You can only buy gold bars with a minimum purity of 99.5%. Two of the most commonly used types of gold approved by the IRA include American Eagle coins and precious metals and Canadian Maple Leaf coins. Augusta Precious Metals customers benefit from low costs and know exactly how much they are paying for what. That’s why Augusta is on our list as the best Gold IRA company for transparent pricing.
Once your account is opened, you can buy suitable metals from a reputable dealer or on online platforms such as gold or silver. It’s important to research the retailer or outlet to make sure they’re trustworthy and offer quality products. The job of a gold IRA company is to make it easier to set up the IRA and buy the gold coins or gold bars. Most IRA companies may buy back gold, but be aware that the price at which they buy gold is lower than the price at which they sell gold.
To avoid running afoul of tax rules for proprietary transactions, self-governing IRAs, including gold IRAs, must have an IRS-approved custodian bank. Self-directed IRAs, of which gold IRAs are one type, have the same contribution and distribution limits, which depend on your age, as traditional IRAs. Your IRA precious metals provider should be able to help you find the ideal dealer and IRA depositories for your needs. IRS rules allow funding a Gold IRA with funds from another IRA, 401 (k), 403 (b), 457 (b), or Thrift Savings Plan.
Whether you’re saving for retirement or simply looking to diversify your portfolio, a precious metals IRA is an excellent way to participate in the gold and silver market. These IRAs are backed by physical gold and silver and provide an excellent source of protection for retirement assets. There are plenty of rules and regulatory hurdles that you’ll need to overcome if you’re thinking about buying a Gold IRA. When you buy gold or silver through your IRA, it’s important that you find a company with an open and straightforward fee structure.
Many Gold IRA companies work with a custodian, and either the custodian or the Gold IRA company may select a custodian bank. American Hartford Gold offers world-class customer service as well as a selection of precious metal IRAs. This is particularly important if you have large amounts of gold or other precious metals in your Precious Metals IRA account. A gold IRA is an alternative investment option for retirement savers who want to own gold as an inflation hedge or to diversify their assets outside the stock market.
