRA was funded with after-tax dollars, then the entire withdrawal will be taxable.

Gold Storage

All Gold IRAs will have gold stored in a depository. This depository must be insured by the Federal Deposit Insurance Corporation (FDIC) or the Securities Investor Protection Corporation (SIPC).
Gold Bars
The gold in a Gold IRA can come in different forms. The most common forms of gold are gold bars, rounds, and bullion coins. The bars typically come in 1-, 5-, and 10-ounce weights, and the rounds are 1-ounce gold discs. The bullion coins usually come in 1-, 5-, 10-, and 1 kilogram weights.

Fees

1. The fees that you pay when you invest with a gold IRA custodian are deducted from the value of your gold investment and are payable up front.

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2. Fees for switching custodians are costly. The custodian will require you to pay a transfer fee and might also charge you for the cost of having to sell and ship your gold assets.

3. The custodian will charge an annual management fee, which is typically a percentage of the value of your gold.

4. If you convert your IRA to a gold IRA, be prepared to pay other types of fees. These fees include transfer fees, insurance fees, and storage fees.



Gold IRA: Should You Open One To Save For Retirement?

Special Considerations

If you are thinking about investing in a precious metals IRA, there are some special considerations that you have to keep in mind.
You must invest with an authorized precious metals dealer.

You are allowed to roll over investment assets into a precious metals IRA.

You can invest in physical gold, silver, platinum or palladium bars, coins, or rounds.

You can invest in unallocated precious metals accounts, which are held by a depository, or in allocated precious metals accounts, which are held in your name.

You must report your precious metals IRA withdrawals, gains, losses, and distributions on your taxes.